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Archive: 05 February 2010

Posts in 05 February 2010

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6447 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Employees can’t be sacked without giving reasonable opportunity of being heard

February 5, 2010 633 Views 0 comment Print

The Supreme Court has held principles of natural justice is a Constitutional requirement that has to be observed by government while taking disciplinary action against him or her. The apex court said the inquiry officer must act as a quasi-judicial authority and not as a representative of government while inquiry into the charges of misconduct against them.

Notice u/s. 143(2) should be issued within one year from the date of filing of block return if A.O. rejects the same

February 5, 2010 3407 Views 0 comment Print

The Supreme Court has ruled that it is mandatory for the Income Tax Department to issue notice within the prescribed time limit of one year where the assessing officer in repudiation of the block return filed by the assessee proceeds for an inquiry.

Exim Bank's Line of Credit of USD 36 million to the Government of the Republic of Mali

February 5, 2010 490 Views 0 comment Print

Export-Import Bank of India (Exim Bank) has concluded an Agreement dated October 12, 2009 with the Government of the Republic of Mali making available to the latter, a Line of Credit (LOC) of USD 36 million (USD thirty six million) for financing eligible goods, machinery, equipment and services including consultancy services from India for the purpose of completion of Mali-Ivory Coast Interconnection Link for integrating the national power grids between Ivory Coast and the Republic of Mali.

Section 23 of the Banking Regulation Act, 1949 – Master Circular on Branch Licensing – Regional Rural Banks (RRBs)- Policy for opening of Regional Offices by RRBs

February 5, 2010 1242 Views 0 comment Print

Please refer to paragraph 2.3 of our Master Circular RPCD. CO. RRB. No. BL. BC.8/03.05.90-A/2009-10 (RBI/2009-10/41) dated July 1, 2009 in terms of which amalgamated RRBs having 75 or more branches will be allowed to open one Regional Office (RO) for every 50 branches, and RRBs, which had not undergone amalgamation (stand alone) and having 50 or more branches, are allowed to open one RO for every 25 branches.

Top-level vacancies in the direct tax administration affecting realisation of targets

February 5, 2010 501 Views 0 comment Print

With just three weeks to go for India’s national budget for next fiscal, the finance ministry has called for urgent steps to fill top-level vacancies in the direct tax administration as delays were affecting the realisation of targets. Central Board of Direct Taxes (CBDT) Chairman S.S.N. Moorthy has even written to the chairman of Union Public Service Commission requesting an urgent meeting of what is called the departmental promotion committee for filling up the vacancies.

National Electronic Funds Transfer (NEFT) System – Refinement of process-flow and enhancement of features

February 5, 2010 3507 Views 0 comment Print

The National Electronic Funds Transfer (NEFT) system has been successfully handling significant volumes, ever since its launch in November 2005. More than 6 million transactions were processed by the system during the month of January 2010 alone. The coverage has also increased substantially with the participation of over 63,000 bank branches spread across the length and breadth of the country.

Alimony cannot be decided on the basis of income-tax returns

February 5, 2010 609 Views 0 comment Print

Alimony cannot be decided on the basis of the husband’s income-tax returns as the I-T document is not the “gospel truth”, the Gujarat high court has ruled. The HC gave the ruling while rejecting the plea of a Vadodara doctor, who moved the court against the maintenance sought by his wife.

IT Chief Commissioners discuss strategies for achieving revenue collection target

February 5, 2010 558 Views 0 comment Print

The Central Board of Direct Taxes (CBDT) convened a meeting of all cadre-Controlling Chief Commissioners of Income Tax here today to discuss strategies for achieving the revenue collection target budgeted at Rs.3,70,000 crore (Rs.3.7 trillion) and internally reset at Rs.4,00,000 crore (Rs.4 trillion). The meeting was addressed by the Member (Revenue) and the Chairman, CBDT. The Revenue Secretary also attended the meeting.

ICAI President's Message for February 2010

February 5, 2010 1241 Views 0 comment Print

This year has been the year of recognition. Our Institute has already achieved international recognition. National recognition was achieved recently when I received the award for “Recognition of Excellence” on behalf of the Institute from H.E. Smt. Pratibha Devisingh Patil, Hon’ble President of India.

Infighting, a way of life at ICAI

February 5, 2010 873 Views 0 comment Print

Country’s regulator for chartered accountants (CAs), the Institute of Chartered Accountants of India or ICAI, which witnessed enormous mudslinging in the year 2009 has started 2010 also with infighting. The centre of the controversy again is Uttam Prakash Agarwal, the outgoing president.

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