IRDA has launched its Consumer Education Website, which provides useful information for the benefit of policyholders and prospects. The sections include tips on buying insurance, standard claim procedures/documentations, Dos and Don’ts for a policyholder, general alerts, dealing with intermediaries and FAQs
Various companies, and professionals such as Cost Accountants, Chartered Accountants, & Company Secretaries, and other stakeholders from corporate sector are connected with the usage of product group classification. All are welcome to examine the draft and furnish comments/suggestions to this Ministry within a period of three weeks i.e. by 15th July, 2012 through email on the following e-mail address: –
Issue involved in the present appeal is whether the refund claim filed by the respondent is hit by the time limitation as prescribed under Section 11B of the Central Excise Act. The refund claim in present case was filed on 28th April 2010 for refund of service tax paid by them. The original authority in para 2.1 of the Order-in-Original has stated that the TR-6/GAR-7 challans filed along with the claim and the statement furnished by the claimant shows that the service tax payments were made during the period 2006-07 and 2007-08 and last such challan was dated 1st December 2007 and it was also noticed that service tax liability for the period May 2004 to March 2006 was discharged in May 2006. We find that refund claim was submitted by the respondent with the office of Assistant Commissioner of Central Excise on 28-4-2010 under Section 11B of the Central Excise Act as made applicable to the service tax matters vide Section 83 of the Finance Act, 1994. Refund claim was to be filed within a period of one year from the date of payment of excise duty/service tax. We, therefore, find that the refund claim was filed much after the time-limit of one year as prescribed under Section 11B of the Central Excise Act.
We do not think we would be justified in preventing the Assessing Officer from collecting evidence which may be used by him for the purpose of bringing what in his opinion is the proper amount of capital gains on the sale of Okhla land. As to how he proposes to use the evidence against the assessee is a matter of speculation which we refrain from indulging in.
What are AIF Regulations and the need to VCF Regulations? The local managers and funds make investments across the investment spectrum—from early stage investments to PIPE investments on the one hand, and sector focussed investments on the other. However, in a one-shoe-fits-all policy, the only option available for such funds was to register as VCFs under the VCF Regulations and operate under a prescriptive regime originally intended to apply to a nascent industry.
Here, the payments made by the assessee were to non-residents Indian who were working abroad. Assessee had made no deduction of tax at source whatsoever. As per the assessee, they were working for its business carried on in Nigeria and hence, by virtue of Section 9(1)(vii)(b) of the Act, the fees payable to such non-residents could not be considered as income accruing or arising to them in India.
The plain reading of sec. 36(1)(ii) contemplates two situations. According to the first situation, any sum paid to an employee as a bonus or commission for services rendered would be allowed to the assessee. The second part exhibits the other condition that the deduction mentioned in the first situation could be allowed, if such sum would have not been payable to an employee as a profit or dividend meaning thereby if the amount of commission or bonus is receivable by an employee in the shape of profit/dividend then such commission paid to such employee would not be allowed as a deduction.
The assessee is solely responsible for executing the contract with the persons to whom he has given forklift vehicles on hire and it was only for fulfilment of this contract that he has also engaged the forklift vehicles from the outside parties. In case of hiring from outside parties the responsibility and the risk involved for performing the contract work lay with the assessee only and no such risk and responsibility seems to have been transferred to outside parties vis-à-vis his principals.
Assessee owned only 38 guntas of land when he started the construction, he acquired an extent of 1,440 sq. ft. of land adjoining the said land, thus making the total land in which the project was put up, to 44,470 sq.ft. more than 43,480 sq.ft. which is prescribed under the law. The modified housing project was approved in the year 2001 after the aforesaid provision was inserted. On 20.5.2003 occupancy certificate is issued. Therefore, the construction is within the 4 years period stipulated.
There being no dispute to the services rendered by the appellant under the category of Travel Agent Services, the benefit of notification which are there in the statute, should have been automatically be given to the assessee. Even in the absence of any such claim the benefit should have been granted to them. Be that as it may, the specific plea of the assessee that they are eligible for the benefit of Notification No. 6/2005-ST, cannot be disregarded for the services rendered up to the first four lakhs, during the period April 2005 to March 2006, for which the appellant is eligible for the benefit of notification, provided he has not crossed the limit of Rs. Four lakhs during the preceding Financial Year.
