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Special Issue on Ta
#EAD A$TI%#E
!a""ers
Complete feature, you can refer to the Printed Version of the magazine.
Complete feature, you can refer to the Printed Version of the magazine.
)- 2or Co-o,erative 4ocieties5 0p to I*R 10,000 10". 10,001 to $0,000 - $0". $0,001 and above %0". - rcharge not applicable. .d cation cess / %" on income-tax. c- 2or 6oca0 Authorities 5 %0". - rcharge not applicable. .d cation cess / %". d- 2or 2irms (inc0uding 6imited 6ia)i0ity Partnershi,-5 / %0". - rcharge is not applicable. .d cation cess is applicable / % percent on income-tax.
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BANKING &EATU$ES
Ser.ice Ta
Ser.ice Ta is a ta+ le)ied on the transactions o# certain s eci#ied ser)ices by the 1entral .o)t under the Finance Act, %995$ It is an indirect ta+ due to which the ser)ice ro)ider ays the ta+ and reco)ers the amount #rom the reci ient o# ta+able ser)ice$ Au"/ori"( "o le.( ser.ice "a ) 6ntry 97 o# Schedule 8II o# the 1onstitution o# India, authorises the 1entral .o)t to le)y ser)ice ta+ through 1ha ter 8 o# the Finance Act, %995$ *he ta+able ser)ices are de#ined in section 9' o# the Finance Act, %995$ Ta a'le ser.ices ) :oti#ication o# such ser)ices is done by 1entral .o)t and modi#ied #rom time to time$
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BANKING &EATU$ES
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Ban2in3 &ea"ures
%GT!SE
1redit .uarantee Fund *rust #or &icro ; Small 6nter rises was set u by .o)t$ o# India and SI<BI in August 2000 to ma(e credit a)ailable to &S6s, without the hassles o# collaterals4 third arty guarantees$ Eli3i'le ins"i"u"ions) All scheduled commercial ban(s and s eci#ied RRBs, :SI1, :6<FI, SI<BI !called &ember =ending Institutions !&=Is"$ Eli3i'le 'orro4ers> :ew ; e+isting SSI units engaged in manu#acturing acti)ities ,R in I* and so#tware industry ,R Small Scale Ser)ice ; Business !Industry Related" 6nter rises !SSSB6s" or credit #acilities to select acti)ities under Agri31linics and Agri3Business 1entres !A1AB1s"$
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Ban2in3 &ea"ures
1+, B- 8innings (or lotter) or crossword p 99le Rs.10,000 1+, BB- 8innings (rom horse race Rs.!,000 1+, 6- :a)ment to contractor1 -ingle pa)ment Rs.%0000. 5ggregate in a 27 Rs. ;!,000 1+, <- Ins rance commission Rs.$0,000 1+, = - 6ommission or brokerage Rs. !,000 1+, I - Rent Rs. 1,#0,000 1+, > - 2ees (or pro(essional or technical services Rs.%0,000. 1+, - Interest on pa)ment o( term deposits Rs.10000
Ban2in3 &ea"ures
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Complete feature, you can refer to the Printed Version of the magazine.
Ban2in3 &ea"ures
Garnis/ee *r1er
-ro)ision relating to .arnishee order are under Sec. 90 o# the 1ode o# 1i)il -rocedure, %90@$ *he procedure is described in $ule 49 o# *r1er XXI o# the schedule to the 1ode o# 1i)il -rocedure$ :/a" is Garnis/ee *r1er; It is an order issued by a court on the request o# a creditor #or attachment of funds of the judgement debtor a)ailable with his ban($ *he creditor is called judgment creditor. The debtor is called judgement debtor and the ban( !the Audgement debtorBs debtor" on whom this order is ser)ed, is called Garnishee. E,,ec"s o, Garnis/ee *r1er) *he relationshi between the ban(er and customer is suspended temporarily i# the balance in the account is less than amount o# order$ Ban( has no obligation to ay cheques issued by the de ositor$ S"a3es ) .arnishee order is recei)ed in two stages i$e$ Order Nisi and Order Absolute> -ro)ision relating to .arnishee order are under Sec. 90 o# the 1ode o# 1i)il -rocedure, %90@$ *he procedure is described in $ule 49 o# *r1er XXI o# the schedule to the 1ode o# 1i)il -rocedure$ :/a" is Garnis/ee *r1er; It is an order issued by a court on the request o# a creditor #or attachment of funds of the judgement debtor a)ailable with his ban($ *he creditor is called judgment creditor. The debtor is called judgement debtor and the ban( !the Audgement debtorBs debtor" on whom this order is ser)ed, is called Garnishee. E,,ec"s o, Garnis/ee *r1er) *he relationshi between the ban(er and customer is suspended temporarily i# the balance in the account is less than amount o# order$ Ban( has no obligation to ay cheques issued by the de ositor$ S"a3es ) .arnishee order is recei)ed in two stages i$e$ Order Nisi and Order Absolute>
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Complete feature, you can refer to the Printed Version of the magazine.
Ban2in3 &ea"ures
Complete feature, you can refer to the Printed Version of the magazine.
Ban2in3 &ea"ures
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Ban2in3 Pro'le0s
Pro'le0 No.1 ) International Ban( o ened a letter o# credit on behal# o# &4s Im orts =imited #or im ort o# gi#t items$ *he documents under =1 ha)e been recei)ed #rom the nominated ban( about %0 days bac($ *he im orter gets an in#ormation that the shi carrying goods has met an accident in sea and all the goods ha)e damaged$ *he im orter has a roached the ban( that the ayment under the said =1 should not be released as the goods des atched by the e+ orter will ne)er reach the destination and the com any will #ace huge loss$ *he com any is a )ery re uted com any and dealing with the ban( #or a long time$ *he com any also assures the ban( that in case o# any case #iled against the ban( by the e+ orter, they will meet the liability$ Fhat the ban( should doG Solu"ion) Ban( cannot acce t the request o# the im orter and it has to ma(e the ayment$
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BANKING DEVE#*P!ENTS
3A89 6(C:8C:4 .O PR(;A.: 4:C.OR P6AY:R45 The 2inance ?inister in his B dget speech proclaimed that the RBI is considering iss ing licences to set p new banks to private sector pla)ers and *B26s. *orms do not allow an) single entit) or gro p o( related entities to hold over 10" e@ it) in a private bank. CO8;:R4(O8 O2 47A66 CO* .O 66Ps 5 -o (ar there have been onl) aro nd 6,0 44: registrations beca se small companies had to pa) capital gains tax and stamp d t) on conversion o( 44:s. *ow d ring the presentation o( the B dget, the Aovernment proposed to exempt the conversion o( small companies into 44:s (rom the capital gains tax. (8.:R:4. 4134(DY :<.:84(O8 2OR 3OO4.(8= :<POR.45 In a relie( to certain export sectors worst-a((ected b) the Alobal (inancial crisis, the Aovt has extended the $" interest s bsid) on preshipment export credit (or one more )ear till ?arch %1, $011. The other main meas re that wo ld bene(it export sectors at large is the retention o( service tax at 10". CO77(..:: O8 6:AD 3A89 4CH:7:5 RBI had set p a =igh-4evel 6ommittee on the 4ead Bank -cheme to give the bene(its o( banking services to the B5am 5dmiC. In cons ltations with RBI, Aovt. has decided to provide appropriate banking (acilities to habitations having pop lation in excess o( $000 b) ?arch $01$.
D(4.(8C. (D:8.(.Y 2OR R1P::5 The Indian 6 rrenc) will have an D((icial -)mbol a(ter 6$ )ears o( independence. < ring B dget speech, the 2inance ?inister said that he intends to (ormali9e this )ear, a -)mbol which wo ld capt re the co ntr)Es ethos and c lt re.
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GENE$A# A:A$ENESS
4tandard and Poor>s raised (ndia>s Rating Out0oo+ from 8egative to 4ta)0e as it expects the co ntr)Es (iscal sit ation to improve (ollowing the meas res anno nced in the B dget. *oted Indian -ocial 8orker 7s :0a Ramesh 3hatt has )een chosen for the ,restigious ?8iwano Peace Prize? this )ear (or contrib tion to the pli(tment o( poor women in India. P*@*8aya+, 2ormer 6hairman and 6.D o( 5xis Bank , is the A3usiness 4tandard 3an+er of the year # BC. 7r* RaDan 3harti 7itta0 , 3ice 6hairman and ?anaging <irector, Bharti .nterprises, has taken over as the President of 2ederation of (ndian Cham)ers of Commerce and (ndustry (2(CC(-* The Aovernment has (o nd financia0 irregu0arities in !$ com,anies -%0 o( them owned b) it d e to ear0y Earning 4ystem(:E4- that was p t in place last )ear.
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!U#TI-*PTI*N <UESTI*NS
! a c # a c & a c G a b c d % a b c d
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Fuestions 3ased on 3udget # ! -!! 5s per b dget $010-11, the <irect Tax 6ode, to replace the Income Tax 5ct is expected to be implemented we(1 %1.%.$010 b 1.,.$010 %1.%.$011 d 1.,.$011 5s per b dget $010-11, the Aoods and -ervice Tax &A-T' is expected to be implemented we(1 %1.%.$010 b 1.,.$010 %1.%.$011 d 1.,.$011 2iscal polic) o( the 6entral Aovt. is proposed to be reshaped as per recommendations o( FFF 2inance 6ommissionG 11th b 1$th 1%th d 1,th The (ertili9er s bsid) to be made available b) Aovt. we( 1.,.$010, is a1 acreage based s bsit) polic) n trient based s bsid) polic) (armersE economic conditions based polic) land (ertilit) based s bsit) polic) 5s per provisions o( B dget $010-11, which o( the (ollowing is being set p with a view to strengthen and instit tionali9e the mechanism (or maintaining (inancial stabilit)G 2inancial -tabilit) 6ommission 2inancial <evelopment -tabilit) 6ommission 2inancial -tabilit) and <evelopment 6o ncil 2inance -tabilit) 6o ncil
* * * * * %% a b c d The committee to review the working o( 6redit A arantee 2 nd scheme, which recentl) gave its recommendation is headed b)1 <r. H: Hrishanan 3 H -harma H 6 6hakrabarth) <eepak :arekh
%$ a b c d
8ith the release o( the I ick .stimates o( *ational Income (or $00#-0+, the 6entral -tatistical Drganision has e((ected a revision in the base )ear o( its *ational 5cco nts -tatistics &*5-' (rom 1+++-$000 to FFFF1 $00%-0, $00,-0! $00!-06 $006-0;
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#AST %*#U!N
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