A.P. (DIR Series) Circular No. 39 ttention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.10 dated September 07, 2011, wherein the Rupee value of the special currency basket was indicated as Rs.66.9682 effective from August 23, 2011. AD Category-I banks are advised that a further revision has taken place on September 15, 2011 and accordingly, the Rupee value of the special currency basket has been fixed at Rs.69.09329 with effect from September 20, 2011.
The revenue department is opposed to abolition of Securities Transaction Tax (STT) as the levy helps keep a tab on investments in markets and track flow of unaccounted funds. STT helps in overall regulation and keep a check on cost involved. The stock exchanges have been asking the Finance Ministry to abolish STT arguing that such a step would help in boosting investments in stock markets and promote equity culture in the country.
Shri. S.K.Goel (IRS:1975) today took charge as the Chairman, Central Board of Excise & Customs (CBEC) on 31st October, 2011. He took charge from Shri S.Majumdar who demitted the office today on his superannuation. Shri Goel joined Indian Revenue Service (IRS) (Customs & Central Excise) in the year 1975. He has handled various assignments in the Department of Revenue under the Ministry of Finance all over the country. Prior to his appointment as the Chairman, he has been working as Member (Customs) in CBEC, responsible for formulation of policy concerning administration of Customs law, Customs tariff and procedural matters relating to Customs duties.
World market is happy with the recent funding mechanisms declared and agreed for the troubled European economies. Banks have been asked to absorb 50% of the pains of trouble assets. Another part of the funding will be provided by EFSF which will create a set of special-purpose vehicles financed by other investors, including sovereign-wealth funds & funds being raised via bonds.
The Union Finance Minister Shri Pranab Mukherjee today formally launched the central government e-payment system He said that the commissioning of the e-payment system is a major achievement and indicates Government’s strong commitment towards improving efficiency in our financial system, strengthening transparency in operations and introducing reforms for better governance. The Finance Minister said that the development is particularly significant as e-payment is at the centre of the e-commerce value chain. Shri Mukherjee was speaking after inaugurating the Government e-payment system here today.
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 […]
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 Rs.6 crores received initially was not offered to tax in the original return filed for AY 2002-03, it is not in dispute that in the original returns filed for AY 2002-03 the assessee did disclose receipt of Rs.6 crores as advance on account of development agreement entered into with a developer in respect of its land. Once the receipt of Rs.6 crores was disclosed in the original return of income as advance receipt under the development agreement entered into with the developer, the assessee cannot be said to have concealed income or furnished inaccurate particulars of income.
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 of a dwelling unit subject to extant prudential exposure limits.
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 […]
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 exports. “Earlier, the SME sector in India used to be protected and foreign investment was restricted in this sector, but recently we have liberalized this sector to enable its modernization and now the SME sector is open to foreign investment just like any other sector. We view SMEs as incubators of technology and innovation and would encourage cooperative partnerships to develop between Indian and Italian SMEs” he added.
