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 State Co-operative Banks / Regional Rural 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.
If tax has been deducted at source in accordance with the provisions of Chapter XVII-B of Income Tax Act, 1961, the person from whose income (payment) the tax has been deducted i.e. Payee or assessee shall not be asked upon to pay the tax himself to the extent tax has been deducted(Sec.205). Moreover u/s.199 such tax deducted at source shall be treated as payment of tax on behalf of the payee (assessee).
Calling of Tender for Digitization of Manually filed Service – Tax Returns pertaining to Service Tax-I, Mumbai Commissionerate. The Service Tax-I, Mumbai Commissionerate is inviting quotations from experienced Service Providers/Contractors having vast experience in the field of data management for capturing below mentioned fields from the manually filed ST-3/ST-3A Returns in Excel format. The data will be submitted to the department in CD.
The Supreme Court judgement on Vodafone tax case seems to have opened a Pandora’s box with exporters too expressing reservation on tax deducted at source (TDS) for payment with regard to overseas transactions. Exporters’ body FIEO today questioned the applicability of Section 195 of the Income Tax Act, under which they are asked to pay TDS on payments made for foreign agency commissions, royalties and offshore professional services.
Muneesh Kapur1 This paper focuses on modelling and forecasting inflation in India using an augmented Phillips curve framework. Both demand and supply factors are seen as drivers of inflation. Demand conditions are found to have a stronger impact on non-food manufactured products inflation (NFMP) vis-a-vis headline WPI inflation; moreover, NFMP is found to be more […]
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, notified vide Notification No. FEMA 3/2000-RB dated May 3, 2000 and the A.P. (DIR Series) Circular No. 5 dated August 1, 2005 relating to the External Commercial Borrowings (ECB), as amended from time to time.
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.
