« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR «  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.