The guarantor of a loan is liable to pay it if the debtor fails to clear it, the Supreme Court has ruled, while maintaining that financial institutions too cannot act like property dealers in recovering the debts. The apex court gave the ruling on an appeal by one Ganga Kishun, who had stood as a guarantor to a bank loan, raised by one Ganga Prasad, who had died without clearing it. Ganga Kishun had come to the apex court against the Uttar Pradesh government’s decision to recover the loan arrears from him after the death of principal debtor Ganga Prasad.
As per CPE learning which is eligible for CPE credit for Unstructured Learning Activities(ULAs), the members are required to submit their Self-declaration in the form enclosed once in a year before 31st May, to avail the CPE Hours Credit for the ULAs undergone by them in the previous year. These forms would have to be submitted to the concerned Decentralized Offices. The members could also submit the same to the Sub-Decentralized Offices for onward submission to the concerned Decentralized Offices.
In the Budget 2011-12, the Government, for the first time, permitted Qualified Foreign Investors (QFIs), who meet the KYC norms, to directly invest in Indian Equity Mutual Fund (MF) schemes and in MF debt schemes that invest in infrastructure. It was for the first time that this new class of investors was allowed to directly participate in the Indian capital market. In January 2012, the Government expanded this scheme to allow QFIs to directly invest in Indian Equity Markets.
On the issue of retrospective amendment, Union Finance Minister, Shri Pranab Mukherjee has said that he had given a commitment in the Parliament with regard to retrospective amendments that CBDT will issue a policy circular to clarify that in cases where assessment proceedings have become final before first day of April, 2012; such cases shall not be reopened. Now CBDT has issued a circular in this regard, the Finance Minister has stated.
Normally my advise would be that if there be no point of law, if its a matter of fact, then I think with the two appeals at the commissioner’s level the department need not rush to the High Court if there be no point of law concerned, Mukherjee said which addressing I-T officials here.
Internship Programme of Foreign Tax & Tax Research Division, Department of Revenue – The CBDT has launched an internship programme in the Foreign Tax & Tax Research Division. The objective of the programme is to enable the department to critically analyze various aspects of International Taxation, Transfer Pricing, Advance Pricing Agreements etc on the basis of refreshing ideas from the filed of academics. Applications are invited from eligible candidates. A stipend is payable. The terms and conditions are stated in the Circular Dated 28.03.2012.
Union Finance Minister, Shri Pranab Mukherjee will inaugurate the biggest office building of the Income tax Department in India tomorrow. The building will house the offices of salary charges, non-corporate charges, International Taxation, Exemption and other allied charges, accommodating approximately 800 Officers and 1500 staff. It will also have an assessee friendly ASK (Aayakar Sewa Kendra) Centre. Pratyaksh Kar Bhawan at Civic Centre is a ‘green’ building.
The Ministry of Corporate Affairs has after giving due consideration decided that any Financial Institution applying for declaration as PFI shall fulfil the following criteria:- (a) A company or corporation should be established under a special Act or the Companies Act, 1956 being a central act; (b) Main business of the company should be industrial/infrastructural financing;
Government today said it has cleared 25 foreign direct investment, FDI proposals worth 2,973.40 crore rupees. The Finance Ministry said in a release that the applications were cleared after recommendations of the Foreign Investment Promotion Board,FIPB headed by Economic Affairs Secretary R Gopalan.
Honourable President of India has Given its Assent to Finance Bill 2012 or Budget 2012-13 on 28.05.2012. The Finance Bill 2012 already received the assent of Lok Sabha & Rajya Sabha. You can also download Finance Bill 2012, We have provided link for the same at the bottom of the post.
