Incomes exempt under the regular provisions of the ITA would be liable to tax under MAT if they are not expressly excluded under the Explanation providing permissible adjustments to be made in computing the book profit.
Supreme Court held that Looking to the amount of tax involved in this case, we are of the view that the High Court ought to have decided the matter on merits. In all such cases where there is delay on the part of the Department, we request the High Court to consider imposing costs but certainly it should examine the cases on merits and should not dispose of cases merely on the ground of delay, particularly when huge stakes are involved.
It is therefore, advised that RRBs which have become members of the above credit information company / companies may provide them the current data in the existing format. Such RRBs may also provide historical data in order to enable the new credit information companies to validate their software and develop a robust database.
In a money mule transaction, an individual with a bank account is recruited to receive cheque deposits or wire transfers and then transfer these funds to accounts held on behalf of another person or to other individuals, minus a certain commission payment. Money mules may be recruited by a variety of methods, including spam e-mails, advertisements on genuine recruitment web sites, social networking sites, instant messaging and advertisements in newspapers.
Please refer to our circulars RPCD. CO. No. RRB. BC. 57/ 03.05.33(F)/ 2005-06 dated December 27, 2005 and RPCD. CO. FID. BC. No. / 12.01.012/ 2010-11 (RBI/ 2010-11/ 253 dated November 1, 2010, in terms of which RRBs are permitted to handle pension accounts and other government business as sub-agents; and to open the accounts of beneficiaries of Indira Gandhi National Old Age Pension Scheme.
You are aware that there has been a remarkable growth of customer transactions in RTGS over the years, with currently more than 1,50,000 customer transactions being settled on a daily average in the RTGS system. As the RTGS system handles large value and time critical transactions, all member banks need to address the customer complaints and concerns on a priority basis.
Central Excise – SSI Exemption – Use of another person’s brand name – Not entitled for exemption: It is manifest from a bare reading of Clause 4 of the Notification, read with Explanation IX that it clearly debars an assessee from the benefit of exemption under the notification, if he uses another person’s brand or trade name with the intention of indicating a connection between the assessee’s goods and such other person. It is evident that the object of the exemption notification is to grant benefits only to those industries which otherwise do not have the advantage of brand or trade name. In order to avail of the benefit of the exemption notification, the assessee must establish that his product is not associated with some other person: if it is shown that the assessee has affixed the brand name of another person on his goods with the intention of indicating a connection between the assessee’s goods and the goods of another person, using such name or mark, then the assessee would not be entitled to the benefit of exemption notification; if the assessee is able to satisfy the Adjudicating Authority that there was no such intention, or that the user of the brand name was entirely fortuitous, it would be entitled to the benefit of the exemption
Replying to the West Bengal Taxation Laws (Second Amendment) Bill, 2010, Finance Minister Asim Dasgupta said although the Centre allowed the states to increase both 4 per cent and 12.5 per cent slabs of VAT by one per cent, the state government did n
Merely because the long term capital gain is exempt under section 47(iv) under the normal provision of the Act, it is not correct to say that it is also to be reduced from the net profit for the purpose of computing book profit under section 115JB of the Act when the Explanation to section 115JB does not provide for any deduction in terms of section 47(iv)
Fixed deposits rates are on the rise. Though the investors living on interest income are happy about it, they are finding it difficult to catch the peak. The biggest challenge an investor faces in a rising-rate scenario is to identify the peak and lo
