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Budget-2011-12

KEY FEATURES OF BUDGET-2011-12 PART-A SOCIAL Þ Funds get leaked during implementing any social schemes meant for public development Þ Focus on e-projects to eliminate corruption and bureaucratic hurdles Þ Task force on direct transfer of subsidy on kerosene, LPG and fertilizers to needy Þ More liberalization in FDI Policy expected Þ To prevent multiple lending of same properties, Central Electronic Registry under SARFAESI Act be created by 31.03.2011 Þ Justice B.N.Krishna Committee reviewing all financial sector laws, rules and regulations Þ State Governments to review Agricultural Produce Marketing Acts Þ Comprehensive Manufacturing policy Þ To deal with issue of black money, proposing to introduce new law Þ To introduce National Food Security Bill Þ Broadband connectivity be available in 2,50,000 Panchayat in three years Þ Remuneration of Anganwadi Workers increased from Rs.1500 to Rs.3000 Þ ...

New Amendment

1. Gratuity payable under Gratuity Act, has been increased from 3.5 lakh to 10 lakh by recent ammendemnt to the Act. 2. Section 8 of the Hindu Adoptions and Maintenance Act, 1956 has been amended so as to a married woman can adopt a son or daughter

Highlight of Legal Metrology Bill, 2008

Bill was introduced in Parliament on 24.10.2008. Bill is a single legislation on weights and measures. Will replace existing two Acts, namely, “The Standards of Weights & Measures Act, 1976” & “The Standards of Weights & Measures (Enforcement) Act, 1985”. Simplify the weights and measures laws, will contain only 56 Sections in place of existing 160 (together in the above two acts) Person has to get approval of model of weight or measure before being put in manufacturing or importing from authorities. Importer needs to get registered with Authorities Every person shall obtain license from Authorities Existing Law Proposed Law Verification of weighing and measuring instruments to be done by State Enforcement Authorities Government Approved Test Centre can verify certain prescribed weighing and measuring instruments (Parliamentary committee had recommended to delete this clau...

Proposed amendment in Industrial Disputes Act, 1947

Government has proposed to amend certain provisions of the Industrial Disputes Act, 1947 vide Amendment Bill, 2009. It is our endeavour to provide the summary of the bill in simple words. The Bill proposes to increase the ceiling under Section 2(s)(iv) from Rs.1600/- to Rs.10,000/-, at present, person who is working in supervisory position and earning more than Rs.1600/- is not workmen, however situation will be changed after this. Bill further propose to insert a New Chapter-IIB requiring to setup a Grievance Redressal Committee by an establishment employing more than 20 workers, for resolution of dispute arising out of individual grievances. Further a significant change which is being proposed that all awards, order shall be executed in accordance with the procedure laid down for execution of orders or decree of a civil court under Order-XXI of CPC. www.vlaindia.com

GOODS & SERVICE TAX-CHALLENGES AHEAD TO THE COUNTRY

GOODS & SERVICE TAX CHALLENGES AHEAD TO THE COUNTRY Vishnu Langawat & Shruti Raikar Content A. Introduction B. Constitutional framework C. Experience in other countries D. Challenges ahead to the Empowered Committee E. Conclusion A. INTRODUCTION Law is a dynamic subject which keeps changing as per the requirements of the society. Lord Macaulay had never thought when a Court will strike down the provisions of the homosexuality under Indian Penal Code in partiality. India as per the requirement of the society at large and to address emerging global and national development is aggressively working towards the tax reform. Government of India had setup Indirect Tax Enquiry Committee under the leadership of Sh.L.K.Jha and on the suggestions of the Jha Committee, Government introduced concept of VAT in the Central Excise Law with respect to manufacturing stage which gradually developed and rechristened to present CENVAT Scheme. However introduction of VAT in respect to sales tax got ...

Service Tax and Value Added Tax

This research paper is basically based on my confusion over the applicability of two statutes on the same subject matter. The points which I have considered in this article related to taxability of Intellectual Property Right services and applicability of the Delhi Value Added Tax Act, 2005 on the right to use of intellectual property rights. VALUE ADDED TAX 1. Most of the Indian states had rescinded their old Local Sales Tax Acts and adopted new Value Added Tax Act which is more logical and scientific. The changes in most of the States have come with effect from 1st April, 2005. It is noteworthy that most of the Value Added Tax Acts are identical since they are all based on the common understanding reached culminating in the reports of the Empowered committee and also the comprehensive white paper on the subject. Hence in-depth reading of any one particular Act is sufficient for this paper. Union Territory of Delhi with effect from 1st April, 2005 has like many other States ha...

Independence Day, It is one leave! Boss

It is only a decade ago when I was studying in school in a small town of Uttar Pradesh. Only thing which I can visualize is that I become much older (it is thought full). I still remember that on Independence Day, our school used to celebrate the national function and we young students used to participate in the Independence Day’s parade at our Tehsil Ground. Every teachers and students were full of feelings of patriotism, but now Independence Day becomes a holiday. radically our mind set has changes. on this day (since it is leave) we can wind up our pending list of matters, can take rest at home, watch movies, etc. etc. No one wants to sacrifice its day for the country. Yes we have grown up. In Delhi, I have seen new trend, Schools do its duties of celebrating the Independence Day on 14th August, and Teachers do not want to waste their precious leave of a day. So they do their part of duties on 14th August and we too get relaxed, fine today is leave from office!. Why do we require a ...