stamps

Under the Constitution of India, the power to levy stamp duty is divided between the Union and the State. The Parliament (Central Government) has the power to levy stamp duty on the instruments specified in Article 246 read with Schedule VII, List I, Entry 91 and the State Government has the power to levy stamp duty on instruments falling under Article 246 read with Schedule VII, List II, Entry 63. Full Article

The Securities and Exchange Board of India (Sebi) may soon frame a stringent set of rules for funds investing in art works, antiques, coins and stamps, with an aim to check black money flow into these products and safeguard the interest of genuine investors. Sebi considers investment funds focussed on art works, antiques, coins and [...] Full Article

The Bombay Stamp Act applies to the entire State of Maharashtra. All the instruments specified in the Schedule to the Act are covered under this Act. 1. IMPORTANT DEFINITIONS 1.1 “Conveyance” has been defined to include: a conveyance on sale, every instrument, every decree or final order of any Civil Court, every order made by [...] Full Article

In its recent Budget Maharashtra State Govt. And its Finance Minister offered a mixed bag for the industry, trade and individuals subjected to professional tax. Keeping in mind not the economic slowdown but the forthcoming State Assembly polls in October, the Finance Minister, Mr Dilip Walse Patil has announced exemption of salary upto Rs 5000 [...] Full Article

The definition of ‘sale’ as per the Maharashtra Value Added Tax (MVAT) Act, 2002 was amended w.e.f. June 20, 2006 so as to include, inter alia, agreement for construction of immovable property, for levy of tax on transfer of property in goods involved in the execution of such works contract. This amendment was made consequent to the Supreme Court decision in the Raheja case 141 STC 298 (SC) . Full Article

As Maharashtra braces up for polls and celebrates its golden jubilee year, it tabled a revenue-deficit budget for the year 2009-10 on 4th June 2009 that focuses on infrastructure development and social sector. The major highlights and changes proposed are noted below : Penalty for late returns under MVAT Act reduced to Rs.5,000/- from Rs.10,000/-. Exemption [...] Full Article

SUMMARY OF CASE LAW The relationship between the assessee-airlines and the travel agent is one of principal and agent; the supplementary commission which is the amount retained by the travel agent is commission within the meaning of section 194H read with Explanation (i) to the said section; the difference between the full value of the [...] Full Article

SUMMARY OF CASE LAW Provisional attachment can be levied even in cases where the proceedings are yet to be initiated; therefore, issuing 153A notice and invoking section 281B on the same day would not affect the validity of the order passed under section 281B; fluctuation in the prices of shares in the share market is [...] Full Article