The Central Board of Direct Taxes has issued circular prescribing the procedure regulating refund of amount paid in excess of tax deducted and/or deductible in respect of payments to residents as covered under sections 192 to 194LA of the Income-tax Act. The Circular will be applicable for claim of refunds for the period upto 31 March 2010.
DPSS.CO.No.2502 /02.23.02/ 2010-11 – The users of mobile banking services and also the volume of such transactions have been steadily increasing since the introduction of this facility. As per the current instructions mobile banking transactions up to ` 1000/- are permitted without insisting on end-to-end encryption. Banks have been representing to the Reserve Bank to enhance the cap fixed for such transactions given the extensive use of this facility.
Attention is invited to Guidelines on Insurance Repositories and Electronic Issuance of Insurance policies issued by IRDA vide Ref No.IRDA/ADMN/GDL/GLD/080/04/2011 on 29th April, 2011. In accordance to Clause 5 (2) of the guidelines, Applications are called for from the companies that conform the eligibility criteria laid down in the said guidelines.
IDFC today said it has learnt right lessons on issuing retail tax-saving infra bonds and will be hitting the market in second quarter of FY 12 with a fresh issue, hoping to improve on the Rs 1,400-crore it had mopped up last year. We have learnt the lessons as to how to place these things (the bond issue) on the market…last year we did Rs 1,400-crore in three tranches and this year we expect to do better than that, the company’s Managing Director and Chief Executive, Rajiv Lall, told reporters here.
The Reserve Bank today said the uncertainty over issuing guidelines for new bank licences is likely to continue for some more time as it is in consultation with the government over the draft norms. There is some uncertainty about the time-frame for issuing new bank guidelines. We are discussing (the issue) with the Government, RBI Governor D Subbarao told reporters here today.
THE TARGET -The target is to double the country’s merchandise exports in dollar terms over the next three years (2011-12 to 2013-14) from US $ 246 billion in 2010-11 to US$ 500 billion in 2013-14. To realize this, exports have to grow at a compound average growth of 26.7 % per annum.
ITAT Mumbai in the case of Manali Investments v. ACIT held that the short term capital gains arising from the transfer of depreciable assets held for more than 36 months under Section 50(2) of the Income-tax Act, 1961 (the Act) can be set-off against the brought forward long term capital losses under Section 74 of the Act.
Punjab & Haryana High Court in Bhushan Power & Steel Limited v State of Punjab & others has granted interim stay to the petitioners on the levy of entry tax u/s 3-A of Punjab Tax on Entry of Goods into Local areas Act 2000(hereinafter called as the Act), by considering it to be as ultra-vires of the State Government’s power to levy tax under the Constitution of India. Here the grounds on which stay has been granted are being discussed and an attempt has been made to make readers understand the order of the High Court in the said case.
In a bid to check inflation, Reserve Bank today raised its short term lending (repo) rate by 50 basis points to 7.25 per cent, while lowering the economic growth projection to 8 per cent for the current fiscal. The RBI has also increased the saving bank rate by 50 basis points to 4 per cent to give higher returns to depositors in the wake of high inflation.
IRDA requests for Proposal from reputed IT firms / Organizations for the development and implementation of Integrated Surveyor Licensing Management System (ISLMS), maintenance and hosting the same. For details, please visit http://www.irda.gov.in. Last date for receipt of application for technical bid is 7th May 2011 by 3.00 PM
