"28 January 2013" Archive

All Bank branches to provide Facility for Exchange of cut/mutilated Notes & Coins

RBI/2012-13/428 DCM (NE) No. 3498 /08.07.18/2012-13 (28/01/2013)

The facility of exchange of cut/mutilated banknotes, in addition to soiled notes and issue of good quality clean banknotes/coins, should be made available at all bank branches (including those of co-operative banks and RRBs). In case a branch, for any reason, is not able to immediately adjudicate the cut/mutilated notes across the counter...

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Amendment in Section 40(a)(ia) In Finance Act, 2012: Rerospective or Prospective

Ever since the insertion of provision of Section 40a(ia) ( “the section”)through finance act, 2004, the subject of TDS has gained a lot of momentum in terms of anxiety from general public. Non deduction or even untimely deduction of tax results to disallowance or deferment of allowance of expenditure, ...

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Posted Under: Fema / RBI |

Notional gains from derivatives held as stock-in-trade is taxable in year of realization

Urudavan Investment & Trading (P.) Ltd. Vs Additional Commissioner of Income-tax (ITAT Mumbai)

As per Ld Counsel for assessee, the anticipated profits are notional profits in this year and are realized in the next year and therefore, they are taxable in the next year. Therefore, as per Sri Mehta, the addition made by the AO is rightly deleted by the CIT(A). On the other hand, Ld DR for the revenue could not demonstrate if the profi...

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Incidence of income-tax on house property is on ownership

Commissioner of Income-tax Vs Ansal Housing Finance & Leasing Co. Ltd. (Delhi High Court)

The assessee is engaged in building activities. It argues that flats are held as part of its inventory of stock-in-trade, and are not let out. The further argument is that unlike in the other instances, where such builders let out flats, here there is no letting out and that deemed income - which is the basis for assessment under the ALV ...

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ITAT criticizes department for filing appeal despite lower tax effects

Income-tax Officer Vs Dr. Suresh Sharma (ITAT Jodhpur)

From the ratio laid down by the Hon'ble Delhi High Court, it is clear that the instructions issued in the Circulars by CBDT are applicable for pending cases also. Therefore, by keeping in view the ratio laid down in the aforesaid referred to cases, we are of the considered view that Instruction No.3/11, dated 09.02.2011 issued by the CBDT...

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ICSI – Clarification on Notification implementing the new training structure

Clarification on Notification number 710/ 1(M)/1 dated 29th December, 2012 notifying the draft Company Secretaries (Amendment) Regulations, 2012 implementing the new training structure Dear Student, This has reference to the Institute’s Notification number 710/1(M)/1 dated 29th December, 2012 pertaining to the draft Company Secretaries ...

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Posted Under: Fema / RBI |

RBI – Standardisation of Interest Rate Swap Contracts

RBI/2012-13/396 IDMD.PCD.2191/14.03.01/2012-13 (28/01/2013)

To begin with, standardisation shall be mandatory for INR Mumbai Inter Bank Offer Rate (MIBOR)- Overnight Index Swap (OIS) contracts. The standardisation requirement shall be mandatory for all IRS contracts other than client trades....

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Amendment in Jurisdiction of CCIT Chennai

Notification No. 5/2013 - Income Tax (28/01/2013)

Notification No. 5/2013 - Income Tax Central Board of Direct Taxes hereby makes the following amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O. 733(E), dated the 31st July, 2001 namely...

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Amendment in Jurisdiction of Commissioner of Income-tax Chennai

Notification No.6/2013 - Income Tax (28/01/2013)

Notification No.6/2013 - Income Tax Central Board of Direct Taxes hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O. 732(E), dated the 3rd July, 2001, namely...

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