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Archive: 28 August 2011

Posts in 28 August 2011

Software License Income Taxable As ‘Royalty’ – Australian Federal Court

August 28, 2011 915 Views 0 comment Print

International Business Machines Corp v Comm of Taxation (Federal Court of Australia)- SLA grants to IBMA such IP rights as are necessary for distribution of the relevant products by IBMA. It is not a distribution agreement which confers distribution rights independently of the grant of IP rights. The detail of the SLA concerns the definition of IP and IP rights. There is no such detail with respect to distribution rights. In the language of Article 12(4) of the Treaty, the Payments are either ‘consideration for… the right to use any copyright, patent, design or model, plan, secret formula or process, trademark or other like property or right’ within the meaning of Article 1 2(4)(a)(i) or, to the extent that the Payments do not fall within Article 1 2(4)(a)(i), the Payments are for either ‘technical… or commercial knowledge or information’ supplied by IBM (Article 12(4)(b)(i)) or for ‘the supply of any assistance of an ancillary and subsidiary nature’ to enable the application of the rights referred to in Article 1 2(4)(a)(i) or the knowledge/information referred to in Article 1 2(4)(b)(i) (Article 1 2(4)(b)(ii)). The rights/content granted by the SLA are, in each case, rights/content of a kind contemplated by Article 12(4).

Number to Word Convertor for Microsoft Excel without add ins

August 28, 2011 10086 Views 0 comment Print

This Number to Word Converter file do not require you to install the Ad-ins or to write any VBA Code. Just Put your Number or Amount and software will convert the same in word.

Payment made for accreditation not covered by the definition of ‘royalty’ under Article 13(3) of India UK tax treaty

August 28, 2011 13162 Views 0 comment Print

ACIT Vs Anchor Health and Beauty Care Pvt Ltd (ITAT Mumbai)- Accreditation does not allow the accredited product to use, or have a right to use, a trademark, nor any information concerning industrial, commercial or scientific experience – or, for that purpose, use or right to use of anything falling in any other category of clause (a).

Widening of the Scope of Notified Purposes Under Section 10(23AAA)

August 28, 2011 6657 Views 0 comment Print

Under section 10(23AAA) of the Act, income of a fund set up by the employer for the welfare of employees (being members of such fund) in respect of the following notified purposes (subject to satisfaction of certain conditions) are exempt. Cash benefits to a member of the fund – on superannuation, or

PM’s Letter to Anna Hazare

August 28, 2011 5519 Views 0 comment Print

The Prime Minister, Dr Manmohan Singh, has written to Shri Anna Hazare, informing him of the resolution adopted by both Houses of Parliament today. For the full text of the letter, click here.

ICWAI invites queries from members on The Companies (Cost Accounting Records) Rules, 2011 (CARR) & The Companies (Cost Audit Report) Rules, 2011 (CAR)

August 28, 2011 7273 Views 0 comment Print

National Task Force on CARR and CAR constituted by the Council, in its 1st Meeting held on 25th August 2011, has established a “Technical Cell” at ICWAI, to go into all the queries and seek clarifications from the Cost Audit Branch (CAB), Ministry of Corporate Affairs and provide the same on receipt of official clarification from CAB by way of updated FAQs through the Institute website.

No penalty on brokers if he transfer the trades executed in the wrong client name or code to an 'Error Account'

August 28, 2011 6603 Views 0 comment Print

In a reprieve to brokers having erred genuinely in their share sale or purchases, capital market regulator Sebi and the stock exchanges have decided not to penalise them if the trades executed in wrong names are declared as annulled. To escape penalisation, brokers would have to transfer the trades executed in the wrong client name or code to an ‘Error Account’, and not to some other client, and then liquidate the same.

Parliament passes unanimous resolution on Anna's demands

August 28, 2011 7395 Views 0 comment Print

Heeding to Anna Hazare’s demands, Parliament today adopted a ‘Sense of the House’ on three key issues raised by him with regard to the Lokpal Bill with an aim of persuading him to end his 12-day hunger strike. The ‘Sense of the House’ was adopted with thumping of desks without any voting after an extraordinary debate in both the Lok Sabha and the Rajya Sabha on the statement made by Finance Minister Pranab Mukherjee on issues related to the Lokpal Bill.

Jammu and Kashmir removes VAT on state-made goods traded across LoC

August 28, 2011 5584 Views 0 comment Print

Jammu and Kashmir Governor N N Vohra has promulgated an Ordinance introducing amendments to the VAT Act, 2005, making cross Line of Control (LoC) trade tax-free for goods manufactured in the state. The Ordinance was promulgated by the Governor yesterday on the recommendations of Chief Minister Omar Abdullah as the Assembly is not in session.

Marine Products Exports Touches 2.8 Billion in 2010-11 Frozen Shrimp Major Export item Accounting for 44.17%

August 28, 2011 4965 Views 0 comment Print

As per the figures released by the Marine Products Export Development Authority during 2010-11 for the first time marine products export earnings have crossed 2.8 billion US dollars. Exports aggregated to 8,13,091 tonnes valued at Rs. 12,901.47 crore and US dollar 2,856.92 million. Compared to the previous year, seafood exports recorded a growth of 19.85% in quantity, 28.39% in rupee and 33.95% growth in US$ earnings respectively. The increased production of Vannamei shrimp, increased productivity of Black tiger shrimp and better price realization of major items like Cuttlefish, Shrimp and Squid helped us to gain such a higher export turnover.

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