export oriented unit

All about 100% Export Oriented Unit Scheme

Custom Duty - Article discusses Basic features and Objectives of EOU Scheme; Incentives /Facilities available to EOUs,Setting up an EOU;Minimum Investment Criteria; Concept of Unit Approval Committee (UAC); Procedure for approval of an EOU; Sector Specific Requirement for approval as an EOU....

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Discrepancy in Service Exports from India Scheme?

Custom Duty - New SEIS scheme is also not free from defects. There are certain discrepancy which have not been taken care of at the time of introducing such scheme nor there has been any clarification issued by Director General of Foreign Trade (‘DGFT’) in this regard, till date....

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A Brief synopsis on Export Oriented Units

Custom Duty - Brief Highlights about EOU An EOU is basically an Export Oriented units which can be set up in the declared ‘warehouse stations’ in India. There are almost 300 such warehouse stations. EOU units are very closely connected with Customs Law and Excise Law. Besides, Foreign Trade Policy deals with EOUs at larger extent. Further, Income [...

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Misuse of STPI Scheme for duty free import- CESTAT decision

Custom Duty - M/s. Converge Labs Software Technologies Pvt. Ltd. (‘Converge’) is a 100% export oriented unit (‘EOU’) operating under the Software Technology Parks of India (‘STPI’) Scheme and is engaged in the development and export of software. Notification No. 140/91-Cus dated 22nd October 1991 (‘subject Notification’), granted exempt...

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Committee recommends tax incentives to revamp Export Oriented Unit (EOU) scheme

Custom Duty - A committee has recommended a host of tax incentives like exemption from customs duty, central excise and service tax to revamp the 30-year old Export Oriented Unit (EOU) scheme. After expiry of tax benefits for the EOUs, the government in February has set up a committee under the chairmanship of Development Commissioner, Noida SEZ, to re...

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Anand Sharma Announces Exports Incentives for more than 600 Products

Custom Duty - Market Linked Focus Product Scheme (MLFPS): 335 New Products incentivised under MLFPS at 8 digit level, eligible for benefits @ 2% of FOB value of exports to 15 specified markets. These markets are Algeria, Egypt, Kenya, Nigeria, Tanzania, South Africa, Ukraine, Mexico, Brazil, Australia, New Zealand, Cambodia, Vietnam, China and Japan....

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Government decided to crackdown on defaulters of self-assessment tax

Custom Duty - The government has decided to crackdown on corporate and individuals that have defaulted on payment of their self-assessment in the year in a bid to boost direct tax collections that are well below the target for the year. Direct tax collections need to grow at 18% over the remaining five months of the fiscal 2009-10 ending March 2010 for...

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UPA will focus on Small and Medium Enterprises (SME)

Custom Duty - The UPA is back at a time faced with economic slowdown and hence, an immediate agenda of economic revival. The Small & Medium Enterprises (SME) is one of the high growth sector with over 40% contribution to the industrial production. Given the high potential of SMEs to develop entrepreneurial skills, generate employment as well as [&h...

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Transfer of computer software by an Indian Branch of a foreign Company (approved as 100 percent EOU) to its head office is an eligible transaction for

DDIT Vs. Virage Logic International (ITAT Delhi) - The Delhi bench of Income-tax Appellate Tribunal (the Tribunal) in the case of DDIT v. Virage Logic International (ITA No. 494(Del) 2010) held that transfer of a computer software by an Indian branch of a foreign company [approved as 100 percent Export Oriented Unit (EOU) by Software Technology Park...

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Assessee entitled to exemption on profit derived by its 100% EOU engaged in blending, packing and export of tea bags and tea packets

Tata Tea Ltd. Vs. ACIT (Kerala High Court) - In this context we notice that the decision of the Supreme Court in TARA AGENCIES' case abovereferred was on assessee's entitlement for weighted deduction on export market development allowance provided under Section 35B(1A) of the Act which is no longer in the statute. In our view, the scheme of de...

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100% EOU is entitled to benefit of refund of Cenvat Credit under rule 5 of Cenvat Credit Rules, even if the final products are exempted

Commissioner of Customs, Bengaluru Vs. ANZ International (Karnataka High Court) - The respondent is a 100% Export Oriented Unit (‘EOU’ for short) engaged in the manufacture of parts of agricultural and farm equipment which are chargeable to ‘Nil’ rate of duty under Central Excise Tariff Act, 1985 (Tariff Act). The respondent filed three refund claims with the Assistant Co...

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Misuse of STPI Scheme for duty free import- CESTAT decision

M/s Converge Labs Software Technologies Pvt. Ltd. & Others Vs. Commissioner of Central Excise (CESTAT Mumbai) - M/s. Converge Labs Software Technologies Pvt. Ltd. (‘Converge’) is a 100% export oriented unit (‘EOU’) operating under the Software Technology Parks of India (‘STPI’) Scheme and is engaged in the development and export of software. Notification No. 140/91-Cus dated 22nd October 1991 (‘...

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Clarification Regarding Deduction Under Section 10B vide Instruction No. 2/2009 dated 09.03.2009

Instruction No. 2/2009 - (09/03/2009) - Instruction No. 2/2009 dated 09.03.2009 Section 10B of the Income tax Act provides for exemption of income in case of hundred per cent export oriented undertakings subject to prescribed conditions. Explanation 2 (iv) below to the said section defines a “hundred percent export oriented undertak...

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Clarification regarding deduction u/s. 10B of the Income Tax Act, 1961

Instruction No. 2/2009 - (09/03/2009) - Instruction No. 2/2009, dated 9-3-2009 Section 10B of the Income tax Act provides for exemption of income in case of hundred per cent export oriented undertakings subject to prescribed conditions. Explanation 2 (iv) below to the said section defines a “hundred percent export oriented undertaki...

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Recent Posts in "export oriented unit"

All about 100% Export Oriented Unit Scheme

Article discusses Basic features and Objectives of EOU Scheme; Incentives /Facilities available to EOUs,Setting up an EOU;Minimum Investment Criteria; Concept of Unit Approval Committee (UAC); Procedure for approval of an EOU; Sector Specific Requirement for approval as an EOU....

Read More
Posted Under: Income Tax | ,

Discrepancy in Service Exports from India Scheme?

New SEIS scheme is also not free from defects. There are certain discrepancy which have not been taken care of at the time of introducing such scheme nor there has been any clarification issued by Director General of Foreign Trade (‘DGFT’) in this regard, till date....

Read More
Posted Under: Income Tax |

A Brief synopsis on Export Oriented Units

Brief Highlights about EOU An EOU is basically an Export Oriented units which can be set up in the declared ‘warehouse stations’ in India. There are almost 300 such warehouse stations. EOU units are very closely connected with Customs Law and Excise Law. Besides, Foreign Trade Policy deals with EOUs at larger extent. Further, Income [...

Read More
Posted Under: Income Tax |

Committee recommends tax incentives to revamp Export Oriented Unit (EOU) scheme

A committee has recommended a host of tax incentives like exemption from customs duty, central excise and service tax to revamp the 30-year old Export Oriented Unit (EOU) scheme. After expiry of tax benefits for the EOUs, the government in February has set up a committee under the chairmanship of Development Commissioner, Noida SEZ, to re...

Read More
Posted Under: Income Tax |

Anand Sharma Announces Exports Incentives for more than 600 Products

Market Linked Focus Product Scheme (MLFPS): 335 New Products incentivised under MLFPS at 8 digit level, eligible for benefits @ 2% of FOB value of exports to 15 specified markets. These markets are Algeria, Egypt, Kenya, Nigeria, Tanzania, South Africa, Ukraine, Mexico, Brazil, Australia, New Zealand, Cambodia, Vietnam, China and Japan....

Read More
Posted Under: Income Tax |

Transfer of computer software by an Indian Branch of a foreign Company (approved as 100 percent EOU) to its head office is an eligible transaction for

DDIT Vs. Virage Logic International (ITAT Delhi)

The Delhi bench of Income-tax Appellate Tribunal (the Tribunal) in the case of DDIT v. Virage Logic International (ITA No. 494(Del) 2010) held that transfer of a computer software by an Indian branch of a foreign company [approved as 100 percent Export Oriented Unit (EOU) by Software Technology Parks of India (STPI)] to its head office is...

Read More

Assessee entitled to exemption on profit derived by its 100% EOU engaged in blending, packing and export of tea bags and tea packets

Tata Tea Ltd. Vs. ACIT (Kerala High Court)

In this context we notice that the decision of the Supreme Court in TARA AGENCIES' case abovereferred was on assessee's entitlement for weighted deduction on export market development allowance provided under Section 35B(1A) of the Act which is no longer in the statute. In our view, the scheme of deduction of export market developmen...

Read More

100% EOU is entitled to benefit of refund of Cenvat Credit under rule 5 of Cenvat Credit Rules, even if the final products are exempted

Commissioner of Customs, Bengaluru Vs. ANZ International (Karnataka High Court)

The respondent is a 100% Export Oriented Unit (‘EOU’ for short) engaged in the manufacture of parts of agricultural and farm equipment which are chargeable to ‘Nil’ rate of duty under Central Excise Tariff Act, 1985 (Tariff Act). The respondent filed three refund claims with the Assistant Commissioner of Customs, Bengaluru under R...

Read More

Misuse of STPI Scheme for duty free import- CESTAT decision

M/s Converge Labs Software Technologies Pvt. Ltd. & Others Vs. Commissioner of Central Excise (CESTAT Mumbai)

M/s. Converge Labs Software Technologies Pvt. Ltd. (‘Converge’) is a 100% export oriented unit (‘EOU’) operating under the Software Technology Parks of India (‘STPI’) Scheme and is engaged in the development and export of software. Notification No. 140/91-Cus dated 22nd October 1991 (‘subject Notification’), granted exempt...

Read More

Government decided to crackdown on defaulters of self-assessment tax

The government has decided to crackdown on corporate and individuals that have defaulted on payment of their self-assessment in the year in a bid to boost direct tax collections that are well below the target for the year. Direct tax collections need to grow at 18% over the remaining five months of the fiscal 2009-10 ending March 2010 for...

Read More
Posted Under: Income Tax |
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