"12 March 2010" Archive

No relief for Indian Companies with Majority Foreign Shareholding in respect of rules governing foreign Donation

Indian companies with a majority foreign shareholding will not get relief from the stringent norms that govern their contributions and donations within the country. A Parliamentary Standing Committee on Home Affairs had recommended relaxing the rules that prohibited Indian companies with more than 50 per cent foreign shareholding from don...

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Posted Under: Income Tax |

FM asked Revenue Service officials to administer taxes with a human approach

Finance Minister Shri Pranab Mukherjee has asked Indian Revenue Service officials to consider tax payers as important stakeholders in nation building and to administer taxes with a human approach. He was addressing the 63rd batch of IRS trainees last evening....

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Posted Under: Income Tax |

TDS U/s. 194C not applicable on contract for sale: Bombay HC

CIT Vs Glenmark Pharmaceuticals Limited (Bombay High Court)

In an oral judgement pronounced today 12th March 2010, the Court held that while “works contracts” were subject to TDS under section 194C, “sales contracts” were not. It upheld the arguments of the pharmaceutical companies that the contract manufacturing agreements entered into by them with other manufacturers amounted to a “sa...

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Notification No. 15/2010-Income Tax Dated 12/3/2010

Notification No. 15/2010-Income Tax 12/03/2010

Notification No. 15/2010-Income Tax S.O. (E).- In exercise of the powers conferred by clause (6C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby declares that any income arising to Sinclair Knight Merz Pty Limited(M/s SKM), Australia having its office at 100, Christie Street, P.O. Box 164, St. Leonar...

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Pledge of Shares held in dematerialized form

Pledge of shares is a common practice adopted in the securities market by investors and intermediaries to raise finance. Banks and financiers have their own method of advancing money in pledge transactions. They keep a margin against the quotations of the shares. S 172 of the Indian Contract Act, 1972 defines pledge as bailment of goods ...

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Posted Under: Income Tax |

Custom Notification Amending Notification 21/2002 – Customs, dated 1st March, 2002

Notification No. 33/2010-Customs 12/03/2010

White Butter, Butter oil, Anhydrous Milk Fat upto an aggregate of fifteen thousand metric tonnes of total imports of such goods in a financial year....

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Clarifications on FTWZ issues

SEZ: Instruction No. 49 12/03/2010

Regarding Licencing requirement, it is clarified that in terms of Rule 27 of SEZ Rules, a unit in SEZ/FTWZ can import all types of goods except prohibited items. However, in terms of Rule 26 of SEZ Rules, if any permission is required for import under any other law, the same shall be allowed with the approval of BOA. In respect of prohibi...

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Finance Bill 2010: Deemed gifts under the Income Tax Act

Clause (vii) has been inserted in section 56(2) by the Finance (No. 2) Act, 2009. Under this clause if an individual or a HUF receives on or after October 1, 2009 a gift (which falls in any of the following five categories), it is chargeable to tax in the hands of the recipients under the head “Income from other sources”....

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Posted Under: Income Tax |

Karnataka Budget 2010-2011- Amendments in VAT

VAT rate of 4% proposed to be increased to 5% on all goods except declared goods. VAT rate of 12.50% proposed to be increased to 13.50%. VAT rate of 12.50 % on tobacco products proposed to be increased to 15%....

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Posted Under: Income Tax | ,

Whether income from referral services amount to fees for technical services – whether in absence of a PE, same could be taxed in India

Re. Real Resourcing Limited (Authority for Advance Rulings)

AAR Ruling: Referral fee received from an Indian based recruitment agency by a non-­resident is not liable to tax in India in view of the provisions of India-UK Double Taxation Avoidance Agreement [Real Resourcing Limited (AAR No. 828 of 2009)]....

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