Finance Minister Pranab Mukherjee says lack of external demand is the major reason behind the depleting condition of the Indian rupee in the international market and the government is taking effective measures to improve the condition. He said that India will be soon on the growth trajectory as the present downturn in the economy is a temporary phase.
Circular No. 148/17/2011 – ST dated 13.12.2011: CBEC has clarified the taxability of profit/revenue sharing arrangement in case of distribution of films and exhibition of movies in the following manner:i. Where the arrangement between the distributor/sub-distributor/area distributor and the movie exhibitor/theatre owner in exhibiting the film produced by the producer (the original copyright holder) is on principal to principal basis, service tax liability would be as under:
The Companies Bill, which enhances accountability, introduces the concept of corporate social responsibility and encourages e-governance, was introduced in the Lok Sabha today. The 2011 Bill was introduced by Corporate Affairs Minister M Veerappa Moily after he withdrew a similar legislation of 2009 on the ground that the revised measure incorporating several recommendations and suggestions made by the Parliamentary Standing Committee on Finance and various stakeholders.
CIT v. EHPT India P. Ltd. (Delhi High Court)- Section 10A provides for deduction for profits derived from the export of software for a period of ten years. During the period of tax-holiday, it is desirable that the same method of computing the profits of the STP unit is adopted so that any distortion is avoided. We must however clarify that we are not to be understood as laying down as a proposition that in all cases arising under Section 10A, where the question of apportionment of common/indirect expenses between the taxable and the exempt units arises, the head-count method is the most appropriate method.
Amendment to Schedule XIV to the Companies Act,1956 – Changes in Depreciation Rate on Plant and Machinery. Section 641 of the Companies Act, 1956 – Schedules, forms and rules – Power to alter Schedules – Alterations in Schedule XIV
M/s Diamond Tool Industries Vs. JCIT (ITAT Mumbai)- Gauhati High Court in the case of Meghalaya Steels Ltd. (supra) after considering the decision of Hon’ble Supreme Court in the case of Liberty India (supra) has held that Central Excise Duty has a direct nexus with the manufacturing activity and similarly the refund of the Central Excise duty also had a direct nexus with the manufacturing activity. The issue of payment of Central Excise Duty would not arise in the absence of any industrial activity.
Ahead of the 2012-13 Union budget, electrical equipment industry body IEEMA has demanded extension of service tax exemption to all power projects, including generation, transmission and distribution. Indian Electrical and Electronics Manufacturers’ Association (IEEMA) has demanded extension of exemption to all power projects in line with other infrastructure projects like roads, airports, ports, a release issued here today stated.
The principle rules were published in the Gazette of India, Extraordinary, vide notification number G.S.R. 922(E), dated the 4th December, 2003.
Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 statutorily applies to employees getting wages upto Rs. 6500/- in respect of scheduled establishments employing 20 or more workers. State-wise details are given at Annexure.The mechanism to regulate and monitor the implementation of Labour Laws is incorporated in respective Labour Laws. Occasional instances of such nature have been noticed in the Employees Provident Fund offices.
Petrol prices may be hiked by Rs 0.65 per litre this week if state-owned oil firms manage to get political approval for the move. While a fall in the rupee to an all-time low of Rs 53.75 per US dollar has resulted in an increase in the cost of oil imports, international rates of gasoline — against which domestic petrol prices are benchmarked — have also increased, a top source at a state-run oil firm has said.
