Union Finance Minister, Shri Pranab Mukherjee and Norwegian Minister of Research and Higher Education, Ms Tora Aasland signed an agreement, here today for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income and on capital (DTAA). This will replace the existing Convention signed between the two countries on the same subject on 31st December 1986.
Seven lenders, including Bank of Baroda (BoB) and HDFC, today raised interest rates by up to 50 basis points, in response to the Reserve Bank’s tight monetary policy announced last week. While BoB and Oriental Bank of Commerce (OBC) raised the deposi
To attract foreign manufacturers to invest in India, a group of ministers is considering a proposal to raise Foreign Direct Investment limit in the defence sector to 49 per cent from the current 26 per cent.The Defence Ministry today said the proposal mooted by the Commerce Ministry would also help the domestic industry to grow.
Finance Minister, Shri Pranab Mukherjee expressed confidence over the overall performance of the economy and the growth projections for the current year 2010-11. The Finance Minister said that the same would be met and the year would end with a bette
The budget session of Parliament will begin on Feb 21 and the general budget is slated to be presented to Lok Sabha on Feb 28. The decision to recommend the date for convening of the session to the President was taken at a meeting of the Cabinet Co
In exercise of the powers conferred by sub-section (1) of section 5 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government hereby makes the following rules further to amend the Customs Tariff
Mainstream media, and the Financial Crisis Inquiry Commission, are focused mainly on Ernst & Young as the auditor whipping boy of the financial crisis. That’s really by default not by design and is thinly justified. No one has given fly-over journali
RPCD.CO.Plan.BC. 51/04.09.01/2010-11 It is clarified that loans sanctioned to NBFCs for on-lending to individuals or other entities against gold jewellery, are not eligible for classification under agriculture sector. Similarly investments made by banks in securitised assets originated by NBFCs, where the underlying assets are loans against gold jewellery, and purchase/assignment of gold loan portfolio from NBFCs are also not eligible for classification under agriculture sector.
Where any person makes or abets or attempts to make any export or import in contravention of any provisions of this Act or any rules or order made thereunder or the Foreign Trade Policy, he shall be liable to a penalty of not less than ten thousand rupees and not more than five times the value of the goods or services or technology in respect of which any contravention is made or attempted to be made, whichever is more.
Refund under Punjab VAT Act 2005 may arise due to many reasons. VAT Refund usually arises to the exporters or the person doing penultimate export i.e. sales against H forms, due to the fact that the export of goods outside India is considered as zero rated sales i.e. not liable for any vat liability and the tax paid on purchase of goods which are to be exported is refunded to the exporters as per provisions of section 18(2) of PVAT act 2005.
