"18 October 2010" Archive

“SARFAESI” PROCEEDINGS – THE JURISDICTION OF HIGH COURT?

Despite the effort made by the legislature to keep the recovery of debts by the Bank very simple and clear when the debt is secured, there exist few complications in law dealing with the recovery of secured debt under SARFAESI Act, 2002. The constitutional validity of the provisions of the SARFAESI Act were challenged before the Constitut...

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Posted Under: Fema / RBI |

I -T dept collects CWG works related documents

The Income Tax department has collected documents pertaining to tenders and award of contracts for its “two pronged” probe into the finances of the Commonwealth Games even as a high-level committee headed by a former CAG goes into allegations of corr...

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Posted Under: Fema / RBI |

Companies deducts TDS but not pay on time

The survey was carried out to verify whether tax was deducted under the provisions of tax deducted at source (TDS). While examining documents, the department found out that in several cases, companies have defaulted in transferring TDS to the I-T dep...

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Posted Under: Fema / RBI |

Bhutan lottery- HC orders Kerala to collect tax from Megha Distributors

In a blow to the state government, the Kerala High court today directed tax authorities to receive advance tax from Megha Distributors treating them as promoters of Bhutan lottery in the state.A division bench, comprising justices Thothathil B Radhak...

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Posted Under: Fema / RBI |

Vodafone not agent of Hutchison- Files petition in HC

Vodafone said on Friday it has filed a petition in Bombay High Court defending itself against a new step by tax authorities treating the telco as an 'agent' of the seller in its $ 11-billion (about Rs 50,000 crore) takeover of Hutchison Telecom in 20...

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Posted Under: Fema / RBI |

Income Tax dept to get high-end investigation tools to probe evasion

Confronted with rising number of cases where financial data is encrypted electronically, the Income Tax department is hunting for high-end digital data extraction and investigation tools which can glean through erased information and recover internet...

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Posted Under: Fema / RBI |

Frequent cheque bounce may lead to closure of your bank account

Those writing cheques without adequate funds in their account risk having their account blocked a measure that will further tighten the regime around bounced cheques. India’s largest lender, the State Bank of India, has decided to close the accounts...

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Posted Under: Fema / RBI |

44.4 Percent Increase in Indirect Tax Collections in first six Months(April-September,2010) of 2010-11

Customs, Central Excise and Service Tax revenue collections rose to Rs. 150686/- Crore during April-September 2010. Thus there is an increase of 44.4 percent in revenue collections at all India level during April-September 2010 as compared to corresp...

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Posted Under: Fema / RBI |

All India Bar Examination Mandatory for all Law Graduates to Practice in India

The Bar Council of India (BCI) has made All India Bar Examination (AIBE) mandatory for all law graduates who have passed in the academic year 2009-10 to practice law in India. The BCI will conduct the AIBE in nine languages across 27 cities in India ...

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Posted Under: Fema / RBI |

Security audits as per RBI rules must for banks, says RR Patil

In the wake of the growing number of banks being looted in the state, home minister RR Patil said, on Thursday, that banks needed to be more vigilant and should conduct the mandatory security audits as per the rules laid down by the Reserve Bank of I...

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Posted Under: Fema / RBI | ,

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