Prudential Assurance Company Ltd. (Prudential) is a foreign company incorporated in United Kingdom and is engaged in the business of Insurance. Prudential registered with the Securities and Exchange Board of India as a sub-account of a Foreign Institutional Investor (FII).
The High court agreed with the position taken by the appellate authorities that the security deposit did not constitute a loan since it was paid to the respondent in his capacity as the owner of the accommodation and in pursuance of a lease agreement. Further, the court agreed with the observation of the ITAT that the respondent did not get undue benefit / advantage as the terms of the lease were similar to the earlier agreement though he had not received the additional guarantee.
The guidelines issued on 26 April 2010 are measures taken by the Government to counter the adverse effects of the employment visa notification of December 2009. In terms of the new guidelines, E-visa applications sponsored by qualifying Indian IT companies will be processed by the Indian missions abroad and will not be subjected to any quota restrictions.
The Tribunal has held that a simple maintenance of stock of goods by the foreign enterprise at the customer?s location for standby use may not constitute a PE, while keeping the issue open with regard to royalty on use of equipment.
The draft Direct Taxes Code (DTC) along with a Discussion Paper was released on 12 August 2009 for public comments with the intention to simplify direct tax legislation in India. Subsequently, comments were solicited from the public and examined by the Government. A Revised Discussion Paper which is meant to respond to the major concerns and comments of stakeholders has now been released on 15 June 2010.
The government is set to fast track the process of updating and finalising accounts of public sector units in order to get a correct picture of their financial health before it decides a roadmap for them. The department of public enterprises is considering a proposal to reduce the period of audit pendency for public sector undertakings (PSUs) to seven years, before their accounts are taken up for an finalisation.
Post the finance ministry’s move to include eight new services such as domestic air travel and health under the ambit of service tax from 1 July, the revenue department has clarified that payments made before that date for services yet to be delivered would be exempted from the tax.
The new Citizens’ Charter will be a guiding rule book for the I-T department and its officials.Taxpayers whose premises have been searched or raided by the Income Tax (I-T) department can now expect to get possession of their sealed properties and assets in two months as compared to the usual duration of over a year.
The new companies Bill, pending approval of the Parliamentary standing committee, is expected to be tabled in Parliament by this year-end, corporate affairs secretary R Bandyopadhyay said here today. “The committee will submit its report soon. The corporate affairs ministry will take some time (two-three months to study it) and we are hopeful that we will have a new Act by the year-end,” Bandyopadhyay told reporters on the sidelines of an event here.
Bollywood superstar Shah Rukh Khan received a setback on Friday when a petition filed by him under the Income Tax Act, 1961, was dismissed by the Bombay high court. A division bench of justices DY Chandrachud and JP Devadhar dismissed Khan’s petition challenging an order passed by the Income Tax Appellate Tribunal (ITAT) for alleged tax evasion of Rs. 9 lakh.
