"August, 2010" Archive

India may implement free trade agreement (FTA) with Indonesia and Cambodia

India will soon implement the free trade agreement (FTA) in goods with two more Asean countries -- Indonesia, Cambodia -- by slashing duties on hundreds of products including seafood, chemicals, apparel and tyres. In turn the two countries will also slash import duties on hundreds of Indian goods....

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Posted Under: Custom Duty |

Bill providing voting right to NRIs gets Rajya Sabha approval

Non-Resident Indians can hope to cast votes in their home country as the Rajya Sabha today passed a bill to provide them voting rights. "We are not doing them any charity," law minister M Veerappa Moily said, while replying to a brief debate on a bill that seeks to amend the Representation of Peoples Act....

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Posted Under: Custom Duty |

Minimum Wages Act, 1948 applicable to Co-operative societies

Co-operative societies are covered by the Minimum Wages Act, 1948, and the fact that they are exempted by a notification of 1979 “is not absolute”, the Madras High Court has held....

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Posted Under: Custom Duty |

DTC proposes five per cent dividend distribution tax on mutual fund houses and life insurers

"The mutual fund or the life insurer or the person responsible for making payment of the distributed income on its behalf, shall be liable to pay tax to the credit of the government within a period of fourteen days from the date of distribution or payment of such income, whichever is earlier," said the DTC Bill....

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Posted Under: Custom Duty |

Proposed direct taxes code to strengthen India’s tax demands on cross-border acquisitions

Provisions of the proposed direct taxes code will strengthen India’s tax demands on cross-border acquisitions involving Indian companies. Section (5) of the code stipulates that tax is payable in India whenever a foreign company’s shares are transferred, if at least 50% of its assets are situated in India....

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Posted Under: Custom Duty |

New ULIP norms applicable from 1st September 2010 are beneficial for policyholders

NA (31/08/2010)

The new rules of the Insurance Regulatory and Development Authority (Irda) take effect from September 1. Ulips, which contributed 80 per cent of the total premium collected by private companies, will see a dramatic change. Irda has capped the difference between net and gross yields during the policy term. Insurers will have to offer a min...

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Service tax on on-going works contracts entered into prior to 1 June 2007

Circular No.128/10/2010-ST (24/08/2010)

Works contract service made taxable with effect from 1 June 2007. Thus, services such as construction, erection, commissioning or installation, repair services provided prior to 1 June 2007, to be classified as a works contract service in case subsisting beyond 1 June 2007....

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Text of the Statement made by FM in Reply to: Lok Sabha and Rajya Sabha Regarding Protocol for Avoidance of Double Taxation between India and Switzerland

Union Finance Minister, Shri Pranab Mukherjee made a statement in both the Houses of Parliament i.e., Lok Sabha and Rajya Sabha today on the Protocol signed between India and Switzerland yesterday to amend the existing Agreement and Protocol for Avoidance of Double Taxation with respect to Taxes on Income. Text of the statement is given b...

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Posted Under: Custom Duty |

Law Relating To Arbitration and Conciliation

Purpose of Arbitration Act is to provide quick redressal to commercial dispute by private Arbitration. Quick decision of any commercial dispute is necessary for smooth functioning of business and industry. Internationally, it is accepted that normally commercial disputes should be solved through arbitration and not through normal judicial...

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Posted Under: Custom Duty |

Proposed Direct Tax Code to give relief to corporate tax payers

The government today proposed to retain corporate tax at 30 per cent, but without the surcharge and cess that increase the current levy to over 33 per cent. The current tax rate for domestic companies, including surcharge and cesses, comes to about 33.22 per cent, while foreign companies pay over 40 per cent....

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Posted Under: Custom Duty |
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