"26 November 2013" Archive

Public Notice No. 39 (RE-2013)/2009-2014, Dated: 26.11.2013

Public Notice No. 39 (RE-2013)/2009-2014 (26/11/2013)

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in Appendix 5 of the Handbook of Procedures (Vol.I) with immediate effect....

Read More

Notification No. 29/2013-Central Excise ; Dated : 26.11.2013

Notification No. 29/2013-Central Excise (26/11/2013)

The principal notification No.22/2013-Central Excise, dated the 29th July, 2013 was published in the Gazette of India, Extraordinary, vide number G.S.R. 513(E), dated the 29th July, 2013....

Read More

Prosecution and Enforcement Architecture: Companies Act, 2013

The Companies Act 1956 contains more of general penalty provisions under Section 629A. Certain penal provisions provide for imposition of penalty of fine as well as penalty of imprisonment. As per Section 624 of the Companies Act 1956, all offences under the Act are almost bailable offences and generally punishments are imposed on Company...

Read More
Posted Under: DGFT |

Sell of minors’ share in property without court permission by guardian is invalid: SC

Saroj Vs Sunder Singh & Ors. (Supreme Court of India)

Where the father dies leaving behind only minor daughters and their mother as natural guardian, the share of the daughters became definite; the question of family partition retaining the character of joint Hindu Family property does not exist. In the present case, after the death of the father, the property has been shared amongst each me...

Read More

Clarifications on Service Tax Voluntary Compliance Encouragement Scheme (VCES)

Circular No.174/9/2013 – ST (25/11/2013)

The Service Tax Voluntary Compliance Encouragement Scheme (VCES) has come into effect from 10.5.2013. Most of the issues raised with reference to the Scheme have been clarified by the Board vide circular Nos. 169/4/2013-ST, dated 13.5.2013 and No. 170/5/2013-ST, dated 8.8.2013....

Read More

Service Tax on Goods Transport Agency (GTA) – A Guide

The levy of Service Tax on Road Transportation Service has always remained subject matter of uncertainty and litigation. Earlier, The Finance Act, 1997 had levied Service Tax on Goods Transport Operators w.e.f. 16-11-1997 which was subsequently withdrawn after nation-wide strike. ...

Read More
Posted Under: DGFT |

RBI to Banks : Levy SMS Charges on Actual Usage Basis

RBI/2013-14/381 DBOD. No. Dir. BC. 67/13.10.00/2013-14 (26/11/2013)

With a view to ensuring reasonableness and equity in the charges levied by banks for sending SMS alerts to customers, banks are advised to leverage the technology available with them and the telecom service providers to ensure that such charges are levied on all customers on actual usage basis....

Read More

Point of taxation [Rule 2(e)] of Service Tax

For the purpose of charging service tax on any service, the incidence of levy is on person rendering of a taxable service which is termed as point of taxation. Usually people have confusion regarding the point in time when a service is deemed to be provided and thereby service tax is to be deposited. ...

Read More
Posted Under: DGFT |

Amend statute of lCAl, lCSl and Bar Council for audit by CAG

Recently Land Deal of Institute of Chartered Accountants of India (ICAI) at Nagpur Come Under Scanner for alleged Irregularities in Purchase of the same. Madras High Court observed that The Judge observed that the records indicated that all was not well with the statutory body. ...

Read More
Posted Under: DGFT |

Sale of software does not give rise to any royalty income : HC

Director Of Income Tax Vs Infrasoft Ltd. (Delhi High Court)

Delhi HC has held on 22.11.2013 in the case of DIRECTOR OF INCOME TAX Vs. INFRASOFT LTD. that by sale of software what has been transferred is not copyright or the right to use copyright but a limited right to use the copyrighted material and does not give rise to any royalty income. ...

Read More