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FINANCIAL SCENE
For the sake of the retail investor
Under the new rule more applications will be received

Pharma units await clarity on compulsory licensing
When the government initiated discussions last week to lay down norms for the issuance of compulsory licensing (CL) for medicines under the Indian Patent Act 1970, it rekindled the issue facing the Indian pharmaceutical industry of the ...

TAX FORUM: QUESTIONS & ANSWERS
Are non-resident women entitled to higher exemption limit?
QUESTION: The Finance Act prescribes a higher exemption limit of Rs. 1.90 lakh only for “every individual, being a resident in India” vide Item No. II of Part I of the First Schedule of the Finance Act. My non-resident cousin ...

TAX FORUM: QUESTIONS & ANSWERS
Replacement or repairs?
QUESTION: We are representing a number of manufacturing concerns which have to replace parts of machinery from time to time. Such replacements were being allowed earlier but after the decision of the Supreme Court in CIT v Saravana Spinning ...

TAX FORUM: QUESTIONS & ANSWERS
How co-owned property is assessed?
QUESTION: We have a property settled by a Will jointly among the brothers, so that we are co-owners of the property. Are we entitled to separate assessment? Since the property is let out, but a consolidated payment is made to one ...

TAX FORUM: QUESTIONS & ANSWERS
Improper use of food coupons
QUESTION: There is a widespread misuse of food coupons with such coupons being accepted by many shops, including some super markets in lieu of cash apparently encashing the same, possibly because of the outlets they have as food joints. Is ...

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