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Archive: 26 December 2011

Posts in 26 December 2011

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6447 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Toll collection on behalf of NHAI would come under the category of Business Auxiliary Service ; NHAI only a statutory authority and not a constitutional authority

December 26, 2011 3433 Views 0 comment Print

Hon’ble Apex court in the case of P.C.PAulose vs. Commissioner of Central Excise & Customs, reported in. In that case the appellant was collecting entry fee at the airport on behalf of Airport Authority of India in terms of a licence agreement entered into between the appellant and the Airport Authority of India Ltd. The issue before the court was whether this activity would amount to a taxable service and the apex court held that the activity would get covered under section 65 clause 105 (zzm) of the Finance Act, 1994.

Intermediary transactions emanating from original transaction is immune from double taxation when the intermediary is not recipient of service

December 26, 2011 873 Views 0 comment Print

If intermediary service is subservient to the original transaction, mere break of the original transaction in transit does not bring out a different transaction. It may be stated that nature, character and terms of a contract decides incidence of tax of intermediate transaction. If the character of the service provided by intermediary in transit is GTA without the original transaction coming to an end, the service provided by an intermediary may not be construed to be a different transaction. But all intermediate transactions may not necessary be characterized as original transaction unless and until both transactions are integrally and indispensably related or connected to each other.

Banking Services Set to Improve

December 26, 2011 1794 Views 0 comment Print

With a lot of uncertainty and lack of direction in the Indian banking sector in 2011, more so on regulatory front, the services are expected to improve, as banks tend to become customer centric. The bankers have started feeling the need provide prompt and better services to its all segments of customers, both in private and public sector.

Companies Bill 2011 provides for refund of remuneration by company officials in case the accounts are re-stated

December 26, 2011 1226 Views 0 comment Print

In order to deter chief executives and other senior functionaries from indulging in Satyam type accounting fraud, the Companies Bill 2011 stipulates that such officials will have to refund the remuneration received in case the accounts are re-stated.

Black Money Abroad – I-T department decides to reopen old tax returns of some individuals in Mumbai and Delhi

December 26, 2011 928 Views 0 comment Print

Move aimed at unearthing black money stashed in bank accounts abroad. The income-tax department, which is facing a number of cases of denial of secret foreign bank account holdings, has decided to re-open past tax returns of some individuals in Mumbai and Delhi, among others, to unearth black money stashed abroad.

Cestat remit the matter to the original authority In the absence of clear finding about the nature of service tax demand

December 26, 2011 771 Views 0 comment Print

There is no clear finding whether the entire tax demanded falls in the category of tax collected from the customers but not deposited with the Government. We notice that provisions of Section 12D of Central Excise Act read with Section 83 of Finance Act, 1992 has not been invoked in the show cause notice or in the order in original. Further no attempt has been made by the Revenue to demarcate the value corresponding to erection of structures which was not taxable prior to 1.5.06. Such Information is very crucial for passing a legal and proper order in this case.

Public issue of Debt Securities – SEBI Prohibition on payment of incentives

December 26, 2011 814 Views 0 comment Print

It is gathered from market participants that in public issues of debt securities, some brokers/distributors are passing on part of their brokerage/commission to the final investor(s) for subscription to such public issue of debt. As a result, while on one hand it is giving an unfair advantage/bargaining power to a certain set of investors and distributors, on the other hand it is adding to the cost of issuance for the company.

GAIL gets Top ICSI National award for Excellence in Corporate Governance

December 26, 2011 829 Views 0 comment Print

GAIL (India) Limited received the coveted ICSI National Award for Excellence in Corporate Governance for adopting excellent practices in Corporate Governance. Mr. B C. Tripathi Chairman and Managing Director GAIL (India) Limited received this award on behalf of GAIL from Shri E S L Narasimhan, Hon’ble Governor, Andhra Pradesh in presence of Dr. M VeerappaMoily, Hon’ble Union Minister for Corporate Affairs and other dignitariesyesterday evening in a function held at Hyderabad organized by the Institute of Company Secretaries of India at 11th ICSI Award for Excellence in Corporate Governance 2011 function. Mr. N K Nagpal, Company Secretary, GAIL (India) Limited is also presented an award for setting best practices in Corporate Governance during the function.

Tax Agreement between France and Isle of Man Comes Into Force

December 26, 2011 621 Views 0 comment Print

The Isle of Man’s agreement with France for the avoidance of double taxation with respect to enterprises operating ships or aircraft in international traffic will enter into force on 14 January 2012. The agreement was one of two tax co-operation agreements with France signed in Douglas on 26 March 2009 by Mr. Eric Woerth, the then French Secretary of State for the Budget, Public Accounts and Civil Service, and the then Treasury Minister, Mr. Allan Bell MHK.

Revised Capital Adequacy Framework for Off-Balance Sheet Items for NBFCs

December 26, 2011 711 Views 0 comment Print

In the normal course of their business, NBFCs are exposed to credit and market risks in view of the asset-liability transformation. With liberalisation in Indian financial markets over the last few years and growing integration of domestic markets with external markets and greater use of derivatives products, asset liability management for NBFCs have become complex and large, requiring strategic management. Off balance sheet exposures of NBFCs have increased with the increased participation in the designated currency options and futures and interest rate futures as clients for the purpose of hedging their underlying exposures. It is therefore necessary that NBFCs move over to modern techniques of risk measurement to strengthen their capital framework.

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