"15 June 2012" Archive

Revised Special Provisions for International Workers (FAQs)

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...

Posted Under: Finance |

Redressal of complaints against Stock Exchanges & Depositories through SEBI Complaints Redress System

Circular No. CIR/MRD/ICC/16/2012 15/06/2012

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 pos...

CCI issues Order against Chemist & Druggist Association, Goa for following anti-competitive practices

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. ...

Posted Under: Finance |

Home Loans-Levy of fore-closure charges/ pre-payment penalty

RBI/2011-12/602 RPCD CO. RCBD. BC. No. 84 /03.03.01/2011-12 15/06/2012

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...

IRDA Guidelines on Servicing of Orphan policies

Circular No. IRDA/Life/GDL/Agn/134/06/2012 15/06/2012

‘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 provis...

Many services to become taxable w.e.f.01.07.2012- What we should do?

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 effectiv...

Posted Under: Finance |

Reverse Charge Mechanism – Precautions – Budget 2012

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 n...

Posted Under: Finance |

Amendment in Service Tax – Determination of Valuation Rules

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 o...

Posted Under: Finance |

Works Contract Tax – Rajasthan VAT – Tax Liability of Contractor

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....

Posted Under: Finance |

If assessee has no right on ‘goodwill enhancement’, payment for use of trade mark is revenue expenditure

M/s Brightest Circle Jewellery Pvt. Ltd. Vs. ACIT (ITAT Mumbai)

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 materi...

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