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Archive: 21 April 2010

Posts in 21 April 2010

Section 80HH to section 80U under chapter VI-A are not independent and shall be governed by the provisions of section 80A read with section 80B(5) of the Act

April 21, 2010 7715 Views 0 comment Print

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.

RRBs – Priority Sector Lending – Advances to Micro and Small Enterprises engaged in exports

April 21, 2010 319 Views 0 comment Print

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.

Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003

April 21, 2010 927 Views 0 comment Print

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.

Government will not spare any guilty or wrong-doer: Pranab Mukherjee on IPL

April 21, 2010 355 Views 0 comment Print

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.

Sunanda Pushkar not out of taxman’s net despite giving up her stake

April 21, 2010 384 Views 0 comment Print

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.

Income tax and enforcement directorate discussed if IPL deals are as per FEMA guidelines?

April 21, 2010 201 Views 0 comment Print

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.

Amendment in Schedule of DEPB rates of Textiles Product Group:89

April 21, 2010 415 Views 0 comment Print

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 department asked 10 questions to BCCI related to IPL

April 21, 2010 963 Views 0 comment Print

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.

CBI searched income Tax Commissioner and arrested assistant commissioner of Income Tax in bribe scam

April 21, 2010 618 Views 0 comment Print

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.

No immediate hike in Interest rates: Bankers

April 21, 2010 243 Views 0 comment Print

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.

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