"28 February 2013" Archive - Page 5

Import Policy of Used Rails – Notification No. 36 (RE–2012)/2009-2014

Notification No. 36 (RE–2012)/2009-2014 28/02/2013

Pre-shipment inspection certificate as per the format in Appendix-5-B from any of the Inspection & Certification agencies listed in Appendix 5, to the effect that the consignment was checked for radiation level and rails do not contain radiation level (gamma and neutron) in excess of natural background. ...

DGFT Policy on Second Hand Goods

Notification No. 35 (RE-2012)/2009-2014 28/02/2013

In exercise of powers conferred under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2009-2014, as amended from time to time, the Central Government hereby makes the following amendment in Para 2.17 of Foreign Trade Policy, 2009....

Increase in Tax on income distributed by Mutual Funds

Rationalisation of tax on distributed income by the Mutual Funds Under the existing provisions of section 115R any amount of income distributed by the specified company or a Mutual Fund to its unit holders is chargeable to additional income-tax. In case of any distribution made by a fund other than equity oriented fund to a […]...

Posted Under: DGFT |

Direction for special audit under sub-section (2A) of section 142

The existing provisions contained in sub-section (2A) of section 142 of the Income-tax Act, inter alia, provide that if at any stage of the proceeding, the Assessing Officer having regard to the nature and complexity of the accounts of the assessee and the interests of the revenue, is of the opinion that it is necessary […]...

Posted Under: DGFT |

Clarification for amount to be eligible for deduction as bad debts in case of banks

Under the existing provisions of section 36(1)(viia) of the Income-tax Act, in computing the business income of certain banks and financial institutions, deduction is allowable in respect of any provision for bad and doubtful debts made by such entities subject to certain limits specified therein. The limit specified under section 36(1 )(...

Posted Under: DGFT |

PM’s Post-Budget Interview

PM: Given the challenges facing our economy, the Finance Minister has done a commendable job. India needs to create jobs for our growing labour force to the extent of about 10 million persons every year. To do that, we need to accelerate the tempo of our growth. ...

Posted Under: DGFT |

A.P. (DIR SERIES 2012-13) CIRCULAR NO. 85, DATED 28-2-2013

A.P. (DIR SERIES 2012-13) CIRCULAR NO. 85 28/02/2013

Under the extant Rupee Drawing Arrangements (RDAs), cross-border inward remittances are received in India by AD Category-I banks through Exchange Houses situated in Gulf countries, Hong Kong, Singapore and Malaysia (for Malaysia only under Speed Remittance Procedure). With a view to extending the scope of the said arrangement to certain o...

Budget supports growth & ensures fiscal discipline – IDBI Chairman

The Union Budget for 2013-14 has been framed in a situation of considerable economic difficulty. Overall economic growth has been subdued on the back of weak performance across the three sectors, i.e. agriculture, industry and services. As compared to average growth rate of 8.0% plus posted in the last decade, the Indian economy is projec...

Posted Under: DGFT |

Clarification of phrase ‘tax due’ for the purposes of recovery in certain cases

Section 179 of the Income-tax Act provides that where the tax due from a private company cannot be recovered from such company, then the director (who was the director of such company during the previous year to which non-recovery relates) shall be jointly and severally liable for payment of such tax...

Posted Under: DGFT | ,

S. 80G 100% deduction for donation to National Children’s Fund

One hundred per cent deduction for donation to National Children’s Fund Under the existing provisions of section 80G an assessee is allowed a deduction from his total income in respect of donations made by him to certain funds and institutions. The deduction is allowed at the rate of fifty per cent of the amount of […]...

Posted Under: DGFT |

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