Exemption u/s 54/54F is available for a residential house whether it consists of several units.

Exemption u/s 54/54F is available for a residential house whether it consists of several units. Posted: 22 Feb 2013 07:30 PM PST Section 54/54F uses the expression a residential house. The expression used is not a residential unit. There is nothing in these sections which require the residential house to be constructed in a particular manner. The only requirement is that it should be for the residential use and not for... Centralized Processing Cell for TDS, CPC (TDS) Posted: 22 Feb 2013 06:52 PM PST FM to Dedicate Centralized Processing Cell for Tax Deducted at Source, CPC (TDS) Tomorrow The Union Finance Minister Shri P. Chidambaram, will dedicate the Centralized Processing Cell for Tax Deducted at Source, CPC (TDS) to the nation tomorrow. The CPC (TDS) will be situated at Aayakar Bhawan,... Expense specifically relatable to taxable income cannot be disallowed U/s. 14A & Rule 8D Posted: 22 Feb 2013 06:34 PM PST Once it is found that an expense is specifically relatable to a taxable income, as is the undisputed position in this case, no portion of such an expense can be disallowed u/s. 14A. The allocation of general expenses vis-à-vis tax exempt income and taxable income can only be made in respect of... Merely making entry in books of account did not amount to provision of service Posted: 22 Feb 2013 05:39 PM PST Case – Futura Polyester Ltd. v. Commissioner of Central Excise [CESTAT Chennai] Issue: Whether merely making entry in books of account amount to provision of service? Facts: M/s Futura Polyester ltd. ("the Appellants") entered into an agreement with M/s. Futura Polymers Ltd., a 100% EOU... Key features of RBI Guidelines for Licensing of New Banks in Private Sector Posted: 22 Feb 2013 05:04 PM PST (i) Eligible Promoters: Entities / groups in the private sector, entities in public sector and Non-Banking Financial Companies (NBFCs) shall be eligible to set up a bank through a wholly-owned Non-Operative Financial Holding Company (NOFHC). Differential interest Rates on Home Loans Posted: 22 Feb 2013 04:59 PM PST Interest rates on advances have been de-regulated by the Reserve Bank of India (RBI). The banks determined their actual lending rates on loans and advances with reference to their Base Rate and by including such other customer specific changes as considered appropriate.  A statement is annexed. As... Benefits available against ARO/invalidation letter in respect of Advance Authorisation Posted: 22 Feb 2013 11:23 AM PST Policy Circular No.9/2009-14 dated 1.10.2009 had clarified that supply of goods against Advance Release Order (ARO) is eligible for refund of duty drawback only and not for Terminal Excise Duty (TED) and supplies against invalidation letter is eligible for Advance Authorisation and TED refund. Final RBI Guidelines for Licensing of New Banks in the Private Sector Posted: 22 Feb 2013 11:06 AM PST Preamble Over the last two decades, the Reserve Bank of India (RBI) licensed twelve banks in the private sector. This happened in two phases. Ten banks were licensed on the basis of guidelines issued in January 1993. The guidelines were revised in January 2001 based on the experience gained from... IRDA to relax Investment Guidelines Posted: 22 Feb 2013 10:56 AM PST Penetration of Insurance Policies; IRDA to Come-Out With a New Policy Giving Automatic Clearance to Standard Life Insurance Products and Relax Investment Guidelines to Encourage Flow of Funds into Infrastructure Sector          Insurance companies, both life and non-life sector have initiated... DGCEI Detects Cases of Tax Evasion of Over Rs. 25 Crore by Misusing Cenvat Credit Facilities Posted: 22 Feb 2013 10:53 AM PST Directorate General of Central Excise Intelligence Detects Cases of Tax Evasion of Over Rs. 25 Crore by Misusing Cenvat Credit Facilities Directorate General of Central Excise Intelligence (DGCEI),, New Delhi recently booked cases against M/s Progressive Alloys India Pvt Ltd, Delhi, a registered... CMA – Provisional Rank List of FINAL & INTERMEDIATE Exam (Dec-2012 Term) Posted: 22 Feb 2013 10:42 AM PST Provisional Rank List of FINAL Exam (Dec-2012 Term) Provisional Rank List of INTERMEDIATE Exam (Dec-2012 Term) Exposure Draft of Excel Template of Taxonomy for Non-Banking Financial Companies (NBFCs) Posted: 22 Feb 2013 10:39 AM PST While the filing of the financial statements in XBRL format had begun for a class of companies, NBFCs were kept outside the purview, despite the fact that these companies also followed the Schedule VI format. Owing to peculiar nature of business as compared to the other Commercial and Industrial... Revised passing requirements for CPT from June, 2013 Posted: 22 Feb 2013 10:34 AM PST A candidate for the Common Proficiency Test shall ordinarily be declared to have passed the test if he obtains at one sitting a minimum of thirty per cent marks in each section and a minimum of fifty per cent marks in the aggregate of all the sections, subject to the principle of negative marking,... New Exchange Rates from 22.02.2013 Posted: 21 Feb 2013 06:32 PM PST Notification No.23/2013 – Customs (N.T.),  Dated the 21st February, 2013             S.O.       (E). – In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance...