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Archive: 07 October 2010

Posts in 07 October 2010

Entire 9.50 percent interest income on Employees Provident Fund to be tax-exempt

October 7, 2010 778 Views 0 comment Print

The finance ministry has assured the Employees Provident Fund Organisation , or EPFO, that the entire 9.5% interest on the accumulated corpus of account holders for the current fiscal will not be taxed, ending speculation that the government would st

IT department demands 570 crore from Mahindra Satyam for illegally claiming TDS on fictitious income

October 7, 2010 381 Views 0 comment Print

The income Tax Department has demanded 570 crore from Mahindra Satyam (earlier Satyam Computer Services) for illegally claiming tax credit on fictitious income during the 2003-04 to 2008-09 period.

Entry of 3 new credit rating agencies may ensure speedy loan approval and faster dispute resolution

October 7, 2010 153 Views 0 comment Print

Borrowers often find their home or auto loan applications rejected due to credit rating scores from the Credit Information Bureau of India, or Cibil. And sometimes, even though they may not have defaulted, it can be the outcome of a dispute with a ba

Prudential Guidelines on Restructuring of Advances by Banks

October 7, 2010 472 Views 0 comment Print

However, in case the promoters fail to bring in their balance share of sacrifice within the extended time limit of one year, the asset classification benefits derived by banks in terms of para 14.2.2 of the above circular will cease to accrue and the banks will have to revert to classifying such accounts as per the asset classification norms specified under para 11.2 of our above circular.

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