Please refer to our circular No. DBOD.Dir.BC.46 /13.03.00/2010-11 dated September 30, 2010 in terms of which certain risk mitigation measures were prescribed in the context of banks issuing IPCs to various Stock Exchanges on behalf of Mutual Funds and FIIs, as a transitionary arrangement till October 31, 2011.
Circular 2 of 2011 was issued on 30th September, 2011. Para NO.3.3.2.1 of the above Circular hereby stands deleted. Erstwhile paragraph 3.3.2.1 of ‘Circular 2 of 2011’ went like this:
The Supreme Court has said that alterations made in the will by a person do not have legal sanctity unless corrections are executed in the same manner as was done in the case of the original documents. A SC bench said those claiming benefits under an altered will must prove with convincing evidence that the testator did make such alterations to the original will in conformity with the rules governing the Indian Succession Act.
Legal profession is a wonderful profession if young lawyers know as to how to succeed in profession. I have recently heard an interview of Shri Gopal Subramaniyam where he was emphasizing on various law colleges in the country apart from ‘National Law Schools’. He was clearing the doubts about the ‘Qualifying Examination’. On another occasion, I have heard him referring to the responsibilities of ‘Senior Advocates’ in profession and as to how the Senior Advocates should provide an opportunity to the young professionals who has no privileged background.
Briefs of professional or other misconduct cases filed against the members in which the Disciplinary Committee of the Institute has found them guilty and has decided to remove their names from the Register of Members vide its Orders dated 3rd October,2011.
DCIT vs. M/s. S. K. Tekriwal (ITAT Kolkata) – In the present case before us the assessee has deducted tax u/s. 194C(2) of the Act being payments made to sub-contractors and it is not a case of non-deduction of tax or no deduction of tax as is the import of section 40a(ia) of the Act. But the revenue’s contention is that the payments are in the nature of machinery hire charges falling under the head ‘rent’ and the previous provisions of section 194I of the Act are applicable. According to revenue, the assessee has deducted tax @ 1% u/s. 194C(2) of the Act as against the actual deduction to be made at 10% u/s. 194I of the Act, thereby lesser deduction of tax.
In a surprise move, India’s central bank, the Reserve Bank of India, on Tuesday freed commercial banks to determine the interest rates on savings accounts for the first time in 34 years. Since 1977, a time that was the halcyon days of Indian socialism, the R.B.I. had determined the rates banks paid on savings deposits, […]
The government today deferred a decision on the new Companies Bill and said it would be taken up next month after sorting out issues concerning delegation of powers to the market regulator Sebi. “Finance Minister has been told by Sebi that few fine tuning matters have to be taken care of before it is actually […]
The Reserve Bank of India has, through a questionnaire, sought views/comments of all stakeholders on the Terms of Reference for the Nair Committee on Priority Sector Lending . Comments/suggestions/views may be emailed latest by November 15, 2011. It may be recalled that the Reserve Bank of India had appointed a Committee to re-examine the existing classification and suggest revised guidelines with regard to priority sector lending classification and related issues (Chairman : Shri M. V. Nair).
Dear Corporates please note that Companies having last date of Annual Filling as October 30th 2011 can file on October 31, 2011 also without any additional fee, on account of Oct 30th 2011 being a Sunday. File before October 31st Midnight and save additional fee
