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Apr 17, 2012

No Foreclosure Charges/Prepayment Penalty on Floating Interest Home Loan

No Foreclosure Charges/Prepayment Penalty on Floating Interest Home Loan

Posted: 17 Apr 2012 08:30 PM PDT

The Damodaran Committee had observed that foreclosure charges levied by banks on prepayment of home loans were resented upon by home loan borrowers across the board, especially since banks were found to be hesitant in passing on the benefits of lower interest rates to the existing borrowers in a...

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Form 16/16A v/s 26AS online annual statement

Posted: 17 Apr 2012 10:35 AM PDT

Form 16 or 16A are provided by employer to employee as a proof of tax deduction. At the end of the financial year, tax payers file their income tax returns (ITR) from the income tax details provided in form 16 or 16A. On the other side, as a part of e-governance, tax payer is provided 26AS annual...

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How to verify correctness of TDS Certificate

Posted: 17 Apr 2012 10:29 AM PDT

NSDL has recently started a online facility by which deductee can verify the correctness of TDS Certificate (Form 16A) issued by the deductor. To know the correctness deductee must have the following details or should have a copy of TDS certificate issued by the deductor as information from the...

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House Rent Allowance (HRA) taxability, working / calculation

Posted: 17 Apr 2012 10:05 AM PDT

Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented house taken by the employee for his stay.The Income Tax Act allows for deduction...

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Empanelment with DGET for Selection of Audit Firm for Special Audit of ITI Expenditure in Maharashtra

Posted: 17 Apr 2012 10:04 AM PDT

Government of India has received a Credit from the International Development Association in various currencies towards the cost of Vocational Training Improvement Project (Credit 4319-IN) and intends to apply part of the proceeds of this credit to payments under the contract for a special audit to...

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Empanelment with Water Resources Department for Internal Audit

Posted: 17 Apr 2012 10:03 AM PDT

Hiring Services Of A Chartered Accountant Firm For Internal Audit Of Tamil Nadu Irrigated Agriculture Modernization & Water Bodies Restoration And Management (Tn Iam Warm) Project (From The Project Period Of 2007-2008 To 2012-2013)

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Petro Companies wants to Raise petrol prices by Rs. 9.6 rupees a litre

Posted: 17 Apr 2012 10:03 AM PDT

State-run oil companies have served an ultimatum to the government that they will raise petrol prices by 9.6 rupees a litre if excise duty is not cut or they are not provided compensation for 49-crore rupees loss per day on fuel sale.

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Information about TAN in Q.A. format (Updated)

Posted: 17 Apr 2012 10:02 AM PDT

1. What is TAN? TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment...

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s.40(a)(ia) apply only to expenditure remaining payable

Posted: 17 Apr 2012 10:01 AM PDT

Provisions of sec.40(a)(ia) would apply only to the expenditure which remain payable as at the end of the relevant financial year. Assessee entitled to claim deduction of expenses if the TDS deducted there on is remitted before the due date for filing the return of income.

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S. 50C Not Apply To Asset held as Stock-In-Trade

Posted: 17 Apr 2012 10:01 AM PDT

The Commissioner of Income-tax (Appeals) and the Tribunal on analysis of the facts of the case have reached to the conclusion that section 50C has no application as it was a case of transfer of plots which was stock in trade. An income earned from such transaction is liable to be taxed as income...

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Amendment to s. 40(a)(ia) retrospective from 1.4.2005

Posted: 17 Apr 2012 10:01 AM PDT

The question now is as to whether to follow the decision of the Hon'ble Special bench in the case of Bharati Shipyard Ltd vs. DCIT (ITAT Mumbai) which has taken the view that Amendment by the Finance Act, 2010 to the provisions of Sec.40(a)(ia) of the Act is prospective and not retrospective from...

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Assessment Order u/s. 153 Without JCIT Approval void

Posted: 17 Apr 2012 10:00 AM PDT

In the case of CIT Vs. SPL's Siddharth Ltd. (Supra), before the Hon'ble Delhi High Court, the facts were that notice issued by the A.O u/s. 147 r.w.s 148 of the Act for re-opening the assessment for the A.Y. 2002-03 was set aside by the Tribunal on the ground that the requisite approval of Addl....

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Variation in Interest Rates on Deposits to be Minimal – RBI

Posted: 17 Apr 2012 04:22 AM PDT

Banks should have a board approved transparent policy on pricing of liabilities and they should also ensure that variation in interest rates on single term deposits of Rs. 1.5 million and above and other term deposits is minimal.

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RBI stuns with big rate cuts

Posted: 17 Apr 2012 04:21 AM PDT

Reduce the repo rate under the liquidity adjustment facility (LAF) by 50 basis points from 8.5 per cent to 8.0 per cent with immediate effect. The reverse repo rate under the LAF, determined with a spread of 100 basis points below the repo rate, stands adjusted to 7.0 per cent with immediate effect.

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Banks to open saving A/c with minimum common facilities without the requirement of minimum balance

Posted: 17 Apr 2012 04:16 AM PDT

Financial inclusion has been high on the agenda of the Reserve Bank. With a view to providing fillip to this concept, banks were advised, in November 2005, to make available a basic banking 'no-frills' account with either 'nil' or very low minimum balance as well as charges that would make such...

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Accounts of Proprietary Concerns – I-T return of sole proprietor & Utility Bills included in KYC

Posted: 17 Apr 2012 03:35 AM PDT

On a review, it has been decided to include the following documents in the indicative list of required documents for opening accounts of proprietary concern: The complete Income Tax return (not just the acknowledgement) in the name of the sole proprietor where the firm's income is reflected,...

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No S.271(1)(c) penalty in absence of finding that return filed is incorrect or erroneous or false

Posted: 17 Apr 2012 02:00 AM PDT

Where there is no finding that any details supplied by the assessee in its return are found to be incorrect or erroneous or false there is no question of inviting the penalty under section 271(1)(c). A mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing...

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Cenvat credit of input service falls in the same category of taxable service as that of output service up to 13.05.2003

Posted: 17 Apr 2012 01:30 AM PDT

Before the date when CENVAT Credit Rules, 2004 had come into effect i.e.10.09.2004, CENVAT credit was available under Cenvat Credit Rules, 2002 Service Tax Credit Rules, 2002 . Service Tax Credit Rules, 2002 allowed to take cenvat credit of input service falls in the same category of taxable...

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Extension of exemption U/s. 10B available to units existed prior to 01.4.1999

Posted: 17 Apr 2012 01:00 AM PDT

In AY 1999-2000, before expiry of the original time limit of five consecutive assessment years for which deduction was available as per then applicable law, the amended law became applicable and the assessee was accordingly eligible for deduction for the extended period of 10 years, as against 5...

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Just Imparting training to Officers of a organizations does not amount to rendering Management Consultancy service

Posted: 17 Apr 2012 12:30 AM PDT

In this case, the focus of the appellant's activity in organizing short term courses on the subject relating to the Forestry, Water Resources Management, Environment, for the officers of Indian Forest Service and other organizations i.e. improving the skills and knowledge level of the persons of...

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Unique Customer Identification Code for Bank Customers in India

Posted: 17 Apr 2012 12:14 AM PDT

Availability of a unique customer identification code (UCIC) will help banks to identify a customer, track the facilities availed, monitor financial transactions in various accounts, improve risk profiling, take a holistic view of customer profile and smoothen banking operations for the customer....

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Usance interest paid under letter of credit liable for TDS

Posted: 17 Apr 2012 12:00 AM PDT

Briefly stated facts of the case are that the assessee paid a sum of Rs.9,54,684/- to a foreign bank without deduction of tax at source. In the audit report, it was mentioned that it was a usance interest paid under the letter of credit and hence not liable for any deduction of tax at source. In...

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RBI Monetary Policy Statement 2012-13 – Interest rates to Come Down

Posted: 16 Apr 2012 11:59 PM PDT

This Annual Policy for 2012-13 is set in a challenging macroeconomic environment. At the global level, concerns about a crisis have abated somewhat since the Third Quarter Review (TQR) in January 2012. The US economy continues to show signs of modest recovery. Large scale liquidity infusions by the...

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Highlights of RBI Monetary Policy 2012-13

Posted: 16 Apr 2012 11:30 PM PDT

First, banks are being advised to offer a 'basic savings bank deposit account' with certain minimum common facilities and without the requirement of a minimum balance to all their customers. Second, banks will be mandated not to levy foreclosure charges or pre-payment penalties on home loans...

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Despite Offering Income In S. 148 ROI, S. 271(1)(c) Penalty Leviable

Posted: 16 Apr 2012 09:30 PM PDT

The Return of Income filed pursuant to a notice notice U/s. 148 is not 'voluntary' & it can be readily inferred that the assessee had not furnished full particulars of his true income and so reopening became necessary. The explanation that the income was offered to buy peace is not...

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RBI reduces repo rate under LAF to 8.0 per cent

Posted: 16 Apr 2012 09:18 PM PDT

Repo Rate- It has been decided to reduce the repo rate under the liquidity adjustment facility (LAF) by 50 basis points from 8.5 per cent to 8.0 per cent with immediate effect.

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Vodafone issues notice to Indian government over violation of Investment Protection Treaty

Posted: 16 Apr 2012 09:06 PM PDT

Vodafone has issued notice to the Indian government under Bilateral Investment Protection Treaty over tax issue between India and the Netherlands. The Dutch subsidiary Vodafone International Holdings BV today served a notice of dispute on the Indian government regarding proposals in the Finance...

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ICAI invites to be checker for CA Exams

Posted: 16 Apr 2012 09:02 PM PDT

Examination Department of the Institute would like to avail the services of the members of the Institute (upto 15 years of Experience) to act as Checker, other details are as under: The Examination Department of the Institute avails the services of resource persons (members of the Institute,...

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ICAI defers applicability of Auditing Standard SA 700 (Revised), 705, 706 to 1st April, 2012

Posted: 16 Apr 2012 09:01 PM PDT

The Council, in partial modification of the decision taken by it at its 291st meeting held in December, 2009, decided that the effective date/applicability of the following Standards on Auditing – a) SA 700 (Revised), Forming an Opinion and Reporting on Financial Statements b) SA 705, Modifications...

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Equipment belongs to vendor imported in India cannot be transferred to other on winding up of company

Posted: 16 Apr 2012 09:00 PM PDT

This is an application for the winding up of Tantia Constructions Ltd. (hereinafter the company). It is made by a Malaysian company by the name of Road Builder (M) Sdn Bhd, (hereinafter the petitioning creditor). These two companies entered into a joint venture agreement on 14th July, 2003 for...

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Interests of Investers Needs Protection-Dr. M.Veerappa Moily

Posted: 16 Apr 2012 08:59 PM PDT

Union Corporate affairs Minister Dr. M. Veerappa Moily today held a meeting here in New Delhi with the representatives of leading trade & business chambers, professional institutes under the Ministry of Corporate Affairs, SEBI and RBI to workout the modalities of implementation of conclusions...

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RBI raises borrowing limit of SCBs under the MSF from 1 per cent to 2 per cent of their NDTL

Posted: 16 Apr 2012 08:59 PM PDT

Marginal Standing Facility - In order to provide greater liquidity cushion, it has been decided to - Raise the borrowing limit of scheduled commercial banks under the marginal standing facility (MSF) from 1 per cent to 2 per cent of their net demand and time liabilities (NDTL) outstanding at the...

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RBI amends Repo, Reverse Repo & Marginal Standing Facility Rates

Posted: 16 Apr 2012 08:44 PM PDT

As announced today by the Governor in the Annual Monetary Policy 2012-13, it has been decided to reduce the Repo rate under the Liquidity Adjustment Facility (LAF) by 50 basis points from 8.50 per cent to 8.00 per cent with immediate effect.

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A. P. (DIR Series) Circular No. 107 – Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) Standards – Money changing activities

Posted: 16 Apr 2012 07:30 PM PDT

A. P. (DIR Series) Circular No. 107 Please refer to our A.P. (DIR Series) Circular No. 77 dated February 15, 2012 on risks arising from the deficiencies in AML/CFT regime of certain jurisdiction.2. Financial Action Task Force (FATF) has issued a further Statement on February 16, 2012 on the subject...

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A. P. (DIR Series) Circular No. 108 – Cross Border Inward Remittance under Money Transfer Service Scheme

Posted: 16 Apr 2012 07:30 PM PDT

A. P. (DIR Series) Circular No. 108 Please refer to our A.P. (DIR Series) Circular No. 78 dated February 15, 2012 on risks arising from the deficiencies in AML/CFT regime of certain jurisdictions. 2. Financial Action Task Force (FATF) has issued a further Statement on February 16, 2012 on the...

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ITAT denies exemption U/s. 80P to Co-operative Bank as his area of operation not confined to a Taluk

Posted: 16 Apr 2012 12:20 PM PDT

We may without prejudice also examine the assessee's claim of being a primary co- operative agricultural and rural development bank. The Revenue has rejected the assessee's claim on the ground that it does not meet the definition thereof inasmuch as its area of operation is not confined to a Taluk...

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Change in tariff Value of Gold, Silver, Crude / RBDPalm Oil, Poppy seeds

Posted: 16 Apr 2012 07:54 AM PDT

Notification No. 33/2012-CUSTOMS (N. T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the...

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