"04 February 2011" Archive

Locking of TIN No. under rule 51A of PVAT Rules

Rule 51A of Punjab VAT Rules has been added in the Punjab VAT Rules 2005 w.e.f 12-09-2008 to provide for the locking of TIN No of a dealer in certain circumstances. Locking the TIN no means the temporary stoppage of interstate movement of goods of the concerned person for the purpose of verification or further legal action. Temporary stop...

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Tax Payable in works contracts under Punjab VAT Act 2005

Here in this article the tax payable in case of works contracts is concentrated on in view of the addition of new provisions in this regards u/s 8 of the PVAT Act 2005. Section 8 of PVAT Act 2005 which deals with the rates of tax has been amended w.e...

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IFRS – Euphoria over certain doom

Many people have articulated about the possible ill-effects of the proposed introduction of IFRS in India but such dissenting voices are muffled in the said euphoric din by those who neither understand nor bother to understand the implications. IFRS...

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Policy Circular No. 16 (RE-2010)/2009-2014, Dated: 04.02.2011

Policy Circular No. 16 (RE-2010)/2009-2014 04/02/2011

It is observed that the following Pre-Shipment Inspection (PSI) Agencies listed under Appendix – 5 of the Handbook of Procedures had issued wrong Preshipment-Inspection certificates. It has, therefore, been decided not to accept the PSI Certificates issued by these agencies. ...

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Public Notice No. 27 (RE-2010)/2009-2014, Dated: 04.02.2011

Public Notice No. 27 (RE-2010)/2009-2014 04/02/2011

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby makes the following amendment inAppendix-5 (List of Inspection and Certification Agencies) of Handbook of Procedures Vol.I (Appendices and Aayat Niryat Forms) 2009-2014....

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Talented young lawyers should not leave Court practice and should strengthen the Judiciary?

When I was a student of law, I was privileged to see enthusiastic young students discussing many constitutional issues, peculiar cases and even discussing interesting issues of International Law. There was no doubt in my mind at that time that these...

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On Line Articles Placement Portal Reopened for selection of Articled Assistants by CA Firms w.e.f. 29th January, 2011

Considering the overwhelming response both from CA Firms and students and the result of IPCC/PCC exam which is expected to be declared on 5 th February, 2011, online placement portal has been reopened from 29th January,2011. Both eligible CA firms an...

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Vodafone contests Rs 11,000 cr tax claim on Hutchison deal

British telecom major Vodafone today contested Rs 11,000 crore tax imposed by Indian authorities on its acquisition of Hutchison, saying it has no tax liability and will continue to take actions to defend itself. Vodafone International Holdings BV...

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Indian Government makes another amendment to the provident fund (PF) regulations

In the last two years, the Government of India has been making series of changes to the provident fund regulations. • After inclusion of international workers (IWs) into the PF net, and also restricting their withdrawals, the Government of...

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Consideration paid for goodwill on acquisition of running business is eligible for depreciation

Koch Chemical Technology Group India Pvt. Ltd. Vs Deputy Commissioner of Income Tax (ITAT Mumbai)

The CIT contended that there was no specification of assets, such as know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature, which was represented by the said goodwill. Further, th...

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