Friday, 4 February 2011

Allowability of premium paid in excess of face value of investments under HTM category


ACIT, Mumbai Vs The Bank Of Rajasthan Ltd (Dated: December 22, 2010)
Income tax – Sections 145, 147, 148, Circular No 17 of 2008 – Whether the premium paid in excess of the face value of the investments classified under HTM category can be amortised over the maturity period and is allowable loss Revenue’s appeal dismissed : MUMBAI ITAT;

The above decision lays down that in the case of banks the premium paid in excess of the face value of investments classified under HTM category, which has been amortised over the period till maturity, is allowable as revenue expenditure since the claim is as per RBI guidelines and the CBDT also has directed to allow such premium.

Extension of Easy Exit Scheme - till 30th April 2011

General Circular No. 1/2011- Dated the 3 rd Feb, 2011

Issued by:- Government of India, Ministry of Corporate Affairs, 5 th Floor, ‘A’ Wing, Shastri Bhavan, Dr. R.P. Road , New Delhi,
Issued to:- All Regional Director and All Registrars of Companies.

Subject: Easy Exit Scheme, 2011

Sir,

In continuation to this Ministry’s earlier circular no. 6/2010 dated 03.12.2010 on the subject cited above, it has been decided to extend the Scheme for another three months i.e. upto 30 th April, 2011.

2. All the terms of circular no. 6/2010 dated 03.12.2010 will remain the same.



Yours faithfully,

(Monika Gupta) Assistant Director

Tuesday, 1 February 2011

GST rate on Services and Rate cut on several Goods

The GST Council in its 28 meeting held here today under the Chairmanship of Shri Piyush Goyal , Union Minister for Railways , Coal , Financ...