Dr. Manmohan Singh, Prime Minister of India, reviewed the progress towards Financial Inclusion by banks in India with Dr. D. Subbarao, Governor, Reserve Bank of India, and Shri R. Gopalan, Secretary (Financial Services). Deputy Governors RBI, Mrs. U
The Reserve Bank’s First Quarter Review of Monetary Policy on July 27, 2010 expressed concerns over the global outlook. Indicators of economic activity in advanced economies continue to suggest that the recovery is slowing and that the second half of
Ministry has undertaken a massive drive to cleanse the MCA21 Registry, as it was found that a number of companies who were in the old Registry are not filing their documents in the MCA21 system. Accordingly, computer generated Show-cause Notices were
The Pay and Accounts Office (PAO)/ District Treasury Office (DTO)/ Cheque Drawing and Disbursing Office (CDDO) are required to file Form 24G as per Income-tax Department Notification no. 41/2010 dated May 31, 2010. In case of an office of the Government, where tax has been paid to the credit of Central Government without the production of a challan associated with deposit of the tax in a bank, the PAO / CDDO / DTO or an equivalent office (herein after called as AO in this document) government is required to file Form 24G.
With Rs 40,000 crore going out of the banking system due to advance tax payments, the cost of funds, in the short-term money market, will operate close to the repo rate (6%) — the rate at which the Reserve Bank of India (RBI) makes available overnight funds to banks. Tax outflows have led to a marked cash crunch in the system. On Friday, banks borrowed Rs 42,290 crore from RBI through its repo window. This borrowing is reflective of the fund shortage in the system.
Realty firms and property consultants today said both consumers and developers are likely to be affected by the hike in key policy rates by RBI as loans would become dearer, though the impact would be marginal.
A trust floated by the State’s transport department to hold pension funds under a scheme launched in 2000, has been reduced to a dud affecting over 34,000 pensioners. The reason: The trust failed to get income tax exemption from the Central Board of
The Income Tax Department (Investigation wing), Panchkula, conducted surveys and raids on Friday at as many as 51 premises belonging to three pharmaceutical companies: Surya Pharmaceutical, Nectar Pharmaceutical and Parabolic Pharmaceuticals. While 39 premises belonging to the three companies were raided, survey on 12 others were conducted. As many as 51 teams of I-T sleuths were involved in the massive operation.
A General Anti-Avoidance Rule (GAAR) was proposed in the Indian tax legislation for the first time in DTC 2009, apart from Specific Anti-avoidance Rules (SAARs) like transfer pricing (TP) provisions, dividend stripping transactions in securities, dis
This Article summarizes the decision of the Constitution Bench of the Supreme Court of India (SC) in the case of State of Karnataka Vs. Azad Coach Builders Pvt. Ltd. & Anr.(Assessee) [2010-VIL12-SC-CB] on the issue of eligibility of a local manufacturer/dealer to claim exemption under section 5(3) of the Central Sales Tax Act, 1956 (CST Act) if the sale is a penultimate sale made to the exporter in connection to the export of goods. The SC held that if there is an inextricable link between the last sale and the export of goods, the same would be exempt under section 5 (3) of the CST Act.
