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The Budget Session, 2012 of Parliament (10th Session of the Fifteenth Lok Sabha and the 225th Session of the Rajya Sabha) commenced today, the 12th of March, 2012 and subject to exigencies of Government Business, the Session will conclude on Tuesday, the 22nd of May, 2012. During this period, the two Houses will adjourn for recess on Friday, the 30th of March 2012, to reassemble on Tuesday, the 24th of April, 2012 to enable the Department–related Parliamentary Standing Committees to examine the Demands for Grants relating to various Ministries/Departments and make their reports to the Houses. The Session will provide 35 sittings – 15 sittings during first part of the Session before recess and 20 sittings during second part of the Session.
Roll Back of Ban on Cotton Exports The Cotton Budget for the cotton year 2011-12 was prepared by the Cotton Advisory Board. In arriving at a Cotton Export Policy a balanced perspective is taken, carefully addressing the interests of all stakeholders including farmers, traders, yarn producers and the apparel industry.
The CBDT Chairman-led committee on combating the menace of black money has been given yet another extension and it is now expected to submit its final report by this month end. It is the third time that the deadline has been extended for the panel, which was constituted in May last year.
In partial amendment to clause 3 (h) of the aforesaid circular IMD/FII & C/37/2009, no single entity shall be allocated more than INR 450 cr. of the investment limit in each of above categories. Where a single entity bids on behalf of multiple entities, in terms of para 7 of SEBI circular CIR/IMD/FIIC/18 /2010 dated November 26, 2010, then such bid would be limited to INR 450 cr. in each of above categories for every such single entity.
Section 6-A of the Central Sales Tax Act, 1956 contains the provisions relating to transfer of goods otherwise than by way of sale. The dealer effecting the transfer of goods to any other place of his business or agent or principal is required to prove the transaction as transfer of goods otherwise than by way of sale by providing the declaration issued by his branch/agent/principal situated in other State. The declaration to be furnished is Form ‘F’ as per Rule 12(5) of CST Rules, 1957.
Parallel to the great upsurge another factor that hunting the board room of the corporate are “Risk”. There can be any type of the risk whether it is liquidity risk, fraud risk, reputation risk, competition risk and sundry other risks. Thus the internal audit profession has witnessed a sea change in the era, a change from traditional typical ‘compliance’ or ‘transaction’ audit to the much more dynamic and interest based ‘Risk based audit’. It can be also define as control assessment or control rationalization. It is much more different from the traditional internal audit, which is just related to compliance and bothers the employees of the organization as it is not give any productivity or return to the organization or auditee. Now a day, the internal audit is turned in to risk assessment mechanism which provide analysis of risk evolved in any business activity. Along with that it also refers to the assessment of the control and rationalization of the authorities. It involve whether the proper person has a proper job.
AAR held that the payment for mobilization and de-mobilization is related to use of equipment for undertaking installation work and taxable as royalty under Article 12(3)(b) of the India-Singapore tax treaty (tax treaty). Further as installation is ancillary and subsidiary to the use of equipment or enjoyment of the right for such use, the payment for installation is taxable as Fees for Technical Services (FTS) under Article 1 2(4)(a) of the tax treaty. The AAR also held that the applicant has provided services or facilities in connection with the exploration, exploitation or extraction of mineral oils for more than 183 days during the Financial Year (FY). Therefore, the applicant has a Permanent Establishment (PE) in India under Article 5(5) of the tax treaty and covered by Section 44BB of the Income-tax Act, 1961 (the Act).
Travelling expenses have been incurred in connection with technical services agreement. Therefore, the expenditure has been incurred for earning royalty/FTS. In spite of the fact that the agreement provides inter-alia for adequate level of support and posting its personnel, the expenses for which will be reimbursed, the fact remains that the expenditure has been incurred for earning the royalty/FTS. The expenditure is that of the assessee and not that of the Indian subsidiary company. Article 12 provides for taxation of royalty/FTS in the source country on gross basis at a concessional rate of tax. This means that the expenditure incurred for earning royalty/FTS is not deductible in computing gross royalties or gross FTS received by the assessee company. The assessee has found that taxation under the Income Tax Act, 1961 is not more beneficial to it. Therefore, the receipts have been offered for taxation under Article 12 of the DTAA.
There is no dispute to the fact that the expenditure on horticulture and other heads was incurred for the purpose of business. The assessee has also furnished necessary details pertaining to such expenses incurred. Similar expenses were also allowed by the department in the last year. The Assessing Officer had disallowed the entire expenditure on horticulture and out of other heads, i.e. business promotion, consumable stores, miscellaneous expenses and repairs & maintenance only on the ground that the expenditure incurred in the year under consideration are on the higher side.
