Once it is found that “Right to Natural Justice” is a “personal & individual right”, the person concerned can always waive such right. But the moot question is “whether principles of natural justice are personal individual rights?” This paper attempts to examine this question and waiver of such right if it is not a personal individual right.
Reserve Bank of India (RBI) and 926 computerized branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai, apex bank said in a statement.These arrangements have been made for the convenience of the income tax assesses. Of the 926 bank branches 862 branches are public sector bank branches, 35 HDFC bank branches, 10 ICICI bank branches and 19 AXIS bank branches.
Major financial sector bills such as the Insurance Law Amendment Bill seeking to increase the FDI cap in private insurance firms and the Banking Regulation Amendment Bill to raise the voting rights of foreign entities in private sector banks are unlikely to be taken up in the Winter session of Parliament that begins today.
The main attraction of the Direct Taxes Code 2009 will be the simplicity of the provisions, Mr P.V. Bhide, Secretary-Department of Revenue, Ministry of Finance, said.The level of understating between the assessees and department will be higher, Mr Bhide said at a presentation on the code organised by the Indian Chamber of Commerce and Industry here recently.
Earlier, the entities that fell under the ambit of the law included only chit fund companies, banking companies, financial institutions and housing finance companies. The amendment now says any company registered under section 25 of the Indian Companies Act, 1956, and/or as a trust or society under the Societies Act, 1860, or any similar state legislation, will be brought under the purview of PMLA.
Market regulator Securities and Exchange Board of India (SEBI) said it wants to bring down the time required for IPO processing to seven days from 20 days at present over the next one year. While pointing to the fact that the primary market issuance process is not as efficient assecondary market in India, SEBI chairman CB Bhave said, “We need to do something there. Currently it takes 20 days for an IPO to get listed after its closure. The delay in listing is a risk that investors and issuers carry. So the regulator’s aim is to reduce the time frame to one week within a year.”
An Information Technology (IT) Education and Multilevel Marketing group has surrendered undisclosed income of more than Rs 35 crore, before the Income Tax Department for taxation. The disclosure, biggest ever in Rajasthan, was made during the course of raids and survey conducted by the departmental sleuths at the group premises here and in Jhunjhunu town.
Many a times the manufacturer of goods (Central Excise assessee) provides other services to the buyer and charges an amount for those services provided. The services may be like transportation of goods to the buyer premises, transit insurance of the goods, interest charges for the credit given to the buyer, Installation of the goods in the buyer’s premises etc. It may happen that cost incurred by themanufacturer assessee in providing these services is much less than what is charged by the manufacturer assessee for these services. The question is whether excess charges collected by the manufacturer assessee should be included in assessable value of the goods under Section 4 of the Act?
The right to Information Act, 2005 declares that the purpose of the Act is to “ promote openness, transparency and accountability in administration and in relation to matters connected therewith”. Thus the Act is fundamental in making the administration transparent and accountable. However, the result can be achieved only if public is aware of their rights and willing to exercise those rights.
Section 14 of the Central Excise Act and Section 108 of the Customs Act empower officers to summon person, ask questions from persons summoned and record their statement. These statements are legally admissible as evidence in various judicial and quasi-judicial proceeding. Further the persons summoned are legally required to state the truth. These Sections imposes legal duties on the persons summoned, and have wide ranging legal implications, the authors are of the view that the persons summoned under these sections must have a right to consult a legal practitioners of choice at the time of recording of these statements. However the settled position of law is against the view of the authors.
