"07 December 2012" Archive

Measures taken to provide Relief to Exporters

In view of the difficulties faced by exporters on account of the weakening of external demand, RBI has taken following measure; (i) Period of realization and repatriation to India of the amount representing the full export value of goods or software was enhanced from 6 months to 12 months. ...

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Posted Under: Finance |

High Value Income Tax Appeal Cases

Commissioners of Income-Tax (Appeals) were directed to bifurcate the appeals pending with them into four categories. High demand appeals brought forward as on the first day of the financial year involving disputed demand of Rs. 10 lakhs and above, have been identified as the first category for priority disposal. ...

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Posted Under: Finance |

Income-Tax Department facing acute workforce shortage

The sanctioned and the working strength of the officers/staff in the Income Tax Department/Directorates as on 31.3.2012 are given as under:- ...

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Posted Under: Finance |

Information Regarding Tax Evasion

The Government is focusing on increasing use of Information Technology for detection of evasion of tax. The Government also receives information on tax evasion from public at large through letters, e-mails, reports in media etc. the Government grants rewards to persons who provide information useful for detection of tax evasion and real...

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Posted Under: Finance |

Rate of Interest on Home and Education Loans

Reserve Bank of India had deregulated the interest rates on advances sanctioned by Scheduled Commercial Banks, with effect from October 18, 1994 and these interest rates were determined by bank themselves with the approval of their Boards, subject to Benchmark Prime Lending Rate (BPLR) and spread guidelines....

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Posted Under: Finance |

Oversight of Members (Stock Brokers/Trading Members/Clearing Members of any segment of Stock Exchanges/Clearing Corporations)

Circular No. MIRSD/13/2012, (07/12/2012)

The Stock Exchange or the Clearing Corporation, as the case may be, shall, in consultation with SEBI, formulate a policy for annual inspection of their members in various segments and follow up action thereon. The policy shall also cover various kinds of risks posed to the investors and market at large on account of the activities/busines...

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Business started with loans would not render it as ‘property held under trust’

Commissioner of Income-tax Vs Mehta Charitable Prajnalay Trust (Delhi High Court)

If the business carried on by the trust is not in line with the object of the trust then whether the income from the business is liable to the exemption u/s 11. It was contended on behalf of the assessee that in case we hold that the assessee-trust is not eligible for exemption because the Katha business was itself not held under trust, ...

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Who is Willful Defaulters?

Reserve Bank of India (RBI) collects on quarterly basis, the information on Willful Defaulters (non-suit filed accounts) of Rs. 25 lakh and above from Banks. Besides RBI, the Credit Information Companies, including Credit Information Bureau of India Ltd. (CIBIL) are maintaining a database on suit filed accounts, including willful default...

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Posted Under: Finance |

CLB Chairman can now transfer matter pending before a Regional Bench to other Regional Bench

NA (07/12/2012)

Provided further that notwithstanding anything contained in regulation 7, it shall be lawful for the Chairman to inter-se transfer any matter pending before a Regional Bench to any other Regional Bench or to the Principal Bench either at the joint request of the parties or for other reasons to be recorded in writing...

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Income Tax Department proposes to introduce e-signature for ITR

Income Tax Department proposes to introduce an electronic signature for efiling of Income Tax Returns in addition to existing Digital Signature Certificate / ITR V. The e-signature shall be based on the validation of the taxpayer on the basis of the data available with the Income Tax department. ...

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Posted Under: Finance | ,

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