Public Relation Service means any service provided or to be provided to any person, by any other person, in relation to managing the public relations of such person, in any manner. “Public relations” includes strategic counseling based on industry, media and perception research, corporate image management, media relations, media training, press release, press conference, financial public relations, brand support, brand launch, retail support and promotions, events and communications and crisis communications.
Insurance Business Services (General Insurance) Service means any service provided or to be provided to a policy holder or any person, by an insurer, including re-insurer carrying on general insurance business in relation to general insurance businesses; “General Insurance Business” has the meaning assigned to it in clause (g) of section 3 of General Insurance Business (Nationalisation) Act, 1972 (57 of 1972); [Section 65 (49) of Finance Act, 1994 as amended]
Govt of India has notified the new rate for interest for Employee Provident Fund (EPF) for Financial year 2010-11. New rate is 9.5% for financial year 2010-11. Notification in this regard is reproduced hereunder.
Every person executing works contracts shall pay tax on the value of goods at the time of incorporation of such goods in the works executed at the rates applicable to the goods under this Act: Provided that where accounts are not maintained to determine the correct value of goods at the time of incorporation , such person shall pay tax at the rate of twelve and half per cent on the total consideration received or receivable, subject to such deductions , as may be prescribed
ASG Mr. Vivek Tankha’s letter to FM, circulated under Letter F.No.276/282/2010-CX.8A by CBEC, has confused many a landlord who are pressing the tenants to pay up the Service Tax on renting. Excerpts : 3.The Ld. ASG has opined …He has advised that applications may be moved before all the High Courts in India for vacation of interim direction issued in favour of the petitioners.
The Bombay HC last week quashed the decision of the Customs, Excise, Service Tax Appellate Tribunal which held the Director General of Foreign Trade (DGFT), the licensing authority under the Foreign Trade (Development & Regulation) Act, did not have the powers to amend licences with retrospective effect. The CESTAT ruling was challenged by Bhilwara Spinners Ltd, manufacturers of yarn, which were granted ‘export promotion capital goods’ licence to import capital goods. The terms had to be changed due to market circumstances.
Tenders or public auction best way to sell state properties- The Supreme Court (SC) has declared “inviting tenders from the public or holding public auction is the best way for disposal of properties belonging to the state.” In this case, Kerala Finance Corp vs Vincent Paul, the borrower failed to repay the loan and the state finance corporation tried to dispose of the mortgaged property. But the process was entangled in civil suits. The SC ssaid the corporation has not framed rules or guidelines for sale of properties owned by them. Therefore the court itself framed rules to be followed by the corporation till it formed its own guidelines.
Withdrawn tax exemption cannot be reclaimed- An industry which has been granted tax exemption to set up unit in a backward region cannot claim the benefit even after it was withdrawn by the state, the SC stated in the case, State of Haryana vs Mahabir Vegetable Oils Ltd. In this case, the firm set up a solvent extraction plant and enjoyed the sales tax benefit till 1996. That year, the firm was put in the negative list as it was found to be a polluting industry. The benefit was withdrawn since then. This was challenged by the firm in the Punjab and Haryana high court. It allowed its petition and ruled that once the firm invested funds on the promise of tax benefit, the government could not withdraw the exemption mid-way. Reversing this view, the SC emphasised that there was no vested interest in the firm to get the benefit for all times. The government can change the rules in public interest. In this case, the decision to put the firm in the negative list was on account of the unit’s polluting nature, the SC said, allowing the appeal of the state government.
Permanent injunction against firm for violating copyright – The Delhi high court last week passed permanent injunction against a firm which violated the copyright and trade mark of Castrol Ltd in the field of oils and lubricants. The court further asked the guilty firm to pay “punitive damages” of Rs 10 lakh. This, explained the judgment of the high court, was “with a view to discourage and dishearten the law-breakers to indulge in such like violations with impunity.”
Sealed Technical and Financial bids are invited from eligible bidders for implementation of E-Filing of Returns and Other Forms and Web-Enabled Services for Income-Sealed Technical and Financial bids are invited from eligible bidders for implementation of E-FILING OF RETURNS AND OTHER FORMS AND WEB-ENABLED SERVICES for INCOME-TAX DEPARTMENT project. A complete set of Bid Document may be purchased by interested eligible bidders from the Department upon payment of a non-refundable cost of Rs. 10,000/- (Rupees Ten Thousand) and on submitting the Non Disclosure Agreement (NDA). The payment should be made in the form of a Demand Draft in favour of “Accounts Officer, Zonal Accounts Office, CBDT, New Delhi” and payable at New Delhi. The bid document may be purchased personally from the office of undersigned during office hours on all working days from Monday – Friday.Tax Department.
