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Recently on 18th October 2012, The Supreme Court of Canada gave its decision on the case of Majesty of Queen vs Glaxosmithkline Inc. Many Transfer Pricing Professionals had keen eye on this case as it involved huge stakes & would also serve as Benchmark cases for other Transfer Pricing Cases in future. Before looking at the case lets see its development.
As we are all aware excel is widely used for accounting and financial purposes.In the past they were used only to perform basic moths, such as adding, multiplying, subtracting and dividing. Today’s spreadsheets can be significantly different and far more advanced. A CA office cannot work without excel. But do we CA’s utilize excel to its optimal? Sadly no! Most of us never realize the full potential of using Excel. EXCEL has numerous features which can reduce your time & your client’s time in day to day analysis and reporting.
The Hon.Supreme Court in the case of Assam Co-operative Apex Marketing Society Ltd. v. CIT [1993] 201 ITR 338 wherein the Society engaged in marketing of agricultural produce of its members also had other co-operative societies as its members. Since the agricultural produce marketed by the Society was not produced by the primary marketing Societies, being its members, the assessee society was not held entitled to exemption under section 81(1)(c) [now section 80P(2)(a)(iii )].
The Revenue Department has extended the deadline by one month to November 25 for filing of service tax returns for the April-June quarter, as it has not been able to provide electronic return form in time. The earlier last date to file the return was October 25.
It is respectfully submitted that the recovery proceedings against the Guarantor before hon’ble Debts Recovery Tribunal under section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter ‘the Act’) are absolutely unlawful. DRT has no jurisdiction to proceed against the Guarantor as he has not taken any debt, which he has to repay.
The Income Tax refunds during the first half of current financial year have come down to Rs 46,000 crore from Rs 60,000 crore in the same period last year.
. Some of the participating CEOs raised tax related issues including non-applicability of MAT for non-life insurance sector at par with life insurance companies and zero rated service sector on crop insurance, tools, senior citizen policy, RSBY and other exempt categories.
As per the extant guidelines, only designated branches of AD Category I banks maintaining accounts of FIIs are allowed to act as market makers to FIIs for hedging their currency risk on the market value of entire investment in equity and/or debt in India as on a particular date.
