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  • Is a Liaison Office (LO) in India of Foreign corporation subject to TP Provisions?

    The residential status of LO in India of an enterprise outside India is that of a “non-resident” for Indian tax purposes. Since the LO is not taxable in India as they do not indulge in income generating activities, transfer pricing provisions are not applicable for LO. However, if a LO constitutes a PE in India, it will be subject to tax in India and will be subject to an appropriate attribution of profit generated by the foreign enterprise from its operations in India.

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  • What are the penal consequences for under-reporting or misreporting of income?

    The penal consequences for non-compliance with Indian transfer pricing regulations are as follows in case of under-reporting or misreporting of income:

    1. A sum equal to 50% of the amount of tax payable on under-reported income
    2. A sum equal to 200% of the amount of tax payable on under-reported income where under-reported income is in consequence of any misreporting

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  • Do the transfer pricing rules apply in respect of transactions between head office (HO) and a branch office/project office?

    Where a foreign enterprise has a BO/PO in India, the BO/PO would constitute a non-resident for Indian tax purposes and a separate enterprise under Section 92F(iii) of the Act. Accordingly, the transaction between the BO/PO and the HO will constitute as an international transaction under section 92B of the Act and will be required to meet the arm’s length criteria from an Indian transfer pricing perspective.

    For more information, click here.

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  • What are the penal consequences for non-compliance with the Indian Transfer Pricing regulations?

    In case of failure to maintain Transfer Pricing documentation, failure to report the transaction, maintenance or furnishing of incorrect information/document, there is a penalty of 2% of the value of each international/specified domestic transaction.

     

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  • What are the documents required to be maintained by a company while executing an international transaction?

    Transfer pricing documentation requirements are provided under Section 92D of the Act and Rule 10D of the Income-tax Rules, 1962 (Rules).

    The categories of documentation required are:

    • Ownership structure
    • Profile of the multinational group
    • Business description
    • Nature and terms (including prices) of international transactions
    • Description of functions performed, risks assumed and assets employed
    • Record of any financial estimates
    • Record of uncontrolled transaction with third parties and a comparability evaluation
    • Description of methods considered
    • Reasons for rejection of alternative methods
    • Details of transfer pricing adjustments
    • Any other information or data relating to the associated enterprise that may be relevant for determining the arm’s-length price

    A list of additional optional documents is provided in Rule 10D(3).

    In addition, the taxpayer is required to obtain and furnish an Accountant’s Certificate (Form 3CEB) regarding maintenance of documentation. This has to be filed irrespective of the transaction value.

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  • Does transfer pricing documentation has to be prepared annually?

    Transfer pricing documentation has to be prepared annually, as per the Indian Transfer Pricing regulations. Full transfer pricing documentation, including an update of the functional analysis and fresh economic analysis using contemporaneous data, must be maintained, in case the total value of international transaction is more than INR 10 million and/or aggregate value of specified domestic transactions exceed INR 200 million.

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  • What is the meaning of arm's length price?

    Arm's length price is the price which is applied or proposed to be applied to transactions between persons other than the Associated Enterprises in uncontrolled conditions.

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  • What is the materiality limits/threshold for preparing and maintaining transfer pricing (TP) documentation?

    The annual TP documentation is required to be maintained if the aggregate value of all international transactions during the relevant financial year exceeds INR 10 million (approximately US$156,250) and/or specified domestic transactions during the relevant financial year exceed INR 200 million (US$3,125 million).

    The economic analysis is required to be maintained to justify the arm’s length character of the international transaction, irrespective of the transaction value threshold.

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  • What are Associated Enterprises (AEs)?

    Section 92A of the Income - tax Act, 1961 specifies that two or more enterprises become associated enterprises when one of them participates, directly or indirectly, or through one or more intermediaries, in the management or control or capital of the other enterprise(s). 

    For further details, please access the following link.

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  • What are the different methods to calculate arm’s length price?

    The various methods to calculate the arm’s length price with respect to an international/specified transaction are as under:

    • Comparable uncontrolled price method (CUP)
    • Resale price method (RPM)
    • Cost plus method (CPM)
    • Profit Split Method (PSM)
    • Transactional net margin method (TNMM)
    • Other Method as prescribed by the Board (CBDT)

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  • What does Intellectual Property entail?

    Intellectual Property is the Property, which has been created by exercise of Intellectual Faculty. It refers to creation of mind such as inventions, designs for industrial articles, literary, artistic work, symbols which are ultimately used in commerce. Intellectual Property rights allow the creators or owners to have the benefits from their works when these are exploited commercially. These rights are statutory rights governed in accordance with the provisions of corresponding legislation. Intellectual Property rights reward creativity & human endeavour which fuel the progress of humankind.The intellectual property is classified into seven categories i.e.

    1. Patent
    2. Industrial Design
    3. Trade Mark
    4. Copyright
    5. Geographical Indications
    6. Lay put designs of integrated circuits
    7. Protection of undisclosed information/Trade Secret according to TRIPs agreements

    For more information, click here.

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  • Whether unpublished works are registered?(Under the Copyright Act 1957)

    Yes. Both published and unpublished works can be registered. Copyright in works published before 21st January, 1958, i.e., before the Copyright Act, 1957 came in force, can also be registered, provided the works still enjoy copyright. Three copies of published work may be sent along with the application. If the work to be registered is unpublished, a copy of the manuscript has to be sent along with the application for affixing the stamp of the Copyright Office in proof of the work having been registered. In case two copies of the manuscript are sent, one copy of the same duly stamped will be returned, while the other will be retained, as far as possible, in the Copyright Office for record and will be kept confidential. It would also be open to the applicant to send only extracts from the unpublished work instead of the whole manuscript and ask for the return of the extracts after being stamped with the seal of the Copyright Office. When a work has been registered as unpublished and subsequently it is published, the applicant may apply for changes in particulars entered in the Register of Copyright in Form V with prescribed fee.The process of registration and fee for registration of copyright is same.

    For further details please access following link.

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  • What is the scope of protection in the Copyright Act, 1957?

    The Copyright Act, 1957 protects original literary, dramatic, musical and artistic works and cinematograph films and sound recordings from unauthorized uses. Unlike the case with patents, copyright protects the expressions and not the ideas. There is no copyright protection for ideas, procedures, methods of operation or mathematical concepts as such (Please see Article 9.2. of TRIPS).

    For more information, click here.

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  • Can a computer software be registered under the copyright act?

    Yes. Computer Software or programme can be registered as a ‘literary work’. As per Section 2 (o) of the Copyright Act, 1957 “literary work” includes computer programmes, tables and compilations, including computer databases. ‘Source Code’ and “Object Code” have also to be supplied along with the application for registration of copyright for software products.

    For more information, click here.

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  • Is it allowed to get names and titles copyrighted?

    Copyright does not ordinarily protect titles by themselves or names, short word combinations, slogans, short phrases, methods, plots or factual information. Copyright does not protect ideas or concepts. To get the protection of copyright a work must be original.

    For more information, click here.

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  • If a copyright is rejected, is there any opportunity given for hearing the case?

    As per the rule 70 (12) of the Copyright Rules, 2013, an opportunity of hearing must be given. Only after hearing, it may be decided to register the work or to reject it. The applicant himself or his/her pleader may appear in the hearing.

    For more information, click here.

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  • What are the guidelines regarding registration of a work under the Copyright Act 1957?

    Chapter XIII of the Copyright Rules, 2013, as amended, sets out the procedure for the registration of a work. Copies of the Act and Rules can be obtained from the Manager of Publications, Publication Branch, Civil Lines, Delhi or his authorized dealers on payment or download from the Copyright Office web-site, link.

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  • Can an individual file for registration of copyright of a work without professional assistance?

    Yes. Any individual who is an author or rights owner or assignee or legal heir can file application for copyright of a work either at the copyright office or by post or by e-filing facility from the copyright Office web-site "www.copyright.gov.in"

    For more information, click here.

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  • What is the fee for getting work registered under the copyright act?

    The fee is not reimbursable in case of rejection of the application. The fee can be paid by postal order/demand draft/online payment payable to “registrar of copyrights, New Delhi. 

    For information on the fee for getting work registered under the copyright act, click here

     

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  • Where can I file application for registration of copyright for a work?

    The Copyright Office has been set up to provide registration facilities to all types of works and is headed by a Registrar of Copyrights and is located at 4th Floor Jeevan Deep Building, New Delhi- 110 001. The applications for registration of works can be filled at the counter provided at the Copyright Office from 2.30 P.M. to 4.30. P.M. from Monday to Friday. The applications are also accepted by post. On-line registration through “E-filing facility “has been provided from 14th February 2014, which facilitates the applicants to file applications at the time and place chosen by them.

    For more information, click here.

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  • What is a Register of Designs under the Designs Act of 2000?

    The Register of Designs is a document maintained by The Patent Office, Kolkata as a statutory requirement. It contains the design number, class number, date of filing (in this country) and reciprocity date (if any), name and address of Proprietor and such other matters as would affect the validity of proprietorship of the design and it is open for public inspection on payment of prescribed fee & extract from register may also be obtained on request with the prescribed fee. For further details please access following.

    For more information, click here.

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  • What is meant by priority claim under the Designs Act, 2000?

    India is one of the countries party to the Paris Convention so the provisions for the right of priority are applicable. On the basis of a regular first application filed in one of the contracting state, the applicant may within the six months apply for protection in other contracting states, latter application will be regarded as if it had been filed on the same day as the first application.

    For more information, click here.

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  • Can stamps. Labels, tokens, cards be considered an article for the purpose of registration of Design?

    No. Because once the alleged Design i.e., ornamentation is removed only a piece of paper, metal or like material remains and the article referred ceases to exist. Article must have its existence independent of the Designs applied to it.

    For more information, click here.

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  • How does a registration of design stop other people from exploiting?

    Once a design is registered, it gives the legal right to bring an action against those persons (natural/legal entity) who infringe the design right, in the Court not lower than District Court in order to stop such exploitation and to claim any damage to which the registered proprietor is legally entitled.

    For more information, click here.

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  • Whether it is possible to transfer the right of ownership for a design under The Design Act 2000?

    Yes, it is possible to transfer the right through assignment, agreement, transmission with terms and condition in writing or by operation of law. However, certain restrictive conditions not being the subject matter of protection relating to registration of design should not be included in the terms and condition of the contract/agreement etc.

    For more information, click here.

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  • What is the object of registration of Designs under the Design Act?

    Object of the Design Act is to protect new or original designs so created to be applied or applicable to particular article to be manufactured by Industrial Process or means.

    For more information, click here.

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  • Can the application for registration of design be filed by the applicant himself only or through a professional person under the Design Act 2000?

    The application for registration of design can be filed by the applicant himself or through a professional person (i.e. patent agent, legal practitioner). However, for the applicants not resident of India an agent residing in India has to be employed.

    For more information, click here.

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  • How to get information on registration of design?

    After registration of designs the best view of the article along with other bibliographic data will be notified in the Official Journal of The Patent Office, which is being published on every Friday.

    For more information, click here.

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  • What is defined as an article under the Designs Act?

    Under the Designs Act, 2000 the "article" means any article of manufacture and any substance, artificial, or partly artificial and partly natural; and includes any part of an article capable of being made and sold separately.

    For more information, click here.

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  • Can the same applicant make an application for the same design again, if the prior application has been abandoned?

    Yes, the same applicant can apply again since no publication of the abandoned application is made by the Patent Office, provided the applicant does not publish the said design in the meanwhile.

    For more information, click here.

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  • Is there a possibility to get a registered trademark removed?

    It can be removed on application to the Registrar on prescribed form on the ground that the mark is wrongly remaining on the register.

    For more information, click here.

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  • What does the trademark register contain?

    The register of trademark currently maintained in electronic form contains inter alia the trademark the class and goods/ services in respect of which it is registered including particulars affecting the scope of registration of rights conferred; the address of the proprietors; particulars of trade or other description of the proprietor; the convention application date (if applicable); where a trademark has been registered with the consent of proprietor of an earlier mark or earlier rights, that fact.

    For more information, click here.

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  • What are the sources of trademark laws?

    The national statues i.e., The Trade Marks Act, 1999 and rules made are as under:

    ·       International multilateral convention.

    ·       National bilateral treaty.

    ·       Regional treaty

    ·       Decision of the courts

    ·       Office practice reduced in Manuals and guidelines and rulings of the Courts.

    ·       Decision of Intellectual Appellate Board.

    ·       Text books written by academician ad professional experts

    For more information, click here.

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  • What are the benefits of registering a trademark?

    The registration of a trademark confers upon the owner the exclusive right to the use the trademark in relation to the goods or services in respect of which the mark is registered and to indicate so by using the symbol (R) and seek the relief of infringement in appropriate courts in the country. The exclusive right is however subject to any conditions entered on the register such as limitation of area of use etc. Also, where two or more persons have registered identical or nearly similar marks due to special circumstances, such exclusive right doesn't operate against each other.

    For more information, click here.

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  • What are the formalities and government fees for major trademark transactions?

    1. For filing new applications there are prescribed forms depending on the nature of application such as Form TM-1, TM-2, TM-3, TM-8, TM-51 etc. Fees: INR 4000/-
    2. To file a Notice of Opposition to oppose an application published in the Trade Marks Journal (FormTM-5). Fees: INR 2,500/- for each class covered<
    3. For Renewal of a Regd. trademark (Form TM-12). Fees: INR 5,000/-
    4. Surcharge for belated renewal (Form TM-10). Fees: INR 3,000/-
    5. Restoration of removed mark (Form TM-13) Fees: INR 5,000/-
    6. Application for rectification of a registered trademark (Form TM-26) Fees: INR 3,000/-
    7. Legal Certificate (Form TM-46) (Providing details of entries in the Register) Fees: INR 500/-
    8. Copyright search request and issuance of certificate (Form TM-60) Fees: INR 5,000/-.

    For more information, click here

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  • What are the types of trademarks in India?

    Following are the types of trademarks in India:

    1. Any name (including personal or surname of the applicant or predecessor in business or the signature of the person), which is not unusual for trade to adopt as a mark.
    2. An invented word or any arbitrary dictionary word or words, not being directly descriptive of the character or quality of the goods/service.
    3. Letters or numerals or any combination thereof.
    4. The right to proprietorship of a trademark may be acquired by either registration under the Act or by use in relation to particular goods or service.
    5. Devices, including fancy devices or symbols
    6. Monograms
    7. Combination of colors or even a single color in combination with a word or device
    8. Shape of goods or their packaging
    9. Marks constituting a 3- dimensional sign.
    10. Sound marks when represented in conventional notation or described in words by being graphically represented.

    For more information, click here

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  • What is the function of a trademark? (Under the Trade Marks Act 1999)

    Under modern business condition a trademark performs four functions: 

    1) It identifies a good/service and its origin.
    2) It guarantees its unchanged quality.
    3) It advertises the goods/services.
    4) It creates an image for good/services.

    For further details please access following link.

     

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  • Under the Trade Marks Act 1999, who benefits from a trademark?

    The registered proprietor of a trademark can create, establish and protect the goodwill of his products or services. He/she can stop traders from unlawfully using his trademark, sue for damages and secure destruction of infringing goods or labels.

    The government earns revenue as a fee for registration and protection of registration of trademark.

    The legal professionals render services to the entrepreneurs regarding selection, registration and protection of trademarks and get remuneration for the same. The purchaser and ultimately consumers of goods and services get options to choose the best.

    For more information, click here.

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  • What is a trademark?(Under the Trade Marks Act 1999)

    A trademark (popularly known as brand name) is a visual symbol which may be a word signature, name, device, label, numerals or combination of colours used by one undertaking on goods or services or other articles of commerce to distinguish it from other similar goods or services originating from a different undertaking.

    For more information, click here.

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  • How do I file a trademark application for my brand?

    The Controller General of Patents, Designs and Trademarks has information regarding trademark form and fees.

    For more information, click here

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  • Is there any provision for early examination of patent application?

    There is no provision for filing a request for early examination of patent application. The applications are examined in the order in which requests for examination are filed. However, an express request for examination before expiry of 31 months can be made in respect of the applications filed under Patent Cooperation Treaty known as National Phase applications by payment of the prescribed fee.

    For more information, click here.

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  • Is it necessary to file a provisional application for Patents?

    Generally, when an invention is not complete an application can be filed with provisional specification which is known as provisional application. This is useful in establishing a priority date for your invention.

    For more information, click here.

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  • What are the contents of the Patent Office Journal?

    The Patent office Journal contains information relating to patent applications which are published u/s 11A, post grant publication, restoration of patent, notifications, list of nonworking patents and public notices issued by the Patent Office.

    For more information, click here.

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  • Is it possible to file international application under Patent Cooperation Treaty (PCT) in India?

    Yes, it is possible to file an international application known as PCT application in India in the Patent Offices located at Kolkata, Chennai, Mumbai, and Delhi. All these offices act as Receiving Offices (RO) for International application.  

    For address of these offices, website is: www.ipIndia.nic.in

    For more information, click here.

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  • What is a Patent?

    A Patent is a statutory right for an invention granted for a limited period of time to the patentee by the Government, in exchange of full disclosure of his invention for excluding others, from making, using, selling, importing the patented product or process for producing that product for those purposes without his consent.

    For more information, click here.

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  • Where can one find the information relating to published/ granted patent application?

    The information relating to the patent application is published in the Patent Office Journal issued on every Friday. This is also available in electronic form on the website of the Patent Office, www.ipindia.nic.in

    For more information, click here.

     

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  • What can be patented?

    An invention relating either to a product or process that is new, involving inventive step and capable of industrial application can be patented.

    For more information, click here.

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  • What is the term of a patent in the Indian system?

    The term of every patent granted is 20 years from the date of filing of application. However, for application filed under national phase under Patent Cooperation Treaty(PCT), the term of patent will be 20 years from the international filing date accorded under PCT.

    For more information, click here.

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  • What happens to a patent application once it is examined?

    After examination, the Patent Office issues an examination report to the applicant, which is generally known as First Examination Report (FER). Thereafter, the applicant is required to comply with the requirements within a period of twelve months from the date of FER. In case, the application is found to be in order for grant, the patent is granted, provided there is no pre-grant opposition filed or pending.

    For more information, click here.

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  • Who can apply for a patent? (Under The Patents Act 1970)

    A patent application can be either filled by true and first inventor or his assignee, either alone or jointly with any other person. However, legal representative of any deceased person can also make an application for patent. 

    For further details please access following link.

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  • If an employer, who is not paying basic wages and cost of living allowance separately as fixed under the Act but who is paying wages more than prescribed minimum rates under the Act, committing any illegality?

    The minimum rate of wages fixed under the Act is remuneration payable to the worker as one package of fixed amount, neither the scheme of the Act nor any provision of the Act provides that the rate of minimum wages is to be split into basic wages and cost of living allowance. Therefore, where an employer is paying total sum which is higher than the minimum rate of wages fixed under the Act including cost of living allowance, the employer is not committing any illegality.


    For further details please access following link.

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  • Up to what number of building workers, can obtaining registration certificate be avoided?

    The maximum number of workers are Ten.

    For more information, click here.

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  • What is the type of return to be submitted by small establishments and very small establishments?

    In both Establishments, a core return in ‘Form A’ is required to be submitted.

    For more information, click here.

     

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  • How can the fees be paid under the building and construction workers act?

    Payment can be made online through shram Suvidha Portal.

    For more information,click here.

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  • Who can file Claim application under the Minimum Wages Act, 1948?

    An employee, any legal practitioner or any official of a registered trade union authorized in writing to act, any inspector under the Act or any person with permission of the authority can file claim under the Minimum Wages Act, 1948.


    For further details please access following link.

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  • What are the welfare provisions that need to be made for the workers under the Indian labour laws?

    As per the Indian labour laws, employers need to ensure that following amenities are available to their employees:

    • Canteen (if 250 or more Contract Labour were/are working)
    • Restroom /Shelters/Lunch Rooms (If 150 or more Contract Labour were/are working)
    • Drinking Water
    • Toilets/ Urinal/ Washroom
    • First Aid Facility
    • Creche (if 50 or more women workers are ordinarily employed)
    • Washing facilities

    For more information, click here.

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  • Who all are covered under the exemption from furnishing return component of labour laws?

    Establishments which are covered under the exemption from furnishing return component of labour laws:

    • Small Establishment
    • Very Small Establishment

    For more information, click here

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  • Are industrial tribunals allowed to adjudicate upon wage disputes of employees under the act?

    Section 24 of the Industrial disputes Act does not bar the jurisdiction of an Industrial Tribunal to adjudicate upon a dispute relating to the fixation of wages of employees covered under the Act.

    For more information, click here.

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  • What should be done when employer pays less than the prescribed Minimum Wage?

    An aggrieved employee can file a claim application requesting relief before the Authority under the Minimum Wages Act, 1948.


    For further details please access following link.

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  • What is the list of occupations that a child cannot be employed in?

    No child shall be employed or permitted to work in any of the occupations set forth in Part A of the Schedule or in any workshop wherein any of the processes set forth in Part B of the Schedule is carried on.

    For more information, click here.

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  • What is the meaning of a voluntary open offer?

    A voluntary open offer under Regulation 6, is an offer made by a person who himself or through persons acting in concert, if any, holds 25% or more shares or voting rights in the target company but less than the maximum permissible non-public shareholding limit.

    For more information, click here.

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  • Does one need to notify CCI in case they are acquiring less than 25% of equity shares of a listed company from a secondary market?

    The acquisition of up to 25% shares where the acquirer does not acquire control and the acquisition is solely as an investment or in ordinary course of business, need not normally be notified to the CCI for prior approval.

    For more information, click here.

     

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  • Do all acquisitions of shares in excess of the prescribed limits and/or control lead to an open offer?

    No, in respect of certain acquisitions, SAST Regulations, 2011 provide exemption from the requirements of making an open offer, subject to certain conditions being fulfilled. For example, acquisition pursuant to inter- se transfer of shares between certain categories of shareholders, acquisition in the ordinary course of business by entities like underwriter registered with SEBI, stock brokers, merchant bankers acting as stabilizing agent, Scheduled Commercial Bank (SCB), acting as an escrow agent, etc.

    For further details please access following link. 

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  • What are the applicable competition laws/rules/regulations in respect of merger, amalgamations and acquisition transactions?

    Following statutory provisions apply to mergers, amalgamations and acquisitions from competition law perspective:
    1) Competition Act, 2002.
    2) The Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011.
    3) The Competition Commission of India (General) Regulations, 2009:
    i) Notification No. S.O. 93(E) dated January 8, 2013
    ii) Notification No. S.O. 673(E) dated March 4, 2016
    iii) Notification No. S.O. 674(E) dated March 4, 2016
    iv) Notification No. S.O. 675(E) dated March 4, 2016
    v) Notification No. S.O. 988(E) dated March 29, 2017
    vi) Notification No. S.O. 2039(E) dated June 29, 2017
    For further details please access following link.

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  • What is the validity of an open offer?

    Ten days

    For more information, click here

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  • What are the important regulations pertaining to mergers and acquisitions in India?

    The key laws governing M&A in India are:

    • Companies Act, 1956 and 2013
    • Income Tax Act, 1961
    • Competition Act, 2002
    • Foreign Exchange Management Act.

    The key regulations governing M&A in India are:

    • Securities and Exchange Board of India (SEBI)
    • Takeover code of SEBI.
    • Reserve Bank of India.
    • Competition Commission of India.

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  • What does the minimum level of acceptance mean under Sebi takeover code?

    'Minimum level of acceptance’ implies minimum number of shares which the acquirer desires under the said conditional offer. If the number of shares validly tendered in the conditional offer are less than the minimum level of acceptance stipulated by the acquirer, then the acquirer is not bound to accept any shares under the offer.

    For more information, click here.

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  • What is an open offer under the SAST Regulations, 2011, Under which situations is an open offer required to be made by an acquirer?

    An open offer is an offer made by the acquirer to the shareholders of the target company inviting them to tender their shares in the target company at a particular price. The primary purpose of an open offer is to provide an exit option to the shareholders of the target company on account of the change in control or Substantial acquisition of shares, occurring in the target company.
    If an acquirer has agreed to acquire or acquired control over a target company or shares or voting rights in a target company which would be in excess of the threshold limits, then the acquirer is required to make an open offer to shareholders of the target company.

    For further details please access following link.

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  • What is the defined size for an open offer to be made under SEBI takeover code?

    An open offer, other than a voluntary open offer under Regulation 6, must be made for a minimum of 26% of the target company’s share capital. The size of voluntary open offer under Regulation 6 must be for at least 10% of the target company’s share capital. Further the offer size percentage is calculated on the fully diluted share capital of the target company taking into account potential increase in the number of outstanding shares as on 10th working day from the closure of the open offer.

    For more information, click here.

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  • What does the term control entail as per the guidelines of CCI?

    “Control” means controlling the affairs or management of a target enterprise or group.

    For more information, click here.

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  • How is the residential status of a company determined?

    A Company is said to be resident in India in any previous year, if: 

    1. It is an Indian company or
    2. Its place of effective management, at any time in that year, is in India For more information, click

    For more information, click here 

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  • How does the Government collect Income-tax?

    Taxes are collected by the Government through three means: a) voluntary payment by taxpayers into various designated Banks. For example, Advance Tax and Self Assessment Tax paid by the taxpayers, b) Taxes deducted at source [TDS] from the income of the receiver, and c) Taxes collected at source [TCS]. It is the constitutional obligation of every person earning income to compute his income and pay taxes correctly.​

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  • Whether a company having a SEZ unit or being SEZ developer need to have separate registration?

    Yes. A person having SEZ unit or being SEZ developer shall have to apply for a separate registration, as distinct from his place of business located outside the SEZ in the same state or union territory.

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  • What is the monetary threshold for applicability of MF (Master file) regulations for a CE?

    Every person, being a CE of an international group operating in India, shall file such details in part A to Form 3CEAA. Further, such person shall also be required to file additional details as required under part B of Form No. 3CEAA if it satisfies the following criteria:

    1. If the consolidated group revenue of the international group, of which such person is a constituent entity, as reflected in the consolidated financial statement of the international group for the accounting year, exceeds INR 5 Bn
    2. The aggregate value of international transactions:
    • During the accounting year, as per the books of accounts, exceeds INR 500 Mn
    • In respect of purchase, sale, transfer, lease or use of intangible property during the accounting year, as per the books of accounts, exceeds INR 100 Mn

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  • What are the stamp duty rates being implemented through the Amended Indian Stamp Act?

    Stamp Duty Rates w.e.f. 1st July 2020

    Instrument Rate
    Issue of Debenture 0.005%
    Transfer and Re-issue of debenture 0.0001%
    Issue of security other than debenture 0.005%
    Transfer of security other than debenture on delivery basis 0.015%
    Transfer of security other than debenture on non-delivery basis  0.003%
    Derivatives  
    (i) Futures (Equity and Commodity) 0.002%
    (ii) Options (Equity and Commodity) 0.003%
    (iii) Currency and Interest Rate Derivatives 0.0001%
    (iv) Other Derivatives 0.002%
    Government Securities 0%
    Repo on Corporate Bond 0.00001%

     

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  • Which are the cases in which registration is compulsory?

    As per Section 24 of the CGST/SGST Act, the following categories of persons shall be required to be registered compulsorily irrespective of the threshold limit:
    i) persons making any inter-State taxable supply;
    ii) casual taxable persons;
    iii) persons who are required to pay tax under reverse charge;
    iv) electronic commerce operators required to pay tax under sub-section (5) of section 9;
    v) non-resident taxable persons;
    vi) persons who are required to deduct tax under section 51;
    vii) persons who supply goods and/or services on behalf of other registered taxable persons whether as an agent or otherwise;
    viii) Input service distributor (whether or not separately registered under the Act)
    ix) persons who are required to collect tax under section 52;
    x) every electronic commerce operator
    xi) every person supplying online information and data base retrieval services from a place outside India to a person in India, other than a registered person; and,
    xii) such other person or class of persons as may be notified by the Central Government or a State Government on the recommendations of the Council.

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  • What is the period for which a taxpayer’s income is taken into account for the purpose of calculating income-tax?

    Income-tax is levied on the annual income of a taxpayer. The year under the Income-tax Law is the period starting from 01 April and ending on 31 March of the next calendar year. The Income-tax Law classifies the year as (1) Previous year and (2) Assessment year.

    The year in which income is earned is called as previous year and the year in which the income is charged to tax or is assessed is called the assessment year. For example, income earned during the period of 01 April 2019 to 31 March 2020 is treated as income of the previous year 2019-20. Income of the previous year 2019-20 will be charged to tax in the next year, i.e., in the assessment year 2020-21.

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  • What are the recent changes in Corporate Income Tax (CIT) for domestic companies?

    With effect from tax year 2019-20, domestic companies shall have an option to pay income tax at the rate of 22% plus 10% surcharge and 4% cess taking the effective tax rate (ETR) to 25.17%, subject to the condition that they will not avail specified tax exemptions or incentives under the Income Tax Act. New domestic manufacturing companies, incorporated on or after 1 October 2019 and commencing manufacturing on or before 31 March 2023, making fresh investments in manufacturing, will have an option to avail an even lower tax rate of 15% plus 10% surcharge and 4% cess taking the ETR to 17.16%

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  • Which instruments are covered under Part AA of Chapter II of the amended Stamp Act and the Rules made thereunder?

    Each security is charged with a duty as specified in Schedule I of the amended Stamp Act. Securities are defined to include all those instruments specified in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956; a “derivative” as defined in clause (a) of Section 45U of the Reserve Bank of India Act, 1934; a certificate of deposit, commercial usance bill, commercial paper and such other debt instrument of original or initial maturity up to one year as the Reserve Bank of India may specify from time to time; repo on corporate bonds; and any other instrument declared by the Central Government, by notification in the Official Gazette, to be securities for the purposes of this Act.

    For more information on Indian Stamp Act, 1899, click here. For more details about the amendments, refer here.

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  • What is Form 26AS?

    A taxpayer may pay tax in any of the following forms:
    (1) Tax Deducted at Source (TDS)
    (2) Tax Collected at Source (TCS)
    (3) Advance tax or Self-assessment Tax or Payment of tax on regular assessment.
    The Income-tax Department maintains the database of the total tax paid by the taxpayer (i.e., tax credit in the account of a taxpayer).  Form 26AS is an annual statement maintained under Rule 31AB​ of the Incom​e-tax Rules disclosing the details of tax credit in his account as per the database of Income-tax Department. In other words, Form 26AS will reflect the details of tax credit appearing in the Permanent Account Number of the taxpayer as per the database of the Income-tax Department. The tax credit will cover TDS, TCS and tax paid by the taxpayer in other forms like advance tax, Self-Assessment tax, etc.
    Income-tax Department will generally allow a taxpayer to claim the credit of taxes as reflected in his Form 26AS.

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  • When should the bill of entry be filed and what are its different kinds?

    Bill of entry can normally be filed to clear the goods after the Import General Manifest (IGM) is presented to the Customs Officers by the Steamer Agents / Airlines, as the case may be. 

    The following are the types of Bill of Entry 

    Home consumption Bill of entry: This has to be filed when the importer wants to clear the goods on payment of duty and remove them to his premises immediately. 

    Into bond Bill of entry:  It is also known as Warehousing Bill of Entry.  This has to be filed when the importer does not want to pay duty immediately but prefers to keep the goods in a warehouse and pay the duty subsequently and clear the goods for home consumption.

    Ex-bond Bill of entry:  This has to be filed when the importer wants to clear the warehoused goods for home consumption on payment of duty

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  • What are restricted items and what is the procedure to import them ?

    All goods, import of which is permitted only with an authorisation / permission / license or in accordance with the procedure prescribed in a notification / public notice are ‘restricted’ goods. For import of goods mentioned in Schedule 1 of ITC (HS) Classification of Export & Import 2012, an application for grant of an Import Authorisation may be made to the concerned Regional Authority of DGFT in Aayaat Niryaat Form 2B(ANF 2B) along with documents prescribed therein, with two copies of the complete set to DGFT(HQ) at Udyog Bhawan, New Delhi. The requests for such imports are considered by Inter Ministerial Committee meeting.

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  • We want to export prohibited goods. Can we take advance authorization for import of inputs duty free?

    You may avail advance authorization for import of inputs for manufacture of a product which is prohibited for exports. However such authorization will have to meet the following conditions, in addition to usual conditions:

    (i) That the export is made subject to pre-import condition which is manufactured in India using the material imported against the said authorisation; and

    (ii) The facility under rule 18 (rebate of duty paid on materials used in manufacture) or sub-rule (2) of rule 19 of the Central Excise Rules, 2002  should be  availed.

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  • Where to obtain an IEC ?

    IEC number is issued by Directory General of Foreign Trade at each regional offices where the exporter/importer is situated. DGFT has recently introduced the facility of issuing Importer Exporter Code in electronic form (e-IEC). For issuance of e-IEC an application can be submitted online on DGFT website: Link. Applicants can upload the documents and pay the required fee through Net banking.

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  • What are Rules of Origin (ROO)?

    They are the criteria needed to determine the of a product for purposes of international trade. It is important because duties and restrictions in several cases depend upon the source of imports. Rules of origin are used: to implement measures and instruments of commercial policy such as antidumping duties and safeguard measures;, whether imported products shall receive most-favoured-nation (MFN) treatment or preferential treatment, for trade statistics; for the application of labelling and marking requirements; and for government procurement.

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  • What is export obligation under post export EPCG Scheme and how the same is fixed?

    The export obligation under post export EPCG Scheme is equivalent to eighty five percent. (85%) of six times the amount which is the sum of applicable Basic duty of customs, additional duty of customs, Education Cess and Secondary and Higher Education Cess paid on goods imported under the said authorisation, on FOB basis, which is to be fulfilled within an export obligation period of six years from the date of issue of the said authorization. However, additional duty of customs shall not be taken for computation for the purpose of fixation of export obligation when the Cenvat Credit in respect of additional duty of customs has not been taken.

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  • What are the basic requirements to import goods?

    The requirements are as follows :- 

    submit an application to the Directorate General of Foreign Trade and obtain Importer and Exporter Code (IEC) number

    IEC has to be indicated in the documents filed with the Customs for clearance of the imported goods

    In the case of 100% EOUs / EPZs the importer and Exporter Code (IEC) numbers are allocated by the Development Commissioner of Export Processing Zone concerned.

    Every good imported shall be in conformity with Section 11 of the Customs Act 1962, Foreign Trade (Development & Regulation) Act 1992 read with the EXIM policy in force.

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  • What are Free Trade Agreements (FTAs)?

    FTAs are arrangements between two or more countries or trading blocs that primarily agree to reduce or eliminate customs tariff and non tariff barriers on substantial trade between them. FTAs, normally cover trade in goods (such as agricultural or industrial products) or trade in services (such as banking, construction, trading etc.). FTAs can also cover other areas such as intellectual property rights (IPRs), investment, government procurement and competition policy, etc.

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  • Can more than one IECs be obtained under a single PAN?

    No, only one IEC could be issued against a  single Permanent Account Number (PAN). If any PAN card holder has more than one IEC, the extra IECs shall be disabled.

    For more information, click here.

     

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  • What are the goods eligible for being financed under the LOCs?

    Under the LOCs, export of capital goods, plant and machinery, industrial manufactures, consumer durables and any other items eligible for being exported under the 'Exim Policy' of the Government of India can be financed.

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  • With reference to this reform please clarify the applicability of ‘’Provision of risk-based classification of Buildings’’ clause for Lifts and electrical installations.

    The reform does not refer to lift and escalator installation

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  • State/UT might require applicants to submit fewer documents to process application for electricity connections than mandated under BRAP 2019. Will reform be approved?

    The reform requires States/UTs to reduce the document required to obtain electricity connection to the following:

    1. Proof of identity of the user
    2. Proof of ownership/occupancy (in case of owned/leased premise)
    3. Authorization document (in case of firm or company) In case the State/UT chooses to further reduce this list, the reform will be approved provided other criteria for approval for this reform are met.

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  • Which are the incentives that are covered under this reform?

    The reform only refers to the incentives provided by the State Government.

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  • What is meant by legally sanctioned Master plans/ Zonal plans/ land use plans?

    The plan must have been adopted by the ULB/ relevant Department in the State and must not be in a draft or consultation stage.

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  • Under what provisions can the Appellate Authority for Advance Ruling be constituted?

    The Appellate Authority for Advance Ruling is constituted under the relevant provisions of the State/UT GST Act. For example the provisions for constitution of Appellate Authority for Advance Ruling are mentioned under Punjab Goods and Services Tax Act 2017, Chapter XVII on ‘Advance Ruling’, Section 99.

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  • What is meant by the term “verification” used in Reform point 4-sub point i.e. “Eliminate physical touch-point for document submission and verification”

    The Reform Point pertains to elimination of physical touch-point at the time of the routine scrutiny and verifying the sanctity of documents, done by the Departments after receipt of an application.

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  • Whether the authorization of BOE is required to be introduced for both registration & renewal of boilers or only for renewal of boilers as unregistered boilers cannot be in use?

    Authorization of Boiler Operation Engineer is required to be introduced only for renewal of boilers.

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  • Inspection reports for how many years must be available for download on the Central Inspection System?

    Inspection reports for the year 2017, 2018 and 2019 must be available for download on the Central Inspection System.

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  • What is meant by the term “verification” used in Reform point 4-sub point i.e. “Eliminate physical touch-point for document submission and verification”

    The Reform Point pertains to elimination of physical touch-point at the time of the routine scrutiny and verifying the sanctity of documents, done by the Departments after receipt of an application.

    The investor should not be required to visit the Department concerned nor should the official be required to physically contact him for the purpose of verification. Clarification may be sought online.

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  • Are the States required to empanel the same agencies for third-party certification which have been empanelled by DPIIT?

    Yes. There is no need for empanelment of the same third party agencies by the State.

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