RPCD.CO.Plan.BC. 22 /04.09.01/2011-12 Please refer to para 1.1.3 of our circular RPCD.CO.Plan.BC.No.10/04.09.01/2011-12 dated July 1, 2011 on lending to priority sector in terms of which working capital and term loans for financing production and investment requirements for agriculture and allied activities are treated as direct finance to agriculture under priority sector.
New Capital Adequacy Framework (NCAF) – Revision of Rating Symbols and Definitions of Credit Rating Agencies – Please refer to the Master Circular No. DBOD.No.BP.BC.11/21.06.001/2011-12 dated July 1, 2011 on ‘Prudential Guidelines on Capital Adequacy and Market Discipline – New Capital Adequacy Framework (NCAF)’ by which the consolidated prudential guidelines had been issued to banks on the captioned subject.
RPCD.CO RRB.AML.BC No. 21/03.05.33(E)/2011-12 In this regard, a reference is invited to paragraph 5 of our circular RPCD.CO.RRB.AML.BC.No.15/ 03.05.33(E) /2011-12 dated August 8, 2011 wherein it was stipulated that when bank relies exclusively on the Aadhaar letter as complete KYC document for opening of an account, such an account would be subject to all conditions and limitations applicable to ‘Small’ accounts as detailed in the Govt notification referred to above. After further consultations with Government, it has now been decided to accept the letter issued by the UIDAI as described above as an officially valid document for opening bank accounts without the limitations applicable to ‘Small’ accounts as prescribed in paragraph 5 of our circular under reference.
Whether the existing Form 23AC and Form 23ACA are to be used for filing balance sheet and profit and loss account in XBRL mode? No, the existing Form 23AC and Form 23ACA are not to be used for filing balance sheet and profit and loss account in XBRL mode. For this, new Form 23AC-XBRL and 23ACA-XBRL have been made available on the MCA portal.
1. Creation of XBRL instance document 2. Download XBRL validation tool 3. Load the instance document 4. Validate the instance document
CIT Versus Baba Deep Singh Educational Society (P & H High Court)- Jurisdiction of the Commissioner at the stage of processing application under Section 12AA of the Act is limited regarding whether the activities are genuine and in consonance with the objects of the trust or institution and where education is being imparted as per the rules and the factum of the establishment and running of schools is not disputed the same was a genuine activity and the enquiry regarding genuineness of the activities cannot be stretched beyond this.
The Commissioner of Income Tax Vs. Naishadh V. Vachharajani (Bombay High Court)- The assessee is a marine consultant. He had carried on the business of trading in shares and had also made investments in shares. In the assessment year in question, the assessee had sold certain shares held as investments and gains arising on account of sale of these shares were offered as long term capital gains / short term capital gains, as the case may be. The assessing officer held that the said income were liable to be assessed under the head ‘business income’.
A company cannot, directly/indirectly, a. Make loan to any other body corporate b. Give guarantee/provide security in connection with any loan by any other person c. Acquire securities in any manner of any other body corporate exceeding 60% of its paid-up capital and free reserves or 100% of its free reserves whichever is more.
We conducted our review in accordance with the Standard on Review Engagement (SRE) 2400, engagements to Review Financial Statements issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement.
COMPULSORY TRANSFER TO RESERVES – No amount need be transferred to Reserves if the dividend declared does not exceed 10%. No dividend can be declared and paid in excess of 10% unless minimum amount prescribed as under is transferred to Reserves.
