Central Bank of India chief S Sridhar today said the industry’s non-performing assets (NPAs) are likely to increase, as some smaller companies that borrowed during the low rates regime would find it difficult to service their loans due to the hike in rates.
5th June 2011 , the last date for admission to Foundation, Intermediate and Final Course for December 2011 term of examination being Sunday, the same is now being extended to the next working day i.e. 6th June 2011. This extension be brought to the general notice of the Students and accordingly arrangements may kindly be made .
NOTIFICATION NO. G.S.R. 397(E), DATED 24-5-2011 – In exercise of the powers conferred by clause (mc) of sub-section (2) of section 63 read with sub-section (1) of section 53G of the Competition Act, 2002 (12 of 2003), the Central Government hereby makes the following rules, further to amend the Competition Appellate Tribunal (Salaries and Allowances and other terms and conditions of service of the Chairperson and other Members) Rules, 2009,
Notification No. 37/2011 – Customs (N. T.) – Central Board of Excise and Customs (CBEC), Department of Revenue has issued a Notification No.37/2011-Customs (N.T.) dated May 31, 2011 and thereby notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds as shown in the table below.
New Directorate of Income Tax (Criminal Investigation) Created; to be Headed by an Officer of the Rank of Chief Commissioner of Income Tax; to Look into Criminal Matters Having any Financial Impliaction Punishable as an Offence Under any Direct Tax Law. The DCI will perform functions in respect of criminal matters having any financial implication punishable as an offence under any direct tax law including, inter alia –(i) Chapter XXII of the Income Tax Act 1961 (Act 43 of 1961); and (ii) Chapter VIII of the Wealth Tax Act 1957 (Act 27 of 1957).
Tax defaulters beware! With tax recovery to the tune of more than Rs one lakh crore held up for lack of information about the whereabouts of defaulters, the Income Tax(I-T) department is working on plans to publish their names in newspapers. The problem has been further compounded with several of the tax defaulters having created ‘benami’ assets to escape the dragnet.
DCIT vs. Nalwa Investments Ltd (ITAT Delhi)- Though the computation of s. 14A disallowance was not made, the figures of dividend and interest were stated in the P&L A/c. Even the tax auditors did not state that s. 14A disallowance should be made. As there is no allegation by the AO that there was collusion between the auditor and the assessee to ignore s. 14A, it cannot be said that the explanation was not bona fide. Further, as Rule 8D was not enacted at the time, segregation of expenditure relatable to tax-free income would be disputable and lead to bona fide difference in opinion. So, penalty u/s 271(1)(c) cannot be levied.
From the desk of Chairman,- CBDT S.N. 50 /May 31,2011 With profound humility, I bow in reverence & express my gratitude to each & every member of Ayakar Pariwar for their good wishes & support in my humble attempt to serve our great Nation. Even a small gesture of concern and care from me towards my Pariwar members has invariably elicited an overwhelmingly loving response, leaving me mesmerized, speechless & making me more & more humble.
Investments made in liquid funds, which invest in short-term debt instruments, offer better returns for retail investors than parking money in savings bank account, says a study. A study conducted by CRISIL Fund Services has found that liquid funds not only offer higher post-tax returns but also provide a reasonable degree of safety in terms of the principal invested.
The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the United Republic of Tanzania for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 27th May, 2011 at Dar-es-Salaam. The Agreement was signed by Shri K V Bhagirath, High Commissioner of India on behalf of the Government of India and by Mr Pereira Ame Silima, Deputy Minister of Finance on behalf of the United Republic of Tanzania in the presence of the Prime Minister, Dr Manmohan Singh and the President of Tanzania Mr Kikwete.
