"10 March 2014" Archive

New Rules of Corporate Social Responsibility

G S Rao Introduction: Corporate Social Responsibility (CSR) is attracting the attention of every Company and stakeholders. CSR activities are not new but it has been recently the mostly discussed or debated topic for the reason that companies Act has made it mandatory for certain companies to spend 2% of average net profits of 3 […...

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Posted Under: Company Law |

Income Tax Relief U/s. 89(1) with Calculator for F.Y. 2013-14

RELIEF UNDER SECTION 89-Where by reason of any portion of an assessee’s salary being paid in arrears or in advance or by reason of his having received in any one financial year, salary for more than twelve months or a payment of profit in lieu of salary under section 17(3), his income is assessed at a rate higher than that at which it w...

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Posted Under: Company Law |

FinMin notifies 8.7% interest rate wef 01-04-2014 on deposit under non-Govt. PF contributions

Notification No. .5(4)-B(PD)/2014 (04/03/2014)

Notification No. 5(4)-B(PD)/2014, Dated 4-3-2014 It is hereby notified that the deposits made under the Special Deposit Scheme for non-Government Provident, Superannuation and Gratuity funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with effect from 1s...

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BPO / KPO Companies – Companies in ITES cannot be classified into low-end BPO services and high-end KPO services for TP comparability analysis

Maersk Global Centres (India) Pvt. Ltd Vs ACIT (ITAT Mumbai)

Whether for the purpose of determining arm's length price of international transactions of the assessee-company, providing back office support services to their overseas associated enterprises, companies performing KPO functions should be considered as comparable?...

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Chit Fund Business not liable to Service Tax – SC

Recently, the Hon’ble Supreme Court of India, dismissed the SLP filed by the Union of India against the judgment of the Hon’ble Delhi High Court in the case of Union of India Vs. Delhi Chit Fund Association [(2014) 42 taxmann.com 52 (SC)] on following issue...

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Posted Under: Company Law |

Summary of Recent Amendments in CENVAT Credit Rules

Dr. Sanjiv Agarwal, FCA, FCS In just 60 days of 2014, Cenvat Credit Rules, 2004 (in short, CCR), which governs the Cenvat Credit of Central Excise Duty and Service Tax, have already been amended four times so far as summarized in the following table : Amendment Notification Date Effective From First Amendment 1/2014-CX (NT) 08.01.2014 [&h...

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Posted Under: Company Law |

Empanelment of Standing Counsels for representing Service Law cases of I-T Dept.

F. No. CIT(Judicial)/Empanel. of Counsels/Service Matters//2013-14/1468 (10/03/2014)

Reference to Direct Taxes in Instruction NO. 3 of 2012 may be read as Service matters.The terms of engagement, fees payable etc. will be same as prescribed by the Ministry of Law & Justice in this regard. ...

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Currency Fluctuation: Determinants and Effects

Currency fluctuation is a phenomenon that is important to understand due to various reasons. At the very outset, it may not seem necessary for individuals who have no export or import business, or for the ones who are not planning a trip abroad or maybe a foreign education for their kids...

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Posted Under: Company Law |

EOUs and Central Sales Tax issue under Foreign Trade Policy

The export oriented units are entitled to full reimbursement of central sales tax paid by them on purchase from domestic tariff area units, when goods are used by them for production of finished goods meant for export. Accordingly, reimbursement of central sales tax on inputs used in goods meant for domestic tariff area sale by export ori...

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Posted Under: Company Law |

Export Incentives – CENVAT Credit availed by deemed exporters – Inputs utilised in manufacture of export products – Amendments

In recent past DGFT has given its clarification on under mentioned topics i.e. 1. CENVAT Credit availed by deemed exporters vide Circular No. 9 (Re-2013)/2009-14, dated 30th Oct, 2013. 2. Actual inputs utilised in the manufacture of export products vide Notification No. 48 (RE-2013)/ 2009-14, dated 30th Oct, 2013....

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Posted Under: Company Law |