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Archive: 03 February 2010

Posts in 03 February 2010

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6447 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Taxability of payments received by applicant from its Indian re-seller for supply of software products to end users

February 3, 2010 586 Views 0 comment Print

Authority for advance ruling recently held that payments received by the Applicant from its Indian reseller for supply of software products to end users should not be classified as royalty. The AAR further held that the relationship between the Applicant and the reseller does not create a permanent establishment (PE)

Market Basics

February 3, 2010 957 Views 0 comment Print

Almost everybody of us, feel very excited when the stock market indices go up and make the front page news. Needless to say, almost everybody of us, feel very disheartened when the stock market indices dip down. It can be said, that without stock markets and its news, our day does not start and end.

Can the provision barring civil court’s jurisdiction in the proposed companies act be effective?

February 3, 2010 1872 Views 0 comment Print

We all aware that there is no express provision barring the Civil Courts to entertain certain company disputes under the Companies Act, 1956. We have been seeing the cases where the Civil Court entertains Company disputes if there is no specific remedial measure before the Company Law Board or the Company Court.

Vat rate changed in Punjab from 4% to 5%

February 3, 2010 4272 Views 0 comment Print

The VAT rate on goods as mentioned in schedule B has been changed from 4% to 5% with effect from 29-01-2010. As per a Notification issued by the EXCISE AND TAXATION DEPARTMENT, PUNJAB No S.O. /P.A.8/2005/S.8/2010. dated 29-01-2010 the VAT rate on schedule B goods other than declared goods under PVAT Act 2005 has been enhanced from 4% to 5%.

Budget may contain the provision requiring TPAs to deduct TDS on payment to hospitals

February 3, 2010 525 Views 0 comment Print

The forthcoming budget may have provisions binding on the third party administrators (TPAs), the entities that network between insurers and hospitals to facilitate cashless treatment for policyholders, to deduct tax at source (TDS) before making payments to hospitals.

Governments likely to introduce a fixed time-frame for nomination of independent directors in state-run companies

February 3, 2010 501 Views 0 comment Print

With the aggressive disinvestment of PSUs being planned for the coming months, the government is likely to introduce a fixed time-frame during which the nomination of independent directors should be completed by state-run companies.

RBI not have info on "heavy penalties" and "extra-ordinary interest rates" imposed by banks on credit card defaults

February 3, 2010 378 Views 0 comment Print

The banking regulator of the country, Reserve Bank of India, does not have any information about “heavy penalties” and “extra-ordinary interest rates” imposed by banks on credit card defaults. In reply to a question “Is RBI aware that banks are charging heavy penalties also in addition to extra-ordinary interest rate on credit card default payments?

Excise duty circular on Valuation of MS and HSD sold amongst OMCs – MOU – Withdrawal of instructions dated 14-2-2007

February 3, 2010 634 Views 0 comment Print

In the aforesaid instructions field formations were directed to decide the cases pertaining to SCNs issued to the Oil companies on the inter company sale during the relevant period on the basis of the decision of CESTAT, Bangalore in the case of CCE Vishakhapatnam vs HPCL [2005 (187) ELT 479 (Tri.Bang.)] as the SLP filed by the department had been dismissed by the Hon’ble Supreme Court as reported in 2006 (196) ELT A 72 (SC).

UCBs – Prevention of Money-laundering – Amendment Rules, 2009 – Obligation of banks / Financial institutions

February 3, 2010 568 Views 0 comment Print

UCBs – Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Amendment Rules, 2009 – Obligation of banks / Financial institutions.

MVAT circular providing clarification regarding Schedule Entry C-70 – Paper

February 3, 2010 3013 Views 0 comment Print

In this regard, certain representations were received from the Trade seeking clarification on the said circulars. The matter is examined in this office and it is now clarified that Circular No.35-T of 2005 and Circular No. 1-T of 2006 are withdrawn. It is hereby informed that the following types of papers would now be covered by the scope of this entry.

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