Division Bench of the Karnataka High Court held that tower sharing by Telecom Infrastructure companies with telecom service providers is not liable for levy of VAT, as there is no transfer of right to use. M/s. Indus Tower Limited V/s. The Deputy Commissioner of Commercial taxes
Aluva Sugar Agency Vs. State of Kerala (Supreme Court of India)-Upon perusal of the Circular dated 19th February, 1996, explaining the term “edible oil”, we find that intention of the government was to give relief in tax to edible oils. So as to clarify the doubt, it has been specifically stated in the said circular that edible oils would also include hydrogenated oils such as ground nut oil, gingerly oil, refined oil and vanaspathi oil.
The due date for submission of ITR-V for A.Y. 2010-11 has been extended upto 31.10.2011 or 120 days from the date of upload whichever is later.
It is well settled that, whether the transaction amounts to transfer of right or not cannot be determined with reference to a particular word or clause in the agreement. The agreement has to be read as a whole to determine the nature of the transfer. From a close reading of all the clauses in the agreement it appears to us that under the terms of the contract there is no transfer of right to use the passive infrastructure conferred on the sharing operator/mobile operator.
Dealers in Maharashtra can upload revised sales tax /Vat returns ( up to the period 31/03/2011) for clearing defects in the returns filed by you or for clearing your pending issues under the local Sales Tax laws.
The RBI Committee has recommended increasing the deposit limit under PPF Scheme from existing Rs. 70,000 to Rs. 1 lakh per annum and fixing of rate of interest on advances against deposits in PPF scheme at 2 percentage points as against the prevailing interest rate on such advances at 1%.
Guidelines regarding dealing with pension related matters have been issued by Reserve Bank of India (RBI) vide their circular dated 1.10.2008. These guidelines, inter-alia, stipulate that to streamline pension payment arranged in banks, it would be necessary to establish and operationalise the Central Pension Processing Centers (CPPCs) at an early date. The arrangement of disbursement of pension through the CPPCs would entail following advantages:
Government, in May 2010, advised Public Sector Banks, Indian Banks’ Association and National Housing Bank that no pre-payment charges may be levied by the lending institutions when the loan amount is paid by the borrowers out of their own funds; and if any pre-payment charges are to be imposed on housing loans, the same need to be reasonable and transparent and not out of line with the average cost of providing these services.
Reserve Bank of India (RBI) has issued Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks on 3rd November, 2006, to enable the banks to effectively manage the risks arising out of outsourcing. As per these guidelines, the banks are required to put in place a Board approved comprehensive policy
With effect from 25th June, 2011, the Central Government has reduced basic customs duties on crude from 5% to Nil, on petrol and diesel from 7.5% to 2.5% and on other petroleum products from 10% to 5%. Similarly, the basic excise duty on diesel has been reduced to Nil from Rs. 2 per litre.
