The Andhra Pradesh High Court on Wednesday posted the hearing on a bail petition moved by B Ramalinga Raju, prime accused in the multi-crore Satyam Computers accounting scam, to August 5. The company’s former chairman moved the petition exactly one week after the same court granted bail to five of his co-accused. He requested the court to grant him bail as accused 2 and 5 had been let out on bail despite facing similar charges.
The Supplementary Study Paper is an annual publication, containing a discussion of the amendments made by the Annual Finance Act and Notifications/Circulars in income-tax, wealth-tax, central excise, customs and service tax laws. This publication is very important for updating your knowledge regarding the latest statutory developments in these areas as lot of emphasis is being placed on these latest amendments in the Final examinations.
Your kind attention is invited to the Notification No.102/2007-Customs dated 14.9.2007, Notification No.93/2008-Customs dated 1.8.2008 and Board’s Circulars No. 6/2008-Customs dated 28.4.2008, No.16/2008-Customs dated 13.10.2008, No.6/2009-Customs dated 9.2.2009 and No.18/2010-Customs dated 8.7.2010 containing instructions on the procedure to be followed by the Customs field formations in case of 4% CVD refund claims.
The list of publications relevant for November 2010 examinations has been hosted on the website of the Institute. You may go through the same to be aware of the publications which are relevant from the examination point of view.
“This morning, the Reserve Bank released the First Quarter Review of Monetary Policy for 2010-11 at a meeting of the chief executives of major banks. The important decisions contained in the review were to raise the repo rate from 5.5 per cent to 5.75 per cent and the reverse repo rate from 4 per cent to 4.50 per cent. This asymmetric raise in rates narrows the LAF corridor from 150 basis points to 125 basis points.
Notification No. 64/2010-Income Tax S.O. It is hereby notified for general information that the organization KEM Hospital Research Centre, Pune has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said ‘Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 -(said -Rules), for the period 1.4.2005 (Assessment Year 2006-2007)
Notification No. 66/2010-Income Tax in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the said Act read with rule 18C of the Income Tax Rules, 1962, the Central Government hereby notifies M/s. DLF Cyber City Developers Limited as an undertaking and the project at Building No. 7A, 7B, 8, 9A, 9B, 10 and Infinity Towers (Block 3/Tower C) in Sector 24, 25, 25A DLF City, Gurgaon, Haryana, being developed and being maintained and operated by the said undertaking, as an industrial park for the purposes of the said clause.
Notification No. 63/2010-Income Tax S.O. It is hereby notified for general information that the organization Technology Information, Forecasting & Assessment Council (TIFAC), New Delhi has been approved by the Central Government for the -purpose.of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), for the period 1.4.2003 to 31.3.2006 in the category of ‘Institution, engaged in research activities:subject to the following conditions
The state governments have urged the Centre to continue levying central sales tax (CST) for the first few years as it will provide some comfort in terms of protecting revenue and fiscal autonomy. This demand came after the union government proposed a three-rate structure for the goods and services tax(GST) last week.
Housing, auto and corporate loans may become expensive with the Reserve Bank raising short-term key policy rates to check spiralling inflation, say bankers. “The monetary action by RBI is aimed at attacking inflation. It has made fund costlier for banks. It is a signal for upward movement of interest rates,” Central Bank of India Executive Director Arun Kaul told PTI.
