The Convocation for the newly enrolled Members admitted during the period April, 2011 to August, 2011 will be held as per schedule given below with a view to inculcate a sense of belongingness and attachment with the Institute.
In all other matters, the concerned DC, SEZ should take all necessary steps, including consultation with Government Counsel and represent the matter before the relevant Court on behalf of UoI also.
In respect of 2 % interest subvention, banks are required to submit their claims on a half-yearly basis as at September 30, 2011 and March 31, 2012, of which, the latter needs to be accompanied by a Statutory Auditor’s certificate certifying the claims for subvention for the entire year ended March 31, 2012 as true and correct. Any remaining claim pertaining to the disbursements made during the year 2011-12 and not included in the claim for March 31, 2012, may be consolidated separately and marked as an ‘Additional Claim’ and submitted latest by April 30, 2013, duly audited by Statutory Auditors certifying the correctness.
The Direct tax Code Bill 2011 (DTC), has given relief to the property owners on two major account, firstly, no deemed taxation for House Property and secondly, deduction for interest for self occupied house property.’ While, the concept of deemed taxation of more than one house property has been done away with and their expectation of a simple mechanism of taxation of rental income has also been considered to a great extent.
There are two components in every works contract one is material component and other is labour component. Material incorporated in a works contract is considered as deemed sales to the contractee and hence is liable to VAT or sales tax. To arrive at the material component involved in a works contract deductions for labour component […]
Delhi High Court held that sec. 220(2) provides for levy of interest if the demand is not paid within 30 days of the service of notice u/s 156. A distinction has to be drawn between a case where the assessee pays up the entire demand raised pursuant to the assessment order within the period specified in sec. 156, wins in appeal and the amount is refunded and subsequently loses in further appeal and has to re¬pay the taxes. In such a case, as the assessee is not in default in the first instance, no interest u/s 220(2) is payable for the period when the favourable verdict of the appellate authority was operative.
In the global context, shrinking money could possibly be related to advanced countries’ fiscal excesses which have been fully accommodated by their respective central banks in conducting monetary policies. In other words, despite inflationary risks in the medium-run from the persistent easy monetary and liquidity conditions created by their central banks, monetary policy has no choice but remain subjugated to the fiscal excesses and the impact of such excesses on the economy. Moreover, monetary policy strategy in advanced economies has explored new options, particularly after hitting zero nominal interest rate bound, such as “quantitative easing” and “twist operations” but their effectiveness in delivering a durable robust recovery in growth has belied expectations.
payment systems are continuously evolving, it is necessary that all the stakeholders including the regulators are continuously engaged in gearing up to provide safe, efficient, robust, accessible and affordable payment services to our citizens. The challenge therefore, is to understand the various issues and the subtle nuances of this ever evolving payments landscape and devise appropriate strategies- in short we should continue to stay ahead of the curve. Have we as an industry been able to achieve this? I have accordingly focused my thoughts on some issues in payment systems which I think need our collective attention.
The title of the current session Banking Sector: Resilience to Risk and Shock is also very topical. Maintaining resilience to risk and shock is an integral part of bank management and also bank regulation and supervision. However, the events of the last few years have underscored like never before the importance of ensuring that the banking sector builds up its ability to handle the headwinds of adverse events with relative equanimity. Over the years, many practices have been exposed in financial institutions that point to the importance of risk management and controls. Efforts have been ongoing, across the globe, to develop a risk management framework to identify where the key risks lie, and set out how they are to be managed. But, mishaps continue to surface, clearly indicating that the development of a fool proof risk management system is still a work in progress and whatever level of sophistication and advancement we reach, shocks are unavoidable.
DIT Vs. Rio Tinto Technical Services (HC Delhi) – The payment in the present case is for furnishing of evaluation report. The fee paid is for the said purpose. To collect and collate the information and furnish evaluation report, the assessee was required and it was necessary to undertake certain tests, mapping and studies.
