Corporate Law Reporter - The Daily Journal

Applicability of RTI Act for a Cooperative Society

RTI ACT¦. for Cooperative Society, Applicability ?: In general anticipation of atleast a consolation relief, scores of Society members and related activists have been consistently yearning for the Coop. Societies to come within the ambit of the Right to Information Act. CONTRARY to the increasing yearning !!!! : 01. Direct application of "Right To Information… Read More

Govt approves “The Institute of Research & Development” in the category of ‘University, College or Other Institution’

NOTIFICATION NO. 33/2013 DATED: 29/04/2013 It is hereby notified for general information that "The Institute of Research & Development" under Gujarat Forensic Sciences University, Gandhi Nagar, (PAN-AAALG1981A) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules,… Read More

Universal Service Obligation (USOF) Scheme

The resources for implementation of Universal Service Obligation (USO) are raised through a Universal Service Levy (USL), which is 5% of the Adjusted Gross Revenue (AGR) of all Telecom Service Providers except the pure value added service providers such as Internet, Voice Mail, E-Mail service providers. Various USOF Schemes are planned to provide access to… Read More

CLR Snippets | Promoting VoIP and IP Television Facility

It has been endeavor of the Government to promote Voice over Internet Protocol (VoIP) facility. It is also reflected in National Telecom Policy-2012 (NTP-12) which indicates one of the strategies as to enable and enforce the VoIP facility to enhance consumer affordability. Internet Telephony using Voice over Internet Protocol (VoIP) is being provided by Telecom… Read More

“Comparability” & “tolerance band” adjustments u/s 92C – Important Principles Explained

CLR Editorial Notes: The Tribunal had to consider the following transfer pricing issues: (i) whether the use of multi-year data for determining ALP is permissible? (ii) Whether +/-5% adjustment is a standard deduction? (iii) Whether companies with minor differences can be treated as non-comparable? (iv) Whether a company with turnover 20 times that of the assessee can be said to be comparable?… Read More

Turnover filter & comparisons – Important principles explained

CLR Editorial Notes: The Tribunal had to consider the following important transfer pricing issues: (i) whether a one-time and extraordinary item of expenditure (ESOP cost) debited to the assessee™s P&L A/c has to be excluded while comparing the margins, (ii) whether for the purpose of comparison of margins, the consolidated results of comparables having profit… Read More

Turnover filter must be applied to exclude giant companies from comparison

CLR Editorial Notes: The assessee-company is engaged in the business of software development services to its customers. The assessee also provides services to the Associated Enterprise AE namely Patni Telecom, U.S. and Patni Telecom, U.K. The assessee filed return of income for the assessment year 2008-2009 admitting total income of Rs.87,850/- under the normal provisions of the Income Tax Act, 1961… Read More

Implications of Transfer Pricing in Cross-Border Deals

Ratio of the Case: Domestic Leg of a Global Sale of business not covered under TP regime if terms not stated by parent Associated Enterprise CLR Editorial Notes: Eastman Kodak, USA, entered into an agreement with Onex Healthcare Holdings, USA, for the global sale by Eastman of the medical business to Onex for a consideration of… Read More

CBDT Directive Dt. 29.04.13 Reg Demand Recovery Management

DEMAND MANAGEMENT AND ARREAR DEMAND RECOVERY - COMBINATION OF MEASURES SPECIFIED TO ACHIEVE STIFF TARGETS OF ARREAR DEMAND RECOVERY LETTER F.NO. 1(164)/DIT(R)/DEMADN MANAGEMENT/DOMS/2013-14, DATED 29-4-2013 As the new financial year has begun and the department is entrusted with new targets and goals, your focussed attention is sought for a pro-active approach towards recovery of arrow demand… Read More

Changing Role of Government in Tourism Sector from Regulator to Catalyst

The role of Government in tourism development has been redefined from that of a regulator to that of a catalyst. Apart from marketing and promotion, the focus of tourism development plans is now on integrated development of enabling infrastructure through effective partnership with various stake holders. As per the working strategy for the 12th five… Read More

CBDT Notification on Substitution of Forms Sahaj (ITR-1), ITR-2, ITR-3, Sugam (ITR-4S), ITR-4 and ITR-V

INCOME-TAX (THIRD AMENDMENT) RULES, 2013 AMENDMENT IN RULE 12 & SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 AND ITR-V NOTIFICATION NO. 34/2013 [F.NO.142/5/2013-TPL]/SO 1111(E), DATED 1-5-2013 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend… Read More

CLR Snippets | Insurance for Education Loan

Education loans are extended as per Model Educational Loan Scheme of Indian Banks™ Association (IBA), as adopted by the Banks. As per the Model Scheme, scheduled banks may, with the consent of the student, arrange for life insurance policy of the student availing Education Loan. In case of death of the student, loan amount outstanding… Read More

Waiving Off Farmer™s Loans

In order to provide relief to bank borrowers in times of natural calamities, Reserve Bank of India has issued standing guidelines to banks. The relief measures, inter alia, include conversion of the principal amount outstanding in the crop loans and agriculture term loans as well as accrued interest thereon into term loans for period ranging… Read More