To provide greater flexibility to banks in mobilizing non-resident deposits and in view of prevailing market conditions, the Reserve Bank of India (RBI) deregulated interest rates on Non-Resident (External) Rupee (NRE) Deposits and Savings deposits under Ordinary Non-Resident (NRO) Accounts with effect from 16 December 2011.
What is your policy. Public must know about it. It (building roads) should not be only to help builders and contractors. I do not understand your policy. We want to know what is your policy. Why should people pay toll tax when there is no smooth driving on road
Prasar Bharati has been exempted from paying any income tax, with the smooth passage of the Finance Bill in the Lok Sabha. As per one of the amendments in the Finance Bill, 2012 which was passed by the Lok Sabha on 08.05.2012, “any income of Prasar Bharati (Broadcasting Corporation of India)” is now mentioned among entities who will not have to pay tax.
A Day after the approval of the Finance Bill by the Lok Sabha, the government on Wednesday said that it will move ahead to recover the tax and penalty from the British telecom major Vodafone which is currently estimated at Rs. 20,300 crore. Finance secretary RS Gurjal said that no new notice would be required in the Vodafone case as the Finance Bill, 2012 would validate all the notices send earlier, even as the telecom company described the tax law amendment as “grossly unjust” and said it would take all possible steps to safeguard its shareholders’ interest.
Master Circular IMD/MC No.3/10554/2012, dated 11-5-2012 For effective regulation of the Mutual Fund Industry, Securities & Exchange Board of India (SEBI) has been issuing various circulars from time to time. In order to enable the industry and other users to have an access to all the applicable circulars at one place, Master Circular for Mutual Funds has been prepared.
Notification No. 17/2012-Income Tax In exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the said Act read with Rule 18C of the Income Tax Rules, 1962, the Central Government hereby notifies M/s. Intime Properties Private Limited., Mumbai as an undertaking and the project at Building No. 5B, 6 and 9 at Survey No.64(part), Madhapur, Hyderabad, Distt. Rangareddy, Andhra Pradesh being developed and being maintained and operated by the said undertaking, as an industrial park for the purposes of the said clause (iii) subject to the following terms and conditions:-
Assessee submitted that the issue may be restored to the file of the Assessing Officer with a direction to decide the same afresh in accordance with law following the ratio laid down by the Hon’ble Supreme Court in the case of Topman Exports (supra) and compute the deduction u/s 80HHC on DEPB/DFRC licenses in this case as per judgment of the Hon’ble Supreme Court referred to above. We find substance in the above submissions of Shri Sudhir Sehgal and, therefore, we set aside the order of CIT(A) and remand the issue to Assessing Officer with a direction to decide the same afresh keeping in view the decision of Hon’ble Supreme Court in the case of Topman Exports (supra). The Assessing Officer should give an opportunity of being heard to the assessee. For statistical purposes, the appeal is allowed.
S.O.1058 (E) – In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.62/94- Customs (N.T.) dated the 21st November, 1994, published in the Gazette of India, Extraordinary, Part-II, section 3, sub-section (ii) vid
Banks, which have fixed their service charges for out-station/speed clearing for instruments valuing above Rs. 1 lakh as percentage to the value of instruments are, therefore, advised to review the same and fix the charges on a cost-plus basis. Banks may note to ensure that collection charges fixed for instruments valuing above Rs. 1 lakh is lower under Speed Clearing vis-a-vis Out-station Cheque Collection as advised in paragraph 6(d) of our circular dated January 19, 2011 so as to encourage the use of Speed Clearing.
As you may be aware, it has been the endeavour of Reserve Bank of India to put in place clearing infrastructure at all places where there are five or more banks operating but do not have a clearing house with a relaxation to district headquarters where the presence of three banks is sufficient to establish a clearing house. Towards this endeavour, Regional offices of RBI continuously identify locations and banks for opening new clearing houses. As a result of such continuous efforts, there are 1200 clearing houses as on April 2012 across the country of which more than 200 clearing houses have been made operational during the last four years (2008-2012) alone.
