Reserve Bank of India (RBI) in its monetary policy, during 2012-13 has announced not to permit banks to levy foreclosure charges/pre-payment penalties on home loan on a floating interest rate basis.
The value addition provided by a profession supplements and strengthens the statutory role which it normally plays under the legal framework by the government. As long as this aspect is recognized by the profession, the respect for it increases. Sometimes we get a rare opportunity to present this aspect to the Government during the formulation of the statute, so that the same can be incorporated in an appropriate form in the regulations. Our Institute utilized this opportunity when the new CARR and CAR notifications incorporated the Part III – Performance Reporting to the management, as a part of the report to be submitted by the Cost Auditor.
Ending hassles of employers in payment of EPF subscription of employees, the government today started an electronic mechanism that promises to bring transparency and accessibility. The initiative, launched by Labour and Employment Minister Mallikarjun Kharge, offers an opportunity to employers to file their returns online from anywhere and anytime.
The appointment of CA firm shall be done in two phases:- 1. Firm shall be short listed on the basis of Technical Bid and financial bids of short listed firms only would be opened.2. The services would be provided to Jaipur Regional Office, Housing & Urban Development Corporation Ltd. (HUDCO), HUDCO Bhawan, Behind RHB Office, Jyoti Nagar, Jaipur as well as any other location! office falling within the jurisdiction of HUDCO, Jaipur Regional Office.
If in any year, the gross receipts of the Institution exceeds Rs. 10 lakhs or Rs. 25 lakhs, as the case may be, then in that year, the Assessing Officer is empowered to examine the allowability of exemption u/s 11 but the same has no effect on granting the registration u/s 12AA of the Act.
The Delhi High Court today asked the Institute of Charted Accountants in India (ICAI) to allow disabled persons appearing for the CA examination to take the their relatives’ help in writing the papers for them.
In the instant case, in order to examine the entitlement of the assessee for exemption under section 54, it is to be seen whether the assessee had constructed residential house within three years of the transfer of his property. For doing so, the meaning of the term ‘house’ is to be explored. The term ‘house’ has not been given any statutory definition and, thus, has to be assigned meaning as understood in common parlance. As per dictionary, it means abode, a dwelling place or building for human habitation. A building, in order to be habitable by a human being, is ordinarily required to have minimum facilities of washroom, kitchen, electricity, sewerage, etc.
With a view to increasing the availability of funds to exporters, it has been decided to allow banks to determine their interest rates on export credit in foreign currency with effect from May 5, 2012.
Please refer to paragraph 2 of our circular No.DBOD.Dir.BC.59/13.03.00/2011-12 dated November 23, 2011 on Interest Rates on Deposits held in FCNR(B) Accounts. In view of the prevailing market conditions, it has been decided that until further notice and with effect from the close of business in India as on May 4, 2012, the interest rates on FCNR(B) Deposits will be as under:
Employees’ Provident Funds (Second Amendment) Scheme, 2012 – Amendment in paragraphs 27, 27A, 27AA, 36, 36A, 38, 42, 43, 72, 82 and 83- This Scheme may be called the Employees’ Provident Funds (Second Amendment) Scheme, 2012.
