Developments relating to the US economy last week have significantly increased uncertainty about its prevailing condition. A sharp fall in US equity markets on Thursday was followed by a downgrade in the long-term US sovereign rating by rating agency Standard & Poor’s from AAA to AA+ with negative outlook on Friday.
Representations have been received seeking clarification regarding taxability of IPCL charges incurred in foreign currency by BPO/MNCs against receipt of services from the service provider situated outside India/group companies under reverse charge mechanism [Section 66A of the Finance Act, 1994 read with Rule 2 (1) (d) (iv) of the Service Tax Rules 1994].
In the instant case, the respondent-company failed to file Form No. 8 with the concerned RoC. Therefore, the RoC, is directed to exercise his powers under section 234(1) by calling information with regard to filing of Form No. 8 and direct the respondent-company to make good the default in non-filing of e-form No. 8 under section 125. In case the respondent-company fails to comply with the order, the RoC may take appropriate action against the respondent-company in accordance with law.
The Notification has also expanded the definition of ‘officially valid document’ as contained in clause (d) of Rule 2(1) of the PML Rules to include job card issued by NREGA duly signed by an officer of the State Government or the letters issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number. RPCD.CO RRB.AML.BC.No.15 /03.05.33(E)/2011-12
The draft proposals being negotiated in the World Trade Organisation (WTO) for agricultural trade liberalisation include several special provisions for developing countries. These include, inter alia, lower tariff cuts than those to be undertaken by developed countries, self-designation of Special Products that would take lower or no tariff cuts and a Special Safeguard Mechanism that would allow imposition of an additional duty in the event of a surge in import volumes or a fall in prices.
Section 65(39a) was amended by substituting vide Section 88 of the Finance Act, 2005, which is reproduced below. (39a)’erection, commissioning or installation’ means any service provided by a commissioning and installation agency, in relation to:- (i) erection, commissioning or installation of plant, machinery or equipment; or (ii) installation of– (a) electrical and electronic devices, including wirings or fittings therefore; or (b) plumbing, drain laying or other installations for transport of fluids; or
