In a recent landmark judgement in Coca Cola India Pvt. Ltd. vs. Commissioner of Central Excise (2009-VIL-06-HC-BOM-ST), the Mumbai High Court has interpreted the relevant provisions of service tax law in a broad and inclusive manner in order to hold that expenses incurred by a company in relation to advertising and promoting a brand owned […]
Insurance policy holders will now have no difficulty if their agents suddenly switch from one insurer to another, which results in lack of service. The insurers will now have to enter into an agreement with their agents/corporate agents for continuing the relationship for a minimum period of three years, according to Mr J. Hari Narayan, Chairman, […]
Certificate of Commencement of Business: Procedural Analysis The date of incorporation of a company may not be the date of commencement of business. A private company and a public limited company not having share capital are not required to comply with any other formalities and may commence its business activities immediately after obtaining the certificate of incorporation from the […]
The Finance Ministry has extended service tax exemption to five more export promotion councils (EPCs). With this move, the total number of EPCs that could avail themselves of service tax exemption has gone up to 27 across the country. Budget 2009-10 had provided exemption on the service tax leviable under “club or association services” for 22 […]
Notification No : 67/2009 – Income Tax In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O.709(E), dated the 20th August, 1998, namely
Drug firms outsourcing finished products for domestic as well as export markets are under the income-tax (I-T) scanner. The I-T department has dragged around half a dozen leading drug makers, including Novartis Healthcare Pvt. Ltd, Elder Pharmaceuticals Ltd, Glenmark Pharmaceuticals Ltd and Aristo Pharmaceuticals Pvt. Ltd, to the Bombay high court for alleged tax law violations in making payments to their contract manufacturers.
Under the existing provisions of Section 44BB of the Act, which has non-obstante clause overriding the other provisions of the Act, non-resident service providers to oil & gas industry enjoy a tax regime wherein 10% of the gross receipts are deemed to be their income and tax is levied at the rate of 42.23% on […]
New version of Form 15, 1INV, 21, 23, 23AA, 23C, 24, 25B, 25C, 3, 32, 35A, 37, 39, 4C, CAR, DDB, 24AB, 23AAC, 65, 63, DD-C, 23AAA, Form I- Application for appointment of sole selling agent, Form of annual return of a foreign company having a share capital, 24A, Investor complaint form, 22B, 36, 4, […]
