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Written by P.T. GOVINDARAJAN
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Wednesday, 20 January 2010 12:34 |
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The Government of India has introduced, vide notice dated January 12, 2010, some new incentives to encourage more exports out of India. Details are as follows: New Products under Focus Product Scheme (FPS): As part of the schemes providing incentives to exporters, more than 100 new products have been added under the FPS which includes Engineering, Rubber, Chemicals and Plastic products, amongst others. The same are eligible for duty credit scrip of 2% of the Free on Board (FOB) value of exports to all markets. More than 100 new products have been given a higher benefit of duty credit scrip upto 5% of the FOB value of exports under special FPS on exports to all markets. The major products include bicycles and non-motorised cycles, staplers and parts thereto, sewing machines and parts thereto, liquid pumps, hand tools, parts of agriculture and horticulture machinery.
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Written by P.T. GOVINDARAJAN
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Tuesday, 05 January 2010 12:54 |
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1) FDI Regulatory Framework
Draft consolidatiated FDI policy/ FDI framework for public comments - Ministry of Commerce and Industry (Department of Industrial Policy and Promotion), Government of India (GOI) has released its first draft consolidated FDI Policy / FDI framework vide Press Release dated December 24, 2009.
- The draft is open for comments from public and other stakeholders till January 31, 2010.
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Written by P.T. GOVINDARAJAN
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Friday, 04 December 2009 14:09 |
Foreign companies or individuals, including foreign institutional investors, having business or profession in India can enjoy lower capital gains tax on off-market deals if the stocks are purchased in foreign currency.
According to a recent decision of the Mumbai bench of the Income Tax Apellate Tribunal, non-resident companies and individuals are entitled to a beneficial rate of tax of 10% on long-term capital gains arising from the sale of shares of listed entities. Earlier, non-resident assessees were taxed at the rate of 20%.
Currently, off-market deals attract a capital gains tax of 20% with indexation benefit (where the gain is adjusted for inflation) and 10% without indexation benefit. While this was largely perceived to apply to residents, the tribunal has now spelt out that foreigners are also entitled to the lower rate of tax.
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Written by Nitesh Bhandari
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Wednesday, 09 December 2009 12:57 |
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Employers may soon be required to make mandatory provident fund contributions to workers with a salary of up to Rs 15,000 a month instead of Rs 6,500 at present. Union labour minister Mallikarjun Kharge is likely to ratify a proposal to this effect on Saturday, when he presides over a meeting of the Employees’ Provident Organisation’s Central Board of Trustees. While the move would inflate corporate India’s outgo on labour, lakhs of relatively low-income workers would benefit from the safety net they are being newly provided with. A negative fallout of the move could be that a sizeable section of the workforce could see a dip in their take-home salaries.
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Written by P.T. GOVINDARAJAN
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Friday, 04 December 2009 14:03 |
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The Income-Tax (I-T) department will recover close to Rs 1,000 crore from infrastructure development companies after a recent tax tribunal order clarified that the exemption available for infrastructure development cannot be extended to contractors or sub-contractors.
The order puts an end to the practice of contractors and sub-contractors claiming benefits under section 80 IA of Income-tax Act, which was incorporated to encourage investment in infrastructure projects.
While deciding an appeal by Belgaum-based BT Patil & Sons Construction, the three-member bench of the Income-Appellate Tribunal (ITAT), Mumbai, held that the provision in the Income-tax Act is only for enterprises engaged in infrastructure projects, and therefore cannot be extended to work contracts and sub-contracts.
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