Draft guidelines on implementation of GAAR

Draft guidelines on implementation of GAAR Posted: 28 Jun 2012 07:55 PM PDT Draft guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of section 101 of the Income Tax Act, 1961. - The Chairman, CBDT, Vide OM F.NO. 500/111/2009-FTD-1 Dated 27 February, 2012 constituted a Committee under the Chairmanship of the Director General of the Income... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service tax on Advocates – Applicability, Exemptions & SSI provisions Posted: 28 Jun 2012 06:00 PM PDT Advocates were resisting being brought within the ambit of Service Tax by their argument that their basic function is to assist the Court in effective justice delivery system and while doing so they function more like officers of the Court than as service provides. They were assisting the litigants... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No Tax deduction required on reimbursement of expenses Posted: 28 Jun 2012 08:53 AM PDT Section 195 of the Act clearly states that any person responsible for paying to a non resident any interest or any other sum chargeable under the provisions of this Act shall at the time of credit of such income will income tax thereon at the rate inforce at the time of payment or credit.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Tax Deduction on Payment to Contractor Under Punjab Value Added Tax Act, 2005 Posted: 27 Jun 2012 11:03 PM PDT As per the scheme of the Punjab Value Added Tax Act, 2005 Contractee who entered into Contract for Works Contract with Contractor is under an obligation to deduct 5 % while making the payment to the contractee if execution of which involves transfer of property in goods and liability on account of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Report of Parliamentary Standing Committee on Finance on The Companies Bill, 2011 Posted: 27 Jun 2012 09:45 PM PDT STANDING COMMITTEE ON FINANCE (2011-12) FIFTEENTH LOK SABHA Ministry of Corporate Affairs THE COMPANIES BILL, 2011 FIFTY-SEVENTH REPORT CONTENTS COMPOSITION OF THE COMMITTEE INTRODUCTION REPORT PART I I. Introduction II. New Provisions introduced in Companies Bill, 2011 III. Salient features of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Settlement by company amounts to compounding with principal debtor & results in discharge of surety Posted: 27 Jun 2012 09:22 PM PDT 'Whether the revival scheme submitted by the petitioner under sections 391 and 394 of the Companies Act, 1956 and accepted by Court amounts to compounding with the principal debtor leading to the discharge of the surety within the meaning of sections 134 and 135 of the Indian Contract Act, 1872? [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Whether law of pleadings & provisions of Evidence Act, 1872 apply to CLB proceedings? Posted: 27 Jun 2012 09:21 PM PDT The second contention of the appellants is that the law of pleadings and the provisions of the Indian Evidence Act, 1872, apply to the proceedings before the CLB. Therefore, the CLB ought not to have taken note of the new pleadings made by the impleaded parties and ought not to have accepted the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Loan Guarantor Liability terminates once bank accepts repayment under settlement scheme Posted: 27 Jun 2012 09:20 PM PDT The bank had provided credit facilities to the company. The private respondents in the two writ petitions were the guarantors to the said credit facilities provided by the bank. As there was default in payment of the bank dues, an application was filed before the DRT by the bank against the company... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Benefit of exemption available to RBI would be available to its agent too Posted: 27 Jun 2012 09:17 PM PDT The first question that we have to consider is whether an agent of a principal who is also a dealer under the Act is entitled to the same rights as his principal has under the Act. Under the general law the agent merely represents his principal. Therefore, while functioning within the scope of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Mere Registration as a Charitable Trust Under Income tax Act not entitle appellant to claim exclusion from service tax Posted: 27 Jun 2012 09:16 PM PDT Since the appellant is a charitable institution, can they be considered as a commercial training or coaching centre ? Here again the answer is negative. So long as the appellant imparts training or skill in any subject or field other than sports for a consideration, the said activity would come... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service tax is required to be paid when the service is provided Posted: 27 Jun 2012 09:14 PM PDT The second issue involved in the appeal is levy of service tax on tickets sold before 1.5.2006 and used after 1st May 2006. The appellant's contention is that the appellant sold the tickets to the passenger prior to 1.5.2006 and at that time there was no provision under the law of charging service... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Cenvat credit admissible on service tax paid on workmen compensation insurance Posted: 27 Jun 2012 09:12 PM PDT In case of an accident within the factory, the compensation has to be paid by the company in accordance with the law and this is obligatory. To fulfil this legal obligation, the assessee has taken insurance. Therefore, it can be said that in this case the insurance premium is definitely relatable... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Activities of implementing ERP software are in the field of engineering & not in the field of management Posted: 27 Jun 2012 09:11 PM PDT The appellants are actually implementing applications software like SAP, Oracle, people soft. They are also into upgradation of application software from existing release level to higher version. They are also specifically into running of electronic data processing centre, business of data... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SCN u/s. 73 to recover service tax from recipient of clearing & forwarding agent's service for 16-7-1997 to 31-8-1999 not maintainable Posted: 27 Jun 2012 09:10 PM PDT Appellant has been issued with a show cause notice on 19.05.2004 for the demand of Service Tax liability for the period 16.11.1997 to 2.6.1998 on the ground that the appellant has received the services of goods transport agency/operator which is liable to pay service tax as per the retrospective... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Grand daughters of promoters of professionally run company cannot claim proportional representation in management of company by being a family member alone Posted: 27 Jun 2012 09:09 PM PDT A list of professionals appointed by the company from 1957 onwards is extracted in the written submissions filed by the respondents to argue that the Board seat was not reserved for family members on representative basis. The list includes several non-family directors. Therefore, it is contented... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CLB cannot issue injunction in implementing decision to be taken by shareholders in meeting, unless decision is prejudicial to public interest or company at large. Posted: 27 Jun 2012 09:03 PM PDT On consideration, the contention raised by the appellants is found to have force. The Company Law Board, cannot issue injunction in implementing the decision to be taken by the shareholders in its meeting, unless the prima facie finding is recorded, that the decision is prejudicial to the public... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Wrong or default which is complete but whose effect may continue to be felt even after its completion is not a continuing wrong or defaul Posted: 27 Jun 2012 08:59 PM PDT The offence alleged in the complaint against the petitioner is not a 'continuous wrong' and, therefore, the bar to take cognizance as contemplated under section 468(2)(b) of the Code of Criminal Procedure applies to the complaint lodged in the present case and, therefore, taking cognizance of such... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Regarding extension of Bank Guarantee as an option in respect of duty exemption for Mega/ Ultra mega power projects Posted: 27 Jun 2012 08:53 PM PDT Notification No. 28/2012-Central Excise Government of India, in the Ministry of Finance (Department of Revenue), No. 12/2012-Central Excise, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 163(E), dated 17th March,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] B/F business loss &unabsorbed depreciation should not be adjusted before computing deduction u/s. 10A Posted: 27 Jun 2012 08:31 PM PDT CIT v. Tyco Electronics Corpn. India (P.) Ltd. As deduction under section 10-A has to be excluded from the total income of the assessee, the question of unabsorbed business loss being set off against such profit and game of the undertaking would not arise. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Prior to 1-4-2005, Balcony to be excluded in calculating built-up area for sec. 80-IB Posted: 27 Jun 2012 08:30 PM PDT CIT v. G.R. Developers Insofar as balconies are concerned, prior to 01.04.2005, the area covered by them has to be excluded in calculating the built-up area. As the housing project was approved on 14.06.2002 and in the said plan, all these balconies are shown and excluding those balconies, the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Transfer & Posting Order in the cadre of Addl./Joint Director of Income Tax for various Directorates of International Taxation & Transfer Pricing Posted: 27 Jun 2012 08:23 PM PDT The following transfer and postings in the cadre of Addl./Joint Director of income-tax under various Directorates of International Taxation and Transfer Pricing are hereby ordered with immediate effect and until further orders:. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Exim Bank's Line of Credit to the Government of the Republic of Zambia Posted: 27 Jun 2012 08:17 PM PDT A.P. (DIR Series) Circular No. 138 Export-Import Bank of India (Exim Bank) has concluded an Agreement dated March 29, 2012 with the Government of the Republic of Zambia, making available to the latter, a Line of Credit (LOC) of USD 50 million (USD Fifty million) for financing eligible goods,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Foreign Investment in India – Sector Specific conditions Posted: 27 Jun 2012 08:15 PM PDT A.P. (DIR Series) Circular No. 137 The Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce & Industry, Government of India has been updating/notifying the FDI policy through issue of Consolidated FDI Policy Circular. Accordingly, Government has notified the latest FDI... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Merchant Discount Rates Structure for Debit Card Transactions Posted: 27 Jun 2012 08:13 PM PDT The Merchant Discount Rate (MDR) for debit and credit cards has hitherto been similar in India. The debit card is a secured product with the card usage being linked to the availability of funds in the accounts of the customers. Credit cards, on the other hand, are a part of the unsecured credit... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Alternative Capital Buffer for India Posted: 27 Jun 2012 07:39 PM PDT In a Working Paper published by the Reserve Bank of India has argued that the guidance given by Basel Committee on Banking Supervision (BCBS) is not appropriate for India. The finding is based on the analysis of annual banking data for the last 60 years since 1950-51. The authors have also... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Monetary Policy Transmission in India – A Peep Inside the Black Box Posted: 27 Jun 2012 07:30 PM PDT Monetary policy transmission is a process through which monetary policy decisions affect the economy in general and the price level in particular. It is a complex process, wherein the transmission of policy actions to market interest rates and further to real sector may proceed through several... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI releases Draft Payment System Vision Document 2012-15 for Public Comments Posted: 27 Jun 2012 07:18 PM PDT The Mission statement indicates RBI's renewed commitment towards providing a safe, efficient, accessible, inclusive, interoperable and authorised payment and settlement systems for the country. Payments systems will be driven by customer demands of convenience, ease of use and access that will... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Extension of Bank Guarantee as an option in respect of Custom duty exemption for Mega/ Ultra mega power projects Posted: 27 Jun 2012 07:16 PM PDT Notification No. 43/2012-Customs Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 12/2012- Customs, dated... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]