margin money

Merely because the interest income is earned by the assessee on account of contractual obligation and the same has been accepted in the regular assessment u/s 143(3) of the Income-tax Act, 1961 does not mean that interest income is not taxable under the Act; there is no such provision under the Act to exempt any such income because it is contractual. Full Article

A comparison between Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 vis-à-vis the SEBI (Disclosure and Investor Protection) Guidelines, 2000 The Securities and Exchange Board of India is turning a stricter eye on company promoters who have been issued preferential warrants, saying that they will have to forfeit the upfront payment [...] Full Article

RBI/2009-10/ 127 —RPCD.SP.BC.No 12 /09.01.01/2009- 10 August 24, 2009 The Chairman /Managing Directors, All Indian Public Sector Banks(Excluding RRBs) Dear Sir/Madam, Increase in exemption of collateral security in respect of individual and group loans under  Swarnjayanti Gram Swarozgar Yojana (SGSY) Scheme Please refer to our Circulars No.RPCD.SP.BC23/ 09.01.01/ 99 -2000 dated September 1, 1999 and RPCD.SP.BC.113/ [...] Full Article

The Delhi Consumer Commission has directed the HDFC Bank  to pay Rs 35,000 as compensation to an export house for forcibly seizing a financed car on its failure to pay two instalments.”Whenever any bank resorts to such a method, it is liable to compensate the consumer as to the mental agony, harassment and humiliation suffered by [...] Full Article

THE Assessing Officer during the course of assessment proceedings observed that the assessee has claimed share trading loss of Rs.7,91,263/ -. From the various bills furnished by the assessee including the brokers notes, the Assessing Officer observed that the assessee has not taken physical delivery of shares purchased but only paid margin money. Since actual delivery of shares were not taken by the assessee the Assessing Officer treated the transactions as speculative .. Full Article

Since excise duty and sales tax did not involve any such turnover such taxes had to be excluded. Commission, interest, rent, etc. do yield profits, but they do not partake of the character of turnover and therefore they are not includible in the total turnover. If so, excise duty and sales tax also cannot form part of the total turnover under section 80HHC(3). Full Article