Industry body Assocham today asked the government to raise the tax exemption limit on personal income from Rs 1.6 lakh per annum to Rs 4 lakh per annum and for senior citizens up to Rs 5 lakh per annum. The industry body was giving its proposals on the draft direct taxes code which has been put in public domain by the government for comments.
The Corporate Affairs Ministry is expected to bring out the code on corporate governance in a year’s time. Mr Salman Khursheed, Minister of State for Corporate Affairs, said on Monday that the final code would be based on the draft common minimum code, which would be out for public review by the third week of December.
The following officers are nominated as Members of the Dispute Resolution Panel (DRP) based on the recommendations of the DGIT (International Taxation), New Delhi:
The Government has granted sanction to State Bank of India (SBI), under Section 35(1) of the State Bank of India Act, 1955, vide Department of Financial Services’ letter dated 08.10.2009 for proceeding with the negotiation with State Bank of Indore for acquiring its business. Consequently, the scheme of acquisition of State Bank of Indore by the Stat Bank of India have been approved by Board of both the Banks. The Government keeps in view the interest of all the stakeholders including employees of the merging banks.
Investors will be able to transact in mutual funds units through the National Stock Exchange (NSE) from Monday. UTI Mutual Fund will be the first fund house to use the NSE’s mutual fund platform, which would enable exchange’s members to use its existing infrastructure for transaction in MF schemes.
Ministry of Human Resource Development has proposed to introduce a scheme for full interest subsidy during the period of moratorium on loans taken by students belonging to economically weaker sections from the banks under the Education Loan Scheme of the Indian Banks’ Association (IBA) for pursuing any of the approved courses of studies in technical and professional streams from recognised institutions in India.
After hearing learned counsel for the appellant and going through the mpugned order, we do not find any merit in the instant appeal. It is the conceded position that in the assessee’s balance sheet, the aforesaid liabilities have been shown, which are payable to the sundry creditors. Such liabilities, shown in the balance sheet, indicate the acknowledgment of the debts payable by the assessee. Merely because such liability is outstanding for the last six years, it cannot be presumed that the said liabilities have ceased to exist. It is also conceded position that there is no bilateral act of the
Banks’ association says the process needs a huge effort. Banks may seek time beyond the March 2011 deadline to shift to International Financial Reporting Standards (IFRS) in view of the mammoth effort required for the switover, according to industry sources.The Indian Banks’ Association (IBA) today said its management committee last week discussed the implications of the convergence.
The government today said the Reserve Bank of India (RBI) had not approved appointment of financial consultancy and auditing firm PwC as auditors for commercial banks from the financial year 2009-10 in the wake of alleged irregularities on its part in the Satyam fraud. “After reporting of alleged irregularities on the part of auditors of Satyam Computer, RBI has not approved appointment of PwC as statutory auditor in the scheduled commercial banks from the financial year 2009-10,” Finance Minister Pranab Mukherjee told the Rajya Sabha.
Lack of a licence will debar a moneylender from using legal ways to secure repayment, said Justice P R Borkar of the Aurangabad bench of the high court last week. The Negotiable Instruments Acta law that bounced cheque victims use to recover their money makes it clear that the debt had to be legally enforceable.
