« Top Headlines » Open DEMAT Account in 24 hrs  ITR Filing: 6 Ways to Get Exemption on Income Tax  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals «  Milestones mark Chidambaram's tenure as FM... Customs laws in India provide for a refund of duty on... » India may miss garment export target November, 28th 2008 India is likely to miss the $12-billion garment export target this fiscal as the overseas sales are expected to fall below last year's level, an exporters' body today said. Apparel Export Promotion Council (AEPC) said the industry was facing huge losses on account of drying up of orders from the US and European markets in the backdrop of financial crisis. Exports may drop to $8.78 billion in this fiscal, 24 per cent below the target set for 2008-09. Last fiscal, India had exported garments worth $9.69 billion. But the global financial meltdown, particularly in the US and European Union, is impacting the Indian garment industry, with lakhs of workers being laid off, AEPC Chairman, Mr Rakesh Vaid said. Last week, Commerce Secretary, Mr G K Pillai had said there would be about five lakhs job losses in the textile industry in the next five months. AEPC has asked the government for a hike in duty drawback rates, research and development assistance and income tax exemption for five years. It has also sought interest-free loans for investment in machinery with zero-duty import of capital goods scheme and lower fringe benefit tax to offset losses. Many importers have cancelled orders or postponed their delivery schedules. The market sentiment is very weak,'' Mr Vaid said adding overseas buyers are now renegotiating contracts. Several foreign retailers like Steeve and Barry's along with Mervyns have filed for bankruptcy and more are expected. Pacific Sunwear has closed 150 stores, while Lane Bryant, Fashion Bug and Catherines are closing 150 outlets. - PTI