The Income Tax department has issued a detailed notice today (comprising 531 pages along with annexure running into 1901 pages) under section 201(1) and 201(1A) of the IT Act 1961 to Vodafone International Holdings BV(VIH BV) requiring it to show cause as to why it should not be held that the Department has competent jurisdiction to proceed against it for the default of non-deduction of tax at source from the payment of USD 11.2 billion made on 8th May 2007 to Hutchison Telecommunications International Ltd (HTIL) for transfer of interest in the Indian company Hutch Essar Ltd (HEL).
In particular moification of Circular No.7, dated 16.09.09 regarding the constitution of above mentioned Committee, it has been decided that a representative from the Department of Financial Services will also be a member of the said Committee.
whereas, on the basis of the aforesaid findings of the designated authority, the Central Government had imposed provisional anti-dumping duty on the subject goods vide notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 39/2009-Customs, dated 29th April, 2009, published in the Gazette of India Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 289(E), dated the 29th April, 2009.
References to budget can be found in Kautilya’s Arthashastra. It states that the Chancellor should first estimate revenue from each place and sphere of activity under different heads of accounts and then arrive at a grand total. The actual revenue is to be estimated by adding receipts into the treasury for current year and delayed payments received which were due in earlier year/s.
The etymology of business refers to the state of being busy, in the context of the individual as well as the community or society. In other words, to be busy is to be doing commercially viable and profitable work.In economics, business is the social science of managing people to organize and maintain collective productivity toward accomplishing particular creative and productive goals, usually to generate profit.
WorldCom was one of the big success stories of the 1990s. It was a symbol aggressive capitalism. Founded by Bernie Ebbers, one of the most aggressive acquirer during the US mergers and acquisitions boom of the 1990s. WorldCom’s asset value had soared to $180bn before the US capital market started witnessing a downtrend.
I am sure most of us are still sharing the Diwali happiness and good wishes with friends and family. The New Year Vikram Samvat 2066 has dawned and has already ushered in a positive atmosphere. The markets are doing well; the economy is making strides and should grow by 6.5 per cent this fiscal. The forecast growth for next year at between 7 and 7.5 per cent would most likely retain India’s status as the second fastest growing economy in the world.
There’s some good news for the industry of North-East as the union commerce ministry has agreed to have a relook into its March 2008 notification which had considerably restricted excise duty exemption of industrial units in the region. It is learnt that union commerce minister Kamal Nath had recently “assured” the Assam chief minister, Tarun Gogoi, to look into the issue.
The Corporate Affairs Minister, Mr Salman Khurshid, on Wednesday said that the Companies Bill, 2009 will also have provisions for Class Action suits that will allow investors to seek compensations from companies. At a workshop to discuss the Bill, Mr Khurshid said, “Compensation cases in India are a long-drawn-out process, with few success stories. Within the current framework of the company law there is no provision for compensation for shareholders in the event of negligence or fraud being committed by company directors.
A special court on Wednesday granted bail to arrested income tax c o m m i s – sioner from N a g p u r, Ajoy Singh, his wife, Mrinalika and two other relatives arrested in Hyderabad. While Singh was released on a bail amount of Rs 5 lakh, the others were released on Rs 1 lakh each.
