Category - Taxation

ASSOCHAM – Seminar on Transfer Pricing

A seminar on Tranfer Pricing  will be held on the 17th June, 2011 in Mumbai at the Hilton Mumbai International Hotel. The Tax authorities globally have been increasing scrutiny of taxpayer's transfer pricing policies, challenging companies with reduced profitability and imposing transfer pricing adjustments to increase tax payables. While the recessionary environment is mainly to blame,… Read More

Tags: ASSOCHAMtransfer pricing

CBEC- Provisional assessment of imports of vitrified porcelain tiles exported to India without anti-dumping duty being paid

GOI; Ministry of Finance (Department of Revenue); Notification No. 41/2011-Customs G.S.R.        (E). Whereas, in the matter of import of Vitrified Porcelain Tiles, (hereinafter referred to as the ˜subject goods™), falling under Chapter 69  of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the ˜Customs Tariff Act™) and originating… Read More

Tag: anti dumping duty

DTAAs to be amended to check black money

Finance Minister Pranab Mukherjee Tuesday exuded confidence that modified tax avoidance agreements with various countries and pacts with tax havens will help in dealing with the menace of black money. "Income Tax Department is engaged in ways to tackle with black money," he told reporters on the sidelines of an income tax conference here. He… Read More


Government should not withdraw DEPB scheme :PHDCCI

The government should not withdraw tax refund DEPB scheme, which is ending in June, as it will make exports uncompetitive and would affect the growth momentum, industry body PHD Chamber said today. Exporters get refund of duties on import content of their export products. It costs the exchequer about Rs 8,000 crore per annum. "If… Read More

Tag: DEPB Scheme

Income tax refunds takes a slow pace

Amid fears of slowdown in tax collection in the current fiscal, the Finance Ministry today indicated that it may go slow on disbursement of pending income tax refunds. The indication was given by Revenue Secretary Sunil Mitra at the annual conference of chief commissioners and directors general of income tax here. "The Board's (CBDT) proposal… Read More

Tag: Income Tax Refunds

FM Inaugurates the 27th Annual Conference of Chief Commissioners and Directors General of Income Tax

 The Union Finance Minister Shri Mukherjee said that for the Financial Year 2011-12, the Income-tax Department has been given a tax collections target of about Rs.5.33 lakh crores, which is at 20 per cent growth over the actual collections of the preceding year i.e. 2010-11. He said that the 13th Finance Commission (2010-15) has… Read More

Assocham calls for Lifting of ban on raw cotton exports

Industry body Assocham today called for lifting of the ban on raw cotton exports following a 40 per cent decline in cotton prices during the past one-and-a-half month, to protect farmers interests across the country. "The government must allow cotton exports immediately or those holding stocks will have to bear heavy losses. Traders will not… Read More

Finmin to set-up Directorate of Criminal Investigation by end of May, 2011

The Finance Ministry is likely to set up Directorate of Criminal Investigation, a specialised wing to probe cases of black money, money laundering and terror funding, by the end of this month. "A dedicated unit called Directorate of Criminal Investigation will look into the nexus between black money (which is illegally acquired), money laundering, and… Read More

Tag: Finance Ministry

IT Dept. starts scrutinizing 6.5 Lacs Frozen Demat Accounts

The Income Tax Department has started scrutinizing over 6.5 lakh demat accounts, which were frozen following 2006 IPO scam, to see if blackmoney was used to purchase equities by persons through multiple accounts. "Investigation and intelligence wings have started looking into the frozen accounts with substantial amounts lying in them to see if they are linked," a… Read More

DEPB scheme to end by 30th June, 2011

Rejecting exporters' repeated pleas, the Finance Ministry today said the popular DEPB tax rebate scheme will come to an end from June 30, saving revenue for the government. "All exports will be zero-rated after Duty Entitlement Pass Book (DEPB) scheme ends. Two similar kind of schemes cannot go on. It will save some revenue for… Read More

Tag: DEPB Scheme

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