"October, 2011" Archive

Interest Rates – Party Spoiler

Dr. Sanjiv Agarwal This is neither a festival bonanza nor a diwali blast from Reserve Bank of India. From common men’s perspective, Reserve Bank has given yet another blow (this time thirteenth in succession in last twenty months) by hiking interest rates by 25 basis points on the eve of diwali. The objective is to […]...

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Posted Under: Finance |

Where the assessee discloses all the facts truly, no penalty can be levied for concealment of income – Bombay HC

The Metal Rolling Works Ltd. V/s. Commissioner of Income Tax (Bombay High Court)

The Metal Rolling Works Ltd. V/s. CIT (Bombay High Court)- The development agreement did contain a clause to that effect and, therefore, since the last instalment was not received in AY 2002-03, the assessee was justified in not offering the capital gains to tax in AY 2002-03 in the original return of income filed on 31/10/2002. Although ...

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Revision in Limits of Housing Loans and Repayment Period – Second Quarter Review of Monetary Policy 2011-12

RBI/2011-12/238 UBD.BPD.(PCB). Cir.No.7/09.22.010/2011-12 31/10/2011

As announced in the Second Quarter Review of the Monetary Policy 2011-12 (para 89 - extract appended), it has been decided to permit Tier-I UCBs to extend individual housing loans upto a maximum of `30 lakh per beneficiary of a dwelling unit and Tier II UCBs to extend individual housing loans up to a maximum of `70.00 lakh per beneficiary...

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ICAI – President's Message – November 2011

Dear Friends, In my message, this time, I would like to recall Shri V. Narhari Rao, the first Comptroller and Auditor General of independent India, who had come to our headquarters in Delhi, on the occasion of the First Conference of Chartered Accountants of India, on 5th April, 1954, to deliver the last distinguished talk of the [&hell...

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Posted Under: Finance |

Government Considering Raising FDI Limit in Single Brand Retail

hri Sharma also informed that India allows 51 per cent FDI in single brand retail and government is considering the ways of raising this limit. Shri Sharma said that the micro, small and medium enterprises sector is the backbone of Indian economy, contributing 8% of our gross domestic product, 45% of manufactured output and 40% of our exp...

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Posted Under: Finance |

Non pecuniary damages also to be calculated in case of petition filed u/s. 166 of Motor Vehicles Act 1988 and compensation amount can exceed the claimed amount – SC

Ibrahim Vs. Raju and others (Supreme Court of India)

Under the MV Act, there is no restriction that the Tribunal/court cannot award compensation amount exceeding the claimed amount. The function of the Tribunal/court is to award just compensation which is reasonable on the basis of evidence produced on record. Further, in such cases there is no question of claim becoming time-barred or it c...

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Amendment in notifications specifying all Industry Rates of Duty Drawback, 2011-12

Circular No. - 48/2011-Customs 31/10/2011

Circular No. - 48/2011-Customs As you are aware, the All Industry Rates (AIR) of Duty Drawback 2011-12 were notified vide Notification No. 68/2011-Cus. (N.T.) dated 22.09.2011. These rates have come into effect on 01.10.2011. Subsequently, the Ministry has received representations on the Drawback Schedule 2011-12 from Export Promotion ...

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ICAI invites comments /suggestions on Discussion paper on Tax accounting Standards released by CBDT

The Central Board of Direct taxes has recently released a Discussion paper on Tax Accounting Standards (TAS) for comments/suggestions by all stakeholders. The Direct Taxes Committee of ICAI is in the process of considering the inputs to be given to CBDT with regard to the same....

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Posted Under: Finance |

Amendments in the Reward/Incentive Schemes of Chapter 3 of FTP 2009-14:- Notification of Table-8 under Appendix 37D of Handbook of Procedure Vol.1

Public Notice No. 83 (RE2010)/2009-14 31/10/2011

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures Vol.1 (Appendices and Aayat Niryat Forms) 2009-2014. The following Table is added in Appendix 37D (Focus Product Scheme) for exports made wi...

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The Status Holders shall also be eligible for the Status Holders Incentive Scrip on exports made during 2012-2013

Notification No. 84 (RE-2010)/2009-2014 31/10/2011

Amendments in the Para 3.16.1 of FTP 2009-14. Notification No. 84 (RE-2010)/2009-2014, New Delhi, the 31st October, 2011. In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the fol...

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