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India is a democratic country. In a democratic society, the responsibility of the government is more and the common masses have ultimate right to get information about every public act. If people do not know what is happening in their society, if the actions of those who rule them are hidden, then they cannot take a meaningful part in the affairs of that society. But information is not just a necessity for people- it is an essential part of good government. Bad government needs secrecy to survive. It allows inefficiency, wastefulness and corruption to thrive.
19th November, 2009- it is just another day like any other day. But to the nation it is the 92nd Birth Anniversary of Indira Gandhi who was not only our Prime Minister but a mass leader who moved the nation ahead by her pragmatic approach. She was a lady who mesmerized one and all by her iron will and leadership qualities. It was under her leadership that India earned consolidated position world wide.
Credit card and personal loan defaulters are finding that they have nowhere to hide. Armed with a new information service, banks are tracking down defaulters who have gone missing or moved to another town to escape recovery agents. Now, an email alerts the bank whenever an errant borrower resurfaces to fish for a new loan—anywhere in the country. The information service is being sold by Credit Information Bureau of India Ltd (CIBIL).
Stealing is not just a violation of a moral code but is also considered criminal in most cases. But somehow, morality has not been emphasised in the corporate world and the new corporate professional has not been initiated into it. This ignorance has given rise to the new and improved, socially-accepted, ‘corporate thief’.
Insurance regulator IRDA on Saturday said that ULIP policies, under which a portion of funds is invested in the stock markets, are safe and secure. “Policy holders of the Unit Linked Insurance Products (ULIPs) offered by different insurance companies are assured that these policies are safe and secure”, said IRDA chairman J Hari Narayan in a release that followed market regulator Sebi banning such schemes of select companies last night.
In a significant order late on Friday, market regulator Sebi banned issuance of Unit-Linked Insurance Plans, popularly known as ULIPs, by life insurance companies. Sebi has asked 14 private insurance companies, including market leaders like SBI Life, ICICI Prudential Life and Reliance Life Insurance, not to issue any more ULIP products. The Sebi order does not cover state-owned insurance major LIC. There is no immediate clarity on the fate of existing products.
An income-tax raid on a Delhi-based infrastructure and power major with a turnover of over $2.5 billion led to the disclosure of unaccounted income worth Rs 212 crore. Assuming a profit rate of 10%, the disclosure also amounted to an admission that the businessman had withheld disclosing a turnover worth Rs 2,000 crore which, had it been accounted for, would have spelt big gains for other tax departments such as service tax, central excise, VAT and others.
Move over Mumbai, Kolkata has arrived. The country’s highest taxpayer could be from this city never mind the fact that he was forced to pay the whopping amount after an income tax raid. Santiago Martin has coughed up an unbelievable Rs 19 crore which, the West Bengal circle of the income tax department claims is perhaps the highest amount paid by a single assessee.
Cooperative sugar mills in Maharashtra on Wednesday received a much-needed relief as the Central Board of Direct Taxes (CBDT) has agreed not to attach their bank accounts or demand part payment of income tax dues for 2007-08 and 2008-09.
The Central Board of Direct Taxes (CBDT) has brought all the dispute resolution panels (DRP) under the supervision of the Director-General of Income-Tax (International Taxation).Budget 2009-10 had introduced the concept of DRPs to provide an alternate dispute resolution mechanism to facilitate expeditious resolution of disputes on a fast track basis. This facility was made available only to foreign companies.
