Tag Archives: finance

Service Tax Rule 5A(2) declared ultra vires: DHC

The Delhi High Court recently declared Rule 5A(2) of the Service Tax Rules, 1994 ultra vires the Finance Act 1994 and struck it down in part. Rule 5A(2), as amended in terms of Notification No. 23/2014-Service Tax, provided for on … Continue reading

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Equalisation Levy Rules, 2016 notified: Govt.

Indian Government recently notified Equalisation Levy Rules, 2016 on digital transactions in consonance with the initiative of the Organization for Economic Co-operation and Development (OECD). The Rules shall come into force w.e.f. June 1, 2016. The Finance Act, 2016 (Act) has introduced … Continue reading

Posted in Banking Law, Company Law, Consumer Law, Contract Law, FDI, General Law, Income Tax Law, information technology law, International Law, Notifications/Publications/Circulars, Telecommunications Law, WTO/GATT | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Section 9 Income Tax can’t be enforced for prevailing DTAA: DHC

The Delhi High Court recently ruled that unless changes are carried out in a Double Taxation Avoidance Agreement (“DTA”), the new interpretation of Section 9(1)(vi) of The Income Tax Act cannot be enforced. The Division Bench of the Court was recently … Continue reading

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Principles for determination of POEM of a Company formulated: Govt.

The Finance Act, 2015 has amended, with effect from April 1, 2016, the provisions of Income-tax Act relating to determination of residence of a company.  In accordance with the amended provisions a company would be said to be resident in … Continue reading

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Revenue could resile from settlement: SC

The Supreme Court of India clarified that there could be no settlement with an individual partner so as to discharge him from his obligation to pay the sales tax dues payable by the assessee-Firm, and hence Revenue could resile from … Continue reading

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Sub clause (a) Sec 2(1)(o) SARFAESI Act violates Article 14: GHC

Declaring sub clause (a) of Section 2(1)(o) of The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002 (“Act”) as discriminatory, a Division Bench of the Gujarat High Court recently ruled that creditors should not be … Continue reading

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Rule 5 (1) of the Service Tax (Determination of Value) Rules, 2006 ultra vires Sections 66 and 67 of Chapter V of the Finance Act, 1994: DHC

In a recent ruling, the Delhi High Court ruled that Rule 5 (1) of the Service Tax (Determination of Value) Rules, 2006 which provides for inclusion of the expenditure or costs incurred by the service provider in the course of … Continue reading

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CBEC clarifies leviability of service tax on foreign remittance

The Central Board of Excise and Customs (CBEC) issued today necessary clarification regarding the leviability of service tax on the remittance of foreign currency in India from overseas. Various concerns have been expressed at different forums in this regard. The … Continue reading

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Court Managers to Assist Judges in Performing Administrative Duties

Indian Government has allocated an amount of Rs. 5,000 crore on the recommendation of Thirteenth Finance Commission for five years from 2010-11 to 2014-15 for various initiatives to improve justice delivery system. Out of this, an amount of Rs. 300 … Continue reading

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