The Finance Ministry today said it has uncovered around Rs 44 crore of untaxed money parked by 18 Indian nationals with LGT Bank in the European tax haven of Liechtenstein and have raised a tax demand of Rs 24 crore. “Assessments have been made against total 18 individual cases involving total assessed income of Rs 43.83 crore and total demand of Rs 24.28 crore (has been raised),” Minister of State for Finance S S Palanimanickam told the Lok Sabha in a written reply.
Private sector banks could be allowed to handle provident fund and pension payments of government employees, giving them access to large amount of low-cost funds. The proposal is in response to a demand by the public sector banks for an increase in the commission fee for handling such accounts, which the official documents say could receive nearly `43,000 crore from the government on account of pension payments only.
In exercise of the powers conferred by sub-section (1A) of Section 86 of the Finance Act, 1994 (32 of 1994), the Board hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance, Department of Revenue, No. 19/2007-Service Tax, published vide number G.S.R. 354(E), dated the 12th May, 2007, namely
Attention is invited to Notification No.13/2010-Customs dated 19.2.2010 granting exemption from customs duty on specified goods imported into India for the purpose of organizing the Commonwealth Games to be held in October, 2010 in New Delhi. In this regard, references have been received from field formations as well as the Organizing Committee Commonwealth Games, 2010 Delhi (OC, CWG) regarding difficulties faced in interpretation of notification and clearance of goods imported for the Games and requesting that a suitable clarification may be issued by the Board in this regard.
PAYMENT made in kind too is liable to be taxed in India, said the Supreme Court in a ruling last month. The apex court in July dismissed an appeal filed by Kanchanganga Sea Foods, an Andhra Pradesh-based company, which was asked to pay tax on the payment it made to a Hong Kong-based firm Eastwide Shipping.
On the run from the law for one year and now out on bail, fake doctor Munir Khan managed to monitor the production of his younger son Munish’s debut film. Titled Payback (any reflection of the victims’ sentiments is purely coincidental), the film, produced by his elder son Sarosh, is slated to release in November.
The Institute of Chartered Accountants of India soon proposes to start coaching classes for students through virtual classrooms, the Institute’s Vice-President, Mr G Ramaswamy, told journalists here on Sunday. “We will facilitate more virtual classrooms where students can access lectures and also download revisionary test papers, supplementary study material and suggested answers to prepare for exams,” he said.
