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Finance - Page 338

Electronic Funds Transfer (EFT) Meaning , Sysytem , Charges and Benefit

RBI EFT is a Scheme introduced by Reserve Bank of India (RBI) to help banks offering their customers money transfer service from account to account of any bank branch to any other bank branch in places where EFT services are offered.The EFT system presently covers all the branches of the 27 public sector banks and 55 scheduled commercial ...

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Recycle Bin for Tally 7.2 and Tally 9

Recycle Bin for Tally 7.2 and Tally 9 Enables you to retrieve Voucher entries that you may have accidentally deleted in Tally. It is similar to the Windows recycle-bin and works with Tally 7.2 and Tally 9. The ZIP file contains a readme.txt file which contains steps for configuring Tally.ini in order to use RBIN.TCP file....

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Employing muscle power to recover vehicle loans cannot be permitted

Employing muscle power to recover vehicle loans cannot be permitted in a civilised society where there is effective rule of law - procedure of law may be slow, but that is no excuse for use of force: National Consumer Commission. It is well known that the private banks use muscle power to recover loans. The National Consumer Redressal Com...

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Acceptance of audit & Code of conduct

An auditor is precluded from making inquiries and sending feelers to appoint him as the auditor. The proposal should come from the client and should not be initiated by the auditor. Several professional and legal requirements are to be considered while accepting a new audit. Code of conduct, auditing and assurance standards, the Indian Co...

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Labour Act change to allow women on night shifts

Making things easier for the business process outsourcing (BPO) units, other call centres and the manufacturing sector, the government is likely to amend Section 66 of the Factories Act, 1948 to enable these entities to put women on night shifts, particularly between 7 pm and 6 am, which is otherwise prohibited under the Act....

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SC JUDGEMENT-Recovery of Debts Due to Banks and Financial Institutions

Greater Bombay Co-operative Bank Ltd. Vs United Yarn Tex. (P.) Ltd. (Supreme Court of India)

Section 1 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Applicability of Act - Whether co-operative banks established under Maharashtra Co-operative Societies Act, 1960, Andhra Pradesh Co-operative Societies Act, 1964 and Multi-State Co-operative Societies Act, 2002, transacting business of banking, do not f...

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Privacy Policy for www.taxguru.in

If you require any more information or have any questions about our privacy policy, please feel free to contact us by email at info@taxguru.in. At www.taxguru.in, the privacy of our visitors is of extreme importance to us. This privacy policy document outlines the types of personal information is received and collected by www.taxguru.in a...

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What are books of account?

In a recent case, the Madras High Court concluded that P&L account and balance-sheet are not books of account as contemplated under the I-T Act. Computation of business income under the income-tax law has to be made on the basis of `books of account'. This law has been in operation since 1992, but surprisingly there was no definition of t...

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Post Office Monthly Income Scheme limits increased

G.S.R. 521(e) (01/08/2007)

These rules may be called the Post Office (Monthly Income Accounts) Amendment) Rules, 2007. (2) They shall come into force on the date of their publication in the Official Gazette.2. 2. In the Post Office (Monthly Income Account) Rules, 1987,—(i) in rule 4, for the words "three lakh" and "six lakh", the words "four lakh fifty thousand" ...

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Interpretation of Accounting Standard's issued by ICAI

Chapter III of the Income-tax Act, 1961 (hereinafter referred to as the ‘Act’) deals with incomes which do not form part of total income. Sections 10A and 10B of the Act are covered under Chapter III. These sections allow certain deductions, for certain years, from the total income of an assessee. These deductions are commonly describ...

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