Reserve Bank Deputy Governor Subir Gokarn today expressed concern over the sharp fall in factory output growth, saying the latest numbers are disconcerting. However, he was quick to add that the other key indicators such as the corporate earnings and
CIRCULAR NO. IRDA/LIFE/CIR/REF/179/11/2010, DATED 11-11-2010 Please refer IRDA (Sharing of Database for Distribution of Insurance Products) Regulations, 2010 (hereinafter referred as “Regulations”) notified by IRDA on 1st July, 2010. The process of seeking grant of approval of Referral Company is stipulated in Regulation 3 of Chapter II of the Regulations. In order to streamline the […]
PRESS RELEASE – 8/2010 [NO.1/1/2009-IFRS], DATED 4-11-2010 Ministry of Corporate Affairs, after wide consultations with all stakeholders and regulators, has drawn up a clear roadmap for implementation of Indian Accounting Standards converged with IFRS. Converged Standards will have to be followed by Phase I companies w.e.f. 1-4-2011. The Phase I group excludes banks, insurance companies […]
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.
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.
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’.
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 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
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.
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
