Her salary has been further increased disproportionately vis-a-vis the increase in the revenue and the surplus. This increase is over and above the increase for assessment year 1998-99, in which her salary was found to be excessive under the aforesaid provision. Therefore, it becomes clear that the AO had brought facts on record to establish that increase in salary in this year was excessive and, thus, the salary paid to her was also excessive compared to what could be reasonably paid for the services.
IT is the continuous endeavor of the Government to upgrade the infrastructure, office automation systems and buildings of the CBI Offices, Academy & Training Centers and to provide facilities for capacity building for CBI Officers and staff. To achieve this objective, inter alia , the following measures have been taken:
The two largest exchanges in the country may not be extending their trading hours any time soon as brokers’ bodies are vehemently opposing the suggestion.A survey by the Bombay Stock Exchange Brokers Forum says that 79 per cent of the members of the forum areagainst the extension of trading hours on the exchanges.
Making clear its commitment to converge Indian accounting norms with International Financial Reporting Standards (IFRS) by 2011, the government on Wednesday said all concerns of the industry would be addressed before convergence takes place. “We stand by our commitment to converge the Indian accounting norms with the IFRS and have synchronised the views of all stakeholders,” corporate affairs ministry secretary R Bandyopadhay said at a CII event.
The government has no plan to further liberalize foreign investment in retail sector, the commerce and industry minister said.India, currently, does not permit foreign direct investment (FDI) in multiple-brand retailers, restricting global firms like Wal-Mart Stores and Carrefour from selling directly to customers in the country. Foreign holdings in single-branded retailers are capped at 51%.
The gems and jewellery industry wants provisions such as search and seizure and tax on gross assets in the Direct Taxes Code to be modified.It says these provisions could be detrimental to the sector’s growth which has been showing signs of recovery afterreeling under recession. Industry representatives also appealed to the Government to incentivise units in SEZs and EOUs.
“We are setting up a group in the RBI and they will interact with market participants,” Gopinath said at a banking seminar here. A credit default swap is a swap contract in which the buyer of the CDS makes a series of payments to the seller and, in exchange, receives a payoff if a credit instrument goes into default.
Indian Broadcasting Foundation (IBF) has criticised HRD ministry’s proposed amendments to the Copyright Act and said it was disappointed to note that the ministry has not done any consultations with broadcasters on proposed changes like amendments in ‘Fair Use’ provisions.
The proposed goods & services tax (GST) could turn out to be a far more benign impost than anyone expected.In what would amount to a radical tax reform, the 13th Finance Commission is understood to have arrived at a revenue-neutral rate of around 12%, at least 4 percentage points lower than what most believed the combined Centre-state rate would be.
For someone who aspires for a hole-in-one as an amateur golfer, Adit Mathur has made a Tiger Woodsian debut on the job circuit. The 20-year-old undergrad of Shri RamCollege of Commerce (SRCC) is now the toast of Delhi University (DU) as he has teed in an offer from Deutsche Bank for an annual compensation package of Rs 32 lakh ($69,000). Mathur, a resident of Civil Lines in Delhi, will be trained in London next year for a plum posting abroad.
