« Top Headlines » Open DEMAT Account in 24 hrs  Why we need a new Income-Tax Act  ITR 2024: No tax refund yet? Here's why it's delayed and how to check  ITR Filing: Income Tax Refund Not Received Yet? Here's What to Do Now  ITR Refunds for FY2023-24 (AY2024-25): Who will receive tax refunds quicker, filers of ITR-1, ITR-2 or ITR-3?  Penalties for Non-Adherence of MCA Notification on Audit Trail (Edit Log) w.e.f 1st April 2023  Income Tax: What is Section 148A notice and what are the new changes brought under Budget 2024?  GST on health and life insurance: How much do tax rates impact your premiums? check here  Income Tax Refund Delays Here s why your refunds are stuck and how long Income Tax Dept can legally take  ITR filing: How can taxpayers check their income tax refund status online? A step-by-step guide  ITR filing 2024: Waiting for your income tax refund? Here are 3 tax refund rules you should know  How to check income tax refund status online using PAN card? «  Advance tax buoys the Street... Audit thyself... » Advance tax concerns in Punjab on rising rupee June, 20th 2007 The exporters of Punjab are worried over the calculation of advance tax because in the first quarter itself they have suffered losses on account of strengthening of the rupee against dollar.   Speaking to Business Standard, A K Kohli,an industrialist and senior vice-president, Punjab Chamber of Small Exporters, said,The small exporters, who are operating at very low margins due to the cut-throat competition, especially from China, would be the worst sufferers due to continuous decreasing dollar. How will they pay the Advance Income Tax installment for the first quarter of 2007-08, (the advance tax is calculated on the basis of sales done in the every quarter) when the export business transacted during this quarter has already suffered net loss by more than 15-20 per cent? So small exporting companies are confused over the economic situations of their business performance due to strengthening of rupee.   The strengthening of rupee against dollar has led to a decline in the return of exports as 90 per cent of export business is negotiated in the US dollar only.   He added, During the first quarter of the financial year 2007-08, the Indian rupee has gone up by more than 10 per cent. Hence, the export business for the SME sector is becoming a story of past, particularly when small scale export companies,mainly in the northern region, have experienced 10 per cent currency conversion loss from the dollar to Re and their foreign bill remittances are indirectly under loss by more than 10 per cent.   He further added that also the steel cost alongwith other inputs has gone up during the first quarter of the current financial year by more than 10 per cent. The freight for bringing the inputs and exporting the goods has also gone up by more than 5 per cent.   In addition to the above loss, the other indirect taxes such as service tax on export goods and foreign agent commission, as well as container transportation cost have further added to the loss of small export companies by more than 20 per cent.   Thus, the net profit of the small exporting companies have gone down by nearly 20 per cent.   Gursharan Singh, another industrialist, said,The worst hit export products are in the field of engineering export like hand tools, bicycle, diesel engine and parts, nut bolts, agricultural implements, textile et al. The industries are under heavy losses in Punjab and the neighboring states and taxes are further adding to the loss of export companies ."