ITO vs. M/s Prasad Production (ITAT Chennai Special Bench). The assessee made a remittance to IMAX Canada towards technology transfer fee without deduction of tax at source. The AO took the view that the consideration was “fees for technical services” u/s 9 (1)(vii) and that tax ought to have been deducted at source as per Transmission Corporation 239 ITR 587 (SC). He accordingly held the assessee to be an “assessee-in-default” u/s 201 though the CIT(A) reversed the same.
Clarification on amendments to clause 41 of the Equity Listing Agreement.Securities and Exchange Board of India [SEBI] had, on 5 April 2010, directed Stock Exchanges to amend the Equity Listing Agreement [LA]. One of the amendments to Clause 41 of the LA relates to inter alia timelines for submission, disclosure and publication of quarterly and annual financial results. As per the amended Clause 41, listed entities shall disclose:
Service Tax on Healthcare Services is Introduced in the Finance Act 2010. Small write up is given below on the levy of service tax on healthcare services. Section 65(19b):- “business entity” includes an association of persons, body of individuals, company or firm but does not include an individual.
In a piquant situation, insurance regulator Irda on saturday rejected the market regulator Sebi’s ban on life insurance companies from raising funds through unit-linked insurance policies and asked them to do business as usual. Taking Sebi head on in the turf war over who would administer Ulip (unit-linked insurance products) scheme, Irda, in a surprise order, told the 14 affected life insurance companies that it has set aside the Sebi ban.
Against the backdrop of Sebi banning 14 life insurers from selling ULIPs, the insurers are likely to meet here on Monday to discuss their future course of action against the order. SEBI had, late yesterday night, banned 14 life insurance companies from selling ULIPs–insurance products that invest in equity–on the ground that they were akin to mutual funds and were launched without obtaining registration from it.
India is a democratic country. In a democratic society, the responsibility of the government is more and the common masses have ultimate right to get information about every public act. If people do not know what is happening in their society, if the actions of those who rule them are hidden, then they cannot take a meaningful part in the affairs of that society. But information is not just a necessity for people- it is an essential part of good government. Bad government needs secrecy to survive. It allows inefficiency, wastefulness and corruption to thrive.
19th November, 2009- it is just another day like any other day. But to the nation it is the 92nd Birth Anniversary of Indira Gandhi who was not only our Prime Minister but a mass leader who moved the nation ahead by her pragmatic approach. She was a lady who mesmerized one and all by her iron will and leadership qualities. It was under her leadership that India earned consolidated position world wide.
Credit card and personal loan defaulters are finding that they have nowhere to hide. Armed with a new information service, banks are tracking down defaulters who have gone missing or moved to another town to escape recovery agents. Now, an email alerts the bank whenever an errant borrower resurfaces to fish for a new loan—anywhere in the country. The information service is being sold by Credit Information Bureau of India Ltd (CIBIL).
Stealing is not just a violation of a moral code but is also considered criminal in most cases. But somehow, morality has not been emphasised in the corporate world and the new corporate professional has not been initiated into it. This ignorance has given rise to the new and improved, socially-accepted, ‘corporate thief’.
Insurance regulator IRDA on Saturday said that ULIP policies, under which a portion of funds is invested in the stock markets, are safe and secure. “Policy holders of the Unit Linked Insurance Products (ULIPs) offered by different insurance companies are assured that these policies are safe and secure”, said IRDA chairman J Hari Narayan in a release that followed market regulator Sebi banning such schemes of select companies last night.
