India has adopted the source rule for taxing royalties and technical services since 1976. The rule which is an exception to the general rule deems technical services to arise if the services are utilized in India irrespective of where the services are rendered. Given that the term ‘fees for technical services’ (hereinafter referred to as […]
The Schedules A,B,C,D appended to Maharashtra Value Added Tax Act, 2002 are amended with effect from 01-04-2013. Further, certain notifications are also amended. These amendments are briefly discussed below Amendments to Schedule A 1. Braille Watches w-e-f 01.04.2013 are now covered by Schedule Entry A-2 by way of notification.
In excise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs (CBEC) hereby makes the following further amendments in the Notification of the Government of India
A perusal of the provisions of section 80IA(4) of the Act shows that in the explanation ‘infrastructure facility’ has been specified to mean a road including a toll road, a bridge or a rail system. Admittedly, the assessee is doing the business of development of railway tracks and bridges thereof as also roads.
It has been decided that the aforesaid enhanced limit of USD 5 billion shall be available for investments only to those FIIs which are registered with SEBI under the categories of Sovereign Wealth Funds (SWFs), Multilateral Agencies, Endowment Funds, Insurance Funds, Pension Funds and Foreign Central Banks.
It has been observed that SEBI registered FVCIs making investments in an Indian Company under FDI Scheme in terms of Schedule 1 of Notification No. FEMA.20 / 2000 – RB dated May 3, 2000, as amended from time to time, also report the same transaction under Schedule 6 of the Notification ibid, resulting in double reporting of the transaction.
Attention of AD Category-I banks is also invited to A.P.(DIR Series) Circular No.94 dated April 1, 2013 in terms of whichthe present limit for investments by FIIs, QFIs and long term investors in Government securities and for corporate debt stood at USD 25 billion and USD 51 billion respectively.
n exercise of the powers conferred by sub-section (1) of Section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby, makes the following regulations,
The Committee recommended that the requirement of submitting personal identification documents such as copy of passport, photograph etc. of the designated officials of FPIs belonging to Category I and Category II shall be done away with. SEBI would separately prescribe the documentation needed for the three categories.
Reference has been received regarding the application of the threshold limit prescribed vide Instruction ibid to cases where either redemption fine alone is in dispute or both redemption fine and penalty are in dispute. For example, in one case the Tribunal confirmed the duty but set aside the penalty of Rs. 5 lakhs and redemption fine of Rs. 15 lakhs imposed by the adjudicating authority.
