“We cannot accept the argument that because the information held by ITAT is in the form of only judicial record, such record is outside the purview of the RTI Act. The Supreme Court of India and High Courts, all have rules for disclosure of information both administrative and judicial.
Clearing the confusion over honouring cheques with corrections, the Reserve Bank of India said this will be applicable only for cheques cleared under the image-based cheque truncation system (CTS). According to a RBI notification, this has been introduced to curtail cheque frauds on account of alterations in cheques and protect customers as well as banks.
New rules have been introduced on Tax Deduction at Source, the latest in a set of recent changes. This will impact the manner in which individuals deal with their TDS certificates. There have been changes that will impact a lot of procedural areas. One set of aspects will impact those deducting the tax and paying this to the government. The other impact will be on the person whose amount is deducted.
The assessee, a charitable trust claimed exemption u/s 10(23C)(vi). The return was processed u/s 143(1)(a). No assessment order u/s 143(3) was passed. Subsequently, the AO issued a notice u/s 147 on the ground that as the assessee had not invested a sum of Rs. 1.02 crores in investments u/s 11(5), the said sum of Rs. 1.02 crores was chargeable to tax. The reopening was upheld by the CIT(A). On appeal by the assessee, HELD allowing the appeal:
The Institute of Chartered Accountants of India (ICAI) has unearthed cases of financial statements and audit reports of certain companies with forged signatures of auditors, sparking off fear of a larger menace that may have hit the country’s auditing fraternity.
Draft Provisions of DTC: DTC proposed to do away with the exemption available in respect of Leave encashment received at the time of retirement (presently Rs 3 lakh in specified cases and fully exempt in case of government employees).
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 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.
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.
