Daily Archives: November 24, 2015

Cloud Service Providers in India

By | November 24, 2015

What is Cloud Serivce ? A cloud service is any resource that is provided over the Internet. What are the Types of Cloud Services ? The most common cloud service resources are 1.Software as a Service (SaaS), 2.Platform as a Service (PaaS) 3.Infrastructure as a Service (IaaS)   What is Software as a Service (SaaS)? In… Read More »

Tariff concessions in respect of goods imported from Singapore

By | November 24, 2015

Following Notification Seeks to amend Notification No. 10/2008 – Customs, dated 15th January 2008, so as to deepen the tariff concessions in respect of specified goods under the Comprehensive Economic Co-operation Agreement (CECA) between India and Singapore, when imported from Singapore [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION… Read More »

TDS on withdrawal from Employees Provident Fund Scheme

By | November 24, 2015

Provisions related to TDS on withdrawal from Employees Provident Fund Scheme, 1952 (FORM No. 19) No TDS in respect of the following cases:-  Transfer of PF from one account to another PF account.  Termination of service due to Ill health of member /discontinuation of Business by employer/completion of project/other cause beyond the control… Read More »

EPFO launches Online Registration of Establishments with Digital Signature

By | November 24, 2015

Ministry of Labour & Employment of Govt of India on 24-November, 2015 Union Minister for Labour and Employment, Shri Bandaru Dattatreya launches Digital Signature based Online Registration of Establishments EPFO launches Online Registration of Establishments with Digital Signature New Delhi,24.11.15: Shri Bandaru Dattatreya, Union Minister for Labour & Employment (Independent Charge) today launched the Digital… Read More »

Best Pension Plan : ATAL PENSION YOJANA (APY)

By | November 24, 2015

NOTIFICATION F.NO.16/1/2015-PR- ATAL PENSION YOJANA, DATED 16-10-2015 Background 1. The Government of India has introduced a pension scheme called the Atal Pension Yojana (APY), with effect from 1st June, 2015, pursuant to the announcement in the budget for 2015-16 on creating a universal social security system for all Indians, especially the poor, the under-privileged and… Read More »

loan to sharholder holding 60% shares in company is deemed dividend

By | November 24, 2015

Section 2(22) of the Income-tax Act, 1961 Subject : Deemed dividend (Loans and advances to shareholders) Assessment year 2009-10 Facts of the Case :- Assessee had taken loans and advances from a company in which he was holding 60 per cent shares – Company possessed accumulated profits in excess of amount that was paid to… Read More »

MRP goods cleared under Not for sale,Excise duty payable on Transaction value

By | November 24, 2015

SUPREME COURT OF INDIA Commissioner of Central Excise, Noida v. Control & Switchgears Contactors Ltd. A.K. SIKRI AND ROHINTON FALI NARIMAN, JJ. CIVIL APPEAL NOS. 4449-4450 OF 2005 AND 984 OF 2007 SEPTEMBER  1, 2015 Valuation under Central Excise – Retail Sale Price/MRP Based Facts of the case ;-  Assessee was manufacturing Contactors, Overload relays,… Read More »

Mere filing of appeal does not suo-moto stay the recovery proceedings

By | November 24, 2015

Power of Assessing Officer under section 220(6) cannot be said to be power to grant stay against recovery of disputed demand and or mere filing of appeal does not suo-moto stay recovery proceedings HIGH COURT OF ALLAHABAD Jalan Jee Polytex Ltd. v. Assistant Commissioner of Income-tax V.K. SHUKLA AND PRATYUSH KUMAR, JJ. WRIT TAX NO.… Read More »

Toys imported from China can be cleared after sample test proves no violation of foreign trade policy

By | November 24, 2015

Facts of the Case :- In this case, the plastic toys imported by M/s Lukkad Impex from China were absolutely confiscated by the adjudicating authority as the goods/packaging materials did not contain any details of manufacturer’s name, address and the period of manufacture, and hence the test reports could not be linked with the consignment… Read More »