Immediate appropriate action is taken by the Directorate of Enforcement under the Foreign Exchange Management Act, 1999, whenever any specific case of unauthorized maintenance of foreign bank account or retention of funds in foreign banks by any person resident in India comes to its notice.
Several countries have submitted data to Government of India on Non-Resident Indians (NRIs) black money. The German Tax Authorities have provided to the Indian Government information available with them regarding accounts concerning Indian nationals with the LGT bank of Liechtenstein.
The draft Direct Taxes Code (DTC) along with a Discussion Paper was released for public discussion in August 2009. The Discussion Paper mentioned that profit-linked incentives are inherently inefficient. Essentially, a profit-linked incentive is regressive in nature.
Special tax benefits/facilites are offered to Special Economic Zones (SEZs) in the country. They include: I. Duty free import/domestic procurement of goods for development, operation and maintenance of SEZ units. II. 100% Income Tax exemption on export income for SEZ units under Section 10AA of the Income Tax Act for first 5 years, 50% for the next 5 years thereafter and 50% of the ploughed back export profit for next 5 years;
I am directed to say that representations have been received in the Department seeking clarification on procedure for removal of goods to Bonded Warehouse under Rule 46(13) of SEZ Rules, 2006. The matter has been examined in consultation with Directorate General of Export Promotion, Department of Revenue and the following procedure is prescribed for removal of goods to bonded warehouse:
No Separate funds are being released for setting-up of Aayakar Seva Kendras as of now. The concerned Chief Commissioners of Income Tax are incurring the expenditure out of the allotted budget grant.this information was given by the Minister of State for Finance, Shri S.S.Palanimanickam in a written reply to an Unstarred Question raised in Rajya Sabha today.
The Ministry of External Affairs is in the soup for not filing e-TDS (tax deduction at source) for the past few years, and at fault are over 100 diplomats who have not given their PAN numbers to the ministry. Sources said the Income Tax (I-T) Department has taken up the matter with the MEA, and senior officials have been asked to pull up the erring diplomats posted in and outside the country.
Insurers are aware that the Authority has issued IRDA (Sharing of Database for Distribution of Insurance Products) Regulations, 2010 under which “every insurer shall forthwith terminate all the referral arrangements entered into prior to the coming into effect of these regulations that are not in conformity with the provisions of these regulations”.
Notwithstanding anything contained in this Act, there shall be levied and collected on the taxable turnover of a dealer registered under this Act other than a retailer in lump-sum composition with the department, an additional tax, in the nature of surcharge, which shall be calculated at the rate of five per cent of the tax, payable by him:
The Reserve Bank of India released on its website today, the Discussion Paper on ‘Entry of New Banks in the Private Sector’. The paper seeks views/comments of banks, non-banking financial institutions, industrial houses, other institutions and the public at large.
