Shri Amarjit Chopra, a fellow member of the Institute of Chartered Accountants of India ( ICAI ), has been elected as the President of ICAI for the year 2010-11 by the Twenty First Council here today. Shri G. Ramaswamy was elected as the Vice-President of the Institute.
The Ministry of Finance hosted a key meeting of the Steering Group of the Global Forum on Transparency and Exchange of Information for Tax Purposes at New Delhi on 11th – 12th February 2010. The G-20 had asked the Global Forum to complete their peer review processes and to assess adherence to international standards.
It has been brought to notice of the Board that difficulties are being faced by exporters in classification of articles declared as handicraft/artware items. It has also been brought to notice that divergent practices are being followed in classifying the goods made of different constituent materials in the Drawback Schedule and applying Note 14 of the Drawback Schedule notification No.103/2008-Cus (N.T.), dated 29.08.2008 in this regard.
Home and auto loan customers will have to shell out more with several public sector banks including the State Bank, Punjab National Bank and Bank of India (BoI) deciding to end the concessional or limited period loan regime, popularly called teaser rates.
The Government of Punjab has recently imposed Entry Tax on 12 new items under section 3A of Punjab Tax on Entry of Goods into Local Areas Act, 2000 (Punjab Act No.9 of 2000). The List of which has already been provided in the articles published earlier.
Please refer to paragraph 160 of the Second Quarter Review of the Monetary Policy for the year 2009-10 (copy of extract enclosed) wherein it was proposed to link the risk weights of banks’ exposure to NBFCs categorised as Infrastructure Finance Companies (IFCs) to the credit rating assigned to these NBFCs by external credit assessment institutions (ECAIs).
Please refer to paragraph 178 of the captioned policy. NBFCs-ND-SI engaged predominantly in infrastructure financing have represented to the Reserve Bank that there should be a separate category of infrastructure financing NBFCs in view of the critical role played by them in providing credit to the infrastructure sector. Currently, the Reserve Bank has classified NBFCs under three categories, viz., Asset Finance Companies, Loan companies and Investment Companies. It has now been decided to introduce a fourth category of NBFCs as “Infrastructure Finance Companies”(IFCs).
Punjab VAT notification levying additional tax ; Effective February 5, 2010, dealers are required to charge an additional tax calculated at 10% of the amount of tax payable. The additional tax in respect of liquor shall be effective April 1, 2010., Punjab Entry Tax notifications levying entry tax on certain goods
The Reserve Bank of India (RBI) has asked banks to enable existing home loan borrowers to benefit from lower rates along with new customers, a senior official of the Indian Banks’ Association (IBA) told Reuters. In a letter to the IBA, the central bank has asked banks to reconsider their decision after lenders told the Reserve Bank of India (RBI) last year that reducing rates on all home loans is unviable for them.
The Income Tax Department has decided to scrutinise all returns filed by brokers and market players who seek rebate after paying the securities transaction tax (STT).The department, in its tax returns for 2008-09 that is assessed in the current financial year, found that most of brokers or market entities paying STT calculated total income and the tax liability on such income before availing of the rebate under section 88E of the Income Tax Act.
