• Mar
  • 07
  • 2015

MAX India Set For Mega Corporate Restructuring

Added In Corporate Law
DemDr. Haresh Shaherges into 3 Business Verticals- Life Insurance, Health & Allied Business and Manufacturing Industries The Board of Max India Ltd, on 27th January, 2015, approved a Corporate Restructuring plan to vertically split the company through a demerger, into three separate listed companies. The leadership would remain unchanged upon the demerger. The Board had also approved divestment of its clinical research business.

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  • Mar
  • 07
  • 2015

Interesting Cases for TDS u/s 195 – Foreign Remittance from India

Added In Income Tax
Withholding taxes u/s 195 in respect of transactions with Non-Residents has always been a bone of contention between Assessee and tax authorities. Though liability for deduction of TDS is clear in respect of some transactions like royalties, fees for technical services, interest etc.,

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  • Mar
  • 07
  • 2015

Better Policies required to motivate tax Payers

Added In Finance
What could a common man expect from the budget? Today the central government has tried to collect as much as possible from the pocket of the consumer. The tax levied by the government is much more as compare to the benefits given by the government.

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  • Mar
  • 06
  • 2015

Compounding of offence under Negotiable Instruments Act, 1881

Added In Corporate Law
G S Rao Introduction: Sections 138 to 142 of Negotiable Instruments Act,1881(NI Act) which deal with offence and prosecution for dishonour cheques were brought into force with effect from April 1, 1989 by Section 4 of the Banking Public Financial Institutions and Negotiable Instruments Laws (Amendment) Act, 1988.

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  • Mar
  • 06
  • 2015

Tax Discrimination based on language is unconstitutional

Added In Service Tax
The purported classification only on the basis of language without anything more and in particular having regard to the difference in the rate of tax, in our opinion is ex-facie arbitrary. The burden was, therefore, on the State to show that the imposition was justified. Different rates of entertainment tax had not been levied having regard to the nature of theatre, the area where they were situated or extent of occupancy etc.

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  • Mar
  • 06
  • 2015

HC Uphelds Service tax on temporary transfer of copyright, film distribution, sale of rights to TV

Added In Service Tax
Variant modes of business transactions between the producer and distributor, distributor and sub-distributor or area distributor or exhibitor (theatre owner) are not sale of goods to fall under Entry 54 List II or Entry 92A List I. By resorting to Entry 97 of List I Residuary Entry to levy service tax, the Parliament is within its legislative competence and Section 65(105)(zzzzt) is not ultra vires the Constitution

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  • Mar
  • 06
  • 2015

No Service Tax exemption to Film Actors; HC dismisses PIL

Added In Service Tax
Siddharth Suryanarayan Vs. Union of India (Madras High Court), W.P. No.12504 of 2014 , DATED: 26..02..2015 In this case Petition was filed  under Article 226 of the Constitution of India,  praying for the issuance of a writ of Declaration, declaring that Notification No.25/2012 dated 20.06.2012 (Entry 16) in so far as it provides for an […]

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  • Mar
  • 06
  • 2015

Transportation by Rail- No Cenvat Credit From 01.04.2015

Added In Service Tax
Prior to 01/07/2012, transportation of goods service was taxable under the categories of transportation of coastal goods, goods transported through nation waterways and inland waterways, transportation of goods by air, transportation of goods by Rail and transportation of goods through pipelined or other conduit service.

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  • Mar
  • 06
  • 2015

Changes in Settlement Commission provision in Central Excise & Custom

Added In Excise Duty
There are many bulk sections have been removed in Central Excise and Custom from this Budget, 2015. Reasons behind these bulk amendments are that these sections have become redundant. These sections have already get expired and now government think about these expired section and delete these. These sections are similar in Central Excise and Custom.

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  • Mar
  • 06
  • 2015

Allowance of balance additional depreciation under Income-tax Act, 1961- Finance Bill 2015

Added In Income Tax
The Finance Bill, 2015 has proposed to provide allowance for the balance 50% of additional depreciation which has not been allowed in the year of acquisition, in the immediately succeeding previous year. This will apply from AY 2016-17 and subsequent Assessment Year’s.

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