"February, 2010" Archive - Page 48

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

M/s Dassault Systems K.K, In re. (Authority for Advance Rulings)

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)...

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Market Basics

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....

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Posted Under: Income Tax |

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

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....

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Posted Under: Income Tax |

Vat rate changed in Punjab from 4% to 5%

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% t...

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Posted Under: Income Tax |

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

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....

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Posted Under: Income Tax |

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

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....

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Posted Under: Income Tax |

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

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 defaul...

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Posted Under: Income Tax |

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

Circular No. 913/03/2010- Central Excise (03/02/2010)

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...

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

RBI/2009-10/303, UBD. BPD. (PCB).Cir. No. 41 /12.05.001/2009-10 (03/02/2010)

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, ...

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

Circular No. 7 T of 2010 (03/02/2010)

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...

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