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Archive: 27 November 2010

Posts in 27 November 2010

ICSI alert to its members regarding unauthorised website

November 27, 2010 210 Views 0 comment Print

The Institute has come across a website on the Council/Regional Council Elections 2010. The said website has been created without the approval, authority or knowledge of the Institute of Company Secretaries of India (ICSI). The creation of the webs

Bank of Baroda hikes retail term deposit rates by up to 75 bps

November 27, 2010 279 Views 0 comment Print

Public sector lender Bank of Baroda (BoB) today announced an increase in the interest rate on certain retail term deposit schemes by up to 75 basis points, with effect from November 29. The interest rates were hiked for deposits of less than Rs 1 cr

Draft norms on health insurance portability soon

November 27, 2010 289 Views 0 comment Print

The government today said that the Insurance Regulatory and Development Authority (Irda) would soon come up with draft guidelines for health insurance portability, which would allow policy holders to switch to another insurer because of poor service

IRDA fines Tata AIG for failure to adhere to management expense guideline

November 27, 2010 438 Views 0 comment Print

Tata AIG Life Insurance has been penalised Rs 5 lakh by the insurance regulator for failing to adhere to guidelines relating to management expenses. In a statement issued on Thursday, Irda said management expenses of the life insurer for 2008-09 was

I-T dept strikes Rs 50 crore deal with BSNL, gets Blackberry

November 27, 2010 372 Views 0 comment Print

The Income Tax department has struck an estimated Rs 50 crore deal with state-owned telecom company BSNL to provide 51,000 mobile connections and one thousand high-end Blackberry phones for secure and fast communication amongst its officers and staff

Large volume of purchase and sale of shares can not be the sole criteria to treat the same as business activity

November 27, 2010 306 Views 0 comment Print

The assessee, a broker in the BSE, disclosed short-term capital gains and long-term capital gains on sale of shares. The AO accepted the LTCG as such though he held that the STCG was assessable as “business profits” on the ground that the assessee was a stock broker & there was large volume and frequency (more than 300) transactions. On appeal, the CIT (A) reversed the AO. On appeal by the department to the Tribunal, HELD dismissing the appeal:

Once charge of misappropriation proved, there cannot be punishment other than dismissal

November 27, 2010 279 Views 0 comment Print

It is well settled in law that once a charge of misappropriation is proved against a bank officer or employee in any department or organisation, who is dealing with money, the employer will lose trust and confidence in him. In such cases the

India Corporate Week 2010 – A Curtain Raiser

November 27, 2010 336 Views 0 comment Print

The Ministry of Corporate Affairs has undertaken a large number of initiatives in the area of corporate reforms. These initiatives have the twin objectives of providing an enabling environment for the sustainable corporate growth and to integrate it

Corrective Steps on Rupee Rise

November 27, 2010 288 Views 0 comment Print

In the month of October 2010, the monthly average exchange rate of rupee was Rs. 44.5 per US dollar, indicating 3.6 per cent appreciation over the exchange rate of Rs.46.1 in September 2010. The rupee however, has depreciated by 2.4 per cent against

Amount Collected as Education CESS during the last three years from direct and indirect taxes

November 27, 2010 591 Views 0 comment Print

Since no Reserve Fund has been opened in the Public Account of India for the purpose of crediting the 1% Secondary & Higher Education Cess for expenditure towards related schemes/prgorammes, the expenditure provision for Department of School Educatio

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