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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 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 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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  • What are the scenarios under which Form FC-TRS is required to be filed?

    Form FC-TRS shall be required to be filed within sixty days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier, under the following scenarios for transfer of capital instruments by way of sale:

    • From a person resident outside India holding capital instruments in an Indian company on a repatriable basis to a person resident outside India holding capital instruments on a non-repatriable basis
    • From a person resident outside India holding capital instruments in an Indian company on non-repatriable basis to a person resident outside India holding capital instruments on repatriable basis
    • From a person resident outside India holding capital instruments in an Indian company on repatriable basis to a person resident in India
    • From a person resident in India holding capital instruments in an Indian company to a person resident outside India holding capital instruments on repatriable basis
    • By a person resident outside on a recognized stock exchange

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  • Does Indian transfer pricing law have an Advance Pricing Agreement (APA) program?

    APA is a binding agreement between the taxpayer and tax authority to determine in advance, a set of criteria that would govern the transfer prices for covered inter-company transactions for a fixed period of time.

    The APA regime has been introduced in India effective 01 July 2012. The APA rules provide an option for taxpayers to seek a unilateral, bilateral or multilateral APA. It can be valid for up to five years and additionally for a period of four consecutive previous years.

    The APA filing process includes an optional pre-filing submission, the filing of the APA request, negotiation of the APA, execution and monitoring. Taxpayers are required to prepare and file an annual compliance report for each year under the APA. It helps that taxpayer in attaining certainty on the transfer price adopted and assists in mitigating the risks of litigation for the period covered under APA.

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  • What are safe harbor rules under the Indian transfer pricing regulations?

    Safe harbor rules is a mechanism under which in certain circumstances tax authorities accept the transfer prices declared by tax payer without undertaking detailed audit. The tax authorities have introduced rules prescribing procedure for adopting safe harbor, the transfer price to be adopted, the compliance procedures upon adoption of safe harbor and the circumstances in which a safe harbor adopted may be held to be invalid.

    The categories of international transactions covered under the safe harbor provisions include:

    • Provision of software development services
    • Provision of IT enabled services
    • Provision of knowledge process outsourcing services
    • Advancing of intra-group loans
    • Provision of corporate guarantee
    • Provision of contract research and development services
    • Manufacturing and export of auto components
    • Receipt of low value adding intragroup services

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  • Is there a statutory deadline for submission of transfer pricing documentation?

    An accountant’s report in Form 3CEB must be furnished along with the Income Tax Return, i.e., (on or before 30 November following the end of the financial year under consideration). With respect to the transfer pricing documentation, the taxpayer is required to maintain the same before furnishing Form 3CEB. However, there is no requirement of furnishing the transfer pricing documentation along with accountant’s report/Form 3CEB at the time of filing tax return.

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  • Is there a requirement for a fresh benchmarking analysis every year vs roll-forward/ update of the financials?

    A fresh benchmarking search needs to be conducted every year. According to Rule 10D(4), “The information and documents specified under [sub-rules (1), (2) and (2A)], should, as far as possible, be contemporaneous and should exist latest by the specified date referred to in clause (iv) of section 92F.”

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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 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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  • How long I have to wait to get my work to get registered by the Copyright office?

    After you file your application and receive diary number you have to wait for a mandatory period of 30 days so that no objection is filed in the Copyright office against your claim. In case any objection is filed, the Registrar of Copyrights after giving an opportunity of hearing to both the parties, may decide to register the work or otherwise.

    For more information, click here.

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  • How can I get copyright registration for my Website?

    A website may be understood as a web-page or set of interconnected web-pages, hosted or stored on a server, and is made available online to members of public. Users can access the information and other underlying work on a website through various means such as scrolling web-pages, using internal hypertext links or a search feature.

    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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  • 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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  • 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 the procedure for registration of a work under the Copyright Act, 1957?

    The procedure for registration is as follows:
     1) Application for registration is to be made on Form
     2) Separate applications should be made for registration of each work.
     3) Each application should be accompanied by the requisite fee prescribed in the second schedule to the Rules.
     4) The applications should be signed by the applicant or the advocate in whose favour a Vakalatnama or Power of Attorney has been executed.
     5) The fee is either in the form of Demand Draft, Indian Postal Order favouring ‘Registrar Of Copyright Payable At New Delhi’ or through E-payment

    For more information, click here.

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  • When does the applicant for Registration of Design get the registration certificate?

    When an application for registration of a Design is in order, it is accepted and registered and then a certificate of registration is issued to the applicant. However, a separate request should be made to the Controller for obtaining a certified copy of the certificate for legal proceeding with requisite fee.

    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 the penalty for using a registered design under the design act?

    If anyone contravenes the copyright in a design, he is liable for every offence to pay a sum not exceeding INR25,000/- to the registered proprietor subject to a maximum of INR50,000/- recoverable as contract debt in respect of any one design.

    For more information, click here.

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  • What is piracy of a design?

    If anyone contravenes the copyright in a design, s/he is liable for every offence to pay a sum not exceeding Rs. 25,000/- to the registered proprietor subject to a maximum of Rs. 50,000/- recoverable as contract debt in respect of any one design. The registered proprietor may bring a suit for the recovery of the damages for any such contravention and for injunction against repetition of the same.

    For more information, click here.

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  • How one can ascertain whether registration subsists in respect of any design?

    For ascertaining whether registration subsists in respect of a design, a request should be made to the Patent Office, Kolkata. If the Design number is known, the request should be made on Form 6, otherwise on Form 7, together with prescribed fees. Each such request should be confined to information in respect of a single design.

    For more information, click here.

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  • Is it possible to re-register a design for which Copyright has expired?

    No. A registered design, the copyright of which has expired, cannot be re-registered.

    For more information, click here.

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  • What is the date of registration under the Design Act, 2000?

    The date of registration, except in case of priority, is the actual date of filing of the application. In case of registration of design with priority, the date of registration is the date of making an application in the respective country.

    For more information, click here.

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  • What is the duration of the registration of a design? Can it be extended?(Under The Design Act 2000)

    The duration of the registration of a design is initially ten years from the date of registration, but in cases where claim to priority has been allowed the duration is ten years from the priority date. This initial period may be extended by 5 years on an application made in Form-3 accompanied by prescribed fees to the Controller before the expiry of the said initial period of ten years. The proprietor of a design may make application for such extension even as soon as the design is registered.

    For more information, click here.

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  • What is the effect of registration of design?

    The registration of a design confers upon the registered proprietor ‘Copyright’ in the design for the period of registration. ‘Copyright’ means the exclusive right to apply a design to the article belonging to the class in which it is registered.

    For more information, click here.

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  • What is the most appropriate time for filing the registration of designs?

    First-to-file rule is applicable for registrability of design. If two or more applications relating to an identical or a similar design are filed on different dates only first application will be considered for registration of design.

    For more information, click here.

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  • Does the Trade Marks Registry help to select a trademark agent to prepare and prosecute trademarks application?

    Yes, Trade Marks Registry had published a list of facilitators who are willing to facilitate filing trademark applications for start-ups and act as a trademark agent on their behalf. Their fees for this purpose have also been notified.

    For more information, click here.

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  • Can any correction be made in the application or the trademark register?

    Yes. However, the basic principle is that the trademark applied for should not be substantially altered affecting its identity. Subject to this, changes are permissible according to rules detailed in the subordinate legislation.

    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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  • Does Indian Patent give protection worldwide?

    No. Patent protection is a territorial right and therefore, it is effective only within the territory of India. There is no concept of global patent. However, filing an application in India enables the applicant to file a corresponding application for same invention in convention countries or under PCT, within or before expiry of twelve months from the filing date in India. Patents should be obtained in each country where the applicant requires protection of his invention.

    For more information, click here.

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  • When should an application for a patent be filed?

    An application for a patent can be filed at the earliest possible date and should not be delayed. An application filed with provisional specification, disclosing the essence of the nature of the invention helps to register the priority of the invention. Further, the application for patent should be filed before the publication of the invention and until then it should not be disclosed or published.

    For more information, click here.

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  • How a patent specification is prepared?

    A patent specification can be prepared by the applicant himself or his registered and authorized agent. The patent specification generally comprises of the title of the invention indicating its technical field, prior art, draw backs in the prior art, a concise but sufficient description of the invention and its usefulness, drawings (if any) and details of best method of its working.

    For more information, click here.

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  • What does provisional specification of patents include?

    Indian Patent Law follows first to file system. A provisional application is an application which can be filed if the invention is still under experimentation stage. Filing a provisional specification provides the advantage to the inventor since it helps in establishing a priority date of the invention.

    For more information, click here.

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  • Does Indian Patent given protection worldwide? (Under The Patents Act 1970)

    Patent protection is territorial right and therefore it is effective only within the territory of India. However, filling an application in India enables the applicant to file a corresponding application for same invention in conventional countries, within or before expiry of twelve months from filling data in India. Therefore, separate patent should be obtained in each country where the applicant requires protection of his invention in those countries. There is no patent valid worldwide.

    For further details please access following link.

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  • What is a Patent? (Under The Patents Act 1970)

    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 purpose without his consent.

    For further details please access following link.

     

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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 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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  • 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 are the criteria of patentability?

    An invention can become patentable subject matter must meet the following criteria:
     1) It should be novel.
     2) It should have inventive step or it must be non-obvious.
     3) It should be capable of industrial application.
     4) It should not fall within any of the provisions of sections 3 and 4 of the Patents Act 1970

    For more information, click here.

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  • What are the notices to be displayed under the Act and list of actions that are considered as misconduct at workplace?

    An abstract of  Section 3 and 14 of the Act in Local Language and English.
    List of actions are:

    •Willful insubordination or disobedience, whether or not in combination with another, of any lawful and reasonable order of a superior.
    •Going on illegal strike or abetting, inciting, instigating or acting in furtherance thereof;
    •Willful slowing down in performance of work, or abetment or instigation thereof;
    •Theft, fraud or dishonesty in connection with the employers’ business or property or the theft or property of another workman within the premises of the establishment;
    •Taking or giving bribes or any illegal gratification;
    •Habitual absence without leave, or absence without leave for more than ten consecutive days or overstaying the sanctioned leave without sufficient grounds or proper or satisfactory explanation;
    •Habitual breach of any Standing Order or any law applicable to the establishment or ant rules made there under;
    •Collection without the permission of the Manager of any money within the premises of the establishment except as sanctioned by any law for the time being in force;
    •Engaging in trade within the premises of the establishment;
    •drunkenness, riotous, disorderly or indecent behavior on the premises of the establishment;
    •Commission of any act subversive of discipline or good behavior on the premises of the establishment;
    •Habitual neglect of work, or gross or habitual negligence;
    •Habitual breach of ant rules or instruction for the maintenance and running of any department, or the maintenance of the cleanliness of any portion of the establishment;
    •Habitual commission of any act or commission for which a fine may be imposed under the Payment of Wages Act, 1936.
    •Canvassing for union membership, or the collection of union dues within the premises of the establishment except in accordance with any law or with the permission of the Manager
    •Willful damage to work in process or to any property of the establishment;
    •holding meeting inside the premises of the establishment without the previous permission of the Manager or except in accordance with the provisions of any la for the time being in force;
    •Disclosing to any unauthorised person any information in regard to the processes of the establishment which may come into the possession of the workman in the course of his work;
    •Gambling within the premises of the establishment;
    •Smoking or spitting on the premises of the establishment where it is prohibited by the employer;
    •Failure to observe safety instructions notified b the employer or interference with any safety device or equipment installed within the establishment;
    •Distributing or exhibiting within the premises of the establishment hand-bills, pamphlets, posters, and such other things or causing to be displayed  by means of signs or writing or other visible representation on any matter without previous sanction of the Manager;
    •Refusal to accept a charge-sheet, order or other communication served I accordance with these Standing Orders;
    •Unauthorised possession of any lethal weapon in the establishment.

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  • If a Trade Union has an identical name with another, will it be registered?

    Registrar of Trade Union shall not register that union, until they make a change in the identical name under the Trade Union Act.

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  • Registrar of Trade Union withdrew a union’s registration in view of non performance of certain statutory provisions. Is it possible?

    Registrar has the power only to cancel the registration.  He cannot withdraw the order of registration issued by him.

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  • When happens when membership falls down after the date of application?

    Application shall not become invalid.

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  • What is the number of registers to be maintained by establishments exempt from furnishing return under labour laws?

    The Registers required to be maintained by establishments exempt from furnishing return are as under:

    1. registers in Form B, Form C and Form D, in the case of small establishments: and
    2. register in Form E, in the case of very small establishments

    For more information, click here

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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 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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  • 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 are the registers to be maintained under Act?

    Register showing the name of date of birth of every child so employed or permitted to work, hours and periods of work of any such child and intervals of rest, the nature of work of any such child.

    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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  • 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 is meant by Takeovers & substantial acquisition of shares?

    When an ‘acquirer’ takes over the control of the ‘Target Company’, it is termed as a Takeover. When an acquirer acquires ‘substantial quantity of shares or voting rights’ of the Target Company, it results into substantial acquisition of shares. 
    For further details please access following link.

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  • When does it become mandatory to notify regarding a combination to CCI?

    The Competition Act requires mandatory notification of all combinations within stipulated timelines. Combinations must be notified to CCI within 30 days of a trigger event

    For more information, click here.

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  • What does the term combination mean under mergers and acquisitions?

    Any Merger or Amalgamation that meets the below threshold limits is considered as combination:

    1. Enterprise Level
      1. India : Assets > Rs 2,000 cr. Or Turnover > Rs. 6,000 Cr
      2. Worldwide (India component) : Assets > $ 1Bn with Rs. 1000 cr in India Or Turnover > $ 3Bn with Rs. 3,000 Cr in India
    2. Group Level
      1. India: Assets > Rs 8,000 cr. Or Turnover > Rs. 24,000 Cr
      2. Worldwide (India Component): Assets > $ 4Bn with Rs. 1000 cr in India Or Turnover > $ 12Bn with Rs. 3,000 Cr in India

                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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  • 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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  • Is competition due to Merger and Acquisition covered under any act?

    The competition act 2002 governs the laws and regulations with respect to merger, acquisition and amalgamation transactions. Competition commission of India is the governing body.

    For more information, click here.

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  • What are the threshold limits for acquisition of shares/voting rights, beyond which an obligation to make an open offer is triggered?

    There are two threshold limits for acquisition of shares/voting rights, beyond which an obligation to make an open offer is triggered:

    • Acquisition of 25% or more shares or voting rights (details in link given below)
    • Acquisition of more than 5% shares or voting rights in a financial year (details in link given below)

    For more information, click here.

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  • What is the procedure to report an acquisition that is made in India?

    In respect of acquisitions under clause (a) of sub regulation (1), and clauses (e) and (f) of sub regulation (4), the acquirer shall intimate the stock exchanges where the shares of the target company are listed, the details of the proposed acquisition in such form as may be specified, at least four working days prior to the proposed acquisition, and the stock exchange shall forthwith disseminate such information to the public.

    For more information, click here.

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  • Who is an ‘Acquirer’?

    Acquirer means any person who, whether by himself, or through, or with persons acting in concert with him, directly or indirectly, acquires or agrees to acquire shares or voting rights in, or control over a target company. An acquirer can be a natural person, a corporate entity or any other legal entity. 
     

    For further details please access following link.

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  • If the ultimate parent entity of the group is a resident of a country (home jurisdiction) where the CbCR is not required to be filed, or if it has not opted for a parent surrogate filing, will the Indian CE be required to file a CbCR in India?

    As per the section 286(4) of the Income Tax Act, if the ultimate parent entity, resides in a country where CbCR is not required to be filed and the group has not opted for a surrogate filing, then the entity will be obligated to file a CbCR in India.

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  • What are the common compliances under Indirect taxes in India?

    From 1st July 2017, indirect taxes such as service tax, VAT would be subsumed by Goods and Service tax (GST) which is a comprehensive levy on manufacture, sale, and consumption of goods and services. Major compliances are as follows:

    • GST Registration Number:  It is 15-digit identification that is allotted to taxpayer based on PAN and state of the applicant.

    • Returns:  Under GST, generally, a person is required to file 3 monthly returns and an annual return.

     

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  • What are the major direct taxes in India?

    Major direct taxes in India are:

    1. Income Tax
    2. Wealth Tax
    3. Corporation Tax

    For more information, click here 

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  • What are the major indirect taxes in India?

    Major indirect taxes in India are:

    1. Central Goods & Services Tax (CGST)
    2. State Goods & Services Tax (SGST) 
    3. Integrated Goods & Services Tax (IGST) 
    4. Customs Duty

    For more information, click here 

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  • Who is obligated to pay GST under the GST administration?

    The following categories of persons are liable to pay GST:

     

    1. Persons registered under GST and making taxable supplies under GST

    2. Persons registered under GST required to make payment of tax under the reverse charge mechanism

        
    3. E-commerce operators registered under the GST and through whom certain categories of notified supplies are made

        
    4. Persons registered under GST and required to deduct tax (TDS)

    5. E-commerce operators registered under GST and required to collect tax (TCS)

     For more information, click here

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  • What are the major advantages of IGST model?

    The major advantages of IGST model are

    • Maintenance of uninterrupted ITC chain on inter-State transactions
    • No upfront payment of tax or substantial blockage of funds for the inter-state supplier or recipient
    • No refund claim in exporting State, as ITC is used up while paying the tax
    • Self-monitoring model
    • Model takes ‘Business to Business’ as well as ‘Business to Consumer’ transactions into account

    For more information, click here 

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  • What are the taxes that organizations pay in India?

    Taxability in India:

    1. Company: Tax incidence of a company depends on the residential status of the company i.e., whether the company has been incorporated in India or its place of effective management lies in India
    2. Firm/LLP: Tax incidence of a Limited Liability Partnership (LLP) depends on the residential status of the LLP,i.e., whether the control and management of its affairs are situated wholly or partially in India

    For more information, click here 

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  • Which entity will qualify as constituent entities (CEs) for the purpose of reporting in the CbCR as per Indian regulations?

    A constituent entity means

    • Any separate entity of an international group that is included in the consolidated financial statement of the said group for financial reporting purposes on a line by line basis (i.e., profits, revenue and assets)
    • Any such entity that is excluded from the consolidated financial statement of the international group solely on the basis of size or materiality
    • Any PE of any separate business entity of the international group included in above points, if such business unit prepares a separate financial statement for such PE for financial reporting, regulatory, tax reporting or internal management control purposes

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  • When are inbound CEs required to file CbCR in India?

    An inbound CE is required to file CbCR in India if:

    • Its parent entity is not obligated to file a CbCR for a reportable accounting year
    • If there is no exchange agreement of CbCR with ultimate or alternate reporting entity’s jurisdiction
    • If there has been a systemic failure in a country and this is intimated

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  • Do I need to take any precautions while filling the tax payment challan?

    Following caution can be taken while filling-up the tax payment challan:

    Clearly mention the following:

    • Type of payment
    • Assessment year
    • Permanent Account Number
    • mode of payment of the tax
    • the head of payment

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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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  • What documents does a foreign national need to provide for obtaining Import Export Code?

    Non-resident Indians (NRI) have to follow the normal application procedure while applying for IEC. In addition, permission from RBI/ FIPB is needed in some cases.

    Further the following documents are also required for IEC code:

    •    Board Resolution

    •    Memorandum of Association

    •    copy of Passport

    •    All documents prescribed for Indian Citizen/ company/ Proprietorship firm

    For more information, click here.

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  • What is the validity of IEC?

    An IEC allotted to an applicant shall have permanent validity unless cancelled by the competent authority. The IEC will cover all branches / divisions / units / factories of the applicant.

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  • Can I surrender Import Export Code number if I do not wish to operate as Exporter Importer?

    If an IEC holder does not wish to operate allotted IEC number, he may surrender same by informing issuing authority. On receipt of such intimation, issuing authority shall immediately cancel it and electronically transmit it to DGFT and Customs authorities.

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  • Does IEC need to be revalidated after a period of time?

    No, IEC need not be revalidated  if the PAN is incorporated in it, but the same needs to be updated for changes in name / address / constitution.

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  • Can an IEC number be modified?

    Yes, Modifications in IEC number are  applied online in ANF 2A.

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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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  • Can a Public Limited Co. / Private Limited Co./ Partnership obtain different IECs for different concerns owned by it ?

    No. However, the name of each concern owned by such a company may be included in the IEC of the firm in whose name PAN exists, as a branch.

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  • How do I find HS Code for my product?

    If you want to know the HS Code, Click on ‘ITC HS Based Policy’ on the website of DGFT. A new window will open as ITC(HS) Query Form. Insert the name of the product in the description option to know the HS Code of your product. Similarly, if you want to know the product and are already aware of the HS Code, enter the ITC(HS) Code (e.g. 0324) option to know the product.

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  • What are ITC(HS) Codes?

    ITC(HS) Code or better known as Indian Trade Classification (Harmonized System) Code was adopted in India for import – export operations. ITC (HS) is a compilation of codes for all merchandise / goods for export/ import. Goods are classified based on their group or sub-group at 2/4/6/8 digits. ITC (HS) is aligned at 6 digit level with international Harmonized System goods nomenclature maintained by World Customs Organization Link. However, India maintains national Harmonized System of goods at 8 digit level which may be viewed through the following Link

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  • Whether State can exempt any Act under which returns are not to be filed?

    The State may exclude the Act(s) under which there is no requirement to file return. However, the State should submit necessary evidence for nonapplicability of the reform point.

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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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  • Are the States allowed to relax criteria for hiring of BOE?

    No.

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  • Is there a requirement of empanelment of Boiler Operation Engineer?

    No, there is no requirement of empanelment of BOE.

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  • .Introduction of “Minimum 5 years of experience in the field related to boilers for BOE” in contradiction to Rule 31 of the BOE Rules, 2011 relating to age, qualifications and experience for BOE?

    Rule 31 of the BOE Rules, 2011 provides for minimum eligibility criteria i.e. age, qualifications and experience for obtaining a certificate of proficiency and operate a boiler as a Boiler Operation Engineer. The said criteria is Stated for both, Diploma and Degree Holders.

    However, under BRAP 2019, distinction form the qualifications under Rule 31 of the BOE Rules, 2011 has been made in relation to third-party certification. For the purpose of issuing/granting third-party certification, only a BOE who holds a degree/is a graduate in Mechanical/ Production/ Power Plant/ Metallurgical engineering from a recognised institution and has minimum 5 years of experience in the field related to boilers is eligible. The said reform excludes diploma holders to grant third-party certificate.

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  • Are there any specific restriction on BOEs to conduct third-party inspections?

    There are no restrictions on BOE if they are authorized under section 34(3) of the Boilers Act 1923.

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  • Whether both registration and renewal feature required to be developed?

    The State shall develop feature only for registration under Shops and Establishments Act. The “Registration and renewal under The Shops and Establishments Act” refers only to the main heading of the reforms.

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  • .Should requirement for renewal of registration under Shops and Establishments Act be eliminated?

    Yes. The State should encourage voluntary update of information by the establishment and remove requirement for renewal of registration under Shops and Establishments Act

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  • Will multiple site visits which are a part of a single inspection be considered a violation of the reform criteria with respect to The Boilers Act 1923?

    Inspection for a boiler which requires more than one visit can be considered as one inspection and the same inspector can carry out the stages of inspections (in case of power boiler which requires thorough examination and Hydro testing on two different days, must be considered as one inspection). For subsequent inspections the State Government may advise/educate the boiler owner to approach Private Component Persons for carrying out the inspections of Boilers so that the system proposed in BRAP 2019 can be effectively implemented.

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  • What is meant by “specific permissions from the respective Head of Department”?

    The permission for every surprise inspection or inspection based on complaints must be taken from the officer who heads the Department within the State/UT.

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