New e-filing call center will start working from 15th March 2012. For any query related to online filing of Income Tax Returns, please call 080-25186960 between 9am to 6 pm on all working days. Taxpayers are advised to make use of the above facility.
A man is obliged to accord due respect to his wife in society, a Delhi court has said, dismissing the anticipatory bail plea of a Haryana Police constable who has been accused of harassing his spouse.
Assessee’s claim that travel website should be treated as software (and hence website development cost is eligible for 60% depreciation) is not justified. By approaching travel website of assessee, customers/people can approach assessee and conduct business; therefore, website as such cannot be treated as software; it would fall under definition of intangible asset on which depreciation @ 25% is allowable.
Section 80P is applicable to regional rural banks. This position is undisputed in the instant case as well. The only question is the exigibility to deduction thereunder of the impugned incomes. The word ‘investment’ occurring in the definition of ‘banking’ in section 5(b) of the Banking Regulation Act is of importance. Section 6(1)(a) of the said Act provides that apart from the business of banking, a banking company may engage, inter alia, in acquiring, holding, issuing on commission, under-writing, dealing in stock, funds, shares, debentures, debenture stock, bonds, obligations, securities and investments of all kinds.
Government had directed Indian Olympic Association to take up the issue of sponsoring of London Olympics, 2012 by M/s Dow Chemicals emphatically with the IOC to draw its attention to the sensitivities of the victims of the tragedy in Bhopal and that the association with the Dow Chemical Company militates against the fundamental ethical principles of the Olympic Committee. Indian Olympic Association took up the matter with the IOC to which IOC replied that Dow Chemical had no connection with the Bhopal tragedy since Dow did not have any ownership stake in Union Carbide until 16 years after the accident and 12 years after the US $ 470 million compensation agreement was approved by the Supreme Court of India.
ICAI National Cost Convention-2012 begins RPN Singh calls for public friendly Accounting Shri R.P.N. Singh, Minister of State for Corporate Affairs has emphasized upon public friendly Accounting. Inaugurating the three day long 53rd National Cost Convention of Cost and Management Accountants (CMA) for the year 2012 organised by the Institute of Cost Accountants of India […]
A person of India origin who is ordinary resident in any country or place outside undivided India is eligible for grant of Indian citizenship by registration under section 5(1) (b) of the Citizenship Act, 1955. Registration under section 5(1) (b) of the Citizenship Act, 1955 is regulated under the provisions of the Citiens (Registration at Indian Consulate) Rules, 1956.
The Reserve Bank has consulted various organizations/stakeholders relying on the Bank Rate as a reference rate. Based on the feedback received, it is determined that the Bank Rate should normally stay aligned to the MSF rate. Accordingly, it has been decided that with effect from the close of business of February 13, 2012, the Bank Rate will stand increased by 350 basis points, i.e., from 6.00 per cent per annum to 9.50 per cent per annum. This should be viewed and understood as one-time technical adjustment to align the Bank Rate with the MSF rate rather than a change in the monetary policy stance.
It is clarified, that the Reserve Bank issues a Certificate of Registration for the specific purpose of conducting NBFI activities. Investments in fixed deposits cannot be treated as financial assets and receipt of interest income on fixed deposits with banks cannot be treated as income from financial assets as these are not covered under the activities mentioned in the definition of “financial Institution” in Section 45I(c) of the RBI Act 1934. Besides, bank deposits constitute near money and can be used only for temporary parking of idle funds, and/or in the above cases, till commencement of NBFI business.
SC held that was nothing unnatural or unusual in the decision of Shri Harishankar (father) to give his share in the joint family property to the appellant (Son who taken care of him). Any person of ordinary prudence would have adopted the same course and would not have given anything to the ungrateful children from his/her share in the property. The bench said that in the present case the evidence clearly proved that Harishankar had willed the property to Mahesh Kumar instead of the other two sons as the former along with his wife and kids had taken care of the aged parents till their death.
