Please refer to paragraph 4 of the directives enclosed to our circular DBOD.Dir.BC.49/13.03.00/2000-2001 dated November 4, 2000 and mail box clarification dated May 13, 2005 in terms of which it was clarified that in the case of FCNR(B) deposits of staff members, existing or retired, interest rate including any additional interest paid to them by virtue of their being staff members, should not exceed the ceiling stipulated by RBI from time to time.
CIRCULAR no. IMD/FII&C/17/2012, dated 18-7-2012 Vide SEBI circulars IMD/DF/14/2011 and IMD/FII&C/3/2012 dated August 09, 2011 and January 13, 2012 respectively, Qualified Foreign Investors (QFIs) were allowed to invest in schemes of Indian mutual funds and Indian equity shares subject to terms and conditions mentioned therein by opening a demat account with a qualified Depository Participant (DP). In consultation with the Government of India (GoI) and RBI, it has now been decided to allow QFIs to invest in Indian corporate debt securities and debt schemes of Indian mutual funds.
CIRCULAR no. MRD/DP/18/2012, dated 18-7-2012 Several representations/suggestions have been received from the market participants on few provisions of the above circulars. After due examination and deliberation with the market participants it has been decided to replace the procedures and instructions contained in the aforementioned circulars by the following:
In supersession of our announcement dated 11th July, 2012 on the likely date and timing of the declaration of the results of the Chartered Accountants Final examination held in May 2012 and of the Common Proficiency Test held in June 2012, this is to inform that due to unavoidable reasons, both the above referred results are now likely to be declared latest by the evening of Thursday, the 19th July, 2012.
Learn about the exemption from filing income tax returns for salaried individuals with total income not exceeding Rs.5,00,000. Find out the eligibility criteria and details.
Section 40a(ia) provides that if any interest, commission or brokerage, rent, royalty, fees for professional services or fees for technical services payable to a resident, or amounts payable to a contractor or sub-contractor, being resident, for carrying out any work (including supply of labour for carrying out any work), on which tax is deductible at source under Chapter XVII-B and such tax has not been deducted or, after deduction, has not been paid on or before the due date specified in sub-section (1) of section 139, then such expenses shall not be deducted in computing the income chargeable under the head “Profits and gains of business or profession.
The Institute is going to introduce Self Service portal for Students & Members. This release will include view functionality of ‘Students & Member’s Profile and Educational Details as available in the Institute’s records. This release will also includean online e-Diary for keeping a periodical record of Articled Training undertaken by Students, apart from keeping a record of leaves taken and stipend received. This online system is being implemented as a part of the Self Service Portal under Project Parivartan. Frequently Asked Questions on the proposed system are available on the following link:
Learned counsel for the assessee fairly submitted that identical issue has come up in the case of Ramesh D. Tainwala in ITA No. 3853/Mum/2010 wherein the ITAT “D” Bench Mumbai concluded that provisions of section 28(va)(a) would apply and consequently the amount received by that assessee would be chargeable to tax as business income and not under the head capital gains.
This Miscellaneous application has been filed by the assessee requesting for recall of the order dated 24.9.2010 of the Tribunal in ITA No.6830/M/05. Apparent mistakes have been pointed out in relation to grounds at Sl.No.(A), (D) and (I) raised by the assessee in the appeal.
Case of the revenue is that the intention of the donor apart from the gift deed not to be seen for concluding that it was a corpus donation. On the other hand, case of the assessee is that if discussion between the donor and the donee in the shape of correspondence etc. is seen then it would reveal that donation was made by the donor in order to establish an engineering and a management college in the name of his grand-father. The donor has specifically mentioned in this connection.
