"24 November 2009" Archive

Important Aspects of New VAT Audit Form -704

For non filing or late filing of the Audit Report, penalty at the rate of 0.1% of the turnover of sales is also leviable. As explained from beginning, under VAT Act the assessments will be sparing, based on selection criteria. Therefore, to have authentic checking of the returns/tax liability of the dealer, the VAT Audit prov...

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Dispute resolution panels will allow MNCs to sort out their tax disputes in faster and cost effective manner

Multinational companies can now look forward to expeditiously settling their tax disputes in India. The Central Board of Direct Taxes on Monday announced the new rules for creation of special dispute resolution panels (DRP) that will allow foreign taxpayers to sort out their tax disputes in a faster and cost effective manner....

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Clarification on calculation of NFE as per Rule 53 of the SEZ Rules, 2006

SEZ: Instruction No. 41 (13/11/2009)

I am directed to say that references have been received in this department seeking clarification on the currency in which NFE is to be calculated. The matter has been examined in this department and it is clarified that NFE is to be calculated in rupee terms only....

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TDS u/s. 194J in case of transactions by TPAs with Hospitals

Circular No. 8/2009 (24/11/2009)

The services rendered by hospitals to various patients arc primarily medical services and, therefore, provisions of 194J are applicable on payments made by TPAs to hospitals" etc. Further for invoking provisions of 194J, there is no stipulation that the professional services have to be necessarily rendered to the person who makes payment ...

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Experts view on FM statement on Tax treaty renegotiation with 77 countries

This tax treaty controversy is snowballing. First it was just the India Mauritius Double Tax Avoidance Treaty that was under a shadow and has been that way for a couple of years then the proposed Direct Tax Code released in August this year proposed a Treaty of Override Clause. Tax experts and India Inc are up in arms because if the code ...

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RBI guideline on Fair Practice Code for Lenders and EMI calculation methods

Reserve Bank of India (RBI) has issued guidelines on ‘Fair Practice Code for Lenders’ which are required to be framed by Banks/Financial Institutions/ Non Banking Financial Companies (NBFCs) duly adopted by their respective Boards. These guidelines which are revised periodically, inter-alia, stipulate that loan application forms in re...

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MCA will provide training to its staff to check corporate frauds

The Ministry of Corporate Affairs has established Indian Institute of Corporate Affairs (IICA) to act as the capacity building support for the officers / officials of the Ministry on issues relating to effective corporate functioning and regulation. The Institute can also design and deliver training programmes on such areas relating to co...

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ICAI president communication regarding Election Code of Conduct

Attention : Candidates and Voters for the forthcoming elections.It has been brought to my notice that the Election Code of Conduct evolved by the Council is being violated by organizing parties and other programmes under one pretext or the other....

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ITAT gets four new VPs; R V Easwar becomes Sr Vice President; posted to Mumbai

PROMOTION on performance is a positive signal every organisation whether in private or public sectors intends to send to all stakeholders. This is what the Selection Panel headed by the Supreme Court Judge has also tried to do in the case of ITAT. It has overlooked as many as four senior Members and promoted deserving candidates. Besides,...

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CLB chairman arrested by CBI for accepting bribe

Acting chairman of Company Law Board R Vasudevan was arrested by CBI for allegedly taking bribe of Rs seven lakh from a company secretary to give a favourable verdict to a media house. Mr. Vasudevan was arrested from his official residence at HUDCO Palace in south Delhi late last night while he was allegedly accepting the bribe from Manoj...

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