As per section 7, The Banking Regulation Act, 1949 restricts the use of the terms "bank", "banking", "banker" or "banking company" other than by a banking company.

My question is how can a "Blood Bank" or an "Eye Bank" use the word "Bank"?
Are they excluded from the purview of the Act?

Waiting for earliest reply........

Is reverse charge necessary while calculating service tax; if not charged by the service provider? Is there any penal consequences for not using Reverse charge mechanism by the Manufacturing Company?

Can manufacturing Co. claim Service tax credit on any services rendered to them?

Hello,

my query is regarding TCS, when we sale scrap shall we elligable to charge tcs on sale value of scrap, if not then what are the tax we have to be charged when we sale scrap

We have uploaded ST 3 duly filled in ACES before the due date for Q1 i.e April-June 2012. But there was an error in xml and the return status was rejected. We did not notice this in ACES till yesterday and thought it was filed and accepted as such. We noticed it only yesterday when we had to file return for Q2 of 2012-13. The error in xml is very minor. only a small technicality.

Now, we have corrected this error and filed the return again. But since the previous one was rejected, does this mean we have filed this return late and penalty has to be paid? The penalty will be the max i.e 20k since the due date was long back.

Is there any solution to avoid penalty since it was a genuine mistake of procedure and no violation of the law on our part?

Elecricity board bill of Rs.34,000/- paid in two cash vouchers on the same day..15,000/- and 19,000/-...Is it disallowed? Will Rule 6DD gives exemption for this? If so plz explain what is legal tender

Dear sir,
My father is senior Citizen(70yrs)& pensioner and total
annual income is approx. 180000/Rs.By seeing form 26AS on net,it was found that Sbbj bank has deducted TDS Rs.15197@20% (interest paid Rs.75979)on maturity of FD
in FY-2010-11 while form 15H was submitted in bank every year.so we were assured there will no TDS by giving 15H.Bank never gives acknowledgement of 15H.
I request you that pl. advice me for refund.
Thanks.

A private limited has a building having W.D.V. as on 31.03.2012 Rs 50 crore. on 30.06.2012 it has received earnest money(bayana) of Rs.20 crore against sale of building. However due to non payment of balance amount of sale consideration, company on 01.11.2012 forfeited the earnest money. Now how should be dealt this forfeiture in books of accounts for income tax purpose:
a) Whether it will reduce the w.d.v of building by Rs.20 crore and depreciation as per income tax would be taken on Rs.30 Crore.
b) Further whether depreciation would be taken at 50% of depreciation rate or 100% of rate because forfeiture is happened on 01.11.2012 beyond 180 days.

Please treat it urgent

Dear Sir

i have taken insurance policy for stock for the purpose of CC A/c. may claim tax credit on insurance premium and also i paid premium for car which is fixed assets of my company may i claim credit on paid premium

Hi,

Is an in house BPO eligible to claim refund for the input service tax it has paid. If yes, can anyone guide the process.

The services are rendered partially to indian entity and mainly to outside of India.

We are paying Interest in foreing currency to Foreign Bank which has PE in India. Pl inform, weather TDS u/s 195 is applicable or not. (eg. Citibank, ABN Amro Bank etc.)