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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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) [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]