Archive for July, 2009

Having given tax holiday to builders, Finance Minister Pranab Mukherjee today warned that if the incentives are not passed on to the consumers the same may not be extended in future.  “I expect the developers to pass on the benefit of the tax holiday to the home buyers. It should reflect in the prices. Unfortunately it happens in [...] Full Article

Even after three months of the Competition Commission of India (CCI) coming into force, its predecessor, the Monopolies and Restrictive Trade Practices Commission (MRTPC) is continuing to accept fresh cases on a daily basis.  Complainants are continuing to show a preference for MRTPC to the CCI, which is a costlier option for the common man and follows [...] Full Article

A priority area of the new president of the Institute of Cost and Works Accountants of India (ICWAI), G N Venkataraman, is to make the institute more visible. In an interview with Sapna Dogra Singh, he said ICWAI would also lobby with the government to accept the recommendations of the expert group on widening the [...] Full Article

India and Tajikistan have written the new chapter of their relations when both nations have inked on the Double Taxation Avoidance Agreement (DTAA). With an aim of bolstering the flow of technology, investment and services both India and Tajikistan have signed the DTAA. From the India, Mr. Narendra Bahadur Singh, chairman of the Central Board [...] Full Article

Over 200 public sector undertakings (PSUs) do not have a company secretary on their rolls even though they are mandated to have one, the government informed Parliament on Thursday.  “As per information available, 233 PSUs have not appointed a company secretary,” Salman Khursheed, minister for corporate affairs, said in the Lok Sabha on Thursday. Full Article

Introduction The Board of Directors of a Company play a fiduciary role in protecting the interest of shareholders by providing adequate information on the company’s management and its functioning. They are the custodian of the money that the shareholders have invested in the company. Duty is cast upon the Board of directors to prepare and [...] Full Article

SUMMARY OF CASE LAW The services availed by a manufacturer for outward transportation of final products from the place of removal should be treated as an input service in terms of Rule 2(1)(ii) of the Cenvat Credit Rules, 2004 and thereby enabling the manufacturer to take credit of the service tax paid on the value [...] Full Article

SUMMARY OF CASE LAW If an assessee has developed a housing project, wherein the majority of the residential units has a built-up area of less than 1500 sq.ft. i.e., the limit prescribed by section 80-IB(10) and only a few residential units are exceeding the built-up area of 1500 sq. ft., there would be no justification [...] Full Article