Labour Minster assures transparency in the Management of EPFO Corpus
The 194th meeting of the Central Board of Trustees, EPF, which was the eleventh regular meeting of the present Board, was convened last week. The Board deliberated upon a proposal for further extension of the selection process of the new fund managers for a period of two months effective from 01.07.2011. The Board also stipulated… Read More
For Equipment Royalty u/s 9(1)(vi), control of equipment by payer essential
Yahoo India Pvt Ltd vs. DCIT (ITAT Mumbai) The assessee, an Indian company, remitted Rs. 34 lakhs to Yahoo Holdings (Hong Kong) Ltd, a Hong Kong company, forplacing banner advertisements on the web portal of Yahoo Hong Kong. The AO & CIT (A) took the view that the payment was for the use or right… Read More
India and Singapore signed a protocol amending DTAA
The Government of India signed a Protocol, amending Double Taxation Avoidance Agreement (DTAA) with Government of Singapore for effective exchange of information in tax matters today. The Protocol was signed by Shri Prakash Chandra, Chairman, Central Board of Direct Taxes (CBDT) on behalf of the Government of India and Ms. Karen Anne Tan Ping Ming,… Read More
Advocate™s Training Scheme to be launched on the 27th June, 2011
Government of India has evolved a Scheme named Rajiv Gandhi Adhivakta Prashikshan Yojna (Rajiv Gandhi Advocate™s Training Scheme) to be launched on 27 June, 2011. The Scheme envisages selection of 10 young practicing Advocates from each State every year for being imparted professional training. This initiative is in sync with the Supreme Court directive in… Read More
Anti dumping duty levied on Sewing Machine Needles import from China
Title: Notification No. 50/2011-Customs CLR Note: Anti dumping duty levied on Sewing Machine Needles import from China. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) G.S.R. 473(E). Whereas, in the matter of import of the Sewing Machine Needles (hereinafter referred to as subject goods), falling under sub-heading 8452.30 of chapter 84 of the First Schedule to… Read More
MCA initiates to drive clear the pendency of e-forms filed with ROC
Circular no 40/2011; GOI; MCA All Regional Directors; All Registrar of Companies; The Stakeholders Subject: Special Drive to clear pendency of e-forms filed with Registrar of Companies prior to implementation of revised Regulation 17 of the Companies Regulation, 1956 It is noticed that a large number of e-forms filed by the companies with the ROCs… Read More
Requirement of import permit for import of substances listed in the Insecticide Act, 1968
Title: Board Instruction F.No.401/101/2011-Cus.lll- Custom Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs All Commissioners of Customs & Central Excise (Appeals). Subject: Requirement of import permit / registration with / from CIB & RC for import of substances listed in the schedule 3 of the Insecticide Act, 1968, for… Read More
Circular regarding Issue of Custom House Agent (CHA) License
Circular Number 25/2011 - Custom F.No.502/4/2011-Cus.VI Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs North Block, Room No. 253-A, Subject: Issue of Custom House Agent License Reference from field formations regarding. Attention is invited to provisions of the Custom House Agents Licensing Regulations (CHALR), 2004 and various circulars and… Read More
Individuals with a salary upto 5 lacs are exempted from filling IT return for the AY 2011-2012
Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011. Individuals having total income up to Rs.5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single… Read More
Income Tax : Long Delay due to procedural reasons in filing Dept appeals cannot be condoned
CIT vs. Indian Hotels Co Ltd (Supreme Court) Brief Facts: The department filed a SLP challenging the order of the Bombay High Court declining to condone delay of 656 days in filing the appeal. The delay was explained as having been caused by several facts such as non traceability of case records, procedural formalities involved in… Read More
National Mission for Justice Delivery and Legal Reforms to be set up soon
The Union Cabinet today approved the proposal of Ministry of Law and Justice to operationalize the National Mission for Justice Delivery and Legal Reforms to realize and implement the objectives set out in the Vision Document adopted at the Conference of Chief Ministers and Chief Justices. The objective of the Mission is to increase access… Read More
Computation of Arm™s Length Price in transfer pricing
Exxon Mobil Company India Pvt Ltd vs. DCIT (ITAT Mumbai The Tribunal had to consider the following transfer pricing issues: (i) Whether if two distinct services are rendered to the AE and mark-up is received for one and not for the other, the aggregate position can be considered for determining ALP, (ii) whether multi-year data can be… Read More
Clarification on Circular No. 33/ 2011 dated 01.06.2011 regarding non-admissibility of documents of Companies defaulting in filing Annual Accounts
Circular No. 38 / 2011; GOI; MCA; Dated 20.06.2011 All the Regional Directors, All the Registrar of Companies / Official Liquidators; The Stakeholder Sub: Clarification on Circular No. 33/ 2011 dated 01.06.2011 with regard to compliance of provisions of the Companies Act, 1956 and Rules made there under The Ministry has issued General Circulars No.… Read More
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