AAR Ruling: Architectural services provided by a limited partnership is liable to tax as “fees for technical / included services” as per the provisions of India-US Double Taxation Avoidance Agreement [HMS Real Estate Pvt. Ltd. (A.A.R. No. 832 of 2009)].
While the Refund Notification has been in existence for more than three years, the Service tax department has been somewhat slow in processing the refund claims, on account of various procedural grounds. One of the primary issues of contention in this regard has been proof of nexus between the input services used and the output services exported.
AMENDMENTS IN RATE OF ITEMS WEF 01.04.2010. 1. In the first schedule appended to Delhi value Added tax Act, 2004(Delhi Act 3 of 2005, hereinafter refer to as the “principal Act” (a) The commodity mentioned at S1 no. 73 and 74 shall be omitted. * Commodity No. 73 ;- Bio Inputs bio-fertilizers, Micro-nutrients and Plant growth promoters. Commodity No.74;-Kerosene-stoves, Lanterns and petromax and their spares.
RBI has eased asset classification infrastructure and project loan guidelines, which in turn will lower the amount of bad loans in the books of banks. Till now, a bank had to classify a project loan as a ‘sub-standard’ asset if commercial operations did not start within six months of the completion of the project, even if the company regularly serviced its loan.
A panel formed by the apex body of accountants to study the fallout of the scam at Satyam Computer Services Ltd has suggested the formation of a separate regulatory framework to oversee foreign entities providing a range of management consultancy, auditing and other services to Indian clients.
As we all aware, section 397/398 of the Companies Act, 1956 deals with oppression and mismanagement and the protection to the minority against the majority. The law makers could not have expected that a situation will come where a majority are harassed or oppressed by the minority. Sections 397/398 and other connected provisions of companies act, 1956 meant to provide relief to the minority shareholders against the majority when minority are oppressed or the property of the company is mismanaged.
Background :-The Central Board of Direct Taxes (CBDT) had made certain amendments vide Notification No. 31/2009 dated 25th March, 2009 in respect of –the Tax Deduction at Source (TDS)/ Tax Collection at Source (TCS) payments; and Compliance requirements (furnishing of quarterly statements / forms, issue of annual certificates, etc.).
The Finance Minister presented the Economic Survey 2009-10 before the Parliament. It is a report card of India’s economic performance which gives the current and expected direction of the Government Policies. The key highlights of the same are given below:
The income tax department has sought the Supreme Court’s direction to decide if Reliance Industries Ltd should pay tax on sales tax incentives given to them by the governments of Maharashtra and Gujarat. A bench headed by Justice S H Kapadia has sought reply from the company headed by Mukesh Ambani. The tax of Rs 368 crore is for the company’s two units at Hazira and Patalganga for the assessment year 1998-99.
No. VAT. 1510/CR. 47A/Taxation- l.—In exercise of the powers conferred by sub-entry (a) of-entry 101 of Schedule C appended to the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby, with effect from the 1st April 2010, specifies the following goods, more particularly described in the SCHEDULE appended hereto, to be fabrics, for the purposes of the said sub-entry, namely
