"01 February 2010" Archive

No addition can be made or sustained simply on basis of statement recorded at the time of survey/search

DCIT Vs. Premsons (ITAT Mumbai)

In order to make an addition on the basis of surrender during search or survey, it is sine qua non that there should be some other material to co-relate the undisclosed income with such statement....

Read More

Third Quarter Review of RBI Monetary Policy 2009-10

This Policy Review statement should be read and understood together with the detailed review in Macroeconomic and Monetary Developments released yesterday by the Reserve Bank. The statement is organised in four sections. Section I provides an overview of global and domestic macroeconomic developments; Section II sets out the outlook and p...

Read More
Posted Under: Income Tax | ,

Direct tax code lack the focus on development

The tax code comes in the economic background of over 400 million people being below the poverty line; with many areas disturbed due to underdevelopment; sustained policies of inclusive growth having reduced the poverty ratio but not absolute numbers; and a huge lack of infrastructure....

Read More
Posted Under: Income Tax |

Apex court ask government to take action against official for delays in filing appeals for recovery of tax dues

Inordinate delays in filing appeals for recovery of tax dues by the government have often attracted the attention of the apex court. These delays caused by lapses on the part of revenue officials at Centre and states, however, also represent a systemic failure, legal experts say....

Read More
Posted Under: Income Tax |

MNC can now appeal with CIT (A) too in respect of transfer pricing related disputes

This is good news for Multi-national companies (MNCs) operating in India. Over 1,600 such companies, who were asked to pay additional corporate taxes on account of their overseas transactions, now, have the option to appeal before the conventional forum of Commissioner (Appeal) as well as Dispute Resolution Panel (DRP) for redressal of th...

Read More
Posted Under: Income Tax |

RBI circular on Maintenance of Cash Reserve Ratio (CRR) by Scheduled State Co-operative Banks

RBI/2009-10/300, RPCD.CO.RF.BC.No.51/07.02.01/2009-10 (01/02/2010)

RPCD.CO.RF.BC.No.51/07.02.01/2009-10- On the basis of the current macroeconomic assessment, as set out in the Third Quarter Review of Monetary Policy 2009-10 issued on January 29, 2010, it has been decided to increase the Cash Reserve Ratio (CRR) for Scheduled State Co-operative Banks by 75 basis points from 5.00 per cent to 5.75 per cent...

Read More

RBI circular on Maintenance of Cash Reserve Ratio (CRR) by All Scheduled Primary (Urban) Co-operative Banks

RBI/2009-2010/302, Ref: UBD (PCB).No./2/12.03.000/2009-10 (01/02/2010)

On the basis of the current macroeconomic assessment, as set out in the Third Quarter Review of the Monetary Policy 2009-10 issued on January 29, 2010, ithas been decided to increase the Cash Reserve Ratio (CRR) for Scheduled Primary (Urban) Co-operative Banks by 75 basis points from 5.00 per cent to 5.75 per cent of their net demand and ...

Read More

RBI circular on Maintenance of CRR by regional rural bank

RBI/2009-10/301 RPCD.CO.RRB.BC.No.53/03.05.28 (B)/2009-10 (01/02/2010)

RPCD.CO.RRB.BC.No.53/03.05.28 (B)/2009-10- On the basis of the current macroeconomic assessment, as set out in the Third Quarter Review of Monetary Policy 2009-10 issued on January 29, 2010, it has been decided to increase the Cash Reserve Ratio (CRR) for Regional Rural Banks by 75 basis points from 5.00 per cent to 5.75 per cent of their...

Read More

RBI/2009-10/299, Dated: 01.02.2010

RBI/2009-10/299, DBOD. AML.No. 13388 /14.06.061/2009-10 (01/02/2010)

Banks/Financial Institutions are required to update the consolidated list of individuals/entities as circulated by Reserve Bank and before opening any new account, it should be ensured that the name/s of the proposed customer does not appear in the list. Further, banks should scan all existing accounts to ensure that no account is held by...

Read More

Section 23 of the Banking Regulation Act, 1949 – Relaxations in Branch Authorisation Policy

RBI/2009-10/298 DBOD.No.BL.BC. 72 /22.01.001/2009-10 (01/02/2010)

In partial modification thereof, we advise that Jammu & Kashmir State has since been included in the list of underbanked States and consequently the following underbanked districts of Jammu & Kashmir State – Anantnag, Doda, Kupwara and Poonch – have been included in the list of underbanked districts in underbanked States under Annex I...

Read More

Search Posts by Date

October 2020
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031