he EPFO has issued an inter-department clarification on May 23, 2011 indicating that splitting of minimum wages for the purposes of PF contributions is not permissible. This Clarification, which has been issued in view of the lack of a uniform approach followed by the PF authorities in different states, seems to be an attempt by the labour department to settle the ongoing ambiguity with respect to the calculation of provident fund contributions.
Sri Rajeswari Agencies V. Additional Deputy Commercial Tax Officer II, Sales Tax – Declaration Forms – Arrears Of Tax – C Form Cannot Be Refused To Be Issued On Ground Of Arrears Of Tax – Central Sales Tax Act (74 Of 1956), S. 9(2) – Central Sales Tax (Registration And Turnover) Rules, 1957, Form C.
In order to reduce cost of posting and speedy delivery of documents, service of documents through electronic mode has been permitted under section 53 of the Companies Act, 1956 in place of service of document under certificate of posting. Similarly, to reduce the consumption of papers and speedy secure delivery, service of copies of Balance Sheets and Auditors Report etc., to the members of the company as required under section 219 of the Companies Act, 1956 has been allowed to be served through electronic mode by capturing their e-mail addresses available with the depositories or by obtaining directly from the shareholders.
Delhi HC Reserves the Judgement in the case related to applicability of of service tax on renting of immovable Property on 20.05.2011 after hearing the submission of by way of rejoinder from Sr. Counsels Mr. Abhishek Manu Singhvi, Mr. S. Ganesh and Mr. PK Sahu, Advocate (a fromer IRS officer). To ascertain whether renting of immovable property is taxable service or not, the test should not be whether there is value addition or not. The concept of value added tax is different for different tax laws.
Learned counsel for the appellant submits that even if the duty has been paid in excess of the amount finally held to be payable, unless the excess duty paid has been refunded, the assessee could claim cenvat credit as the department could not get the duty twice.
CIRCULAR NO. DBOD. NO.BC.NO. 95/29.39.001/2010-11, DATED 23-5-2011 It has been decided to partially modify the format of ‘Declaration and Undertaking’ prescribed for the purpose of conducting due diligence to determine the ‘fit and proper’ status of directors, incorporating an explanatory note against Column (IV)(g) of the said format which is given in Annex 1. Henceforth, banks should use the revised format for obtaining declaration and undertaking from existing directors as well as the person to be appointed/elected as director.
While the intentions of the State Government are clear as to non levy of VAT on Fabric, but due to some misdrafting of the rules and notifications, the general public is put under severe confusion as to whether a specific levy is applicable to it or not. In the case of Fabric, the same is the situation. After all amendments, the position of law that remains on the statute book. This situation has first arrived when Entry-45 of Schedule A which contains Fabric was amended in such a way that declared goods were removed from Schedule A and shifted to Schedule “C” by bifurcating the existing entry 101 into two parts
CBDT has recently vide Circular No. 3/2011 [F.No. 275/34/2011-IT(B)] (Circular) dated 13 May 2011 permitted issue of certificate for tax deducted at source (TDS certificate) with digital signature for TDS from income other than salary income (non-salary TDS) in Form 16A. The extant rules provide an option to persons withholding tax (deductors) to issue TDS certificate with digital signature only for TDS from salary income (in Form 16). Non-salary TDS certificates in Form 16A are required to be issued in hard copy format with authentication by manual signature. The Circular now extends the option of digital signature to Form 16A also. The deductors exercising this option need to download Form 16A from the Tax Information Network (TIN) website.
Competition Commission of India (CCI) has on 11 May 2011 issued the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (Combination Regulations) which deals with merger and acquisitions in India. The Combination Regulations shall come into force on 1 June 2011. Combination Regulations deals with procedural aspects related to notification of Combination under the Competition Act, 2002 (Competition Act), exemptions and pre-merger notification process.
Ever Since the rate of excise duty on fabric under Additional Duties of Excise (Goods of Special Importance)(AED-GSI) Act, 1957 was lowered to NIL % w.e.f._01-03-2006 it was widely perceived by the Textile Industry (Fabric) that the levy of state VAT on fabric is now just a matter of time, particularly when this AED levy on fabric was in lieu of state sales tax (VAT). However, the State Government just could not levy VAT on Fabric because though the rate of AED-GSI was lowered to NIL%, the items of fabric continue to remain listed in the Schedule to the AED-GSI ACT. What is the importance of this listing in Schedule to the AED-GSI Act 1957 ?.
