CBDT Notification – Rules amended to restrict depreciation rate at 40 per cent

Generally, depreciation is an allowance which is available for persons/entities having income from business or profession. As per the CBDT Notification No. 103/2016, the highest rate of depreciation allowable as per income tax has been restricted to 40% for all assets, which were eligible for depreciation at a rate higher than 40%. The amendment is applicable … Continue reading CBDT Notification – Rules amended to restrict depreciation rate at 40 per cent

The Banking Regulation (Amendment) and Miscellaneous Provisions Act, 2004

PREAMBLE A Act further to amend the Banking Regulation Act, 1949 and the Deposit Insurance and Credit Guarantee Corporation Ac t, 1961 Chapter I – Preliminary Section 1. Short Title and Commencement (1) This Act may be called the Banking Regulation (Amendment) and Miscellaneous Provisions Act, 2004. (2) Save as otherwise provided in this Act, … Continue reading The Banking Regulation (Amendment) and Miscellaneous Provisions Act, 2004

The Recovery of Debts Due To Banks and Financial Institutions Act, 1993

Section 1. Short title, extent, commencement and application (51 of 1993)1 [27th August 1993] An Act to provide for the establishment of Tribunals for expeditious adjudication and recovery of debts due to banks and financial institutions and for matters connected therewith or incidental thereto. Be it enacted by Parliament in Forty-fourth Year of the Republic … Continue reading The Recovery of Debts Due To Banks and Financial Institutions Act, 1993