"19 October 2010" Archive

Judicial Standards and Accountability Bill – a good beginning?

I am very happy to listen to the news pertaining to the approval of the cabinet to the Judicial Standards and Accountability Bill, 2010. I believe that it becomes law very soon. I know that it will not be easy to deal with the issue of corruption in Higher Judiciary even after the proposed law, but, it will be a good beginning. The judic...

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Posted Under: Finance |

Notification No. I(A) – AD(AT)/2010-Income Tax Dated 19/10/2010

Notification No. VI(A) - AD(AT)/2010-Income Tax 19/10/2010

Notification No. VI(A) - AD(AT)/2010-Income Tax In supersession of Order No. VI(A)-Ad(A)/2016, dated the 20th September, 2006 and in exercise of the powers conferred by sub-section (5) of section 252 of the Income Tax Act, 1961 (No. 43 of 1961) as amended by the Finance Act, 1984 (No. 21 of 1984), the President, Income Tax Appellate Tribu...

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Amount charged for excess baggage carried by the passengers by air craft – Prima facie taxable under “transport of goods by aircraft by an aircraft operator”

M/s Jetlite (India) Ltd. Vs CST (CESTAT Delhi)

As per statutory provision under section 65(105) (zzn) of the Finance Act, 1994 taxable service means any service provided or to be provided - (zzn) to any person, by air craft operator, in relation to transport of goods by aircraft. The definition of the term aircraft appears in Section 65(3A) of the said Act Passenger aircraft is not ex...

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Imposition of penalty under Section 76 is for failure to pay the service tax by the person liable to pay the same

M/s Quality Welding Works Vs CCE (CESTAT Delhi)

Notwithstanding anything contained in the provisions of Section 76, 77 or 78, no penalty shall be imposable on the assessee for any failure referred to in the said provisions, if the assessee proves that there was reasonable cause for the said failure." In other words, the assessee has to establish reasonable cause for the failure which c...

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CBDT notifies Annuity Plans of TATA and ICICI U/s. 80C(2)(xii)

Notification No. 80/2010-Income Tax 19/10/2010

Notification No. 80/2010-Income Tax In exercise of powers conferred by clause (xii) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Tata AIG Easy Retire Annuity Plan of the Tata AIG Life Insurance Company Limited, as approved by Insurance Regulatory and Development Au...

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Customs Notification No 110/2010 amends Notification No. 15/2007-CUSTOMS dated the 20th February, 2007

Notification No.110/2010-Customs 19/10/2010

G.S.R. (E). -In exercise of the powers conferred by sub-section (1) read with sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) and rules 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, and on the basis...

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Profit before Nature-Game of Exploitation

We are all well acquainted with the words named DEVELOPED and UNDER DEVELOPED. We can define the meaning of these two words from all corners from an economic condition of a country. But precisely saying developed means more economic growth, revenue g...

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Posted Under: Finance |

StCBs/DCCBs – Collection of third party account payee cheques – Prohibition on crediting proceeds to third party accounts

RBI/2010-11/239 RPCD CO. RCBD. BC. No. 24/07.38.03/2010-11 19/10/2010

The collecting banks should, however, be aware that in the event of a claim by the true owner of the cheque, the rights of the true owner of the cheque are not in any manner affected by this circular and banks will have to establish that they acted in good faith and without negligence while collecting the cheque in question....

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Collection of third party account payee cheques – Prohibition on crediting proceeds to third party accounts – RBI circular No. RPCD.CO RRB.BC.No. 25 /03.05.33/2010-11

RBI/2010-11/ 238 RPCD.CO RRB.BC.No. 25 /03.05.33/2010-11 19/10/2010

Please refer to our circular RPCD.CO.RRB.BC.No.19/03.05.33/2009-10 dated September 11, 2010 on the captioned subject, in which it has been stated that the practice of collection of cheques crossed ‘account payee’ through third party accounts (of co-operative credit societies) is not permissible. However, to facilitate collection of ch...

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