Daily Archives: August 6, 2015

Insurance Terms explained

By | August 6, 2015

Understanding Insurance Terms What is Utmost Good Faith? Utmost Good Faith is one of the principles that insurance is based on. It denotes a positive duty of the person seeking insurance to voluntarily disclose accurately and fully, all facts material to the risk being proposed whether requested or not. What is meant by Insurable Interest… Read More »

Motor insurance /Vehicle Insurance Questions and Answer

By | August 6, 2015

What Motor Insurance cover should I buy? Should I buy Comprehensive Insurance or Liability Policy only? Third Party Liability insurance is mandatory for all vehicles plying on public roads in India. This covers Liability for injuries and damages to others that you are responsible for. In addition, it is prudent to cover loss or damages… Read More »

All About Health Insurance

By | August 6, 2015

What is Health Insurance? The term health insurance is a type of insurance that covers your medical expenses. A health insurance policy is a contract between an insurer and an individual /group in which the insurer agrees to provide specified health insurance cover at a particular “premium”. What are the forms of Health Insurance available?… Read More »

section 80e foreign education loan interest allowed as deduction

By | August 6, 2015

section 80e foreign education Loan Interest allowed as deduction Question: Can the Assessee claim the deduction of interest on education loan under section 80E of Income Tax act 1961 of India, when the loan has been taken for foreign education  ? Answer : For claiming deduction under section 80E, there is no condition that higher education should… Read More »

No denial of section 54F due to non completion of construction

By | August 6, 2015

No denial of section 54F due to non completion of construction Question : Where assessee had invested net sale consideration on transfer of long-term asset in construction of a residential house property, Whether deduction of section 54F could be denied merely because the construction of house was not complete in all respects within 3 years… Read More »

Even Tax Deducted under wrong provision will attract dis allowance of 40(a)(ia)

By | August 6, 2015

Question When the Tax is to be deducted u/s section 194J but is deducted under section 194C,whether the disallowance u/s 40(a)(ia) will be done ? Yes, If Section 40(a)(ia) is understood in the manner as laid down by the Apex Court, it can be seen that the expression “tax deductible at source under Chapter XVII-B” occurring… Read More »

MGT 14

By | August 6, 2015

List of Resolutions for which Form MGT 14 is required to be filed with ROC  The list is categorized in 3 Categories:  1. List-A: Board Resolutions 2. List-B: Special Resolutions 3. List-C: Ordinary Resolutions  LIST-A: BOARD RESOLUTION REQUIRED TO BE FILE WITH ROC IN FORM MGT 14  1. To issue securities, including debentures, whether in… Read More »

CUSTOMER SERVICE IN BANKS

By | August 6, 2015

MASTER CIRCULAR DBR NO.LEG.BC.21/09.07.006/2015-16 – CUSTOMER SERVICE IN BANKS  CUSTOMER SERVICE IN BANKS MASTER CIRCULAR DBR NO.LEG.BC.21/09.07.006/2015-16, DATED 1-7-2015 Please refer to the Master Circular DBOD No.Leg.BC.21/09.07.006/2014-15 dated July 01, 2014 consolidating the important instructions issued by us in the area of customer service up to June 30, 2014. This Master Circular consolidates instructions on… Read More »

LISTING OF DEBT SECURITIES BY MUNICIPALITIES

By | August 6, 2015

SEBI (ISSUE AND LISTING OF DEBT SECURITIES BY MUNICIPALITIES) REGULATIONS, 2015 NOTIFICATION NO.SEBI/LAD-NRO/GN/2015-16/006, DATED 15-7-2015 In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), to put in place a framework for public issue of debt securities by municipalities, listing and trading of… Read More »

RBI Circular on Bank Finance to NBFC

By | August 6, 2015

RBI Circular on Bank Finance to NBFC  (NON-BANKING FINANCIAL COMPANIES ) MASTER CIRCULAR DBR.BP.BC.No.5/21.04.172/2015-16, DATED 1-7-2015 Please refer to our Master Circular DBOD.BP.BC.No.10/21.04.172/2014-15 dated July 1, 2014 on the captioned subject. This Master Circular consolidates instructions on the above matters issued up to June 30, 2015. Master Circular on Bank Finance to Non-Banking Financial Companies… Read More »

No Tax tax recovery after death as per Supreme Court

By | August 6, 2015

Tax recovery after death Hon’ble Supreme Court in the case titled as  Shabina Abraham & Ors. Vs. Collector of Central Excise & Custom  in Civil Appeal No. 5802 of 2005 decided on 29.07.15 has held that assessment proceeding under the Central Excise and Salt Act, 1944 cannot be continued against the legal representative/estate of a… Read More »

Dealers can eliminate deficiencies in returns within 30 days of service of notice under Himachal VAT Act

By | August 6, 2015

Now dealers can eliminate deficiencies in returns within 30 days of service of notice under Himachal VAT Act HIMACHAL PRADESH VALUE ADDED TAX (AMENDMENT) ACT, 2015 – AMENDMENT IN SECTIONS 4, 7, 21& 34 AND INSERTION OF SECTION 50A NOTIFICATION NO.LLR-D(6)-6/2015-LEG., DATED 16-5-2015 An Act further to amend the Himachal Pradesh Value Added Tax Act,… Read More »