« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  `Dealer to be penalised for violating sales tax norms'... Govt finds holes in nidhi co's books... » Defer I-T for urban co-ops: RBI November, 23rd 2006 A Reserve Bank of India (RBI) working group has sought deferment of imposition of income tax on urban cooperative banks (UCBs) for three years, to provide them time to develop alternative instruments for augmenting core capital.    As of now, retained profits form the only source of owned funds for UCBs, said the working group set up by RBI to examine issues relating to augmenting capital of the cooperative banks.     The working group, in its recommendations, have suggested that state governments exempt UCBs from the existing monetary ceiling on individual shareholding, as the cap comes in the way of banking entities with low capital or negative net worth shoring up their share capital.    The group has suggested a string of instruments and avenues for raising stable and long-term funds, which would have equity or quasi-equity characteristics.    It said UCBs could be permitted to issue unsecured, subordinated, non-convertible and redeemable bonds, which could be treated as tier-II capital. The bonds can be transferable by endorsement and delivery.    The other capital-raising options suggested include allowing UCBs to issue special shares on specific terms and conditions and which would be non-voting, perpetual and transferable by endorsement and delivery and considered as tier-I capital alongside equity and reserves.    UCBs should also be permitted to raise deposits of over 15 year maturity and which could be considered as tier-II capital provided the deposits are subordinate to other deposits and ineligible for deposit insurance cover.    The group has also called for allowing commercial banks to invest in special shares and tier-II bonds issued by UCBs within the ceiling prescribed for investment in unlisted securities.    It said the prescription of a share-to-loan ratio on a borrower-to-borrower basis should be dispensed with, as UCBs have been brought under the regime of linking capital adequacy in terms of a ratio-to-risk assets.