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
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.
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.
The Income Tax Department is all set to crack the whip on tax defaulters by invoking its power, which has not been used for many years, to arrest and prosecute evaders. The step comes in the backdrop of the government initiating various steps to curb generation of black money in the country and also recently notifying the creation of the first-ever Criminal Investigation (CI) unit in the I-T Department.
Particulars to be filled in Annexures I, II and III: (i) In Annexure I, actual figures for the relevant quarter should be reported. (ii) In Annexures II & III, estimated/actual figures for the whole financial year should be given. However, Annexures II & III are optional for statement for the 1st, 2nd and 3rd quarters. Statement for the last quarter should have actual figures for the whole financial year in Annexures II & III.
The CCI under the draft regulations dated March 2, 2011 had first introduced the provision for pre-filing consultation. However, this found no mention in the recently issued final Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011, dated May 11, 2011. The CCI has now, in accordance with international best practices, re-introduced the facility of informal and verbal consultation with the staff of CCI prior to the filing of notice under the Act in connection with the proposed combination.
The Income Tax department today said it continues to enjoy the power to tap telephone conversations, as was given to it earlier in 2006. Power of interception stays with the CBDT and there is no change in the factual background when the power was given in 2006, and at present circumstances are identical, Sudhir Chandra, the outgoing chairman of Central Board of Direct Taxes (CBDT) told reporters here.
The Income Tax Department today said it aims to disburse refunds of over Rs 1 lakh crore this fiscal, against Rs 73,000 crore given in the previous fiscal. We intend to refund approximately Rs 1 lakh crore this fiscal, the outgoing Chairman of Central Board of Direct Taxes (CBDT) Sudhir Chandra said here while exuding confidence of achieving the direct tax collection target for 2011-12.
The Reserve Bank of India has cancelled the licence of Jalagoan-based Chopda Urban Co-operative Bank as it had ceased to be solvent and depositors were being inconvenienced by continued uncertainty. The banking regulator delivered the order cancelling the bank’s licence after close of business on May 24, a release said on Tuesday.
Notification No. 31/2011 – Income Tax [F.NO.203/48/2010/ITA-II], DATED 1-6-2011 – It is hereby notified for general information that the organization American Institute of Indian Studies, New Delhi has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from assessment year 2011-12 onwards in the category of ‘Other Institution’, partly engaged in research activities subject to the following conditions, namely:-
