The Law Commission of India, in its 128th Report (1988) examines the cost of litigation and suggested ways to compensate the wronged party so that cost of litigation does not become an impediment in the road to justice. This paper examines the cost of litigation in taxation matters, with special emphasis to taxation laws, reasons for frivolous litigation in these matters, its deleterious effect on the business environment of the country.
With effect from 16.06.2005, Service Tax was levied on Club or Association Services. Club or Association was defined under Section 65(25a) as, Club or Association means any person or body of persons providing services, facilities or advantages, for a subscription or any amount to its members. The purpose of this paper to examine as to whether trade or industry association can be liable to pay Service Tax under this head or under any other head.
The Securities and Exchange Board of India has, from time to time, issued various circulars/directions on the captioned subject. In order to enable the users to have an access to all the applicable circulars at one place, this Master Circular has been prepared.
In exercise of the powers conferred under the Notification No. 01/2003-Customs (N.T.) dated 3rd January, 2003 read with Notification No. 37/2003-Customs (N.T.) dated 3rd June, 2003 issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Board hereby assigns the Show Cause Notice F.No. 50D/41A/2008-CI dated 12.03.2010 issued by the Additional Director General, DRI (Hqs), New Delhi in case of M/s Health Impex, New Delhi & others, to the Commissioner of Central Excise (Adjudication), referred to as Commissioner of Central Excise (Adjudication)-I, New Customs House, New Delhi, for adjudication.
A tax authority has ruled in A.A.R. Nos 798-799 of 2008 that consortium members, which do not share profits or losses as a group and execute tasks requiring skills different from others, will be treated as separate entities.
Tax evasion could land you behind bars if the country’s direct taxes authority has its way. The central board of direct taxes wants to prosecute tax evaders under the tough anti-terror financing law, even as it looks to adopt a more friendly approach towards honest tax payers.
The government has taken the first concrete step towards the introduction of the goods and services tax. Since the introduction of the tax would require amendment to the Constitution, the government has sought the Supreme Court’s opinion on the amendments proposed. This will ensure these amendments are not challenged in the court later.
The big four global accountancy firms — PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte — are circumventing laws to provide auditing services in the country, says a report of an ICAI’s committee.”It has been noticed that MAFs (multinational accounting firms), entered through automatic/FIPB route for rendering consultancy services, are transgressing the permission so granted and are rendering taxation services, auditing, accounting and book keeping services and legal services,” the high-powered body probing the Satyam scam said.
Limited liability partnership (LLP), the new business vehicle that the government introduced a year ago, is moving from one hurdle to another. While Budget 2010-11 has cleared the way for small companies to convert into LLPs through capital gains tax waiver, the commerce and industry ministry is now having second thoughts on allowing FDI in LLPs.
Favours check on downstream investments by firms with minority foreign shareholding. The finance ministry has proposed to tighten the foreign direct investment (FDI) regime in the country. It has sought to route a larger number of investments by companies where the foreign stakeholding is less than 50 per cent through the Foreign Investment Promotion Board (FIPB).
