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Archive: 07 February 2012

Posts in 07 February 2012

Sebi directs two to pay Rs 2.72 cr for unlawful gains

February 7, 2012 777 Views 0 comment Print

Market regulator the Securities and Exchange Board of India (Sebi) has directed two individuals — Shailesh S Jhaveri and Harsha M Shah — to collectively pay Rs 2.72 crore for their involvement in fraudulent and unfair trade practices during preferential allotment of shares of Ojas Technochem Products in 2000.

Deduction of Interest Paid on More Than One Loan Borrowed for Purchase or Construction of same House

February 7, 2012 3162 Views 0 comment Print

There is no bar in section 24 of the Income Tax Act regarding the number of loans on which interest is allowable simultaneously. In fact ,the simple rule of the deduction of interest u/s 24 of the Income Tax Act is that whatever be the interest paid or due on loan borrowed for purchase or construction of house is allowable as deduction. So, whether you take loan from one bank or five banks , all loan should be utilised for buying or constructing the house for allowance of interest paid to all the banks.

SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2012 – Amendment in regulations 53, 70 and 93

February 7, 2012 712 Views 0 comment Print

NOTIFICATION F.No. LAD-NRO/GN/2011-12/35/3186, dated 7-2-2012 -In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, namely:- 1. These Regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2012.

Budget 2012- Income tax exemption Limit may be raised to Rs. 2 lakh

February 7, 2012 2022 Views 0 comment Print

The government is likely to provide some relief to individual income tax payers in the forthcoming Budget by raising the exemption limit to Rs 2 lakh, as provided in the Direct Taxes Code (DTC), and hiking the slabs for different tax brackets.The possibility of lowering the tax rates, however, is remote in view of the fiscal constraints being faced by the government, sources said, adding that the government will take on board some of the key recommendations of the DTC.

Deregulation of Savings Bank Deposit Interest Rate – Clarification – UBD.BPD.(PCB) CIR No. 18 /13.01.000/2011-12

February 7, 2012 211 Views 0 comment Print

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.

Amends Notification No. 39/96-Customs, dated the 23rd July, 1996

February 7, 2012 1159 Views 0 comment Print

Notification No.5 /2012 – Customs – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 39/96-Customs, dated the 23rd July, 1996, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 291(E), dated the 23rd July, 1996, namely:-

In motor vehicles accident compensation claims entire amount may be disbursed to the claimant if he or she is literate – SC

February 7, 2012 5279 Views 0 comment Print

A.V. Padma & Ors. Vs. R. Venugopal & Ors. (SC)- In motor vehicles accident compensation claims, the entire amount may be disbursed to the claimant if he or she is literate. It is not necessary to deposit it in a bank for the safety of the dependents as some tribunals do.

No VAT on Goods Sold by Duty Free Shops – SC

February 7, 2012 4710 Views 0 comment Print

SC set aside the assessment of VAT under the Karnataka Value Added Tax Act, on the sale of liquor and other imported goods at Bangalore International Airport by Hotel Ashoka, run by the India Tourism Development Corporation. At these duty free shops, the hotel sells several articles including liquor to foreigners and also to Indians, who are going abroad or coming to India by air.

Proceedings in bounced cheque cases under Negotiable Instruments Act will continue even if there is a scheme to revive the sick company

February 7, 2012 2904 Views 0 comment Print

JIK Industries Limited & Ors. Vs. Amarlal V. Jumani (Supreme Court)- It was held that cases of bounced cheque are independent of the revival bid of a sick company. Proceedings in bounced cheque cases under the Negotiable Instruments Act will continue even if there is a scheme to revive the sick company. The revival attempt under the Companies Act will not affect prosecution of charges under Section 138 of the Act. The charges cannot be compounded as in other cases under the Criminal Procedure Code (CrPC).

Budget 2012 – Govt likely to reduce STT in Budget

February 7, 2012 1042 Views 0 comment Print

The Finance Ministry is likely to reduce Securities Transaction Tax (STT) on equity trade in the forthcoming Budget in a bid to boost the capital market despite pressure to improve revenue collection. The ministry, however, may not revisit the issue of Commodities Transaction Tax (CTT), which was aborted in 2009 after protests by industry, sources said, adding that the government is keen to go ahead with the broader policy of reducing the cost of financial transactions.

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