Powered by
Translate
Google Translate – an automatic translation service that uses state-of-the-art technology, not human translators, to translate text – provides instant translations in different languages. By providing these translations, we hope to make essential information available to a diverse range of investors. However, please be aware that, since translations are done by machine, they may not always be perfect. Please see our disclaimer at the bottom of this page.
We provide this link to Google Translate as a courtesy to visitors. We do not own, manage or control any aspect of Google Translate and are not responsible for the translations provided by Google Translate. We do not make any promises, assurances, or guarantees as to the accuracy, reliability, or timeliness of the translations provided. We can only verify the validity and accuracy of the information provided in English. Viewers who rely on information through Google Translate on our website do so at their own risk. We shall not be liable for any inaccuracies or errors in the translation and shall not accept liability for any loss, damage, or other problem, including without limitation, indirect or consequential loss or damage arising from or in connection with use of the Google Translate Service. By using Google Translate, you understand and agree to this disclaimer. If there are any concerns regarding the accuracy of the information presented within the translated versions of our site, please refer back to the official English language website.
The various methods to calculate the arm’s length price with respect to an international/specified transaction are as under:
Was this helpful?
As per Section 92C of the Income - tax Act, 1961, the following methods can be used for computing arm's length price:
a) Comparable Uncontrolled Price (CUP) Method
b) Resale Price Method (RPM)
c) Cost Plus Method (CPM)
d) Profit Split Method (PSM)
e) Transactional Net Margin Method (TNMM)
f) Any Other Method
Was this helpful?
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.”
Was this helpful?
Taxpayers indulging in any international or specified domestic transactions are required to maintain a set of documents specified in Rule 10D of the Income - tax Rules, 1962. The transfer pricing documentation shall be required if the value of international transactions exceeds INR 1 crore and specified domestic transactions exceed INR 20 crore in a financial year.
Was this helpful?
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.
Was this helpful?
All the taxpayers are mandatorily required to file an accountant's report prepared by an independent professional through Form No. 3CEB for all international transactions irrespective of the value of international transactions and specified domestic transactions if the value exceeds INR 20 crore in a financial year.
Was this helpful?
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:
Was this helpful?
The term international transaction as defined under Section 92B of the Act as:
Was this helpful?
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.
Was this helpful?
An enterprise is required to comply with the transfer pricing regulations when:
Was this helpful?
No. Acquisition of copyright is automatic and it does not require any formality. Copyright comes into existence as soon as a work is created and no formality is required to be completed for acquiring copyright.
For more information, click here.
Was this helpful?
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.
Was this helpful?
Copyright is a right given by the law to creators of literary, dramatic, musical and artistic works and producers of cinematograph films and sound recordings. In fact, it is a bundle of rights including, inter alia, rights of reproduction, communication to the public, adaptation and translation of the work. There could be slight variations in the composition of the rights depending on the work.
For more information, click here.
Was this helpful?
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.
Was this helpful?
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.
For more information, click here.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
For more information, click here
Was this helpful?
Following are the types of trademarks in India:
For more information, click here.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
The Controller General of Patents, Designs and Trademarks has information regarding trademark form and fees.
For more information, click here.
Was this helpful?
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.
Was this helpful?
The legal requirements to register a trademark under the Act are:
The selected mark should be capable of being represented graphically (that is in the paper form).
For more information, click here.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
The Patent Office has no role in the commercialization of patent. However, the information relating to patents is published in the e-journal of the Patent Office in the official website which is freely accessible to the public worldwide. This certainly helps the applicant to attract potential user or licensee. The Patent office also compiles a list of patents which have not been commercially worked in India.
For further details please access following link.
Was this helpful?
A patent application can be filed with Indian Patent Office either with provisional specification or with complete specification along with fee as prescribed in schedule I. In case the application is filed with provisional specification, then one has to file complete specification within 12 months from the date of filing of the provisional application.
For more information, click here.
Was this helpful?
Yes, the applicant can make a request for early publication in Form 9 along with the prescribed fee.
For more information, click here.
Was this helpful?
Term of every patent in India is 20 years from the date of filing of patent application, irrespective of whether it is filed with provisional or complete specification. However, in case of applications filed under PCT, the term of 20 years begins from International filing date.
For further details please access following link.
Was this helpful?
Yes, one can file patent applications through comprehensive online filing system at https://ipindiaonline.gov.in/epatentfiling/goForLogin/doLogin.
For more information, click here.
Was this helpful?
The Patent Office has no role beyond grant of patent. Since patents are private rights the patent owner is responsible for commercializing the patent either himself or through licensee. However, the information relating to grant of patent is published in the Patent Office journal and also published on the Patent Office website which is accessible to the public worldwide.
For more information, click here.
Was this helpful?
Yes, the Patent Rules provides for different fee for individuals/Startups, SME‘s and legal entity. Details can be seen in the First Schedule of the Patents Rules, 2003 as amended from time to time.
For more information, click here.
Was this helpful?
No, the employer is not obliged to select or employ a person sponsored by the Employment Exchanges Act, 1959.
For more information, click here.
Was this helpful?
Yes, your establishment will continue to be covered under the provisions of the Contract Labour (R&A) Act, 1970 for a period of one year from the day on which 20 or more workmen were lastly employed.
For further details please access following link.
Was this helpful?
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.
Was this helpful?
Any contract or agreement, whether made before or after the commencement of this Act, whereby an employee either relinquishes or reduces his right to a minimum rate of wages or any privilege or concession accruing to him under this Act shall be null and void. (Section 25).
For more information, click here.
Was this helpful?
A fee of US$ 0.075 to be remitted along with a request under the Contract Labour (R&A) Act, 1970.
For further details please access following link.
Was this helpful?
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.
Was this helpful?
The Act prohibits Civil Courts from entertaining any suit for recovery of minimum wages payable under the Minimum Wages Act, 1948 (Section 24).
For more information, click here.
Was this helpful?
If principal employer endorses the name of sub-contractor in the agreement, after having Form V from principal employer, a subcontractor is requested to take license under the Contract Labour (R&A) Act, 1970.
For further details please access following link.
Was this helpful?
In India, child below 14 years cannot be employed. However, there are following exceptions which includes non-hazardous family enterprises and child working as an artist in an audio-visual entertainment industry.
Additionally, a child above 14 years but below 15 years of age can be employed only for 4.5 hours a day and cannot work during the night.
For more information, click here.
Was this helpful?
Every employer must maintain a muster-roll-cum-wage register and also a bound inspection book. (Rule 27 & 28) of the Minimum Wages Act, 1948.
For more information, click here.
Was this helpful?
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.
Was this helpful?
An Indian company issuing shares/convertible debentures to a person resident outside India shall receive the amount of consideration by:
1) Inward remittance through normal banking channels.
2) Debit to NRE/ FCNR (B) account of a person concerned maintained with an AD Category I bank.
3) Debit to non-interest bearing Escrow account in Indian Rupees in India which is opened with the approval from AD Category – I bank and is maintained with the AD Category I bank on behalf of residents and non-residents towards payment of share purchase consideration.
4) Conversion of royalty/ lump sum/ technical know-how fee due for payment or conversion of ECB. Conversion of pre-incorporation/ pre-operative expenses incurred by the a non-resident entity up to a limit of five percent of its capital or US$ 500,000 whichever is less.
5) Conversion of import payables/pre incorporation expenses/can be treated as consideration for issue of shares with the approval of FIPB,against any other funds payable to a person resident outside India, the remittance of which does not require the prior approval of the Reserve Bank or the Government of India and swap of capital instruments, provided where the Indian investee company is engaged in a Government route sector, prior Government approval shall be required.If the shares or convertible debentures are not issued within 180 days from the date of receipt of the inward remittance or date of debit to NRE/FCNR (B)/Escrow account, the amount shall be refunded. Further, Reserve Bank may on an application made to it and for sufficient reasons permit an Indian Company to refund/allot shares for the amount of consideration received towards issue of security if such amount is outstanding beyond the period of 180 days from the date of receipt.
Was this helpful?
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.
Was this helpful?
Maximum permissible non-public shareholding is derived based on the minimum public shareholding requirement under the Securities Contracts (Regulations) Rules 1957 (SCRR). Rule 19A of SCRR requires all listed companies (other than public sector companies) to maintain public shareholding of at least 25% of share capital of the company. Thus, by deduction, the maximum number of shares which can be held by promoters i.e. maximum permissible non-public shareholding in a listed company (other than public sector companies) is 75% of the share capital.
For more information, click here.
Was this helpful?
Any Merger or Amalgamation that meets the below threshold limits is considered as combination:
For more information, click here.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
No, every person who is liable to take a Registration will have to get registered separately for each of the States where he has a business operation and is liable to pay GST.
For more information, click here
Was this helpful?
The tax structure in India is divided into direct and indirect taxes.
While direct taxes are levied on taxable income earned by individuals and corporate entities, the burden to deposit taxes is on the assesses themselves. Indirect taxes are levied on the sale and provision of goods and services respectively and the burden to collect and deposit taxes is on the sellers instead of the assesses directly.
Taxes in India are levied by the Central Government and the State Governments. Some minor taxes are also levied by the local authorities such as the Municipality and the Local Governments.
For more information, click here.
Was this helpful?
In case where the income tax of the employee is borne by the employer, the WHT is deemed to be deducted on the date of payment of salary to the employee. Hence, any delay in depositing WHT to the government treasury may be considered as “tax deducted but not deposited”. In such a scenario, in addition to the interest and the penalty consequences, the employer may also be liable for prosecution, i.e., a rigorous imprisonment for a term of three months to years and a fine.
Was this helpful?
Through the said amendments, the Central Government has created the legal and institutional mechanism to enable States to collect stamp duty on securities market instruments at one place by one agency (through the Stock Exchanges or Clearing Corporations authorised by the Stock Exchange or by the Depositories) on one instrument. A mechanism for appropriate sharing the stamp duty with relevant State Government based on State of domicile of the buying client has also been included. In the extant scenario, stamp duty was payable by both seller and buyer whereas in the new system it is levied only on one side (payable either by the buyer or by the seller but not by both, except in case of certain instrument of exchange where the stamp duty shall be borne by both parties in equal proportion).
For more information on Indian Stamp Act, 1899, click here. For more details about the amendments, refer here.
Was this helpful?
Section 10 provides list of incomes which are exempt from tax Amongst these the major exemptions relating to capital gains are listed below:
Section 10(33) : Long-term or short-term capital gain arising on transfer of units of Unit Scheme, 1964 (US 64) (transferred on or after 1-4-2002).
Section 10(37) : An individual or Hindu Undivided Family (HUF) can claim exemption in respect of capital gain arising on transfer of agricultural land situated in an urban area by way of compulsory acquisition. This exemption is available if the land was used by the taxpayer (or by his parents in the case of an individual) for agricultural purpose for a period of 2 years immediately preceding the date of its transfer .
Section 10(37A) : An individual or Hindu Undivided Family (HUF) can claim exemption in respect of capital gain arising on transfer of land or building or both under Land Pooling Scheme under the Andhra Pradesh Capital City Land Pooling Scheme (Formulation and Implementation) Rules, 2015. This exemption is available if individual or HUF was owner of such land as on 02-06-2014. [Inserted by the Finance Act 2017 w.e.f. 01-04-2015].
Section 10(38) : Long-term capital gain arising on transfer of equity shares or units of equity oriented mutual fund (*) or a unit of a business trust other than a unit allotted by the trust in exchange of shares of a special purpose vehicle as referred to in section 47(xvii), will be exempt from tax, if the following conditions are satisfied:
The asset transferred should be equity shares of a company or units of an equity oriented mutual fund or a unit of a business trust other than a unit allotted by the trust in exchange of shares of a special purpose vehicle as referred to in section 47.
The transaction should be liable to securities transaction tax (STT) at the time of transfer.
Such asset should be a long-term capital asset.
Transfer should take place on or after October 1, 2004.
Note 1 : Any long-term capital gain arising from a transaction undertaken in recognized stock exchange located in an International Financial Service Center shall be exempt from tax. Such exemption is available if such transaction is undertaken in foreign current and even if no STT is paid on such transaction.
Long term capital gain exemption on transfer of equity share acquired or on after 01-10-2004 shall be available only if the acquisition of share is chargeable to STT. However, the exemption shall continue in genuine cases where the STT could not have been paid like acquisition of share in IPO, FPO, bonus or right issue by a listed company, acquisition by non-resident in accordance with FDI policy, etc. [Inserted by Finance Act 2017]
(*) Equity oriented mutual fund means a mutual fund specified under section 10(23D) and 65% of its investible funds, out of total proceeds of such fund are invested in equity shares of domestic companies.
Exemption for long-term capital gains arising from transfer of listed securities as referred to in Section 10(38) has been withdrawn by the Finance Act, 2018 w.e.f. Assessment Year 2019-20 and a new section 112A is introduced in the Income-tax Act.
As per Section 112A, long-term capital gains arising from transfer of an equity share, or a unit of an equity oriented fund or a unit of a business trust shall be taxed at 10% (without indexation) of such capital gains. The tax on capital gains shall be levied in excess of INR 1 lakh.
Was this helpful?
If a project office/branch office/Indian subsidiary of a Foreign corporation has sustained a loss in the financial year, which it proposes to carry forward to the subsequent year for adjustment against subsequent year(s) positive income, such taxpayer must make a claim of loss by filing tax return before the due date.
Was this helpful?
The following categories of persons are liable to pay GST:
For more information, click here
Was this helpful?
The stamp-duty collected on behalf of the State Government shall not be utilized by any collecting agent for any other purpose and shall be transferred to the State Government along with interest earned on such amount, if any.
For more information on Indian Stamp Act, 1899, click here. For more details about the amendments, refer here.
Was this helpful?
Every taxpayer must furnish the details of his income to the Income-tax Department i.e. return. The Income-tax Department examines the return of income for confirming its correctness. The process of examining the return of income by the Income-tax Department is called “Assessment” Under the Income-tax Law, there are four major assessments as given below:
For more information, click here
Was this helpful?
You can take the help of tax professionals or the help of Public Relations Officer [PRO] in the local office of the Income-tax Department. You may also take assistance from Tax Return Preparers [TRPs]. You can locate your nearest TRP at link.
Was this helpful?
In case an EOU making a product by procuring 100% raw material indigenously, then such product can be sold in the domestic market on payment of basic duty. Department of Revenue Notification No. Cicrular No. 85/2001-Cus., dated 21/12/2001, may please be seen.
For more. go to link.
Was this helpful?
Few categories are exempted from IEC, such as:
Detailed lists of exempt categories and corresponding permanent IEC numbers are given in the section named “IEC No. Exempted Categories" in the link provided below.
For more information, click here
Was this helpful?
Exim Bank has been using the LOC mechanism for promoting India's exports to the traditional as well as new markets in developing countries, which need deferred credit for buying Indian machinery, goods and services. As the LOC is extended by Exim Bank on internationally competitive terms, the overseas importer of Indian goods is allowed access to the credit facility at competitive interest rates. The overseas importer and the Indian exporter do not have to negotiate credit terms separately as the credit arrangement between Exim Bank and the overseas borrower financial institution is already in place.
Was this helpful?
The new policy for import of gold is yet to be notified by RBI post scrapping of 20: 80 scheme on 28th November 2014 and it is anticipated that this would also be accompanied by some change in duty structure.
Was this helpful?
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.
Was this helpful?
As per the present provision given in Chapter 3, paragraph 3.21 of the Foreign Trade Policy, exporters are given recognition as a 1 star export house, 2 star export house, 3 star export house, 4 star export house and 5 star export house etc. The eligibility criteria is:-
(1) One Star Export House -3 million $
(2) Two Star Export House – 25 million $
(3) Three Star Export House - 100 million $
(4) Four Star Export House -500 million $
(5) Five Star Export House – 2000 million $ .
Was this helpful?
No person is allowed to make any import or export without an IEC. IEC forms a primary document for recognition by Govt. of India as an Exporter/ Importer. However, there are a few exceptions listed down by the Directorate General of Foreign Trade.
For more information, click here.
Was this helpful?
Any goods, import of which is governed through exclusive or special privileges granted to State Trading Enterprises (STE(s)), may be imported by STE(s) as per conditions specified in ITC (HS). DGFT may, however, grant an Authorisation to any other person to import or export any of these goods under CHAPTER 2 of the Foreign Trade Policy 2015-2020. More details can be obtained from : Link
Was this helpful?
You are permitted to capitalise the payments due from the foreign entity towards exports, fees, royalties or any other dues from the foreign entity for supply of technical know-how, consultancy, managerial and other services within the ceilings applicable. Capitalisation of export proceeds remaining unrealised beyond the prescribed period of realisation will require prior approval of the Reserve Bank of India.
Was this helpful?
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.
Was this helpful?
The reform does not refer to lift and escalator installation
Was this helpful?
The reform requires States/UTs to reduce the document required to obtain electricity connection to the following:
Was this helpful?
The reform only refers to the incentives provided by the State Government.
Was this helpful?
The plan must have been adopted by the ULB/ relevant Department in the State and must not be in a draft or consultation stage.
Was this helpful?
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.
Was this helpful?
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.
Was this helpful?
Authorization of Boiler Operation Engineer is required to be introduced only for renewal of boilers.
Was this helpful?
Inspection reports for the year 2017, 2018 and 2019 must be available for download on the Central Inspection System.
Was this helpful?
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.
Was this helpful?
Yes. There is no need for empanelment of the same third party agencies by the State.
Was this helpful?