Regarding Licencing requirement, it is clarified that in terms of Rule 27 of SEZ Rules, a unit in SEZ/FTWZ can import all types of goods except prohibited items. However, in terms of Rule 26 of SEZ Rules, if any permission is required for import under any other law, the same shall be allowed with the approval of BOA. In respect of prohibited items, Instruction No.47 dated 4th March, 2010 shall apply.
Clause (vii) has been inserted in section 56(2) by the Finance (No. 2) Act, 2009. Under this clause if an individual or a HUF receives on or after October 1, 2009 a gift (which falls in any of the following five categories), it is chargeable to tax in the hands of the recipients under the head “Income from other sources”.
VAT rate of 4% proposed to be increased to 5% on all goods except declared goods. VAT rate of 12.50% proposed to be increased to 13.50%. VAT rate of 12.50 % on tobacco products proposed to be increased to 15%.
AAR Ruling: Referral fee received from an Indian based recruitment agency by a non-resident is not liable to tax in India in view of the provisions of India-UK Double Taxation Avoidance Agreement [Real Resourcing Limited (AAR No. 828 of 2009)].
This Note sets out some of the issues (identified during at the preliminary stage of discussion on 26 and 27 February, 2010) that are likely to arise in application of the amendments proposed by Finance Bill, 2010 relating to Service Tax. 1. Section 65(19a) – Definition of “business entity”. The definition is an inclusive one and excludes an “individual”. The issue that arises is whether an individual includes “proprietary concern”?
Commodity exchanges MCX, NCDEX and ICEX have reduced trade timings by 25 minutes for non-agricultural commodities to align with the US daylight saving times. According to separate statements issued by the three exchanges, all commodities except agricultural items will be allowed to trade between 10.00 am and 11.30 pm from Monday to Friday.
The Ministry of Corporate Affairs had released voluntary guidelines on Corporate Social Responsibility (CSR) during the ‘India Corporate Week’ organized in December last year. A number of corporates have stated that they would like to have an effective framework for reporting their responsible business practices. Keeping in view this feedback from the Corporate Sector, Shri R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs, stated here today that the Ministry is in the process of designing an e-form under MCA-21 which will enable the corporates to file their CSR report on the portal of the Ministry.
Applications for issue of passports under the Tatkal scheme are accepted if a verification certificate is submitted in the prescribed performa, duly signed by a designated officer of the Central/State Governments, or on submission of three prescribed documents. Two lists containing designated officers and prescribed documents are enclosed at Annexure A and B.
Exposure Draft of Accounting Standard (AS) 5 (Revised 20XX) (Corresponding to IAS 8), Accounting Policies, Changes in Accounting Estimates and Errors (Comments to be received by 7 April 2010) – (11-03-2010)
An individual is taxed based on his residential status in India. The residential status, in turn, is determined based on the physical stay of an individual in the relevant financial year (tax year) as well as preceding ten tax years. This is particularly relevant in respect of Indians working overseas or having income/income earning assets outside India.
