It has been brought to our notice that since co-operative credit societies are not even sub-members of clearing houses, members of such co-operative credit societies who do not have bank accounts have difficulties in collection of account payee cheques drawn in their name. With a view to mitigate the difficulties faced by the members of co-operative credit societies in collection of account payee cheques, it is further clarified that collecting banks may consider collecting account payee cheques drawn for an amount not exceeding Rs.50,000/- to the account of their customers who are co-operative credit societies, if the payees of such cheques are the constituents of such co-operative credit societies. While collecting the cheques as aforesaid, banks should have a clear representation in writing given by the co-operative credit societies concerned that, upon realization, the proceeds of the cheques will be credited only to the account of the member of the co-operative credit society who is the payee named in the cheque. This shall, however, be subject to the fulfillment of the requirements of the provisions of Negotiable Instruments Act, 1881, including Section 131 thereof.
According to Income-tax Act, 1961 “the Act” companies need to withhold tax under section 194H on amount of commission paid to its distributors/ agents or anyone else. Generally the companies selling goods through agents sell its product to agents at price less than market price, Now here arise the point of legal action, whether difference between the retail price (at which product is sold to end user) and the price at which product is transferred to agents is “discount” or “commission”. Income-tax authorities consider it to be commission to try cover such transactions under the ambit of section 194H and on the other hand companies consider it to be a discount. In recent times there flowed numerous judgements from various forums dealing on this issue, some against and some in favour of the assessee.
Telecom industry in India is suffering from the tussle between the odds of two interpretations. In recent time’s payments for various types of technology-related transactions has been a subject matter of disagreement between taxpayer and income tax d
The Central Vigilance Commission disposed of 1298 cases during August 2010 referred to it for advice. Of these, 920 complaints were sent for necessary action/ATR whereas 37 complaints were sent for investigation and report. No action was required on
It has been clarified that the term “Original investment” means the entire amount brought in as FDI. It has further been clarified that the lock-in-period of three years will be applied from the date of receipt of each installment/tranche of FDI or from the date of completion of minimum capitalization, whichever is later. This was necessary as a number of queries had been received in regard to the coverage of these terms.
G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) the Central Government, being satisfied th
G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) the Central Government, being satisfied that it is necessary in the public interest so to do, hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 44/2010-Customs, dated the 9th April,2010, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.308 (E), dated the 9th April,2010, except as respect things done or omitted to be done befor
G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No 100/89-Customs, dated the 1st March, 1989, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) dated the 1st March, 1989 vide number G.S.R.315 (E), dated the 1st March, 1989, namely:- In the said notification, in the TABLE, af
G.S.R. (E) – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 94/2010 –Customs dated the 15th September, 2010, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 761 (E) dated the 15th September, 2010, except as respects things done or omitted to be done before such supersession, the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts goods specified in column (2) of the Table below, when imported
G.S.R. 716 (E).- In exercise of the powers conferred by subsection (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 153/2009-Customs, dated the 31st December, 2009 which was published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i) vide number G.S.R. 944 (E), dated the 31st December, 2009, n
