Complaints about incomplete details about the remitter (or beneficiary) and / or the source of credit (or debit) in the pass books / pass sheets / account statements, as also lack of uniformity across banks in providing even such minimal information are rising. A very generic mention as ‘NEFT’ or ‘NECS’ does not help customers in identifying the source of credits, particularly where multiple credits are afforded to their accounts through these products. The Procedural Guidelines on NEFT / NECS / ECS and various circulars issued from time to time clearly highlight the minimum information that should be provided to customers.
Retail investors will get to double their bets on initial public offerings as the market regulator is set to raise the limit to Rs 2 lakh, the first revision in five years, as it attempts to keep pace with the eroding value of the rupee. The proposal
The Supreme Court on Monday adjourned hearing in the tax case against Vodafone to 15th November after the telecom company sought time to go through the Rs. 11,218 crore tax notice sent by the Income Tax department.
Life insurance policy holders may not be required to keep paper records of their policies once the plan for digitalisation of the sector that is being worked on by the Life Insurance Council is approved by the regulator IRDA.
The Ministry of Labour and Employment and Training (MLET), vide its office memorandum dated 8 September, 2009, has imposed restrictions on the issue of Employment Visas (EVs) to highly skilled and professionals foreign nationals.
Recently, the Mumbai Bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Cheminova India Ltd Vs ACIT, Mumbai (ITA No. 4865/Mum/05) [13 ITAT INDIA 240 (Mum)]., accepted higher price paid to its Associated Enterprises (AEs) (as compared to unrelated parties) under Comparable Uncontrolled Price (CUP) Method to be the arm’s length price (ALP) based on the economic and commercial justification.
Bangalore bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of ACIT v. K. Mohan & Co.(Exports) (P.) Ltd [2010] 130 TTJ 719 (Bang) held that that profits earned from forward contracts cannot be included in the profits of the business of the undertaking for the purpose of computing deduction under Section 10B of the Income-tax Act, 1961(the Act) .
