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.
: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 Article we intend to take a deeper look at definition of “eligible units” and analyze the same.
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 crisis.
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.
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 considered as service.
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 While some fresh exemptions from service tax have been granted, some existing exemptions have either been withdrawn or modified. All these changes have been notified under notification nos. 2/201 0–ST to 17/201 0–ST all dated 27th February 2010.
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 Deloitte Touche Tohmatsu has been hired to audit the information security system of the bank.
Large business entities willing to convert into Limited Liability Partnerships (LLPs) will have to wait for some more time with the government saying that it would consider raising the limit for capital gains tax exemptions as part of the Direct Taxes Code.
construction of a new building which is intended for sale, wholly or partly, by a builder or any person authorised by the builder before, during or after construction (except in cases for which no sum is received from or on behalf of the prospective buyer by the builder or the person authorised by the builder before grant of completion certificate by the authority competent to issue such certificate under any law for the time being in force ) shall be deemed to be service provided by the builder to the buyer.
As per Memorandum on Finance Bill, 2010 a source rule was inserted in section 9 of Income-tax Act in 1976 with an intention of bringing to tax fees for Technical Services by creating a deeming fiction that even in cases where services are provided by a non-resident outside India, consideration for such services will be taxable in India so long as services are utilised in India. The source rule effectively means that the situs of the rendering of ser-vices is not relevant.
