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Latest Taxation Update 31 Jan 2013

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  • Latest Taxation Update 31 Jan 2013

    The MCX-SX, the third stock exchange with national presence would commence its live trading in cash equities and equities derivatives from February 11.

    According to the MCX-SX, the exchange would be inaugurated by the Union Finance Minister P. Chidambaram on February 9, 2013.

    No penalty can be imposed u/s 271(1)(c) wherein though the addition has been made but the tax effect did not change with the amount of addition. [Income Tax Appellate Tribunal, Mumbai Software Element India P. Ltd].

    The RBI has cut its key repo rate by 25 bps yesterday to 7.75 per cent. This comes nine months after its last cut in April 2012. The RBI has also reduced the (CRR) of scheduled banks by 25 basis points from 4.25 per cent to 4.0 per cent of their net demand and time liabilities effective the fortnight beginning February 9, 2013. As a result of this reduction in the CRR around Rs 18,000 crore of liquidity will be injected into the banking system.
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