Interest Rates on Small Savings Instruments (i) The rate of interest paid under Post Office Savings Account (POSA) will be increased from 3.5% to 4% p.a. (ii) The rate of interest on small savings schemes will be aligned with G-Sec rates of similar maturity, with a spread of 25 basis points (bps) with two exceptions. The spread on 10 year NSC (new instrument) will be 50 bps and on Senior Citizens Savings Scheme 100 bps. The interest rates for every financial year will be notified before 1st April of that year.
Commission to Post Office Agents- (i) Payment of commission on PPF schemes (1%) and Senior Citizens Savings Scheme (0.5%) will be discontinued. (ii) Agency commission under all other schemes (except MPKBY agents) will be reduced from existing 1% to 0.5%. (iii) Commission at existing rate of 4% will continue for Mahila Pradhan Kshetriya Bachat Yojana (MPKBY) agents.
Interest earned on fixed deposits have an immediate nexus with the export business would be treated as income from business and interest earned on fixed deposits which does not have an immediate nexus with the export business, it would be treated as income from other sources. The court opined that when the interest was earned […]
On Saturday, the Maharashtra Secretary of Bahujan Samaj Party (BSP), who is also a builder involved in the development of a Slum Rehabilitation Authority (SRA) project in Bhandup, was brutally attacked by his chartered accountant in his house. Shailesh Kamitkar, 35, a chartered accountant who helps the victim Ashok Chandrapal Singh, 45, with his finances, attacked the builder with a chopper. Singh is currently admitted in Bhandup’s SS Hospital’s intensive care unit with multiple wounds on his head, face and legs.
In our considered opinion, the authorities below were not justified in not granting the set off of the brought forward business loss for the reason that the requirement to file return within the time prescribed u/s.139(1) is for carrying forward the loss. Once loss is determined in the return file u/s.139(3), the assessee becomes eligible for set off against the income of the subsequent years irrespective of the fact whether the returns of such later years are filed u/s.139(1) or not. Sec. 80 read with sec. 139(3) requires the submission of return for loss before the due date.
As banks are aware, instruments with account payee crossing are required to be credited to the payee’s account and not paid in cash over the counter. However, some unscrupulous elements use demand drafts without any crossing for transfer of money as an alternative to settlement through cash. In order to address the regulatory concerns that have arisen in this context, banks are advised to ensure that demand drafts of Rs. 20,000/- and above are issued invariably with account payee crossing.
Architect’s Services- means any service provided or to be provided to any person, by an architect in his professional capacity, in any manner;
Airport services means any service provided or to be provided to any person, by airports authority or any other person, in any airport or a civil enclave; Rate of Tax & Accounting Code:
“Taxable Service” means any service provided or to be provided to any person by an air travel agent in relation to the booking of passage for travel by air; “Air Travel Agent” means any person engaged in providing any service connected with the booking of passage for travel by air;Rate of Tax & Accounting Code:
“Advertisement” includes any notice, circular, label, wrapper, document, hoarding or any other audio or visual representation made by means of light, sound, smoke or gas.providing space or time, as the case may be, for display, advertising, showcasing of any product or service in video programmes, television programmes or motion pictures or music albums, or on bill-boards, public places, buildings, conveyances, cell phones, automated teller machines, internet;
