« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  ICAI plans newer accounting standards... 1144 CAs land plum jobs in two months... » Revenue dept no to sops for drug sector July, 06th 2006 n its comments on the proposed pharma policy, the revenue department has turned down a number of proposals, including end-use-based exemptions, reduction in excise duties on drugs and increase in the SSI exemption limit for the pharma sector. It has also said no to providing exemption to testing and analysis services for drugs and data processing. In a response to the draft Cabinet note on the National Pharma policy, the revenue departments tax research unit reiterated its contention that every proposal which had revenue implications needed to be vetted carefully as there was no stated policy of the government on duty adjustments to influence prices. The department has accordingly sought modifications to the draft policy. On the issue of providing fiscal incentives on a long-term basis to research and development companies (a committee under R A Mashelkar is looking at the matter separately), the department has pointed out that a number of customs duty concessions are already available for R&D projects. Since, duty structures are part of the governments fiscal policy, the department feels that sector specific proposals should not form part of policies for the development of a particular sector. Duty structures should not be used as a general instrument of any policy. The proposals for fiscal incentives should be considered at the material time, sources said.