Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: ACCOUNTING STANDARD :: due date for vat payment :: list of goods taxed at 4% :: TDS :: cpt :: articles on VAT and GST in India :: VAT RATES :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: empanelment :: VAT Audit
« News Headlines »
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016

RBI for restoration of tax benefits to RRBs
July, 28th 2007
A task force of Reserve Bank of India has recommended restoring tax concessions to Regional Rural Banks (RRBs) for making them viable rural financing institutions and to increase their operational efficiency.

The provisions under Section 80(P) of Income Tax Act may be continued for another five years or till the restructuring process is completed, the panel on empowering RRBs headed by NABARD chairman K G Karmakar has recommended.

The finance ministry in 2006 had withdrawn the tax exemptions which treated RRBs as deemed cooperative societies.

Tax concessions for RRBs are needed as their cost of operations is high, profits margins are low and they cater to weaker sections of the society, the task force said.

It also suggested that the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI Act), which currently covers commercial banks, should also be extended to RRBs. The Act helps commercial banks securitise their bad debt.

It further recommended that RRBs should shed their image as narrow banks while trying to provide all financial needs through progressive use of technology. They should also create their own investment cells and develop risk evaluation system.

RRBs should also be allowed to issue bank guarantees, disburse salaries, introduce savings and credit products keeping in view the existing and potential requirements of their clientele, collect taxes and undertake other government business to improve their income.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

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