"20 November 2009" Archive

RBI advisory asked banks to limit their mutual fund (MF) exposure

The Reserve Bank of India (RBI) advisory to banks for limiting their mutual fund (MF) exposure has prodded the lenders to put in place a detailed investment norm. While large banks were capping their MF exposure at 20 per cent of total investment, smaller banks were limiting such investments to Rs 1,000 crore, executives at public sector ...

Posted Under: Fema / RBI | ,

GST unlikely to be implemented from 1st April, 2010

With issues like the exclusion of petroleum products from the purview of Goods and Services Tax (GST) yet to be resolved, India may miss the GST implementation deadline of April 1, 2010. "There are various issues remaining unsolved. Currently, we are taking various industries' views on them to resolve them at the earliest," a senior offic...

Posted Under: Fema / RBI |

ICSI proposes 7-Company cap on maximum number of directorship in listed companies

The maximum number of listed companies in which an individual can serve as a director should not be more than seven, proposed the Institute of Company Secretaries of India (ICSI) to the ministry of corporate affairs (MCA). The proposal came in the light of ICSI view that a director needs to spend enough time to understand a company if he ...

Posted Under: Fema / RBI |

Govt may introduce Governance code for unlisted companies

The Ministry of Corporate Affairs is all set to introduce a governance code for unlisted companies on the lines of the one for listed firms to encourage more companies to register on the stock exchanges. Elaborate disclosures and compliance with governance code is seen as one big reason why many companies do not want to raise public funds...

Posted Under: Fema / RBI |

Confiscation of goods cleared for home consumption

To Confiscate means to appropriate private property to public treasury. Thus after confiscation the goods becomes a property of the government and the government candeal with it as it wants. Through option of redemption fine, government offers to some person to take ownership of the goods. Redemption fine is not a penalty and it has no pe...

Posted Under: Fema / RBI |

Mens Rea in Taxation Offences

“Mens Rea” literally means a guilty mind. It is a cardinal principle of English Common Law is that a persons cannot be convicted and punished in a proceeding of a criminal nature unless it can shown that he had a guilty mind. The principle is self explanatory. A person should be punished for deliberate defiance of law, rather than som...

Posted Under: Fema / RBI |

Vigilant system to track corporate frauds

These alerts relate to related party transactions, non-payment of deposits, etc. In reply to an unstarred question in the Lok Sabha today, Minister of Corporate Affairs, Shri Salman Khurshid said that the Registrars of Companies and the regional directorates, have also been involved in this exercise. He also informed the House that streng...

Posted Under: Fema / RBI |

Exposure draft of XBRL (eXtensible Business Reporting Language) Banking Taxonomy

XBRL (eXtensible Business Reporting Language) is an electronic format for communication of business and financial data which is revolutionising business reporting around the world. XBRL is one of a family of "XML" languages which is becoming a standard means of communicating information between businesses and on the internet. XBRL provide...

Posted Under: Fema / RBI |

Notification on Income-tax (Dispute Resolution Panel) Rules, 2009

Notification No. 84 /2009 - Income Tax 20/11/2009

Notification No. 84/2009 - Income Tax 13. Rectification of mistake or error.- After the issue of directions under rule 10, if nay mistake or error is apparent in such direction, the panel may, suo motu, or on an application from the eligible assessee or the assessing officer, rectify such mistake or error, and also direct the assessing of...

Before due date simply refers and means that not after the expiry of due date

K. K. S. K. Leather Processors (P.) Ltd. Vs ITO (ITAT Chennai)

We have considered the rival contentions, relevant record and various decisions relied upon by both the parties. The undisputed factual position emerging out of the record is that in the case of first assessee in ITA Nos.826 & 827/09 the return of income for the assessment year 2003-04 was filed on due date but the return of income for...

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