It is expected that all banks adopt appropriate frameworks for both IT and IS Governance and put in place the proper structure and systems. Accordingly, we request you to take up suitable steps at your end in this regard and ensure that the issues relating to governance, information security and business continuity get adequate attention at the Board level. In this regard, the document prepared by IDRBT on the ‘Organizational Structure for IT in the Indian Banking Sector’ can serve as a reference manual.
Notification No. 21/2012-Income Tax Payment by a person (hereafter referred to as the transferee) for acquisition of software from another person, being a resident, (hereafter referred to as the transferor), where- (i) the software is acquired in a subsequent transfer and the transferor has transferred the software without any modification, (ii) tax has been deducted- (a) under section 194J on payment for any previous transfer of such software; or
Circular No.15/2012-Customs As you are aware Self Assessment has been introduced vide Finance Act 2011. This marks a major change in the system of assessment of customs duty of imported and export goods. Self Assessment is trust based control with more reliance on declarations of the importer and exporters.
The Applicant for grant of registration as an Alternative Investment Fund under SEBI (Alternative Investment Funds) Regulations, 2012 should make an application to SEBI in Form A as provided in the Regulations along with all the necessary documents.
The assessee has obtained a term loan from The Mahanagar Co–operative Bank Ltd., Fort Branch. It had also obtained an over draft facility. The bank debited the term loan account periodically with interest due and thereafter credited the term loan account with interest as received by debiting the over draft account in the bank. In effect, the term loan interest was paid by debiting the overdraft account. The Assessing Officer held this to be a conversion of interest liability into a loan or advance and, hence, not liable for deduction under section 43B.
There is no dispute that the case of the assessee does not fall within any of the exception provided in rule 6DD of the IT Rules,1962 nor the ld. AR on behalf of the assessee made any such claim before us. Only plea of the ld. AR is that affidavits furnished by the assessee of six persons placed at page 7 to 12 of the paper book and certain documents were not considered by the ld. CIT(A). Indisputably, in this case a survey was conducted in the premises of the assessee on 27.2.2007,when certain impounded documents revealed cash payments exceeding Rs. 20,000/- each.
REQUEST FOR PROPOSAL FOR Appointment Of External Auditor For Conducting Audit Of Risk Management Systems. Punjab National Bank has a long and glorious history. Over the years, the bank has maintained a consistent business performance. As per the latest figures (31st December), The Bank’s total business crossed over Rs 6,19,000 crore and the CAR of 11.48% as per Basel II norms.
If there is a foreign travel in connection with the business, merely because in the said foreign travel, no business could be transacted or the foreign travel did not result in bagging any contract is not the determinative factor. The relevant factor was as to whether he was sent by the assessee abroad in connection with the business of the assessee.
Indore’s Assistant Income tax Commissioner Arun Diwan was on Sunday found murdered at his residence in Ujjain, police said. It appears that Diwan (45) was strangulated to death by his assailants and robbery could have been the motive behind the killing, they said.
Telecom Infrastructure Service Providers – Entitled to procure goods against ‘C’ Forms at concessional rate of CST @2% – Goods purchased are used in the telecommunication network and therefore covered by Section (1) and 8(3)(b) of the CST Act – Petitions allowed – Penalties levied on the appellants set aside.
