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The provisions as provided under Section 80A-1 of the Act will have a over ridding effect, over, all other section in the chapter VI-A and the Act as per the intention of the legislature. Thus, section 80HH or any other section up to section 80U in chapter VI-A would be governed by section 80A of the Act as section 80AB makes it clear that the computation of income has to be in accordance with the provisions of the Act. As such, if the income has to be computed in accordance with the provisions of the Act, then not only profits but also losses have to be taken into consideration.
Please refer to our circular RPCD.CO.RRB.BC.No. 20/03.05.33/2007-08 dated August 22,2007 on lending to priority sector, in terms of which finance granted by banks to micro and small enterprises as defined under the Micro, Small and Medium Enterprises Development (MSMED) Act,2006,is eligible for classification under priority sector.
The Securitisation Company or Reconstruction Company shall take the measures specified in sections 9(a) of the Act, in accordance with instructions contained in Circular DNBS/PD (SC/RC) No. 17/26.03.001/2009-10, dated April 21, 2010 as amended from time to time.
With opposition parties training their guns on the Indian Premier League (IPL), the government today told Lok Sabha that the investigation into the sources and routes of funding for the Twenty20 tournament had already begun and “no guilty or wrong-doer” would be spared.
Dubai-based Sunanda Pushkar may have given up her stake in the IPL Kochi franchise, but the taxman may not let her be. Senior income-tax officials in Mumbai said that Sunanda may be asked to pay roughly Rs24 crore in tax for the 19% sweat equity she held in Rendezvous Sports World, a member of the consortium that won the Kochi IPL franchise.
Was there a secret meeting between officials of the income tax (I-T) and enforcement directorate (ED)? It is learnt that the tax sleuths met in Mumbai recently to discuss if certain deals of the Indian Premier League (IPL) are in accordance with the Reserve Bank of India guidelines.
In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-2014 and Paragraph 1.1 of the Handbook of Procedures (Vol.I), the Director General of Foreign Trade hereby makes the following amendments in the “Schedule of DEPB Rates” (as amended from time to time).
Income tax authorities have asked the Board for Control of Cricket in India (BCCI) to respond by Friday, April 23, to 10 queries, including the one on income from controversy-hit IPL and its structure. The BCCI, sources said, was asked questions relating to owners of IPL teams, their balance sheets, income earned during the various tournaments and the money paid to players.
The Anti-Corruption Bureau (ACB) of the CBI investigating the bribery case involving senior income tax officials on Sunday searched the office and residence of Commissioner Anirudh Rai. Meanwhile, the CBI on Monday arrested assistant commissioner Anjali Bambole thus taking the number of persons in its custody to three.
Home, auto and consumer loan rates are unlikely to move up in the near future despite a 0.25 percentage points hike in the key policy rates with bankers today assuring that they will not make loans dearer anytime soon as liquidity is sufficient in the system.
