It has now been decided that the designated AD Category – I banks should certify the leverage ratio (i.e. outside liabilities/owned funds) of IFCs desirous of availing ECBs under the approval route while forwarding such proposals to the Reserve Bank of India.
Based on the references received from banks, we clarify that the revised guidelines issued vide our circular referred to above would be applicable to domestic savings bank deposits held by residents in India. Further, the interest rates applicable on the domestic savings deposit will be determined on the basis of end-of-day balance in the account. Accordingly, while calculating interest on domestic savings bank deposits, banks are required to apply the uniform rate set by them on end-of-day balance up to Rs. 1 lakh and for any end-of-day balance exceeding Rs.1 lakh, banks may apply the differential rate(s) as fixed by them.
The Reserve Bank in its Third Quarter Review of Monetary Policy 2011-12 issued on January 24, 2012, decided to reduce the Cash Reserve Ratio (CRR) of Scheduled Primary (Urban) Co-operative Banks by 50 basis points from 6.00 per cent to 5.50 per cent of their net demand and time liabilities (NDTL), with effect from the fortnight beginning January 28, 2012.
A trust can claim exemption provided a specific position of income is applied for purposes of the Trust. Income includes capital gain and hence trust will lose exemption if such income is not applied.
Exemption under section 54F is subject to the provision of sub-section (4), meaning thereby, the amount of net consideration is to be appropriated towards the purchase of new asset within one year before the date on which the transfer of the original asset took place or if not utilised for the purchase or construction of the new asset before the date of furnishing the return of income u/s 139, it shall be deposited (unutilised portion) by the assessee, before furnishing such return, in any account or in capital gain account in the bank or institution as specified in any scheme by the Central Government, by notification in the official gazette and the proof of the such deposit in the capital gains tax account shall be accompanied while filing the return.
Whether the ld. Commissioner of Income Tax (Appeals) has erred in law and facts in deleting the addition of Rs.12,03,000/- in the partner’s capital account u/s 68 of the I.T.Act, 1961 ignoring the fact that the assessee had no evidence to prove the identity
Read about the ITAT Ahmedabad case between DCIT and Shri Jayesh Chandulal Patel where penalty proceedings were restored for fresh adjudication by the Assessing Officer.
TRAI today exempted the machine to machine and person to machine messages from the limit of 200 SMS per day per SIM. All the provisions of “The Telecom Commercial Communications Customer Preference Regulations, 2010” issued by TRAI on 1.12.2010 have come into force from 27th September 2011. As per the provisions of such regulations, no Access Provider shall permit sending of more than two hundred SMS per day per SIM.
ORDER [F.No. 52/26/CAB-2010], dated 24-1-2012 In exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government, being of the opinion that it is necessary to do so, hereby directs that all companies to which the Companies (Cost Accounting Records) Rules, 2011 apply, and which are engaged in the production, processing, manufacturing or mining of the following products/activities, including intermediate products and articles or allied products thereof, and wherein the aggregate value of the turnover made by the company from sale or supply of all its products/activities during the immediately preceding financial year exceeds hundred crore of rupees;
Notification No. 11/2012-Customs (ADD) Whereas, in the matter of import of Geogrid/Geostrips/ Geostraps made of polyester or Glass fiber in all its forms (including all widths and lengths)’ (hereinafter referred to as the subject goods), falling under Chapters 39, 55, 56, 59 and 70 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said customs Tariff Act), originating in, or exported from China PR (hereinafter referred to as the subject countries) and imported into India, the designated authority vide its final findings No. 14/40/2010-DGAD, dated the 19th December, 2011, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 19th December, 2011, had come to the conclusion that-
