In relaxation of above prohibition, certain exemptions have been granted through various notifications issued from time to time namely (a) export of Castor Oil (b) export of coconut oil from Cochin Port (c) Deemed export of edible oils(as input raw material) from DTA to 100% EOUs for production of non-edible goods to be exported (d) export of oil produced out of minor forest produce even if edible.
(Speech by Deepak Mohanty, Executive Director, Reserve Bank of India, delivered at the Harvard Business School, Boston on 27th September 2011) It is an honour and privilege for me to be speaking at Harvard to such a distinguished audience. I thank Professor Benjamin Friedman and Professor Tarun Khanna for this opportunity. I will be speaking […]
As a green initiative, it has been decided to reduce the number of copies of offer documents being submitted to SEBI. Also, considering the availability of the soft copies of the offer documents in the websites of SEBI and the concerned merchant bankers, it is hereby prescribed as under.
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.62/2011-CUSTOMS (N.T.), dated the 26th August, 2011.
A reading of the provisions of section 80-IA(10) shows that when business transaction is so arranged that it produces to the assessee more than the ordinary profits, which might be accepted to arise in such eligible business, then the Assessing Officer is empowered to restrict the allowance of deduction under section 80-IA to the amount of profit, which might reasonably be deemed to have been derived from the normal business transactions.
India recovered from the crisis sooner than even other emerging economies, but inflation too caught up with us sooner than elsewhere. Inflation, as measured by the wholesale price index (WPI), which actually went into negative territory for a brief period in mid-2009, started rising in late 2009, and it has remained around 9-10 per cent since January 2010 reflecting both supply and demand pressures. Supply pressures stemmed from elevated domestic food prices and rising global prices of oil and other commodities. The source of demand pressures was an economy with low per capita income which recovered sharply from the crisis. The supply pressures and demand pressures collided triggering a wider inflationary process.
Kind attention is invited to instruction F No. 275/7/2010-CX-8A, dated 30-6-2010, wherein the Board had communicated its view that services tax on a taxable service received in India, when provided by a non-resident/person located outside India, would be applicable on reverse charge basis with effect from 1-1-2005, and that the ratio of judgment in Indian National Shipowners Association (INSA) v. Union of India [2009] 18 STT 212 (Bom.) would not apply to such cases. Further, direction was issued to field formations to defend the levy of service tax on such services for the period on or after 1-1-2005,
The Union Health Minister and Chairman of Indian Red Cross Society and St John Ambulance (India), Shri Ghulam Nabi Azad today presided over the General Body meeting of the two organizations on behalf of the President of India Smt. Pratibha Devisingh Patil. Over 350 members of the General Body including Governors of the States of Uttar Pradesh, Chhattisgarh and UT Andaman and Nicobar Islands attended today’s meeting.
(Reuters) Deloitte Touche Tohmatsu Ltd , the world’s largest accounting and consulting firm, was accused on Monday of failing to detect fraud during its audits of one of the biggest private mortgage firms to collapse during the U.S. housing crash. A trust overseeing the bankruptcy of Taylor, Bean & Whitaker Mortgage Corp, or TBW, and […]
CIRCULAR NO-07/2011, The Board had issued Circular No.7/2007 and 23.10.2007 laying down the procedure for refund of tax deducted at source under section 195 of the Income Tax Act, 1961 to the person deducting tax at source from the payment to a non-resident.
