Despite the effort made by the legislature to keep the recovery of debts by the Bank very simple and clear when the debt is secured, there exist few complications in law dealing with the recovery of secured debt under SARFAESI Act, 2002. The constitutional validity of the provisions of the SARFAESI Act were challenged before the Constitutional Courts and the courts have made it very clear that SARFAESI Act, 2002 is constitutionally valid though certain provisions required a re-look. Initially, when the act came to force, many writ petitions were filed challenging the action initiated by the Bank under the provisions of SARFAESI Act, 2002
In the wake of the growing number of banks being looted in the state, home minister RR Patil said, on Thursday, that banks needed to be more vigilant and should conduct the mandatory security audits as per the rules laid down by the Reserve Bank of I
The high court of Bombay at Goa has recently held that the deduction claimed by a company for expenditure incurred towards machinery hired cannot be rejected by the tax authorities on the ground that that the machinery was lying idle.
Unique Identification is merely a string assigned to an entity that identifies the entity uniquely. Every person residing in India will soon have a UID. Biometric identification system and checks would be used to ensure that each individual is assign
We have summarised below few frequently asked questions and answers which arise in respect of deduction of TDS on transport Charges and in respect of TDS return filing requirement when no TDS been deducted on Transport Charges Paid to the Transporte
Deductors are required to file eTDS statement every quarter. Any error/ omission in original statement filed has to be rectified by filing a correction statement. It was possible to file multiple correction statement in respect of one original return
The Committee on International Taxation is in the process of identifying issues that need to be taken up in the Pre-Budget Memorandum on International Taxation – 2011 to be submitted to the Ministry of Finance. The Committee invites suggestions on I
The Council of the Institute had recently considered the draft Report on Operation of Multinational Network Accounting Firms in India, which inter alia, was based on examination of documents/details provided by many CA firms registered with ICAI and
It has been brought to our knowledge that certain SMSs/e-mail chains have been generated claiming that the Institute has changed the passing requirements of its various examinations w.e.f. November, 2010 examinations. It may be clarified that the sa
The Circular, while clarifying several aspects on which earlier there was ambiguity, also recognises the introduction of various Discussion Papers issued by DIPP (Defence, multi brand retail, existing venture/tie-ups, issue of shares for consideratio
