sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 What to do when you receive a notice from the tax department
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19
 Income tax returns (ITR) filing: Have you received I-T dept notice? Safeguard yourself; here is how
 Delayed release of electronic ITR forms may compel CBDT to extend the filing deadline
 Trading volume linked to tax return?

FM may take RRBs out of tax net
July, 16th 2007
Finance Minister P Chidambaram may give income tax exemption to regional rural banks, which are mainly financing farmers and the rural poor.
 
A decision in this regard is likely to be announced on Monday when Chidambaram meets the chairmen of the 96 regional rural banks.
 
Regional rural banks, which were deemed to be on a par with cooperatives, were earlier exempt from paying 30 per cent tax on their profits. However, they were brought under the tax net from 2006-07.
 
Regional rural banks provide up to Rs 3 lakh to farmers at 7 per cent interest rate and get 2 per cent subvention from the central government. But the administrative and operational cost of such funds to regional rural banks (RRBs) is 9.3 per cent. The tax exemption should be restored, an official of an RRB said.
 
Out of the 96 RRBs, 29 have a negative networth of 1,786 crore and need urgent recapitalisation from the central government, state government and commercial banks in proportion to their shareholding of 50 per cent, 15 per cent and 35 per cent, respectively. About 39 RRBs had accumulated losses to the tune of Rs 2,746 crore by March 31, 2007.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions