The finance minister retained most of his other proposals, providing only marginal relief to industries such as automobiles, garments, personal computers and printers. On direct taxes, the biggest concession was in the norms for a concessional 15% tax on dividends received from overseas subsidiaries. As against the minimum 50% India holding in such subsidiaries to be eligible for the tax sop, the finance minister has suggested a lower threshold of 26%, benefiting several firms with overseas joint ventures.
A new section 206AA was inserted in the Act, vide the Finance (No.2) Act, 2009. As per section 206AA, any person whose receipts are subject to deduction of tax at source (TDS), i.e. the tax-deductee shall mandatorily furnish his Permanent Account Number (PAN) to the tax-deductor, failing which the deductor shall deduct tax at source at higher of the following rates.
(1) Notwithstanding anything contained in any other provisions of this Act, any person entitled to receive any sum or income or amount, on which tax is deductible under Chapter XVIIB (hereafter referred to as deductee) shall furnish his Permanent Account Number to the person responsible for deducting such tax (hereafter referred to as deductor), failing which tax shall be deducted at the higher of the following rates, namely:—
Each time you open a new Word file in Microsoft Word, from now on, there won’t be any need to save your work every few seconds, for fear of losing all your data with a power cut or a computer hang. Google’s newly launched Cloud Connect toolbar for Microsoft apps, sits inside a MS Word, Excel, or Powerpoint application.
The Union Finance Minister also announced the basic reduction of custom duty on raw silk (not thrown) from 30 per cent to 5 per cent ad valorem. This was done to augment domestic availability for weavers, both in the handloom and the power loom segments, Shri Mukherjee added. The Finance Minister said that a number of representations supporting and opposing this move have been received. Responding to them, the Finance Minister said that he would like to assure the House that the Government would keep a close watch on import volumes and domestic prices and respond, if required, to mitigate any adverse impact on the domestic sericulture sector.
The Supreme Court has ruled that law should prevail over equity and that judges should not legislate as it would be violative of the basic democratic principles. A bench of justices Markandeya Katju and Gyan Sudha Mishra in a recent judgement said courts should not interpret rules on the basis of equity. “In other words, once we depart from the literal rule, then any number of interpretations can be put to a statutory provision, each judge having a free play to put his own interpretation as he likes.
Sponsorship Service means any service provided or to be provided to any person, by any other person receiving sponsorship, in relation to such sponsorship, in any manner; Sponsorship includes naming an event after the sponsor, displaying the sponsor’s company logo or trading name, giving the sponsor exclusive or priority booking rights, sponsoring prizes or trophies for competition; but does not include any financial or other support in the form of donations or gifts, given by the donors subject to the condition that the service provider is under no obligation to provide anything in return to such donors.
“Management, Maintenance or Repair” means any service provided by— (i) any person under a contract or an agreement; or (ii) a manufacturer or any person authorised by him, in relation to,— (a) management of properties, whether immovable or not; (b) maintenance or repair of properties, whether immovable or not; or (c) maintenance or repair including reconditioning or restoration, or servicing of any goods, excluding a motor vehicle;
Circular no. 36/2010-Cus dt. 23.09.2010 was issued for simplifying the procedure related to conversion of shipping bills. It was issued as a consequence of series of Tribunal judgments which held that the conversion of free shipping bills to export promotion scheme is allowed as there is no such bar in the section 149 of customs act, 1962. But this prime need is also not fulfilled by this circular. Indeed, the process of conversion of shipping bills from one scheme to another has also been made complicated. Prior to issuance of this circular, conversion from one scheme to another was freely allowed but now conversion can also be made to schemes that require equal level of examination of documents or that require lower level of examination of documents. Thus, the actual purpose of issuing this circular is mislead and has opened another door of litigation.
What do the words ROTI & MAKAN mean to a common man is very well known. These two basic needs of a common man are today very uncommon, thanks to the very high rate of food inflation and extra super inflation in the prices of need based House. What was left to the common man was perhaps, KAPDA i.e. Fabric. But the eagle eye of the central government has eventually fallen on this last lame duck pray so as to smoothen the beginning of the end of the common man. The reason: An expected VAT on FABRIC @ 5% .
