High value clearing, the facility that enables depositors to encash cheques drawn for over Rs 1 lakh the next day, is set to be phased out. The Reserve Bank of India (RBI) has increased the minimum value for high value clearing to Rs 5 lakh from May. This will be increased further to Rs 10 […]
The Reserve Bank of India (RBI) has informed banks that some of the modifications allowed to facilitate restructuring of non-performing assets(NPA) in view of the ongoing downturn in the Indian economy will be withdrawn from July 1 2009. “The circulars dated December 8, 2008, January 2, 2009 and February 4, 2009 for restructuring of accounts […]
Large companies may, henceforth, not find it easy to escape the taxman’s net with regard to the interest paid or payable to the micro, small and medium enterprises (MSMEs) on overdue payments to them. Currently, interest paid or payable to MSMEs is not admissible as a deductible expenditure for income-tax purposes. This has been specified […]
The Reserve Bank on Tuesday said it would deal with the problem of black money being hidden in tax havens by continuously updating its regulations in line with the G-20 guidelines on strengthening transparency in cross-border movement of capital. “The Reserve Bank would continue to incorporate in its regulations latest international best practices (to deal […]
Reserve Bank of India has allowed three more credit information companies to do business. The banking regulator has also permitted the only existing local credit bureau Cibil (Credit Information Bureau India Ltd) to maintain credit histories of insurance and telecom customers. The three new entities include Equifax Credit Information Services, Experian Credit Information Company, and […]
Brief Facts:- Several writ petitions were filed with the Delhi High Court, questioning the legality, and validity of Notification No. 24 / 2007 –ST dated May 25, 2007 (which exempts from service tax, the taxes paid on property from the gross value charged for renting of immovable property) and Central Board of Excise and Customs (CBEC) Circular No. 98/1/2008 – ST dated January 1, 2008 (which clarified that right to use immovable property is leviable to service tax). The petitions questioned the levy of service tax on renting out of immovable property per se since the taxable services contemplated under Section 65(105)(zzzz) of the Finance Act, 1994 (as amended) were services provided in relation to renting of immovable property.
The Institute of Chartered Accountants of India (ICAI) is all set to launch its Risk Management Committee by mid-May, this year. The committee will work with state governments and corporates in putting up a risk management structure in these entities. The institute has been working in this regard since November, last year. “Around 70 per cent […]
Professional Development Committee (PDC) is pleased to host the thoroughly revamped Multipurpose Empanelment Form (MEF) for the year 2009-10. The new form has been comprehensively revised to make it user friendly and ensure that members do not face any problem in submitting the form. Apart from making form simple and user friendly members may note […]
Transfer of Article Further to the announcement dated 27th March, 2009, the transitional difficulties being experienced by members and students in the matter of transfer of articles, effected on or prior to 27th March, 2009 was considered by the Institute and with a view to mitigate the difficulties so experienced, it has been decided, as […]
The Supreme Court has held that freight and insurance charges are not to be taken into account in determining the value of goods for imposing excise duty. A Bench headed by Justice S B Sinha, while dismissing the Commissioner of Central Excise’s appeal, asked the (Excise) Department to pay Rs 25,000 to a manufacturer of electronic meters, Accurate Meters Ltd, towards the counsel’s fee.
