Import Export License-IEC Code In India


If you want to export or import anything to and from India to other countries, you must have Importer Exporter Code (IEC). It is ten digit number allotted to persons or businesses importing and exporting goods into and from India. Directorate General of Foreign Trade (DGFT) grants IEC code under the Ministry of Commerce and Industry, to any bonafide person/company which seeks to do international trade. If you do not possess the IEC code, the customs will not allow the clearance of goods. However, for the import or export of…

Read More

MSME Samadhaan (Micro, Small and Medium Enterprise Development)

MSME Samadhaan

The MSME Samadhaan (Micro, Small and Medium Enterprise Development) Act, 2006 covers provisions of Delayed Payment to Micro & Small Enterprise (Section 15-24). State Governments to establish Micro & Small Enterprise Facilitation Council (MSEFC) for settlement of disputes on getting references/filing on Delayed Payments. (Section 20 and 21). MSME Samadhaan-Delayed Payments to Micro & Small Enterprises under MSMED Act, 2006 The MSME Samadhaan Act, 2006 (Dealing with Delay Payment) MSEFC of the state will issue the directions to the buyer unit, after examining the case filed by MSE unit; for…

Read More

Save Tax Using Mutual Funds

Mutual Funds

You can save tax by investing up to Rs. 1.50 lakhs in ELSS (Equity Linked Savings Scheme), under section 80C of the income tax act. ELSS offer the option of saving tax. These funds invest in equities and investors can choose from either the dividend or growth options. You can invest any amount up to Rs. 1.50 lakhs in ELSS to save tax. These schemes give investors the opportunity to earn higher returns over the long run. Same is the case with all Mutual Funds, where no guarantee of any…

Read More

Tax Benefits on Home Loan and Interest Rates

Home Loan

Buying a house on Home loan comes with several tax benefits that significantly reduce your tax outgo. It needs to be well-planned and then executed so as to make the most of it. However, with the falling interest regime during the period from 1999 to 2006 and the introduction of tax benefits on the interest paid on housing loan and repayment of principal amount, taking a home loan is not only an easy option but also a favored option. Tax Benefits on Home Loan You can claim the following deductions…

Read More

Sovereign Gold Bond Scheme-Reserve Bank of India

Sovereign Gold Bond Scheme

Indian Government has launched the Sovereign Gold Bond (SGB) scheme as an alternative investment form to physical gold. Sovereign Gold Bond Scheme, investors get their returns on the basis of the prevailing gold price. Since this is a bond, you can hold it in demat or tangible paper form. Sovereign Gold Bond Scheme-RBI Sovereign Gold Bond schemes are government securities; denominated in grams of gold. They are replacements for holding physical gold. Investors must pay the issue price in cash, and he can redeem the bonds in cash on maturity.…

Read More