Market regulator Sebi is still to recover monetary penalties of over Rs 103 crore imposed on individuals and entities till December, 2010. According to the Securities and Exchange Board of India (Sebi), the defaulters list covers 864 cases with a total penalty of Rs 1,03,55,34,765. Sebi issued adjudication orders on these cases between 2002 and 2010 and the concerned individuals and entities were asked to fork out monetary penalties. However, they had defaulted on furnishing the amount till December 31, 2010.
Sebi has put the ball in the government’s court on implementing new rules proposed by a market regulator-appointed panel on how stock exchanges should be owned and run. Sources said that Sebi is awaiting the final word from the finance ministry on the issue before taking up the case at its board for implementation of the new rules.
Bank account holders’ cheers after the RBI hiked the rates on saving accounts could be short-lived, as the banks are likely to make them pay for a slew of services to offset the costs, bankers and analysts have said. Earlier, the regulated interest rate of 3.5 per cent per annum — unchanged since 1993 — helped banks garner low- cost deposits and maintain good margins, due to which many services came free.
(A) Development of e-learning portal for students Development of e-learning portal for providing on-line coaching, web-based learning for students pursuing ICWAI Courses. (B) Web conferencing – Live Virtual Classroom (LVC) A LVC mimics physical classroom but is delivered over the internet. It is a collaborative learning process between Learners and instructors to participate through the medium of internet. LVCs also provide facility of Archived classes, i.e. Students can log-in 24×7 and go through the lecture sessions, which is stored in the web-portal.
The Reserve Bank is likely to make it mandatory for foreign banks in the country to operate as wholly-owned subsidiaries, in line with the international practice, so that the central bank can have better control over their working. Initially, according to sources, the new banks and the existing ones with a few branches will be asked to convert into wholly-owned subsidiaries (WoS).
A fraud has been detected at the State Bank of India’s main branch here after Rs 80 lakh were found to be withdrawn from the account of Food Corporation of India (FCI) through a fake cheque, police said today. A person had opened an account in the Punjab National Bank branch at Sikandarabad in Bulandshahr district by submitting fake documents and later a payment of Rs 80 lakhs was cleared by SBI on a fake cheque issued by him, Deputy General Manager of the SBI branch Tilak Raj Sachdeva said.
To immediately redress the grievances of tax payers who have claimed refunds, but because of the default on the part of tax Deductors, tax demands have been created, CBDT advises all the CCITs (CCA) to ensure the following- TDS Returns with very high number of mismatches have been identified by the Systems. Top 15,020 deductors account for a mismatch of Rs 11652 cr (86% of total mismatch amount).RCC – wise details with regard to the same may be downloaded by the CITs (TDS) from ITAXNET & thereafter these TDS Returns may be got corrected;
For tax deducted on salaries , the employer has to issue Form 16 to the employees. The form was modified vide Notification 41/2010 dated 31.05.2010 In this form there is a reference to Form 12BB. However there is no Form 12BB notified. It certainly is a typo error and it should read Form 12BA
Cancellation of HINDI MEDIUM Paper-3 of PCE and Paper-2 of IPCE of Chartered Accountants Examination-May 2011 held on 05 May 2011.The said exam for Hindi medium candidates will now be held again on 17th May-2011
ITO vs. Hemandas J. Pariyani The issue is whether the amount received by the society and its member on account of transferable development rights is taxable under capital gains. The issue in dispute is covered by the decision of the ITAT in the case of Jethalal v DCIT wherein it was held that transferable development rights granted by the Development Control Regulations for Greater Mumbai, 1991, qualifying for equivalent floor space index having no cost of acquisition, sale thereof does not give rise to taxable capital gains. Since the facts of the case under consideration is identical to that of the decision of the ITAT in the said case, the CIT(A) was justified in directing the AO not to charge capital gains tax on the compensation received by the assessee even on a protective basis. Amount received by the society and its member on account of transferable development rights is not taxable under capital gains.
