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Archive: 13 November 2010

Posts in 13 November 2010

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6501 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Input Tax Credit on Gross Loss arising, If any from Sales will be reversed under Punjab Vat Act 2005

November 13, 2010 3385 Views 0 comment Print

The Excise and Taxation Department, Government of Punjab has amended rule 21 of Punjab VAT rules to add sub rule 2-A in the said rule to provide for that ITC shall be allowed to a taxable person to the extent of tax payable on the resale value of goods or sale value of manufactured/processed goods where such goods are sold below the purchase price in case of resale or cost price in case of manufactured/processed goods. The balance ITC shall be reversed.

If thin capitalization rules are not in the domestic law/Treaty, there can be not be artificial disallowance of interest paid on borrowings

November 13, 2010 971 Views 0 comment Print

This is an important decision of the Tribunal, which brings out the importance of a Double Taxation Avoidance Agreement (Treaty), that where thin capitalization rules are not in the domestic law/Treaty, there can be no artificial disallowance of interest paid on borrowings.

Payment for purchase of software cannot be termed as royalty

November 13, 2010 723 Views 0 comment Print

Mumbai Income Tax Appellate Tribunal (Mumbai ITAT) [2010-TII-154-ITAT-MUM-INTL] in a batch of cases, with the lead case being that of Reliance Industries Ltd. (Taxpayer), on the issue of whether consideration paid to a US resident (US entity) for licensing of computer software would be in the nature of ‘royalty’, either under the provisions of the Indian Tax Laws (ITL) or under the India-US Double Taxation Avoidance Agreement (DTAA). The Mumbai ITAT, after considering the various clauses of the license agreement (Agreement), the Indian Copyright Act, 1957 (ICA) and other decisions, including that of the Special Bench of the Delhi ITAT (SB) in the case of Motorola Inc. 95 ITD 91 held that the payment was for the purchase of a copyrighted article and not the copyright itself. Furthermore, the Mumbai ITAT stated that the definition of ‘royalty’ under the DTAA is more restrictive than what is provided in the ITL and that it is incorrect to hold that computer software on a media continues to be an intellectual property right. Therefore, the payment made for the purchase of software cannot be termed as ‘royalty’.

Is it correct to blame Advocates and Courts only for the delay in Courts?

November 13, 2010 517 Views 0 comment Print

Recently president of United States Barrack Obama has visited India and expressed his opinion that India has already ‘emerged’. We, Indians, know as to the achievements made and things we need to still achieve. We have so many issues to deal with in this country like political reforms, the issue of corruption, the education, health, extremism, naxalism and many other issues.

Income tax commissioner may be arrested for fraud

November 13, 2010 2412 Views 0 comment Print

Income tax commissioner B P Singh has landed in a soup and could even be arrested. He has been charge-sheeted for fraudulently using official letter pads of over half-a-dozen sitting MPs and MLAs and forging their signatures to lodge bogus complaints

No appeal from tax department, if tax amount involved is less then threshold limit

November 13, 2010 285 Views 0 comment Print

Tax authorities will not take legal recourse in cases where the disputed amount is below a certain threshold, as the government looks to reduce unproductive litigation. The new rules are in sync with a national litigation policy that seeks to make the government an efficient and responsible litigant.

Soon Banks may close your savings account if cheques are issued without sufficient funds in the account.

November 13, 2010 328 Views 0 comment Print

You may need to be extra careful while writing cheques in future. Bank regulator Reserve Bank of India (RBI) as well as banks are becoming more strict about individuals issuing cheques. Very often, individuals sign cheques irrespective of the balance

ROC enhanced additional fees for late filing w.e.f 5th December 2010

November 13, 2010 4191 Views 0 comment Print

Additional Fees revised w.e.f 5th December 2010 Dear Corporates, It has been decided to revise the additional fees payable as per Section 611(2) of the Companies Act, 1956 (except for Form 5) as per below details with effect from 5th December 2010

Pay ‘equal pay for equal work’, Rules court

November 13, 2010 276 Views 0 comment Print

In the present case before the Madurai Bench of the Madras High Court, the writ petitioner, Mr A. Victor, prayed for the issuance of writ of mandamus directing the respondents (Executive Director, Bharat Heavy Electricals Ltd, Tiruchi; General Manage

IFRS Implementation of IFRS on track- Minister of State for Corporate Affairs

November 13, 2010 235 Views 0 comment Print

The International Financial Reporting Standards (IFRS) are well on their way to be implemented and will proceed according to schedule, said Mr Salman Khurshid, Minister of State for Corporate Affairs. Barring banks, insurance companies and small comp

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