Finance Ministry says No for Anti-dumping duty on import of drugs

The finance ministry has rejected recommendation from Directorate General of Anti-Dumping & Allied Duties to impose anti-dumping duty on import of two key drug ingredients i.e. Penicillin-G and 6-APA from China and Mexico used to make antibiotics worth about Rs 3,000 crore. In January, the commerce ministry recommended duty of $2.5 per billion on units of Penicillin-G imported… Read More

Tag: anti dumping duty

Government cannot ban exports with retrospective effect

The Bombay High Court, in his order has held that the Union Government cannot ban exports of any product with retrospective effect, while allowing a private company to go ahead with exports of milk powder. It also said that such restriction cannot be applied to concluded contracts where letters of credit were opened prior to… Read More

SEBI to frame rules for Art works & Antiques to check black money flow

With a view to safeguard the interest of genuine investors, SEBI may soon frame a stringent set of rules for funds invested in art works, antiques, coins and stamps,  to check black money flow into these products Fearing flow of illicit wealth into these funds and also a high level of risk posed by them… Read More

Foreign Exchange Reserves dip by USD 286 mn

Foreign exchange reserves reduced by $286 million on account of revaluation of non-dollar assets in reserves. Total reserves are now at $307.9 billion. According to the latest data released by the Reserve Bank of India , foreign currency assets, comprising dollars, pounds and euro, among others, dipped $311million during the week. The value of gold in… Read More

Tag: forex reserves

Direct Tax collection grows @ 16.69% for Gujarat

The direct tax collections in Gujarat stood at Rs 17,782.50 crore for the FY 2010-11  against the Rs 15,239.70 crore of previous year, showing a yearly  growth of 16.69 %. In the previous year the revised target set, was almost reached, but this year  in spite of achieving the growth rate, there is seen a dip of… Read More

Register your TAN online

Registration of TAN made online. Consolidated TDS/TCS file requested online is also available for download The deductors/collectors can register their TANs online. Authenticated access (through user ID and password) is provided to registered deductors/collectors. On login, the following feature are made available to the deductors/ collectors: Request for quarterly consolidated TDS/TCS statement. View status and… Read More

Tags: TANTCSTDS

ICAI inviting experts for XBRL

In the recent times, XBRL has emerged as a novel way of electronic communication of financial and business data which is revolutionizing business reporting around the world. Considering the benefits attached with implementing XBRL in the preparation, analysis and communication of business information, the regulators in India have also decided to implement XBRL in their… Read More

Tag: xbrl

Print Specifications for SAHAJ and SUGAM

Print Specifications for SAHAJ and SUGAM Printing of the forms should be according to the standards set below No Black and White forms will be accepted and only standard forms with appropriate colors prescribed, fonts used, paper size, paper quality, Bar Code Values will be accepted by the department Key aspects of the forms are… Read More

Tags: income tax formssahajsugam

CA students to be given 15 minute reading time before exams

Provision of 15-minutes reading and planning time allowance to the candidates of CA Examinations (Effective from May-2011 CA Examinations) The Council of the Institute, based on the recommendation of the Examination Committee has decided to allow 15-minute reading and planning time allowance to the candidates in the Chartered Accountants Examinations before the scheduled commencement of… Read More

Tags: CA examschartered accountant

Diamond and Real Estate: Top Sources of Black Money

In a candid disclosure, a top Income Tax official has admitted that the diamond trade and reality sector have one of the highest prevalence of black money, with investigations revealing that books in the sector are "completely manufactured". "(In) certain areas like real estate or diamond trade there is a lot of circulation of black… Read More

Tag: black money

CCI nod necessary for M&As to check Monopolies

The government today said it will keep an eye on those merger and acquisition deals that create monopolies and impede economic growth. "The Competition Commission of India (CCI) will check mergers that end up creating monopolies or abuse of dominance harmful to consumers and small producers and impede orderly economic growth," Corporate Affairs Minister (MCA)… Read More

Tags: cciCompetition Commission

No authentic figures for Black Money in Swiss Accounts – Finmin

Many NGOs and whistleblowers have complained to authorities that Indian money worth several thousands crore was illegally routed to many tax havens and urged government to take strict measures to put a bar on it. Finance Ministry admits  it has "no authentic figures" about the quantum of black money deposited in Swiss banks. It is… Read More

Tags: black moneyswiss accounts

100 % FDI planned in Sea Plane Operations

Government is planning 100 per cent foreign direct investment in sea plane operations as there is scope of phenomenal growth of sea plane, general aviation and helicopter travel. "With India having a long coast line, there is a need for concerted efforts to promote sea plane operations. They are significant for the economy of islands… Read More

Tags: FDIforeign direct investment

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