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Archive: 27 May 2015

Posts in 27 May 2015

Anti-dumping duty on imports of Purified Terephthalic Acid

May 27, 2015 875 Views 0 comment Print

NOTIFICATION NO. 23/2015-Customs (ADD), Dated: May 27, 2015 Seeks to levy definitive anti-dumping duty on imports of Purified Terephthalic Acid, originating in or exported from Korea RP and Thailand for a period of five years from the date of imposition of provisional anti-dumping duty i.e. 25th July, 2014

Entrenchment Clause In Article of Association

May 27, 2015 127899 Views 10 comments Print

The article may contain entrenchment provision. This is new concept under Indian companies act, as there was no such concept under the old act. The word Entrench is not defined under companies act 2013. As per oxford Dictionary the word entrench means to establish ( an attitude habit or belief ) so firmly that change is very difficult or unlikely. It may require form of super majority or referendum submitted to the people, or the consent of another party.

Black Money Undisclosed Foreign Income & Assets & Imposition of Tax Act 2015

May 27, 2015 10581 Views 0 comment Print

22 OF 2015 An Act to make provisions to deal with the problem of the Black money that is undisclosed foreign income and assets, the procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside India and for matters connected therewith or incidental thereto.

Comparable Selected in TP study should be functionally same & not necessarily to be identical

May 27, 2015 1670 Views 0 comment Print

Punjab & Haryana High Court held In the case of CIT vs. M/s DSM Anti Infectives India Ltd. that the filter used by the TPO while selecting comparable is to select companies who are using Penicillin-G as raw material irrespective of the extent of usage of the same.

Pradhan Mantri Suraksha Bima Yojana – All you need to Know

May 27, 2015 5669 Views 0 comment Print

After a lot of speculation and anticipation about the social security schemes that the Modi government was set to announce, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) has finally been launched. The honourable Prime Minister announced a total of three social security schemes that aim to bring the overall population under the umbrella of insurance. […]

Service tax on Aggregators who are neither Provider nor Receiver

May 27, 2015 5242 Views 0 comment Print

I recently received an email from Uber mentioning that the Finance Minister has recently asked the ‘Aggregator’ of taxi services to collect and remit Service tax on behalf of driver partners for fares on all rides. Consequently, they informed me that going forward (with effect from 1st March 2015), all taxi fares collected by the drivers shall include Service tax. An excerpt of the email is mentioned below:

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