No Pre-payment penalty on pre-closure of housing loans from Housing Finance Companies

No Pre-payment penalty on pre-closure of housing loans from Housing Finance Companies Posted: 20 Oct 2011 08:46 PM PDT The housing finance regulator said Housing Finance Companies will no longer levy any fee on floating rate loans. In case of fixed rate loans, it has made a distinction and only those borrowers who pay from their "own sources", such as... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Procedure for Download of Form 16A PDF converter utility Posted: 20 Oct 2011 07:30 PM PDT Form 16A PDF Converter Utility. 1. The Form 16A text file is to be passed through the PDF Converter Utility to convert to generate PAN wise Form 16A in PDF format. 2. The PDF Converter Utility is available to registered TANs at TIN. 3. It is... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Correction in OLTAS / Income Tax / TDS / Direct Tax Challan, Type of Correction and Period for correction Posted: 20 Oct 2011 06:54 PM PDT Correction in OLTAS challan i.e. in Challan No. ITNS 280 related to payment of Income tax and Corporation tax, ITNS 281 for depositing Tax Deducted at Source / Tax Collected at Source (TDS/TCS) from corporates or non-corporates , ITNS 282 for... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Role of Foreign Investment Promotion Board (FIPB) Posted: 20 Oct 2011 06:36 PM PDT The Foreign Investment Promotion Board (FIPB) is a government body that offers a single window clearance for proposals on Foreign Direct Investment (FDI) in India that are not allowed access through the automatic route. FIPB comprises of Secretaries... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Instructions for expeditious processing of drawback claims u/s. 74 and 75 and 'identification of goods' and 'determination of use' under Section 74 of the Customs Act,1962 Posted: 20 Oct 2011 06:23 PM PDT Circular No. 46/2011 - Customs While processing Drawback claims, whether under Section 74 or Section 75, wherever any deficiency is noticed in the claim, the same shall be communicated to the exporter in a clear unambiguous manner within a period of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CBDT Makes Discussion Paper on Tax Accounting Standards Public Posted: 20 Oct 2011 05:53 PM PDT The Central Board of Direct Taxes (CBDT) has made public the discussion paper on accounting standards, to be known as Tax Accounting Standards (TAS), for feedback from all concerned. The TAS, applicable only to computation of taxable income under... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Observance of Vigilance Awareness Week as 'Grievance Redressal Week' Posted: 20 Oct 2011 12:07 PM PDT 2. The CVC during its consultative meeting with the CBDT on 18.10.2011 has conveyed that the Vigilance Awareness Week 2011 should also be observed as Grievance Redressal week. Hence in addition to the various activities suggested in the earlier... [[ This is a content summary only. Visit www.taxguru.in for full article ]] VAT Cir – 14T of 2011 – Waiver in respect of penalty and interest imposed on the sales made by Handmade Soap manufacturers for the period of 1st April 2005 to 31st March 2010 Posted: 20 Oct 2011 11:57 AM PDT Circular No.14T of 2011 The State Government has issued a Government Resolution referred above by which the waiver has been provided in respect of interest and penalty levied on the turnover of sales of soap except detergent not exceeding Rs.20 lacs... [[ This is a content summary only. Visit www.taxguru.in for full article ]] NHB advised housing Finance companies to charge Uniform interest (floating rate basis) for old and new customers Posted: 20 Oct 2011 11:47 AM PDT The NHB, which is the housing finance regulator, has also asked HFCs to ensure that all borrowers pay the same interest rate, irrespective of when the loan was taken. Download NHB Notification No. NHB (ND)/DRS/Pol. No. 44/2011-12 Dated 19.10.2011... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Addition under section 68 not permissible when the advances are received by account payee cheques and interest and shares have been paid and allotted against these advances Posted: 20 Oct 2011 07:05 AM PDT DCIT Vs. Bihariji Ispat Udyog Ltd. (ITAT Kolkata) - From the record it appears that all the aforesaid transactions were by Account Payee cheques and loan confirmation and also the confirmation for payment of Share Application Money were obtained... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Govt. issues National Public Private Partnership (PPP) Policy – 2011 Posted: 20 Oct 2011 05:38 AM PDT Government of India is committed to improving the level and the quality of economic and social infrastructure services across the country. In pursuance of this goal, the Government envisages a substantive role for Public Private Partnership (PPPs)... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Ashok Chawla takes oath as New Chairman of Competition Commission of India (CCI) Posted: 20 Oct 2011 05:26 AM PDT Shri Ashok Chawla today took oath as New Chairman of the Competition Commission of India. He was administered the oath of the office by Union Corporate Affairs Minister Dr. M. Veerappa Moily in his Office. Shri Chawla has been the former Finance... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Introduction of Credit Default Swaps for Corporate Bonds – Date for Operationalisation Changed Posted: 20 Oct 2011 05:23 AM PDT A reference is invited to para 4 of the RBI circular of IDMD.PCD.No. 5053 /14.03.04/ 2010-11 dated May 23, 2011 wherein it was indicated that the guidelines on CDS would be effective from October 24, 2011. Necessary infrastructure which includes... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Income Tax department to make names of defaulters owing over Rs 10 crore public Posted: 20 Oct 2011 05:10 AM PDT The Income Tax department has decided to publish the names of defaulters who owe more than Rs 10 crore as unpaid taxes after it unearthed details of such assessees recently. The department has decided to send show cause notices to such assessees,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (The Regulations) Posted: 20 Oct 2011 04:20 AM PDT This is in continuation of the circular No SEBI/CFD/DCR/SAST/ 1/2011/09/23 dated September 23, 2011 on the captioned Regulations wherein various formats for the reports/ disclosures to be filed were specified. The formats for disclosures for... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Exposure Draft of Amendments to Indian Accounting Standard (Ind AS) 107 Financial Instruments – Disclosures Posted: 20 Oct 2011 04:18 AM PDT Following is the Exposure Draft of the Amendments to Indian Accounting Standard (Ind AS) 107, Financial Instruments: Disclosures, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Exposure Draft of Amendments to Indian Accounting Standard (Ind AS) 1 Presentation of Financial Statements Posted: 20 Oct 2011 04:14 AM PDT Following is the Exposure Draft of the Amendments to Indian Accounting Standard (Ind AS) 1, Presentation of Financial Statements, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Exposure Draft of Amendments to Indian Accounting Standard (Ind AS) 101 First-Time Adoption of Indian Accounting Standards Posted: 20 Oct 2011 04:13 AM PDT Following is the Exposure Draft of the Amendments to Indian Accounting Standard (Ind AS) 101, First-time Adoption of Indian Accounting Standards, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]