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Archive: 02 June 2011

Posts in 02 June 2011

Deduction U/s. 54EC to be allowed before set off of brought Losses – ITAT Mumbai

June 2, 2011 1735 Views 0 comment Print

The Tata Power Co. Ltd. Vs Addl. CIT(ITAT Mumbai) – The stage at which set off of carried forward long term capital loss is to be given is subsequent to the stage at which income under the head capital gains is computed and deduction under section 54EC is to be given in the course of the latter. In this view of the matter, the question of setting off brought forward long term capital loss arises only after the income under the head capital gains is computed and that the processing in computing the income under the head capital gains must also taken into account section 54EC as well.

New security system for mobile business users

June 2, 2011 511 Views 0 comment Print

A security systems provider based in Dubai has announced the launch of its newest security camera product, the Zoom Mobile Surveillance Package. Security Zoom said this new product enables CCTV viewing over an Iphone, which allows the user to watch over his business, home or property wherever and whenever he chooses.

Govt efforts to detect unaccounted income starts yielding results

June 2, 2011 847 Views 0 comment Print

The government today said the series of steps taken by it to unearth unaccounted wealth have started yielding results. The income tax department, sources said, has detected unaccounted income of Rs 18,750 crore in the last two financial years and collected an additional Rs 22,697 crore as taxes by stepping up vigil on cross border transactions.

Recent Initiatives of the Government for Justice Delivery and Legal Reforms

June 2, 2011 1424 Views 0 comment Print

National Mission for Justice Delivery and Legal Reforms: The Government has ‘in principle’ approved setting up of National Mission for Justice Delivery and Legal Reforms. The National Mission would help implementing the two major goals of (i) increasing access by reducing delays and arrears in the system (ii) enhancing accountability at all levels through structural changes and setting performance standards and facilitating enhancement of capacities for achieving such performance standards.

RBI- Retail Electronic Payment Systems – NEFT / NECS / RECS / ECS – Levy of Processing Charges

June 2, 2011 3331 Views 0 comment Print

As you are aware, the Reserve Bank of India has been waiving processing charges for retail electronic payment products (NEFT, NECS, RECS and ECS) since the year 2006 in order to promote the usage of these systems. The last waiver was valid up to March 31, 2011. In recent years, the usage of these products has increased considerably. While the originating banks are levying charges on their customers, there has been no compensation paid to the processing centers and destination banks. There has been demand for compensation from the paying banks / processing centres. DPSS (CO) EPPD No. /2649/ 04.03.01/2010-11, Dated- June 02, 2011

Maharashtra makes alcohol laws tougher; age for buying / Driniking Alcohal up

June 2, 2011 1541 Views 0 comment Print

The Maharashtra Government today made it illegal for anyone below 25 years of age to consume or purchase alcohol. As of now, the legal drinking age in the state is 21. A meeting of the state cabinet here today, however, approved fixing the minimum age for drinking or purchasing beer at 21.

Euro Privatisation

June 2, 2011 591 Views 0 comment Print

Saving the Euro or saving the nations which one comes first is the question of debate. European economies are struggling to survive the Euro and not the nations. They want bailout but to that extent to which the political image of financial management is not shattered keeping the upcoming elections in the Euro nations.

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