IT : Capital expenditure incurred on lab equipments and computer used for purpose of clinical trials is eligible for allowance as weighted deduction under section 35(2AB)
Sunday 12 May 2013
Sole director of a Private Co. can’t act individually unless authorized by board of directors
CL: A director, unless expressly authorized by board of directors cannot act individually to represent a private limited company in which there has to be minimum two directors in board of directors to exercise powers of company
CIT (A) proceedings shall be restricted to only matters referred to him by the Tribunal
IT : Where Tribunal remanded proceedings to Commissioner (Appeals) to consider question of taxing after verifying that whether sales-tax was retained by assessee or deposited with Government, it was not open for Commissioner (Appeals) to examine entire nature of payment
Interest at 12% is payable on seized cash from completion of assessment till its actual release
IT: Interest on seized cash is payable at rate of 12 per cent for period commencing from date of completion of assessment till date of actual release of seized assets
Imports Impact Growers
THE volume of cheap imported produce flowing onto the Australian market continues to rise with processed fruit and vegetables contributing the majority of food imports between 2010 and 2012, comprising a figure of around 15 per cent.
The statistics, contained in a new report, Australian food statistics 2011-12, produced by the Department of Agriculture, Fisheries and Forestry (DAFF), have been labelled "shocking and grim" by Ausveg spokesperson Hugh Gurney.
He said it had been a tumultuous year for the Australian food processing industry, with several large processors falling victim to the mounting pressure of foreign food imports.
Prominent processor Rosella has now permanently ceased operations after falling into receivership late last year, and more recently, Windsor Farm Produce was placed into voluntary administration.
“Our sector is facing a crisis. Like dominoes, Australian food processors are toppling over in their tracks. Government action is critical if we want to continue to feed our own country into the very near future,” Mr Gurney said.
According to the report, New Zealand continues its reign as the biggest source of the nation’s food imports.
“This revelation is especially frightening, given the fact that New Zealand imports Chinese produce, processes it in New Zealand and exports it to countries like Australia under the guise of 'Made in New Zealand with local and imported ingredients’,” Mr Gurney said.
“The safety and quality of vegetables produced in China cannot be guaranteed because they are not grown to the strict standards required here in Australia.
"It has been reported that Chinese farmers have sprayed produce with formaldehyde – a toxic chemical used to preserve human flesh – to preserve it during periods of unrefrigerated transport.”
Mr Gurney said overhauling Country of Origin Labelling legislation would help all Australians to better distinguish Australian produce from its foreign counterparts.
Source:-www.theland.com.au
Car Export Value Target To Be Revised
The Federation of Thai Industries (FTI) will this month review its full-year automotive export value target amid mounting pressure on car makers from the strong baht.
"The number of cars, 1.1 million vehicles to be exported this year, will remain unchanged, but export value in baht terms may need to be revised due to the continuing strength of the currency," said Surapong Paisitpatanapong, spokesman for the FTI's automotive industry club.
He said car makers have largely secured their international purchase orders through the end of this year, but the strong baht has put production costs on an upward track.
Local pickup truck output sees 80-90% local content and passenger cars 60-70%.
Mr Surapong said hardest hit is the pickup truck segment, regarded as the country's automotive export champion.
Thailand's automotive industry enjoyed a bumper year in 2012, with 2.45 million vehicles made, up by 68.3% from 2011 and lifting Thailand to 10th place among car producing countries. Domestic car sales totalled 1.43 million vehicles last year, up by 80.9%, while motorcycle sales rose by 6.11% to 2.13 million. Car exports increased by 39.6% to 1,026,671 units, a record high since Thailand began exporting cars in 1988 and making the country the world's seventh-largest car exporter. Export value totalled 490 billion baht, up by 42.7%.
The FTI forecasts 2.5 million vehicles will be produced this year, up by 2% from last year, with 1.4 million slated for domestic sales.
The FTI originally projected car exports to fetch the country 527 billion baht, but this was based on sales totalling US$17 billion at an exchange rate of 31 baht to the dollar.
For the entire automotive industry including parts shipments, exports were estimated at 887 billion baht, with parts alone accounting for 360 billion.
Last year, the overall industry generated export revenue of 710 billion baht including 220 billion from auto parts.
"Both cars and auto parts are expected to see export sales drop by 6% if the baht keeps hovering around 29 to the dollar this year," said Mr Surapong.
Takayuki Kimura, the president of Nissan Motor (Thailand), said currency risk is also prompting his company to evaluate its export value target.
Source:-www.bangkokpost.com
Gold Imports May Decline 50% In Fy14 On Rbi Curbs: Mmtc
NEW DELHI: India's gold imports are expected to fall by 50 per cent to below 500 tonne this fiscal if the Reserve Bank's recent move to restrict banks' bullion imports is made effective, a senior MMTC official said.
Gold imports into India, the world's largest consumer of the metal, stood at around 830 tonne in 2012-13, he said.
In its annual monetary policy for 2013-14 released early this month, RBI proposed to tighten regulations for overseas purchase of gold by banks and restrict loan facility to curb gold import and rein in Current Account Deficit.
It had said it will come out with detailed guidelines by May-end.
"If the RBI notifies these curbs, the country's overall gold imports will be hurt and the volumes will fall by 50 per cent in the current fiscal," state-run MMTC General Manager of the Precious Metals Division Ashwini Kapoor said.
If the notification is not released, the country's overall gold imports are likely to touch the 1,000-tonne mark this year as downtrend in prices of the yellow metal have pushed up the domestic demand significantly, he noted.
Kapoor said MMTC's overseas purchase of gold could increase sharply to 200 tonne, as against 38 tonne last year, if the RBI curbs are not imposed.
Gold prices have declined by 15 per cent to Rs 27,500 per 10 grams now as against Rs 32,000 per ten grams in the year-ago period.
The country's annual gold demand is around 800 tonne and this might go up if downtrend in prices of the yellow metal remain through this year, Kapoor added.
Source:-timesofindia.indiatimes.com
Diesel Demand To Pull Down May Exports By 30%
May 10 2013
India's May diesel exports will fall by as much as 30 percent from recent months as refiners meet local summer demand, but any benefit for beleaguered regional refining margins will be short-lived as exports rebound in June, industry sources told Reuters.
Net diesel exports are also likely to remain higher than last year despite the drop in the summer months since new capacity and refinery upgrades have given India a larger surplus of the fuel, with no imports since August, the sources said.
That means any boost to regional diesel margins - which Asian refiners depend upon for much of their profit - would be fleeting after rising exports from China, Japan and South Korea took margins to a more than two-year low in April.
"Yes, there's been an uptake in (domestic) demand this year but it's not like the usual peak demand in summer of previous years," a source with an Indian refiner said.
"I think once the monsoon season starts in June and really hits in July, (diesel) exports are probably going to increase quite a bit," the source said.
India and South Korea, Asia's two biggest diesel exporters, have been shipping around 2 million tonnes a month each this year. Exports from China and Japan have also been up over last year amid slow demand in Asia and Europe, and that pushed the diesel profit margin to as little as $13.86 a barrel on April 30, its lowest since the end of December 2010.
Soaring temperatures in India, however, are expected to drive domestic demand there to a peak in May and June.
Diesel, a heavily subsidised fuel in India that accounts for a third of the country's fuel use, powers small- to medium-sized generators to run air-conditioners and make up for low hydro power output in the summers. It also is used to pump water from wells to irrigate fields in the dry season.
When monsoon rains hit in late June they trim demand for power use and irrigation and replenish hydro power reservoirs. That will leave India refiners again with plenty to export.
India is expected to export 1.3 million to 1.7 million tonnes of diesel in May, or about 10 percent to 30 percent lower than 1.9 million tonnes in April, refiners and traders said.
The May export estimate would be 20 percent to 40 percent lower than March exports of 2.2 million tonnes, as cited by the oil ministry's Petroleum Planning & Analysis Cell. (ppac.org.in)
April exports are estimated to be 45 percent higher than a year ago, with May exports possibly as much as 6 percent higher.
ZERO EXPORTS FROM MRPL, ESSAR
Mangalore Refinery and Petrochemicals Corp. and Essar Oil - India's second and third largest diesel exporters - have not offered any spot cargoes for export for May and June so far, compared with about 135,000 tonnes in April and at least 100,000 tonnes in March, traders said.
Reliance Industries, owner of the world's biggest refining complex, is India's largest diesel exporter.
Their absence in the spot market could be partly due to the government deregulating diesel prices in January by allowing fuel retailers to raise the price of subsidised diesel by one U.S. cent a litre every month and asking bulk buyers to pay market rates.
"Retail prices have been increasing in India which is giving (refiners) an advantage to sell within the domestic market while demand is up," a source close to the matter said.
Source:-www.indianexpress.com
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