The Inland Revenue (now HMRC) in the United Kingdom (UK) in the Gaines-Cooper case has clarified the rules in respect of determining tax residency in the UK. The Decision-The case was not about the residence status of the taxpayers as such, but rather an application for judicial review on the basis HMRC had, in effect, “moved the goalposts” in the middle of the game by changing the rules for determining a tax payer’s residence status.
Recently, the Income Tax Appellate Tribunal, New Delhi (ACIT vs Harashima Naoki Tashio, ITA No. 4634/Del/) has held that the employer’s contribution towards the social security in the home country of the employee is not taxable in the hands of the employee as a perquisite.
The Delhi High Court (CIT Vs. Dr. Percy Batlivala [ ITA No. 13 08/2008]) has held that in respect of the expatriate employee sent on deputation to India, the amount of hypothetical tax representing the difference between the tax liability in the home country of the expatriate and in India should not be added to the salary income of such expatriate taxable in India.
The Finance Bill, 2010 (the Bill) was presented by the Finance Minister (FM) before the Lok Sabha ( The lower house of Parliament of India ) with certain amendments. This Flash News gives a snapshot of the key amendments to the Bill as passed by the Lok Sabha. The Bill including these amendments will become law only after they are passed by the Rajya Sabha (The upper house of Parliament of India ) and thereafter receive the assent of the President of India.
References have been received from field formations on the issue of levy of Education Cess and higher Education Cess on the Central Excise duty determined under Notification No. 17/2007-CE dated 1-3-2007 under compound levy scheme on S.S. Patta/Patti and Aluminium Circles.
It was realised that defining goods (and even artificially) would solve problems. It did. But now the trend has become too often to give artificial definition by incorporating deeming clause through the word ‘includes’. The concept of ‘manufacture’ which is fundamental in central excise is inclusive. Section 2(f) of the Excise Act says manufacture includes any process, – (i), (ii), (iii). In Chapter 39 for plastics in the sub-heading note-2 plasticiser includes secondary plasticiser. There are umpteen such inclusive definitions in excise.
The law on nomination of shares held in companies has taken a new meaning with perhaps the first interpretation of the provisions governing nomination in the Companies Act, 1956 by the Bombay high court. Interpreting Section 109A of the Companies Act, the court has ruled that the rights of a nominee to shares of a company would override the rights of heirs to whom property may be bequeathed.
Thus if a person wants to file an appeal under Punjab VAT Act 2005 for which he is required to deposit 25% of additional demand u/s 62(5) as a pre condition for hearing of appeal, he can adjust such 25% of demand from the excess ITC if available and produce a certificate to that effect from the ETO cum Designated officer before the appellant authority to satisfy the conditions of section 62(5) of PVAT Act 2005.
In pursuance of clause (3) of article 348 of the Constitution of India, the following translation in English of the Maharashtra Tax Laws (Levy and Amendment) Act, 2010 (Mah. Act No. XII of 2010), is hereby published under the authority of the Governor.
As per Trade Circular 13T of 2010 No. dated 31st March 2010 Last date for filing the Audit Report in form 704 for F.Y. 2008-09 was 30th April 2010.Dealers are required to submit “the statement of submission of audit report in form e-704” along with required document on or before 10th May 2010.
