The Finance Ministry on Monday said Cairn Energy Plc is likely to pay close to $1 billion as capital gains tax on the $8.48 billion it expects to get from selling majority stake in its India arm to Vedanta Resources. “This deal will attract a capital gains tax of 11.33 per cent,” a Finance Ministry official said. Edinburgh-based Cairn Energy Plc is selling up to 51 per cent stake in Cairn India at Rs 405 per share to billionaire Anil Agarwal-controlled Vedanta Resources Plc.
Statement in Response to Calling Attention Motion Notice on Unilateral Revision / Withdrawal of Medical (Cashless) Insurance Products by Public Sector Insurance Companies. The Minister of State for Finance Shri Namo Narain Meena made the following Statement in response to the Calling Attention Motion Notice regarding situation arising out of the unilateral revision / withdrawal of the Medical (cashless) Insurance Products by the Insurance Companies in the Public Sector, in Rajya Sabha, today:
Attention is invited to Regulation 2 (d) of IRDA (Insurance Advertisements and Disclosures) Regulations, 2000 & Part – IV of Guidelines for Unit Linked Life Insurance Products issued vide Circular 032/IRDA/ACTL/Dec-2005 dated December 21, 2005 with regard to insurance advertisements .
As a follow-up to one of the recommendations of the 13th Finance Commission, the Government has set-up a committee headed by Deputy Governor, Reserve Bank of India for comprehensive review of National Small Savings Fund (NSSF) structure, interest rate, tenor and other administrative matters. The terms of reference of the Committee include, inter alia, review of the existing parameters for the small saving schemes, terms of lending to States and other related issues.
The profitability of RRBs, as a segment, has been improving. However, some of the factors responsible for losses in RRBs are identified as : low recovery, high NPA, low business level, low productivity per branch and per staff, high cost structure, poor financial management, limited area of operation, non-viable level of operation in branches located in resource-poor areas etc. Further, one of the RRBs, namely Puduval Bharthiar Grama Bank, which was set up in March 2008, has not yet reached a breakeven point;
Satellite Television Asia Region Advertising Sales BV (Taxpayer) [2010- T11-58-ITAT-MUML-INTL]: Mumbai Income Tax Appellate Tribunal:- The Tax Authority sought to disregard the existence of the Taxpayer and taxed the income in the hands of the Taxpayer’s Hong Kong-based shareholder company. However, the ITAT ruled in favor of the Taxpayer and held that the Tax Authority could not treat the Taxpayer as a conduit as there was commercial justification for the Taxpayer’s existence.
Issue:-In late June 2010 the International Accounting Standards Board and US Financial Accounting Standards Board issued proposed changes to the recognition of revenue. The proposals aim to increase the consistency and comparability between the way revenue is recognised by entities, regardless of the industry they operate in.
MSM Satellite Singapore Pte Ltd (SET), a tax resident of Singapore, is engaged in the business of acquiring television programs, motion pictures and sports events. It exhibits the same on its television channels from Singapore.
We are also in agreement with the submission made by Mr. Piyush Kaushik that it is settled law that in the absence of any incriminating evidence that anything has been paid over and above than the stated amount, the primary burden of proof is on the Revenue to show that there has been an under-statement or concealment of income. It is only when such burden has been discharged, would it be permissible to rely upon the valuation given by the DVO.
Take, for instance, India’s solitary 50-year-old aircraft carrier INS Viraat. A careful reading of the latest CAG report makes it clear Viraat may just be a paper tiger, left as it is with only eight upgraded Sea Harrier jump-jets to operate from its deck. Similarly, take India’s rapidly-shrinking underwater combat arm. As frequently reported , Navy is left with only 15 submarines — 10 Russian Kilo-class, four German HDW and one virtually-obsolete Foxtrot — at present. And the number may dip to just half by 2015 due to progressive retirements.
