28 March 2016
This reporting requirement has been brought in this budget in line with the recommendations of BEPS Action 13 and effective from April 1, 2016 (AY 2017-18). As per Sec.286(2) , an Indian company who is a Parent entity (Parent ) or an Alternate Reporting entity (Alternate) which is resident in India should file the Country-by-Country report for...
29 July, 2015
The Select Committee of the Rajya Sabha presented its report recently on the Constitution (122nd) Amendment Bill, 2014. The bill is the first step to bring Goods and Services Tax (GST) across India. The amendments are aimed at empowering the Federal / Union Government to levy tax on goods beyond manufacturing stage and the Regional / State Governmen...
16 July, 2015
Rajasthan High Court has agreed with the earlier Order of the court (Paramount Security v. UoI – W.P. No. 12232) which had held that effect of the amendment to Section 35F of the Central Excise Act, 1944 in 2014 cannot be restricted only for appeals filed after 6-8-2014.
According to the earlier order such restricti...
6 November, 2014
The recently released World Trade Report traces the growth of world trade through the world war eras and varying perceptions to protectionism and identifies four main trends which are of current importance -the rise of new economic powers, the spread of global value chains, the growing importance of commodities trade, and the deepening integration and volatility of the world ...
16 September, 2014
Central Board of Excise & Customs (CBEC) has clarified today some of the provisions relating to mandatory pre-deposit for filing appeals and refund thereof in case of favorable order, which were brought into force from 6-8-2014 by Finance (No. 2) Act, 2014. Circular No. 984/4/2014-CX,dated 16-9-2014 issued in this regard specifies simple procedure for making pre-deposit and...
10 July 2014
Budget 2014 though on one hand brings some benevolent provisions in respect of applicability of Advance Ruling provisions to Private Limited Companies, the discretion of the Tribunal or the Commissioner (Appeals) in respect of grant of waiver of pre-deposit while filing appeals seems to have been withdrawn.
In continuance of the last year’s Budget amendments when resident Publi...
20 June, 2014
The Tax Administration Reform Commission (TARC) headed by Dr. Parthasarathi Shome has suggested merging of two Boards – Central Board of Excise & Customs (CBEC) and Central Board of Direct Taxes (CBDT). The panel says such integration of management can be achieved in 5 years time. Having separate Boards is not in tune with global best practices as per the first report of the com...
4 June, 2014
The WTO released its Annual Report on 28-5-2014. Not surprisingly, the ‘Bali Package’ has been highlighted as an important milestone in negotiations. The WTO is now 159 member strong – notable new entrants being, Russia, Laos and Tajikistan. Yemen is also joining the WTO to take the tally to 160.
On dispute settlement, the report states that although the number fell as compared...
20 May 2016
On May 16, 2016, India brought in various changes to the Patent Rules, 2003 making it more aligned with use of technology like mandatory e-submission of documents and hearing through video-conferencing besides changes in procedure and providing for expedited examination and so on.
Some of the important changes are:
18 December, 2013
WIPO released the 2013 edition of World Intellectual Property Indicators, earlier this month. It is based on data from national and regional offices, WIPO, World Bank and UNESCO. In general, it records that there is a shift in filing activity from high income to middle income countries. Another interesting observation is that Asian countries were an important source of inve...
2 December, 2013
Amendments to Rules 36, 38, and 135 of European Patent Convention (EPC) are set to come into effect from 1-4-2014. It will enable the filing of divisional applications before EPO as long as the earlier (parent) application is pending. The new provisions will apply to divisional applications filed on or after 1-4-2014. Currently there is a twenty-four month time limit for fil...
26 April, 2016
The Reserve Bank of India has clarified that keeping deposits with an Indian company by persons resident outside India in accordance with Section 160 of the Companies Act, 2013 is a current account (payment) transaction and, as such, does not require any approval from Reserve Bank.
RBI A.P. (DIR Series) Circular No. 59, dated April 1...
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