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.
The AAR held that the amount received by the applicant is taxable as FTS in India mainly because the responsibility of the German company was not limited to the supply of the drawing and design, rather as provided in the agreement, the German company would remain the consultant throughout the period of work by offering such services as may be required from time to time.
Fish, Crustaceans, Molluscs, Aquatic, Invertebrates and any Aquatic Animal product of marine or fresh water origin in live or chilled or dried form, including Ornamental Fish and any Aquatic Animal product of marine or fresh water origin not covered under S.No. 2 below.
Ahmedabad-based Astral Poly Technik Ltd today said that Income Tax department has carried out survey on the premises of the company on April 15 and 16. Astral said IT department raised two technical issues on allocation of expenses between Gujarat plant and Himachal Pradesh plant of the company.
