RBI Releases Draft Guidelines on Liquidity Risk Management and Basel III Framework on Liquidity Standards Posted: 21 Feb 2012 06:49 PM PST . Deficiencies which were witnessed in liquidity risk management during the recent crisis included inadequate liquidity risk management governance, failure to address funding concentrations, lack of meaningful cash flow projections to assess the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Amendment in Chapter 10 of Schedule 2 of ITC(HS) Classification of Export and Import Items relating to export of Basmati Rice.00 Posted: 21 Feb 2012 06:17 PM PST Notification No. 97 (RE-2010) /2009-2014 (i) Minimum Export Price of Basmati Rice has been reduced to US$ 700 per MT. Earlier it was US$ 900 or Rs. 41,400/- per MT FOB. MEP is expressed only in terms of US dollar. (ii) Export is now permitted... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Income Tax Calculator in Excel for A.Y. 2012-13 Posted: 21 Feb 2012 06:05 PM PST The Income Tax Calculator given below is for A.Y. 2012-13 or Financial year 2011-12. The Calculator Calculates taxable Income and tax thereof. Calculator can be used for calculating income tax on all types of Income. It have the option to set off... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Auto Excel Income Tax Challan ITNS 280 & ITNS 281 Posted: 21 Feb 2012 05:38 PM PST Excel based Challan Utility for ITNS 280 and ITNS 281 - The utility given below will fill your Income Tax Challan No. 280 (For Payment of Income tax) and Income Tax Challan No. 280 (Related to Payment of TDS/TCS). With the excel utility files we... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Income tax Dept may get to re-open tax returns beyond 6 years if foreign assets involved Posted: 21 Feb 2012 04:54 PM PST Government may grant the Income Tax department powers to re-open tax returns of beyond six years in specific cases of black money where "foreign assets" are involved.The I-T department needs these powers to pursue the ongoing cases where funds were... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Budget 2012 – Foreign bank deposits, paintings, watches may attract wealth tax Posted: 21 Feb 2012 04:51 PM PST Deposits in foreign banks, paintings, sculptures and expensive watches may come under the wealth tax net as part of the government's drive to unearth black money.The proposal to expand the ambit of the Wealth Tax forms part of the Direct Taxes Code... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Recent Liberlisation and Simplification in Softex Procedure, Payment allowed to be recd. in advance beyond one year, Release of Foreign Exchange for Imports Posted: 21 Feb 2012 03:49 PM PST Considering the spurt in volume of software exports from India in recent times, other complexities involved in execution of work contracts and time consumed in the certification of SOFTEX forms, a simplified procedure has since been finalised by the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| RBI allows exporters to receive advance payment for export of goods which would take more than one year to manufacture and ship Posted: 21 Feb 2012 03:22 PM PST With a view to liberalizing the procedure, it has been decided to permit AD Category- I banks to allow exporters to receive advance payment for export of goods which would take more than one year to manufacture and ship and where the 'export... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Increase in limit to USD 5000 for foreign exchange remittance towards imports without any documentation formalities Posted: 21 Feb 2012 11:25 AM PST A.P. (DIR Series) Circular No. 82 - Attention of all the Authorised Dealers (ADs) in foreign exchange is invited to the A.P.(DIR Series) Circular No. 106 dated June 19, 2003 in terms of which applications by persons, firms and companies for making... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| CBI arrests service tax superintendent in bribery case Posted: 21 Feb 2012 04:30 AM PST The Central Bureau of Investigation has arrested a Superintendent, Service Tax, IAP-X, Bangalore for demanding & accepting a bribe of Rs.25,000/-from the complainant. A case was registered against him U/s 7 of Prevention of Corruption... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| IDBI Bank provides account portability facility to customers Posted: 20 Feb 2012 11:35 PM PST IDBI Bank has been providing account portability facility to its customers since February 2010. Accordingly, customers can transfer their account from one service outlet (branch) to another in any city without changing the bank account number. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| If facts are similar, Tribunal directs CIT(A) to re-decide the appeal in line with direction issued by Tribunal in its earlier order Posted: 20 Feb 2012 08:14 PM PST At the time of hearing, the learned AR submitted that the assessee company has not received assessment order passed by the Assessing Officer u/s 148 r/w section 143(3) for the assessment year 2002-03 as stated by the Assessing Officer that the order... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Ambit of service tax to be widened – State FMs to meet to cover more services Posted: 20 Feb 2012 07:10 PM PST Ahead of the Union Budget, the state Finance Ministers will meet here on March 3 and suggest steps for increasing the ambit of the service tax net with a view to garnering more resources. The state Finance Ministers have decided on the negative list... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Transfer of shares within promoter group of a company would be considered as an equity sale – SEBI Posted: 20 Feb 2012 07:03 PM PST Capital market regulator Sebi has said that any transfer of shares even within the promoter group of a company would be considered as an equity sale, when it comes to promoters getting a preferential treatment for allotment of fresh shares or... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Indian Banking Sector – Towards the Next Orbit Posted: 20 Feb 2012 06:41 PM PST We are at the cusp of a defining decade in the banking system. The Indian banking system has come a long way in terms of technology, business systems and processes. It has weathered the global economic crisis, but going forward it needs to focus on... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| SEBI standardize lot size for IPO propose to list on SME exchange/platform and for secondary market trading on such exchange/platform Posted: 20 Feb 2012 06:38 PM PST SEBI vide circular dated May 18, 2010 prescribed the framework for setting up of a stock exchange/trading platform by a recognized stock exchange having nationwide trading terminals for Small and Medium Enterprises (SMEs). . In this regard it has... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Governance deficit and financial crisis Posted: 20 Feb 2012 06:19 PM PST Good governance is a necessary condition for not only economic growth and development but for an easy and comfortable society where we can go about our business - confident and unruffled. Good governance is of utmost importance for the financial...
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