Corporate Law Reporter - The Daily Journal

MoF Speak :: Concerns on Language of Dtaa To be Addressed When Finance Bill is Taken up for Consideration

Concern has been expressed regarding the clause in the Finance Bill that amends section 90 of the Income-tax Act that deals with Double Taxation Avoidance Agreements. Sub-section (4) of section 90 was introduced last year by Finance Act, 2012. That sub-section requires an assessee to produce a Tax Residency Certificate (TRC) in order to claim… Read More

Schemes launched under the National Mission for Establishing and Modernising Food Processing Industries

Ministry of Food Processing Industries had launched a Centrally Sponsored Scheme - National Mission on Food Processing (NMFP) during 2012-13 ’the first year of the 12th Five Year Plan. The basic objective of NMFP is decentralization of implementation of the schemes, leading to substantial participation of State Governments/UTs. The NMFP will significantly enhance Ministry™s outreach… Read More

Scheme for Filling gaps in Supply Chain and Strengthening Cold Chain Infrastructure

The Ministry of Food Processing Industries provides financial assistance in the form of grant-in-aid @ 50% of the total cost of plant and machinery and technical civil works in general areas, and @ 75% of the total cost of plant and machinery and technical civil works in difficult areas subject to a maximum of Rs.10.00… Read More

GoI approvals on FDI proposals based on FIBP recommendations in January 2013

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on January 21, 2013, the Government has approved nine (9) Proposals of Foreign Direct Investment amounting to Rs.1140.14crore approximately. In addition, one proposal viz., M/s Ingka Holding Overseas B.V., amounting to Rs.10,500 crore, has been recommended for consideration of Cabinet Committee on Economic Affairs (CCEA). Following are the details of the proposals considered in the Foreign Investment Promotion Board (FIPB) in its Meetingheld on 21.01.2013 : … Read More

GoI notifies the National Pharmaceutical Pricing Policy, 2012 for Controlling Prices of Life Saving Drugs

The Government has notified the National Pharmaceutical Pricing Policy, 2012 (NPPP-2012) where it has also been proposed to regulate and control the prices of National List of Essential Medicines 2011. In order to provide relief to the common man in the area of healthcare, a countrywide campaign in the name of ˜Jan Aushadhi Campaign™ was… Read More

Security and Risk Mitigation Measures for Electronic Payment Transactions

RBI/2012-13/424 DPSS (CO) PD No.1462/02.14.003 / 2012-13 February 28, 2013 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/ Authorised Card Payment Networks Madam / Dear Sir, Security and Risk Mitigation Measures for Electronic Payment Transactions… Read More

RBI issues instructions for Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses

RBI/2012-13/423 A. P. (DIR Series) Circular No. 85 February 28, 2013 To, All Authorised Dealer Category - I Banks Madam / Sir, Memorandum of Instructions for Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses Attention of Authorised Dealer Category I (AD Category I) banks is invited to the A.P. (DIR… Read More

Effect of Budget 2013-14 amendments under Service Tax on ˜Restaurants™

Applicability : As per Notification no. 25/2012 dated 20th June 2012 under Service Tax regulations, Services provided in relation to serving of food or beverages by a restaurant, eating joint or a mess, other than those having (i) the facility of air-conditioning or central air-heating in any part of the establishment, at any time during the… Read More

Salient Features of Direct Taxes in Budget 2013

Corporate Tax No changes in basic tax rates and education cess However surcharge for domestic companies increased to 10% in case taxable income exceeds INR 100 million; Foreign companies to pay a surcharge of 5% on similar level of income. 10% surcharge instead of 5% on DDT and other distributions to investors Effective tax of… Read More

Eligibility Conditions of Life Insurance Policies for Persons Suffering from Disabilities and Certain Ailments Relaxed

The Finance Bill 2013 proposes relaxation in the eligibility conditions of Life Insurance Policies for persons suffering from disability or certain ailment. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram proposed that the permissible premium rate is being increased from 10 per cent to 15 percent of the sum… Read More

Tax Administration Reforms Commission to be Set Up

The Finance Bill 2013-14 proposes to set up a Tax Administration Reforms Commission(TARC). Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that proposed Commission will review the application of tax policies and tax laws. TARC will submit periodic reports that can be implemented to strengthen the capacity of… Read More

Commodities Transaction Tax Introduced in a Limited Way

Commodities Transaction Tax (CTT) Introduced in a Limited Way; Agricultural Commodities will be Exempt The Finance Bill 2013 proposes to introduce Commodities Transaction Tax(CTT) in a limited way. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that CTT shall be levied on non-agricultural commodities future contracts at the… Read More

15 % Investment Allowance Provided on Investment of More than 100 Crores in Plant and Machinery

Concessional Rate of Tax of 15 Percent on Dividend Received from its Foreign Subsidiary by a Company Continued for One More Year The Finance Bill 2013-14 proposes an investment allowance at the rate of 15 per cent to a manufacturing company that invests more than Rs.100 crore in plant and machinery during the period 1.4.2013-31.3.2015.… Read More