This article is a humble effort on the given topic as a learner. It is an effort on a subject, which as a part of legal profession; I know is the one of the most important but yet an underrated area known as Legal Writing. Public perceives legal professionals to be good draftsmen. However, it’s a fact that time devoted towards developing art of legal drafting by legal professionals is much lesser than the time devoted towards analyzing and interpreting laws. In our education system also, much lesser time is devoted towards teaching of drafting skills to students in legal field.
Circular No. 5/2016-Customs Duty The Special Valuation Branch (SVB) was created as an institution specializing in investigation of transactions involving special relationships between buyer – seller or those involving other special circumstances surrounding the sale of imported goods, both of which have a bearing on the assessable value.
Circular No. 4/2016-Customs Duty The Board has comprehensively revised instructions for the examination of related party transactions and those involving royalty, licence fee etc. vide circular no. 5/2016 dated 9th February 2016. In view thereof, the Board has decided that the following procedure shall be followed with respect to pending SVB cases initiated in terms of circular 1/98 – Cus dated 1.1.98 & 11/2001-Cus dated 23.2.2001 and those involving renewal of SVB orders.
As per section 12AA, the commissioner has to satisfy himself about the objectives of the Trust and genuineness of its activities and for such purpose he has the power to call for such documents or information from the assessee as he thinks necessary.
Mumbai High Court held In the case of Pralhad @ Pratap s/o Tanbaji Pawar vs. State of Maharashtra that there has been a report also in the recent point of time that there are some more Corporations of the State of Maharashtra who have indulged into huge misappropriation of the taxpayers’ money in the alike fashion.
In the first week of February 2015, vide the Notification No. 02/2016-ST dated 02 February 2016 (hereinafter referred to as ‘the recent Notification’), the Central Government has specifically allowed refund of Swatch Bharat Cess (hereinafter referred to as ‘SBC’) paid on specified services on which ab-initio exemption is admissible and not claimed.
The Export of service Rules, 2005 were notified with effect from 15-03-2005 to determine whether a provision of service will be regarded as export of service. Like export of goods, service can also be exported without payment of duty/tax.
Section 135 of the Companies Act, 2013 and Rules made thereunder prescribe that every company having a net worth of Rs 500 crore or more, or turnover of Rs 1,000 crore or more or a net profit of Rs 5 crore or more during any financial year shall ensure that the company spends, in every financial year at least 2 % of the average net profits made during the three immediately preceding financial years in pursuance of its Corporate Social Responsibility Policy.
Currently, there is lot of confusion among the industry, trade and the taxmen on whether the activity of Renting of movable goods or supply of tangible goods attracts Service Tax or whether it attracts Sales Tax. The confusion has only been used as a tool by the departmental officials in issuing demand notices under both the tax laws and therefore a tug of war.
Through this article we would like to bring to the kind attention of all my professional friends about a small change made by Government at the time of announcement of Financial Budget (No. 2) 2014, which went unnoted by my friends and various companies, of which include listed companies as well.
