Procedure of E-Payment of Excise duty and Service tax online

1.   To pay Excise Duty and Service Tax online, the Assessee has to enter the 15 digit Assessee Code allotted by the jurisdictional Commissionerate. 2.   There will be an online check on the validity of the Assessee Code entered. 3.   If the Assessee code is valid, then corresponding assessee details like Name, Address, Commissionerate code  etc. as present in the Assessee Code Master will be displayed. 4.   Based on the Assessee Code, the duty… Read More

FAQs on Authority of Advance Rulings – CBEC

FREQUENTLY ASKED QUESTIONS   Q.1. What is the scheme of advance rulings? Ans. Appreciating the need for foreign investors to be assured in advance of their likely indirect tax liability, the Central Government has set up an Authority for Advance Rulings (Central Excise, Customs and Service Tax) to provide binding ruling on important issues so… Read More

Frequently Asked Questions and Answers on GST

Question 1 :   What is the justification of GST ?   Answer : There was a burden of tax on tax in the pre-existing Central excise duty of the Government of India and sales tax system of the State Governments. The introduction of Central VAT (CENVAT) has removed the cascading burden of tax on tax… Read More

Draft Point of Taxation (for Services Provided or Received in India) Rules

The Government of India proposes to issue Point of Taxation (for Services Provided or Received in India) Rules, 2010 in exercise of the powers conferred on it under Sec. 94 (2) (hhh) of the Finance Act, 1994. The purpose of these rules is to introduce clarity and certainty in the matter of levy and collection… Read More

Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007

Circular No. 10 /2011-  Customs F. No. 305/1/2008-FTT Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (International Customs Division)   Dated the, 24th February, 2011 To   All Chief Commissioners of Customs/ Customs (Prev.), All Chief Commissioners of Central Excise, All Chief Commissioners of Central Excise & Customs, All Director Generals under CBEC,… Read More

Procedure of Advance Rulings in Customs and Central Excise

In terms of Section 28H of the Customs Act, 1962, Section 23 H of the Central Excise Act, 1944 and Section 96H of the Finance Act, 1994, the Authority for Advance Rulings,  Central Excise, Customs and Service Tax, has regulated its procedure in all matters arising out of the exercise of its powers under the respective Acts.… Read More

Stamp duty implications arising out of an issuance and transfer of debentures of an unlisted company

[2010] 98 CLA (Mag.)  5 Sidharrth Shankar ¢ Vatsal Gaur As part of any transaction involving issuance of debentures by a company, or transfer of debentures of a company, a crucial question which often arises is as to determination of the stamp duty payable on such issuance or transfer of debentures. The answer to this… Read More

Directors™ vicarious liability for dishonor of company cheque Landmark judgment of Supreme Court

[2010] 98 CLA (Mag.)  1 By Dr. K R Chandratre In this article Dr. K R Chandratre, Practising Company Secretary ; Past President, Institute of Company Secretaries of India, discusses standard penal provision which fastens vicarious liability on the directors of the company for offences committed by the company in the light of the landmark… Read More

Oppression/Mismanagement Matter following within the purview of MOU

Any issue relating to a matter which falls under the purview of the memorandum of understanding (˜MoU™) between the parties is not within the purview of the Company Law Board and cannot be entertained in a proceeding under section 397/398. Companies Act, 1956 Section 397/398 Oppression/Mismanagement Petition for relief against Issue relating to a matter… Read More

Tag: Oppression and Mismanagement

Default in filing Annual Return

Sections 159 and 168 Offence and prosecution Default  in filing annual return Prosecution of director who resigned before default took place How far tenable Where the director resigned from his post, his resignation was accepted and was communicated to the Registrar of Companies prior to the default of non-filing annual return took place, he cannot… Read More

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