Whereas, the designated authority vide notification No. 15/19/2012-DGAD, dated the 25th April, 2013, published in Part I, Section 1 of the Gazette of India, Extraordinary, dated the 25th April, 2013, had initiated review
Considering the developments in the global financial markets and on a review of the aforesaid scheme, it has been decided that the existing scheme of Buyback / Prepayment of FCCBs under the approval route which expired on March 31, 2013 may be continued till December 31, 2013 and shall stand discontinued thereafter.
Whereas, the designated authority vide notification No. 15/30/2013-DGAD, dated the 6th June, 2013, published in Part I, Section 1 of the Gazette of India, Extraordinary
In terms of paragraph 2 (iii) of the aforesaid circular, the ECB for working capital for civil aviation sector should be raised within twelve (12) months from the date of issue of the circular. On a review, it has now been decided that the scheme of availing of ECB for working capital for civil aviation sector will continue till December 31, 2013.
It has been observed that the facility of ECB in Renminbi (RMB) had remained unused so far. Accordingly, the scheme of ECB in Renminbi has been reviewed and it has been decided that this scheme may be discontinued from the date of issue of this circular.
As part of SEBI’s constant endeavour to align regulatory requirements with the changing market realities as well as to enhance efficiency of the buy-back process, the following changes to buyback of shares or other specified securities from the open market through stock exchange mechanism have been approved:
In exercise of the powers conferred by Sub –section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Government , being satisfied that it is necessary and expedient so to do
In order to discuss Entry Tax in Uttarakhand, it will be imperative to go through The Uttarakhand Tax on Entry of Goods into Local Areas Act, 2008. Interpretation of statutes, The Constitution of India.
Under section 10(46) of the Income-tax Act, specified income arising to a body or authority or Board or Trust or Commission, established or constituted by or under a Central or State Act or by a Central or State Government with the object of regulating or administering any activity for the benefit of general public, would be exempt from tax subject to the condition that the said entity is not engaged in any commercial activity. The entity eligible to claim tax exemption u/s 10(46) is required to be notified by the Central Government in the official Gazette.
The learned Tribunal was of the view that Section 40(a)(ia) of the I.T. Act is applicable only to expenditure payable as on 31st March of every year and cannot be invoked to disallow the amount which had already been paid during the previous year, without deducting tax at sources.
