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n International Worker (IW) may be an Indian worker or a foreign national. International Worker means: – – Any Indian employee having worked or going to work in a foreign country with which India has entered into a social security agreement and being eligible to avail the benefits under social security programme of that country, by virtue of the eligibility gained or going to gain, under the said agreement; – An employee other than an Indian employee, holding other than an Indian Passport, working for an establishment in India to which the EPF & MP Act, 1952 applies;
The complaints received by SEBI against SEs and Depositories shall be electronically sent through SCORES. You are advised to view the pending complaints at http://scores.gov.in/admin and submit the Action Taken Report (ATR) along with supporting documents electronically in SCORES. Please note that updation of action taken shall not be possible with physical ATRs. Hence, submission of physical ATR shall not be accepted for complaints lodged in SCORES.
The Competition Commission of India (CCI) has found Chemist & Druggist Association, Goa (CDAG) in violation of the provisions of the Competition Act, 2002 which deals with anticompetitive agreements. The Commission has imposed penalty of Rs. 2 Lakhs @10% on the average of the receipts for financial year 2008-09, & 2009-10 on CDAG.
The removal of foreclosure charges/prepayment penalty on home loans will lead to reduction in the discrimination between existing and new borrowers and competition among banks will result in finer pricing of the floating rate home loans. Though many banks have in the recent past voluntarily abolished pre-payment penalties on floating rate home loans, there is a need to ensure uniformity across the banking system. It has, therefore, been decided that banks will not be permitted to charge foreclosure charges/pre-payment penalties on home loans on floating interest rate basis, with immediate effect.
‘Orphan life insurance policies’for the purpose of these Guidelines, means the policies initially effected by an individual insurance agent whose services were subsequently terminated or removed or deleted from the rolls of the insurer excluding those policies to which the effecting agent is entitled to renewal commission under provisions of Section 44 of the Insurance Act. The policies that are considered eligible under section 40(2A) of Insurance Act also do not fall under the purview of this definition.
Services becoming taxable w.e.f. 01.07.2012- advisable to pay and to receive evidence of payment before 30.06.2012 to avoid extra liability, contingency and disputes. -Many services will become taxable w.e.f.01.07.2012:- On new regime of taxable services based on negative list and deemed service etc. coming into force or becoming effective w.e.f. 01.07.2012 many services shall become taxable which are not taxable under existing service tax provisions.
The Union Budget 2012 has proposed multiple changes in Service Tax. One of the important aspects of burden of tax liability under Reverse Charge concept has also been proposed to be replaced from existing provisions. Applicability of New Reverse Charge Mechanism -According to Notification No 15/2012-ST dated 17.03.2012, which supersedes notification no. 36/2004-ST dated 31.12.2004, the proposed Reverse Charge Mechanism will be made applicable from the date on which Section 66B of the Finance Act,1994 comes into force i.e. 1-7-2012.
Service tax payable by builders – Composition scheme of 25% available to builders done away with?: As per Rule 2A of Service Tax (Determination of Value) Rules, as amended on 17-3-2012 composition scheme of payment of tax @ 25% on value of works contract of construction available to builder, where the total amount charged includes value of land. This rule is amended on 6-6-2012, which is to be effective from 1-7-2012, and provision relating to tax @ 25% of gross value has been deleted. It will be a big blow to builders. Service tax payable on flats will go up considerably.
Works contract is a deemed sale which involves the transfer of property in goods (whether as goods or in any other form) involved in the execution of the works contract. The concept of taxation of goods transferred during the execution of works contract has been a matter of great litigation over the period.
There may be cases where expenditure, even if incurred for obtaining advantage of enduring benefit, may, none the less, be on revenue account and the test of enduring benefit may break down. It is not every advantage of enduring nature acquired by an assessee that brings the case within the principle laid down in this test. What is material to consider is the nature of the advantage in a commercial sense and it is only where the advantage is in the capital field that the expenditure would be disallowable on an application of this test.
