« 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 «  Corporate tax collection grows a whopping 50%... Inverted import duty form may stand straight... » EOUs seek extension of I-T sop December, 06th 2006 Export-oriented units (EOUs) have sought extension of the income-tax exemption under Section 10B of the Income-Tax Act beyond March 31, 2009.    The export promotion council for EOUs and SEZs has, in its budget proposals, sought extension of the tax holiday for 10 consecutive assessment years. Exports from EOUs were worth Rs.37,657 crore last year.    T Vasu, chairman of the Export Promotion Council for EOUs and SEZs, said supplies from domestic tariff areas to EOUs should be exempted from service tax too, as mentioned in the foreign trade policy.    At present, EOUs have to pay central sales tax (CST) and then take refund. This leads to blockage of funds, delay in reimbursement, extra administrative work and increase in transaction cost.    The CST should be exempted ab-initio. This has already been done in the case of SEZ units. This does not have any revenue implication as the CST is in any case refunded, Vasu said.    Vasu also sought amendments in the foreign trade policy regarding procedure of Personal Carriage of Gems & Jewellery, duty free re-import of goods displayed at international exhibitions, sub-contracting abroad, import of goods by EOU and supply of services in domestic market against free foreign exchange.