"07 June 2013" Archive

Legal Audit of title documents in respect of large value loan accounts

RBI /2012-13/524 DBS.FrMC.BC.No.7/23.04.001/2012-13 07/06/2013

On a review, it has been decided that the banks should also subject the title deeds and other documents in respect of all credit exposures of ` 5 crore and above to periodic legal audit and re-verification of title deeds with relevant authorities as part of regular audit exercise till the loan stands fully repaid....

RBI cancels license of 8 NBFCs

Press Release: 2012-2013/2065 07/06/2013

The Reserve Bank of India has cancelled the certificates of registration granted to the following companies on supervisory grounds, having their registered offices at the address shown against them, for carrying on the business of a non-banking financial institution. Following cancellation of the registration certificate the companies can...

Avoiding Arrests in Service Tax

Finance Act, 2013 has inserted new penal provisions in Service Tax which make certain defaults or offences as cognizable and certain others non-cognizable and bailable. The offences are punishable with monetary fine as well as imprisonment which may be extended upto a period of seven years....

Posted Under: Fema / RBI |

Main features, Benefits & Advantages of Real Estate Bill, 2013

Real Estate Bill to Protect the Interest of the Consumers and Promote Fair Play in Real Estate Transactions The Real Estate (Regulation and Development) Bill, 2013, approved by the Union Cabinet yesterday is a pioneering initiative to protect the interest of consumers, to promote fair play in real estate transactions and to ensure timely ...

Posted Under: Fema / RBI |

CMA President Communique for June, 2013

You may never know what results come of your action, but if you do nothing, there will be no result. -Mahatma Gandhi Dear Professional Colleagues, In today’s competitive environment, every Organisation is concerned about developing the potential of its people than ever before. It is healthy business practice that helps in enhancing the ...

Posted Under: Fema / RBI |

Article on Specified Domestic Transactions (Transfer Pricing)

The Transfer Pricing provisions has been introduced in india in the year 2001. Since then it has come a long way. Now, the Finance Act’ 2012 has extended the scope of Transfer Pricing provisions to certain specified domestic transactions and introduced section-92BA in order to bring in certain specified domestic transactions undertaken ...

Posted Under: Fema / RBI |

ICAI to release Guidance Note on Tax Audit on 1st July, 2013

Guidance Note on Tax Audit After the introduction of provision for tax audit, the Institute has been bringing out a Guidance Note on Tax Audit to help the members in discharging their responsibilities. The ICAI has approved the revised edition of Guidance Note on Tax Audit, which includes significant amendments made in the Income-tax Act,...

Posted Under: Fema / RBI |

Practice outside India to be reckoned for fellowship

1. Practice outside India to be reckoned for fellowship As per the Scheme of Chartered Accountants Act, 1949 [Section 5(3)], a member is granted fellowship if he has been in continuous practice for five years within India. Recognising the fact that members of the ICAI have also been practising outside India, it has been decided […]...

Posted Under: Fema / RBI |

Understanding of the Carbon Credits

One challenge facing the human race is that of GLOBAL WARMING. Global warming is the rise in the average temperature of Earth’s atmosphere and oceans. Carbon credits and carbon markets are a component of national and international attempts to mitigate the growth in concentrations of greenhouse gases (GHGs). The goal is to allow ma...

Posted Under: Fema / RBI |

No disallowance of Input Tax Credit for merely not charging VAT seperately in invoice

Punjab VAT Tribunal in The 21st Century Builders and Engineers vs State of Punjab VSTI 2013 17 C-388 has held that input tax credit cannot be disallowed merely on the technical ground that VAT has not been charged separately in VAT invoice, when tax charged on such VAT invoice is duly deposited by the seller....

Posted Under: Fema / RBI |

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