Legislation passed Wednesday by Chancellor Angela Merkel’s Cabinet aims to making it easier for foreign professionals to get their qualifications recognized and use their skills in Germany. Germany estimates some 300,000 immigrants already living in the country have no right to work because their professional qualifications or degrees from foreign institutions are not recognized. At the same time, Germany faces a severe shortage of skilled labor, it’s unemployment rate dipped to 7.9 percent last month, one of the lowest in Europe.
The following are the texts of the Exposure Drafts of the proposed limited revisions to ‘Secretarial Standard on Meetings of the Board of Directors (SS-1)’, ‘Secretarial Standard on General Meetings (SS-2)’ and ‘Secretarial Standard on Minutes (SS-5)’, issued by the Secretarial Standards Board of the Institute of Company Secretaries of India, for comments. The comments and suggestions on the Exposure Drafts may be sent to Mr. Gopal Chalam, Dean, ICSI-CCGRT at Plot No-101, Sector – 15, Institutional Area, CBD Belapur, Navi Mumbai-400 614 (E-mail: ccgrt@icsi.edu) with a copy to alka.kapoor@icsi.edu so as to reach by April 30, 2011.
Richter Holding Ltd v. ADIT – The Vodafone controversy continues – To determine taxability of acquisition of shares of a non-resident company holding majority shares in an Indian company by another non-resident, it may be necessary for the fact finding authority to lift the corporate veil to look into the real nature of transaction to ascertain virtual facts.
The Reserve Bank of India (RBI) today fixed the reference rate for the US dollar at Rs 44.96 per dollar and the euro at Rs 63.68 per euro, as against Rs 44.97 per dollar and Rs 63.98 per euro yesterday. In a press release issued by the RBI, the exchange rates for the pound and yen against the rupee were quoted at Rs 73.5658 per pound and Rs 55.60 per 100 yen, based on the reference rates for the US dollar and cross-currency quotes at noon.
In so far as claiming the amount set out towards warranty is concerned, the apex court in the case of Rotark Controls India P. Ltd. v. CIT [2009] 314 ITR 62 has held that the principle is that the historical trend indicates that a large number of sophisticated goods were being manufactured in the past and the facts show that defects existed in some of the items manufactured and sold, then provision made for warranty in respect of such sophisticated goods would be entitled to deduction from the gross receipts under section 37.
The Enforcement Directorate on Wednseday carried out searches at the Pune residence of Sunil Shinde, the chartered account of businessman Hasan Ali Khan, who is facing charges of money laundering and tax evasion.
We have heard both sides. The provision of security at the Calcutta guest house has no nexus or relation with the business of manufacture of the assessees, who are manufacturers of ‘Titanium-di-oxide’, ‘Ferrous Sulphate’ etc., in Tuticorin. Therefore, the security service for the guest house cannot be considered as an input service so as to make credit of tax paid on such services admissible to the assesses. I, therefore, uphold the impugned order and reject the appeal.
India’s government introduced a wide-ranging tax bill into parliament on Tuesday, but opposition to the move threatened to derail one what is one of the coalition’s most ambitious reforms of its second term. In a sign of how corruption scandals are hindering the government, opposition lawmakers immediately forced an adjournment by demanding a debate on accusations Prime Minister Manmohan Singh lied to parliament about a cash-for-votes scandal.
A new section 206AA was inserted in the Act, vide the Finance (No.2) Act, 2009. As per section 206AA, any person whose receipts are subject to deduction of tax at source (TDS), i.e. the tax-deductee shall mandatorily furnish his Permanent Account Number (PAN) to the tax-deductor, failing which the deductor shall deduct tax at source at higher of the following rates.
(1) Notwithstanding anything contained in any other provisions of this Act, any person entitled to receive any sum or income or amount, on which tax is deductible under Chapter XVIIB (hereafter referred to as deductee) shall furnish his Permanent Account Number to the person responsible for deducting such tax (hereafter referred to as deductor), failing which tax shall be deducted at the higher of the following rates, namely:—
