The following draft rules further to amend the Employees’ State Insurance (Central) Rules, 1950 were published as required under sub-section(1) of section 95 of the Employees’ State Insurance Act, 1948 (34 of 1948) in the notification of the Government of Indian in the Ministry of Labour & Employment vide No. G.S.R.164 (E), dated the 26th February, 2010, in the Gazette of India, Part II, Section 3, Sub-section (i), dated 27th February, 2010
Notification No. 25/2010-Income Tax In exercise of the powers conferred by Explanation 2 to section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies “Hong Kong Special Administrative Region of the People’s Republic of China” as ‘specified territory’ for the purposes of the said section.
The Monetary Policy for 2010-11 is set against a rather complex economic backdrop. Although the situation is more reassuring than it was a quarter ago, uncertainty about the shape and pace of global recovery persists. Private spending in advanced economies continues to be constrained and inflation remains generally subdued making it likely that fiscal and monetary stimuli in these economies will continue for an extended period.
Repo Rate :- It has been decided to increase the repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 5.0 per cent to 5.25 per cent with immediate effect. Reverse Repo Rate :- It has been decided to increase the reverse repo rate under the LAF by 25 basis points from 3.5 per cent to 3.75 per cent with immediate effect.
All eyes are now on S S N Moorthy. A quintessential tax sleuth, he is following the money trail in the Indian Premier League to establish the identity of franchisee owners. Moorthy stepped in to steer the Central Board of Direct Taxes (CBDT) in January last year, when the country was battling the worst-ever economic crisis after the global meltdown. The task of tax collection was daunting. With the economy showing distinct signs of recovery, the top tax administrator is confident of collecting every penny due from taxpayers this fiscal year.
The Anti-Corruption Bureau of CBI on Sunday searched the Chembur residence of Sumitra Banerji, additional commissioner of I-T, Thane, who was arrested along with her husband Subroto, on Saturday for allegedly accepting a bribe of Rs 1.5 crore from a builder.
The family of the late G Chandrasekaran, a long-time Doha resident, has instituted an endowment fund under the management of the Institute of Chartered Accountants of India (ICAI). The G Chandrasekaran Memorial Endowment Fund will finance the foundation course of ICAI curriculum for an economically backward student from India and chosen by ICAI.
The corporate affairs ministry today told the Rajya Sabha that companies can pay higher salaries to the top brasses after getting approval from the government under the existing Act. “The companies may pay more than the prescribed ceiling to their CEOs who are holding board-level positions with the approval of the Central government as per the provisions of the Companies Act of 1956,” corporate affairs minister Salman Khurshid said in a written reply to the Upper House.
The income tax department will put to the test a bilateral tax treaty with Mauritius to glean information from the tax haven on investors in Indian Premier League teams as part of a wide-ranging probe into the shadowy flow of money into the T20 cricket tournament.
The Income Tax (IT) department, probing alleged financial irregularities in the cash-rich IPL, is likely to investigate the assets of its high-profile commissioner Lalit Modi and his close associates including their financial interests abroad. “There are so many shady transactions under the scanner. We will widen our inquiry into Lalit Modi’s transactions, interests abroad including those of his close associates,” an IT official said.
