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Archive: 15 January 2016

Posts in 15 January 2016

Charges for technical knowhow wouldn’t be includable in the value of the imported goods if it isn’t condition to import of goods

January 15, 2016 1033 Views 0 comment Print

Hon’ble CESTAT, Chennai held that the charges of technical knowhow cannot be included in the value of imported goods in terms of Rule 9 of the Customs Valuation Rules where these expenses aren’t condition to sale of the imported goods.

Order after a Personal Hearing should be passed expeditiously and within a reasonable time: HC

January 15, 2016 498 Views 0 comment Print

The Hon’ble High Court of Bombay held that the Hon’ble Apex Court has emphasized time and again that the Orders pursuant to a Personal Hearing either by the Court or the Tribunal or any quasi-judicial body ought to be passed expeditiously and within a reasonable time.

Assessee can claim CST rate on plant, machinery etc. used in Works contract execution by including in CST registration certificate

January 15, 2016 1116 Views 0 comment Print

Nagarjuna Construction Co. Ltd. was engaged in the business of Works contracts such as construction of bridges, flyovers, roads and multi-storied buildings across the India. Being a Works contractor, the Petitioner applied for registration under the CST Act and also claimed CST registration in respect of machinery, tools and equipment such as hydraulic mobile cranes,

Practical Guide to Section 185 and 186 of Companies Act, 2013

January 15, 2016 13973 Views 0 comment Print

Section 185 and Section 186 is one of the sections that companies have to deal with on a regular basis. The snapshot of all the compliances required to be undergone for lending and borrowing are summarised for reference purpose.

In CBDT Money Makes The Mare Go

January 15, 2016 1649 Views 0 comment Print

CBDT, Yes, You rightly understood, it is a Central Board of Direct Taxes, or to say an elevated platform of persons, who are equipped with ineffective mechanism to regulate the income tax department of the country and eventually a safe route of escapement from responsibilities towards happy retirement albeit unblemished, even it be so.

Format of Affidavit to Transfer Trademark Rights From Society to Company

January 15, 2016 17434 Views 0 comment Print

BEFORE THE REGISTRAR OF TRADE MARKS, NEW DELHI In the matter of Trade Mark Application No. ___________ AFFIDAVIT In support of request made to record the name of a Subsequent Applicant/Proprietor I, ______________________, Indian citizen, s/o __________________, R/o ______________________________________ do hereby solemnly affirm and declare as follows: 1. That I am an Indian national and […]

Compounding under companies Act- 2013

January 15, 2016 119037 Views 7 comments Print

The compounding provision in the Act were inserted by the Companies Amendment Act, 1988 on the recommendation of the SACHAR COMMITTEE as amended by the Companies (Amendment) Act, 2000. It was felt that leniency is required in the administration of the provisions of the Act particularly penalty provisions because a large number of defaults are of technical nature and arise out of ignorance on account of bewildering complexity of the provisions[2].

Services by Excise and Taxation Department brought under Punjab Right to Service Act, 2011

January 15, 2016 1598 Views 0 comment Print

The Government of Punjab has notified the additional services, stipulated time limit, designated officers, first appellate authorities and second appellate authorities for the purpose of Section 3 of the Punjab Right To Service Act, 2011. This new notification has also brought many services provided by Excise and Taxation department Punjab such as registration, cancellation, issuance of refund/penalty/assessment orders etc, under the ambit of Right to Service Act, 2011.

ICAI: CPE hour compliance date extended to 31.03.2016

January 15, 2016 1297 Views 0 comment Print

This is for kind information of the members that the last date for complying with the CPE Hours requirement for the Calendar Year 2015 – has been extended from 31st December, 2015 to 31st March, 2016.

Understanding Revenue Neutral RATE (RNR) of GST

January 15, 2016 8378 Views 0 comment Print

(i) Share of revenue from such commodities, which would be kept outside the GST structure, e.g., petroleum products, tobacco, liquor, etc. However, Central Govt. can charge excise duty on tobacco products over and above GST. (ii)Number of taxes to be subsumed in the GST, for example stamp duty, property tax, toll tax, etc. might be kept outside the GST structure.

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