The sources of income should be stated irrespective of whether the income there from is taxable or not. The answer be given with regard to the sources as exist on the date of recording of the statement including the source which might have come into existence after the last return was filed. If any such source is not disclosed and evidence is gathered during the search about its existence, it may lead to an allegation of attempt to evade taxes.
CBI has arrested a Deputy Commissioner of Income Tax and an auditor in Guntur in Andhra Pradesh for allegedly demanding and accepting a bribe of Rs four lakh from a man. The two arrested are A V Srinivasa Rao and Koteswara Rao, DC, Income Tax, Guntur and auditor, respectively.
An auditor has to keep himself abreast of the latest developments in the audit field by constant upgradition of his skills and knowledge through Internet, seminars, self-study and correspondence course. The Satyam multi-crore scam is still fresh in people’s mind and investigations are in progress with the Chairman and Chief Finance Officer in jail pending investigation.
One recurring point of dispute in consumer law has been the standing of the person who makes the complaint. The Consumer Protection Act allows only persons who buy goods or services for their own purpose to approach a consumer forum. The law was amended in 2002 to further clarify that those who buy goods or services for commercial purposes cannot move a consumer forum.
State and Central Co-operative Banks grant loans for various purposes against the security of gold /gold ornaments as part of their lending policy. As per extant instructions (c.f. our circular RPCD.RF.BC.No.69/07.37.02/2002-03 dated January 31, 2003), banks charge interest at monthly rests on loans and advances granted for purposes other than agricultural and allied activities.
Net direct tax collections during first eleven months of the present fiscal (up to February 2010) stood at Rs.2,78,373 crore, up from Rs.2,58,902 crore in the same period last fiscal, registering a growth of 7.52 percent. Growth in Corporate Taxes was 10.89 percent (Rs.1,80,318 crore as against Rs.1,62,617 crore), while Personal Income Tax (including STT, and residual FBT and BCTT) grew at 1.84 percent (Rs.97,692 crore as against Rs.95,930 crore).
The existing part of paragraph 1 i.e. “In terms of the provisions contained in the Foreign Trade Policy, import/export of the following locally produced commodities by the people living along both sides of Indo – China Border as per the prevailing customary practice will be allowed freely” is amended to read as” In terms of the provision contained in the Foreign Trade Policy, Import/Export of the following commodities by residents of border districts who are issued trade passes, as per the prevailing customary practice will be allowed freely”.
With the April 1 deadline to migrate to the base rate model fast approaching, bank chiefs are likely to raise concerns about the new system and seek an extension of the deadline during their scheduled meeting with top RBI officials on Friday. Bankers are worried the new model will affect their business of giving short-term loans to corporate clients at cheaper rates (sub-PLR loans) as lending rates on such loans will go up at least by 2 per cent in the base rate system.
In exercise of the powers conferred by sub-section (1) of section 642 read with sub-section (1) of 610B of the Companies Act, 1956, the Central Government hereby makes the Companies (Central Government’s) General Rules and Forms (Second Amendment), 2010 notifying the new form no. 68.
In a clear signal of a rising interest rate regime, country’s largest private sector lender, ICICI Bank, on Thursday said it has hiked its auto loan rates by up to 0.5 percent and withdrawn its 8.25 percent special home loan scheme. “Auto loans rack rates have been raised by 0.25-0.5 percent depending on segment and tenor with effect from March 5,” an ICICI Bank spokesperson said.
