explain the features of FEMA:
FEATURES OF FEMA.
. It will facilitate trade rather than prevent misuse of
foreign exchange.
· Definitions of capital account transaction and current
account transaction have been introduced keeping in mind the
possibility of introduction of capital account
convertibility in the near future.
· All current account transactions shall be allowed
(subject to reasonable restrictions). Reserve Bank to
classify those capital account transactions that are to be
permitted and to regulate transfer and issue of foreign
securities by a resident in/outside India as well as setting
up of branches/offices by foreign companies in India.
· All key sections relating to dealings, holding and
payments in foreign exchange and exports have been simplified.
· Liberalization in enforcement provisions reflects that
the attitude is of putting trust in the persons covered
Is This Answer Correct ? | 19 Yes | 11 No |
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Sir, I request you to please solve my problem as given below- One Corporate is having Manufacturing unit and Trading unit also. That corporate prepared joint Balance sheet & Profit & Loss account. As given below - Corporate 1 2 Manufacturing Unit Trading Division Annual Profit by sale of product Annual profit by sale of Product Manufactured with the help of out sourced from open market for Fixed Assets ( Land,Building,Plant & Rs.150 Crs and sold for Rs.200Crs. Machineries of Rs.100 Crs. Net Profit – Rs. 5 Crs. Net Profit -Rs. 50 Crs. Total Income by clubbing both - Rs.55 Crs. But – that Corporate can avail depreciation Rs. 5 Crs only and rest amount of depreciation may be forwarded to next year. Because depreciation is meant for actual uses of Fixed assets. Otherwise Corporate used to increase the value of assets by over billing just to get benefit of depreciation from the income . Income from trading may be manipulated easily but not from manufacturing.
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1)SALE IN TRANSIT U/S 6(2) OF CST ACT .IF ONLY C FORM IS FILED BUT E1 IS NOT FILED WHAT IS THE RATE OF TAX. 2) DEALER (XYZ) FROM BANGLORE PURCHASE GOODS FROM OTHER DEALER (KLM )IN BANGALORE . WITHOUT TAKING DELIVERY SELLS THE GOODS TO BOMBAY DEALER . CAN XYZ CLAIM EXEMPTION BY PRODUCING FORM C& E1 U/S 6(2) OF CST ACT