"16 September 2016" Archive

No infringement of copyright on Photocopy of copyrighted study material for educational activities

The Chancellor, Masters & Scholars of The University Of Oxford & Ors. Vs. Rameshwari Photocopy Services & Anr. (Delhi High Court)

HC held that photocopying the selected or even substantial parts of purchased books by the University to be used by the students and teachers in educational activity shall not be infringement of copyright as per Sec 52(1)(i)....

Direct Tax Dispute Resolution Scheme, 2016 can be availed up to 31.12.2016

Litigation is a scourge for a tax friendly regime. In order to reduce the pending litigation, the Direct Tax Dispute Resolution Scheme, 2016 (the Scheme) has come into force from 1st June, 2016 and can be availed up to 31st December, 2016. The Scheme is available to the cases pending with the first appellate authority [i.e. CIT (A)] as on...

Posted Under: Corporate Law |

Beneficial Ownership of Shares VIS-À-VIS Companies Bill 2016

One of the latest buzz of the summers of 2016 have been the Companies (Amendment) Bill, 2016 (Bill, 2016), which was introduced in Lok Sabha on 16th March, 2016 by the Finance Minister in view of several recommendations made in the Company Law Committee report (CLC Report) dated 1st February, 2016....

Posted Under: Corporate Law |

Input Tax Credit under Proposed Goods & Service Tax Laws

Eligibility of input tax credit on inputs held in stock and contained in semi-finished and finished goods held in stock: The credit on inputs held in stock and inputs contained in semi-finished goods and finished goods held in stock is available in the following manner:...

Operational Activities to be carried out for GST Implementation

As VAT / Excise / Service tax is subsumed into GST,the return is consolidated into one and needs to be filed monthly (Purchase return & Sales return, Final consolidated return). The main activity is narrated as follows. 1) Responsibility for Return filing & tax computation with workings...

Posted Under: Corporate Law |

Why you should focus on Total Interest Outgo instead of Loan EMI?

Your main focus of getting your EMIs reduced can come in way of your financial well-being. It is true that lower EMIs mean a more comfortable and less stressful life. But it also means that you will end up paying higher total interest during the loan tenor. How? Let’s take an example....

Posted Under: Corporate Law |

Why reducing Loan EMI after Rate Cuts is not advisable?

It’s very natural to avoid paying higher EMIs if you have a chance to pay lower ones. Isn't it? After all, who wants to have the additional burden of paying larger EMIs for loans that run for years? But going for lower EMI might not be a financially prudent choice. Let us try to understand why it is so....

Posted Under: Corporate Law |

MVAT Rates Increased To 6% & 13.5% wef 17.09.2016

No. VAT. 1516/CR 123/Taxation-1 16/09/2016

Maharashtra Notification Amends Schedule C, D, & E Enhance tax rate to 6% and 13.5% from existing 5.50% and 12.50 w.e.f. 17-9-2016 which in effect Results in 0.50 to 1% increase in VAT Rates, vide Notification No. VAT. 1516/CR-123/Taxation-1- Dated 16th September, 2016. Text of the Notification is as follows :-...

A checklist for NRIs returning back to India

As an NRI, you have decided to return to India and are wondering how you should go about it. Well, Non-resident Indians, wishing to return to India may get perplexed determining what exactly they should do so as to move back to their homeland seamlessly....

Posted Under: Corporate Law |

HC directs tribunal to accept additional ground even if raised by way of oral request

VMT Spinning Co. Ltd. Vs. CIT (Punjab & Haryana High Court)

Rule 11 of Appellate Tribunal Rules does not require a party to seek the leave of Tribunal in writing to be heard in support of any ground not set forth in the memorandum of appeal, therefore, Tribunal was directed to adjudicate upon additional ground even if raised by way of oral request....

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