Meanwhile, an NRO (non-resident ordinary) account gives one the privilege of depositing overseas earnings as well as Indian earnings. An NRO account can be in the form of saving, current and term deposit account.
In exercise of the powers conferred by clause (e) of proviso to section 269SS of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Housing Development Finance Corporation Limited, Bombay, in respect of its Home Savings Plan Scheme, Loan Linked Deposit Scheme and Certificate of Deposit Scheme, including Cumulative Interest Scheme for the purpose of the said section.
The introduction of the Direct Taxes Code (DTC), which will replace the 50-year-old Income Tax Act, will make Foreign Institutional Investors (FIIs) liable to pay capital gains tax on their income from securities trade. All the FIIs will be subject to the capital gains tax after implementation of the Direct Taxes Code.
The second session of Common Proficiency Test (CPT) disappointed the students in subjects like quantitative aptitude (QA) which includes maths, statistics and economics. Unexpected objective questions on maths and statistics theory left them disappointed. Those who prepared from selected chapters found questions tough.
Following HCL Comnet 305 ITR 409 (SC), the Tribunal took the view vide order dated 17.3.2009 that provision for bad debts debited to the P&L A/c could not be added to the “book profits” u/s 115JA. To supercede HCL Comnet, clause (g) was inserted in the Explanation to s. 115JA by the F. A. 2009 w.r.e.f 1.4.1998. The amendment received the assent of the President on 19.8.2009, after the order of the Tribunal was passed. The department filed a MA contending that in view of the said retrospective amendment, there was a “mistake apparent from the record”. HELD dismissing the application:
The Institute of Company Secretaries of India-Northern India Regional Council jointly with Surana & Surana International Attorneys, Chennai is organizing the 8th All India Moot Court Competition-2010 on 6th ,7th and 8th August, 2010 at New Delhi
The Reserve Bank of India, having considered it necessary in public interest and to regulate the financial system of the country to its advantage, in exercise of its powers conferred under sections 45K, 45L and 45W of the Reserve Bank of India Act, 1934 and of all the powers enabling it in this behalf, hereby gives to the agencies dealing in securities and money market instruments, the following directions for issuance of Non-Convertible Debentures (NCDs) of original or initial maturity up to one year.
The process of organizing the Tenth ICSI National Award for Excellence in Corporate Governance 2010 which was instituted in the year 2001 by the Institute of Company Secretaries of India has commenced. The Award aims to identify corporates which best establish and follow good corporate governance norms in letter and spirit.
Loan defaulters will now find it difficult to rid themselves of all their liabilities through the one-time settlement scheme. Public sector lenders plan to insert a clause that will bar them from withdrawing criminal cases against private persons, irrespective of a settlement.
Addressing a press conference here, Mr Vinayak S. Khanvalkar, President, ICSI, said ICSI’s priority would be to ensure that student services are more effective and efficient. The institute will make endeavour to see that they are appropriately skilled to meet the expectations of corporates.
