"09 March 2010" Archive

Bye-Laws of co-ops crucial in income tax liability

The answer to the question whether a member of a primary cooperative society will automatically become a member of the apex society will determine the income tax liability of the apex body, the Supreme Court stated in the case, Commissioner of Income Tax vs Rajasthan Rajya Bunker Samiti. In this case, Samiti, the apex body was the assesse...

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Posted Under: Income Tax |

IFRS will change accounting practice for Financial Assets

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial asset is cash, equity shares issued by another entity, and a contractual right to receive cash or another financial asset. A derivative instrument is recognised either as an ...

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Posted Under: Income Tax |

Grant of ‘Certificate of Registration’ – For commencing business of credit information – Experian Credit Information Company of India Private Ltd

RBI/2009-10/345 , DBOD.No.DL.15214 /20.16.042/2009-10 09/03/2010

As you are aware, Credit Information Bureau of India Ltd.(CIBIL) has been functioning as a Credit Information Company (CIC) from January 2001 onwards and banks and Financial Institutions have been reporting data to CIBIL as per our letters DBOD No. DL.BC.111/20.16.001/2001-02 and DBOD No. DL.BC.29 /20.16.002/2002-03 dated June 04, 2002 an...

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Investment Portfolio of Primary Dealers – Extension of HTM Category for PDs

RBI/2009-10/343, IDMD.PDRD.No.3843/03.64.00/2009-10 09/03/2010

Banks undertaking PD activities departmentally may continue to follow the extant guidelines applicable to banks in regard to the classification and valuation of the investment portfolio issued by our Department of Banking Operations and Development....

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“Eligible” covers Non-eligible also

:This year the Budget 2010 announced on 26.02.2010 has given benefits to Small Scale Units. These benefits have been given not only to those units which are availing the small scale exemption under Notification No. 8/2003-CE dated 01.03.2003 but also to the units who are eligible to avail the benefit under the said Notification. In this ...

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Posted Under: Income Tax |

Need Cautious Real Estate

Recessions have affected mostly the real estate business. Slowing demand and sudden evaporation of liquidity position made the situation become so tough for the real estate sector that companies who were engaged in massive long term projects have to abandon the projects. In many cases they have to forgo SEZ projects too due to financial c...

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Posted Under: Income Tax |

Other side of Merger and Acquisition in India

Recessions have taught lessons to many even to the favorite pet at your home. Among all these many of the lessons are positive and where as many are on the way to become positive. Recessions have educated us in many ways. Among them emerging economies is making the world economy educated about the process of making positive outcomes....

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Posted Under: Income Tax |

Service Tax: Budget Highlights 2010

Addition or reduction of exemptions in various services. Renting Service – Retrospective amendment to supersede decision of Delhi High Court in case of Home Solutions Retail India Ltd. Now activity of ‘Renting’ made taxable. Construction Service – receiving any amount from prospective buyer before completion certificate would be c...

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Posted Under: Income Tax |

Union Budget–2010: Highlights of Amendments in Service Tax Act

Hon’ble Finance Minister Shri Pranab Mukharjee has introduced the Finance Bill, 2010 in the Lok Sabha on the 26th of February, 2010. Clause 75 and 76 of the said bill covers the legislative changes relating to Chapter V of Finance Act, 1994 (i.e. Service Tax). While some fresh exemptions from service tax have been granted, some existing...

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Posted Under: Income Tax |

RBI ordered special audit of Bank of Rajasthan

The Reserve Bank of India (RBI) has ordered a special audit of the accounts of Bank of Rajasthan (BoR) following investigations into irregular dealings by the private sector bank. The regulator has appointed Deloitte Haskins & Sells to audit the bank’s lending policy among other things while the parent accounting and consulting firm De...

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Posted Under: Income Tax |

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