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Archive: 24 December 2010

Posts in 24 December 2010

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6459 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

ICAI- Decisions of the Council of the Institute regarding CPE activities

December 24, 2010 228 Views 0 comment Print

An online e-learning module would be developed and implemented by ICAI for the all the members shortly. Under the cited e-learning module, the members would be required to answer on-line such number of questions as may be decided by the Council. On s

Third Quarter Review of Monetary Policy 2010-11 on January 25, 2011

December 24, 2010 276 Views 0 comment Print

Dr. D. Subbarao, Governor, Reserve Bank of India will announce the Third Quarter Review of Monetary Policy 2010-11 on Tuesday, January 25, 2011. This will be done in a meeting with the chief executives of major scheduled commercial banks at 11.00 a.

RBI Releases Gist of Comments on the Discussion Paper on Entry of New Banks in the Private Sector

December 24, 2010 213 Views 0 comment Print

The Reserve Bank of India released on its website today, the gist of the comments on the Discussion Paper on “Entry of New Banks in the Private Sector”. The range of comments received has been very wide and does not indicate consensus on any of the

If Grant of loan is one for the purpose of purchase of capital asset which was also utilised for the same is only a capital receipt

December 24, 2010 654 Views 0 comment Print

The object of the transaction namely the loan transaction is towards the purchase of the capital asset as against the running of the regular business such a receipt would be a capital receipt. Therefore, by applying the said principle laid down by the Honourable Apex Court there is no doubt that the grant of loan being one for the purpose of purchase of capital asset which was also utilised for the same is only a capital receipt.

Receipt of order in one department not being communicated to another department in assessees office not a ground to condone delay

December 24, 2010 276 Views 0 comment Print

Service Tax – Condonation of delay in filing appeal – Submission of the learned Chartered Accountant that the appellant company had different division and departments situated in the same building at Bangalore and the receipt of the said order in one department was not communicated to the legal department to prefer an appeal, is an argument without merits. It is for the appellant company to arrange his business in a manner that he takes action exercising his legal right of appeal with due diligence.

Exempt income is liable to MAT

December 24, 2010 1351 Views 0 comment Print

Incomes exempt under the regular provisions of the ITA would be liable to tax under MAT if they are not expressly excluded under the Explanation providing permissible adjustments to be made in computing the book profit.

HC may impose costs but should decide issues on merit rather than dismissing Revenue’s appeal on mere ground of delay- SC

December 24, 2010 306 Views 0 comment Print

Supreme Court held that Looking to the amount of tax involved in this case, we are of the view that the High Court ought to have decided the matter on merits. In all such cases where there is delay on the part of the Department, we request the High Court to consider imposing costs but certainly it should examine the cases on merits and should not dispose of cases merely on the ground of delay, particularly when huge stakes are involved.

RRBs – Submission of Data to Credit Information Companies – Format of Data to be submitted by Credit Institutions

December 24, 2010 393 Views 0 comment Print

It is therefore, advised that RRBs which have become members of the above credit information company / companies may provide them the current data in the existing format. Such RRBs may also provide historical data in order to enable the new credit information companies to validate their software and develop a robust database.

RBI circular to Regional Rural banks on Operation of bank accounts and money mules

December 24, 2010 601 Views 0 comment Print

In a money mule transaction, an individual with a bank account is recruited to receive cheque deposits or wire transfers and then transfer these funds to accounts held on behalf of another person or to other individuals, minus a certain commission payment. Money mules may be recruited by a variety of methods, including spam e-mails, advertisements on genuine recruitment web sites, social networking sites, instant messaging and advertisements in newspapers.

RBI circular on Financial Assistance to Senior Citizens, Widows and Handicapped persons

December 24, 2010 420 Views 0 comment Print

Please refer to our circulars RPCD. CO. No. RRB. BC. 57/ 03.05.33(F)/ 2005-06 dated December 27, 2005 and RPCD. CO. FID. BC. No. / 12.01.012/ 2010-11 (RBI/ 2010-11/ 253 dated November 1, 2010, in terms of which RRBs are permitted to handle pension accounts and other government business as sub-agents; and to open the accounts of beneficiaries of Indira Gandhi National Old Age Pension Scheme.

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