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Archive: 20 January 2014

Posts in 20 January 2014

SEBI : Notification under regulation 3 of the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007

January 20, 2014 391 Views 0 comment Print

in view of the fresh launch of interest rate futures and difficulties expressed by the industry, it has been decided to extend the period for obtaining certification by such approved users and sales personnel for a period of two years from the date of this notification.

Circular No. 2/2014-Income Tax Dated 20/01/2014

January 20, 2014 4420 Views 0 comment Print

Circular No. 2/2014-Income Tax The Central Board of Direct Taxes had issued Circular No. 447 (hereinafter called “the Circular”) on 22nd January, 1986 clarifying that awards received by a sportsman, who is not a professional, will not be liable to tax in his hands as the award will be in the nature of a gift and/or personal testimonial. 2. The said Circular was applicable in a tax regime when gift was not taxable in the hands of the recipient and with the fundamental change

Notification No. 02/2014-Customs Dated: 20/01/2014

January 20, 2014 697 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments

Jail Term for two engineers of Income Tax Valuation Department

January 20, 2014 904 Views 0 comment Print

The Special Judge for CBI cases, Thiruvananthapuram(Kerala) has convicted Sh. R. Kennadi, then Executive Engineer and Sh. P.V. Suresh Kumar, then Assistant Engineer(both of CPWD) working in the Valuation Department of Income Tax, Trivandrum and sentenced them to undergo three years Rigorous Imprisonment with fine of Rs. 50,000/- each in a bribery case.

ICSI President and Vice President to Continue till election

January 20, 2014 589 Views 0 comment Print

The Council of the Institute of Company Secretaries of India (ICSI) at its meeting held on 19th January 2014, requested CS S. N. Ananthasubramanian, President and CS Harish K. Vaid, Vice President to continue to hold office in terms of section 12 (4) of the Company Secretaries Act, 1980 until such time as a new President and a new Vice President are elected and take charge of their duties.

Widening Tax Base in Indian Tax Laws and Income-Tax In Particular

January 20, 2014 3325 Views 0 comment Print

In this computer era, all records of business enterprises are maintained in computers and voluntary compliance of return filing U/s 139 of Income-Tax Act are also sought in digital format. Return preparation utilities are provided by the Deptt. so that there may not be any instance of wrong claims or deduction, unless there is bug in the utility provided.

Cabinet approves inclusion of Jains as a minority community

January 20, 2014 950 Views 0 comment Print

The Union Cabinet today gave its approval forinclusion of Jains as a minority under Section 2 (c ) of the National Commission for Minorities Act, 1992 and the Attorney General through the Ministry of Law and Justice has opined that this would be neither be illegal nor unconstitutional.

Aviation Company CFO arrested for Service Tax Evasion

January 20, 2014 1840 Views 0 comment Print

Delhi Service Tax Commissionerate arrested the Chief Financial Officer(CFO) of an Aviation Company on last Saturday, 18th January, 2014 for evasion of service tax amounting to more than Rs. one crore. The Company provides helicopter chartering services. The concerned company is also suspected to have fraudulently availed CENVAT Credit of more than Rs. 30 lakhs. […]

Lending against Gold Jewellery – Maximum 75%

January 20, 2014 1058 Views 0 comment Print

As a prudential measure, it has been decided to prescribe a Loan to Value (LTV) Ratio of not exceeding 75 per cent for banks’ lending against Gold jewellery (including bullet repayment loans against pledge of gold jewellery). Therefore, henceforth loans sanctioned by banks should not exceed 75 per cent of the value of gold ornaments and jewellery.

RBI appoints a Committee to Review Governance of Boards of Banks in India

January 20, 2014 1813 Views 0 comment Print

The Reserve Bank of India has constituted an Expert Committee to Review Governance of Boards of Banks in India. The Committee would be chaired by Shri P. J. Nayak, former Chairman and CEO of Axis Bank; the other members being Shri S. Raman, Whole Time Member, Securities & Exchange Board of India, Smt. Shubhalakshmi Panse, […]

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