RBI has cancelled the registration of seven NBFCs

by

The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following seven non-banking financial companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr.No. Company’s Name Address of Registered Office Certificate of RegistrationNo. & Date Date ofcancellation 1. … Read more

Notified districts of Bihar eligible for 15% additional depreciation under income tax

by

Income-Tax Act 1961 Amended Through Finance Act 2015 to Provide Certain Tax Benefits to Notified Backward Areas in Specified States Including State of Bihar to Give  These Areas an Opportunity to Grow Faster;21 Districts of Bihar Notified as Backward Areas; Any Manufacturing Undertaking or Enterprise Set-Up During the Period From 01.04.2015 to 31.03.2020 in the Aforesaid … Read more

ICAI election 2015 update – Draft List of Voters and propose polling booths are published

by

ELECTION 2015 11th August, 2015 ANNOUNCEMENT For Attention of the Prospective Candidates and Members at large  Sub: Election – 2015 – Draft List of Voters as on 1.4.2015 – Views/Suggestions on proposed Polling Booths I. Members may be aware that the next elections to the Council and Regional Councils are scheduled to be held on … Read more

Interest Subvention Scheme as per Union Budget – 2015-16

by

RBI/2015-16/152FIDD.No.FSD.BC.59/05.04.02/2015-16 August 13, 2015 The Chairman / Managing DirectorAll Public & Private Sector Scheduled Commercial Banks Dear Sir/Madam Union Budget – 2015-16Interest Subvention Scheme Please refer to our letter FIDD CO.FSD.No.10740/05.04.02/2014-15 dated June 17, 2015 conveying extension of Interest Subvention Scheme upto July 31, 2015. In this regard, it is advised that Government of India … Read more

Due Dates of income tax in the August 2015

by

7 August 2015 – Due date for deposit of Tax deducted/collected for the month of July, 2015 15 August 2015 – Quarterly TDS certificate (in respect of tax deducted for payments other than salary) by a person being an office of the Government for the quarter ending June 30, 2015? 22 August 2015 – Due … Read more

Electronic Clearing Services – faq

by

Updated on 24/07/2015 Q.1. What is Electronic Clearing Service (ECS)? Ans : ECS is an electronic mode of payment / receipt for transactions that are repetitive and periodic in nature. ECS is used by institutions for making bulk payment of amounts towards distribution of dividend, interest, salary, pension, etc., or for bulk collection of amounts … Read more

Salient Features of Gold Deposit Scheme

by

The Central Government, with a view to bring privately held stock of gold in circulation, to reduce the country’s reliance on import of gold and to provide its owners with some income apart from freeing them from the problems of storage, movement and security of gold in their possession, had notified the Gold Deposit Scheme … Read more

Income from House Property vis-a-vis Busniess Income vis-a-vis Other Sources

by

Since decades there has been much controversy on Whether Charges received by an Assessee for providing services / facilities and amenities to his tenants, using the nomenclature as ‘Service Charges’, would or would not  constitute the income from house property. As per section 23 of the Income tax Act, 1961, the Annual Letting Value of the premises is the … Read more