Authority for Advance Rulings has rendered an important ruling in the case of Transworld Garnet Company Ltd. dealing with the issue of whether or not the non-availability of the indexation benefit under the provisions Second proviso to section 48 of the Income-tax Act, 1961 to non-residents amounts to discrimination under the India-Canada Double Tax Avoidance Agreement . After considering the various provisions of the Act and Article 24 of the tax treaty, the AAR held that the denial of indexation benefits to the applicant does not amount to discriminatory treatment under the tax treaty.
The government has set the ball rolling for estimating black money by signing agreements with three leading think-tanks NCAER, NIFM and NIPFP to conduct study on unaccounted income generated inside and outside the country. They have been given 18 months to complete the study and also suggest administrative and legal measures to prevent generation of black money, according to sources.
Maharashtra Government is in the process of formulating a comprehensive labour policy in order to promote harmonious relationship between employers and workers. “The policy provides guidelines on the interaction between the workers and employers in the organised sector, on role of trade unions and employer’s organisations and also guideline for protection of workers in the unorganised sector, including those who are self-employed,” Principal Secretary (Labour) Dr Kavita Gupta said.
Faced with the Herculean task of handling lakhs of investor complaints, market regulator Sebi plans to rope in third party agencies for processing and maintenance of these grievances. The decision to outsource processing and maintenance of investor grievances has been taken by Sebi to help it resolve these complaints on a fast-track basis, a senior official said.
Works contract Services eans any service provided or to be provided to any person, by any other person in relation to the execution of a works contract, excluding works contract in respect of roads, airports, railways, transport terminals, bridges, tunnels and dams.
Transport of Goods by Road Service means any service provided or to be provided to any person, by a goods transport agency, in relation to transport of goods by road in a goods carriage. (Section 65 (105) (zzp) of Finance Act, 1994 as amended). “Goods transport agency” means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called.
“Telecommunication service” means service of any description provided by means of any transmission, emission or reception of signs, signals, writing, images and sounds or intelligence or information of any nature, by wire, radio, optical, visual or other electromagnetic means or systems, including the related transfer or assignment of the right to use capacity for such transmission, emission or reception by a person who has been granted a licence under the first proviso to sub-section (1) of section 4 of the Indian Telegraph Act, 1885 (13 of 1885 )
Port Services by Major Ports means any service provided or to be provided to any person’ by any other person’ in relation to port services in a port’ in any manner. . Exemption to specified services provided within a port (w.e.f.01.07.2010) : In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act’ 1994 (32 of 1994) (hereinafter referred to as the Finance Act)’ the Central Government’ on being satisfied that it is necessary in the public interest so to do’ hereby exempts the following services when provided within a port or an airport
Tour Operator’s Services means any service provided or to be provided to any person, by a tour operator in relation to a tour. Tour Operator” means any person engaged in the business of planning, scheduling, organising or arranging tours (which may include arrangements for accommodation, sightseeing or other similar services) by any mode of transport, and includes any person engaged in the business of operating tours in a tourist vehicle or a contract carriage by whatever name called, covered by a permit, other than a stage carriage permit, granted under the Motor Vehicles Act, 1988 (59 of 1988) or the rules made thereunder;
Site formation and clearance, excavation and earthmoving and demolition” includes,- (i) Drilling, boring and core extraction services for construction, geophysical, geological or similar purposes; or ii) Soil stabilization; or (iii) Horizontal drilling for the passage of cables or drain pipes; or (iv) Land reclamation work; or (v) Contaminated top soil stripping work; or (vi) Demolition and wrecking of building, structure or road, but does not include such services provided in relation to agriculture, irrigation, watershed development and drilling, digging, repairing, renovating or restoring of water sources or water bodies.
