In exercise of the powers conferred by section 3A of the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act), read with sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), and in suppression of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 40/2002 –Customs dated the 12th April, 2002, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) dated the 12th April, 2002 vide number G.S.R. 281 (E) dated the 12th April, 2002, except as respects things done or omitted to be done before such suppression, the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts goods specified in column (2) of the Table below and falling within the First Schedule to the said Customs Tariff Act when imported into India from Nepal
CBI on Monday moved Supreme Court seeking cancellation of the bail granted bail to B Ramalinga Raju, tainted founder of Satyam Computer Services, by Andhra Pradesh High Court in Rs 14,000-crore (Rs 140-billion) scam. The probe agency has challenged the high court decision contending that Raju, who was the Chairman of the company, may influence the witnesses majority of whom are his former employees.
On the heels of the RBI making out a case for better pay packages for PSU bankers, global consultancy KPMG said that not only senior personnel, but non -executive directors, too, should be paid salaries on par with their private sector counterparts.
The New Pension Scheme (NPS) has so far not seen too many takers after the government opened the scheme to the public in 2009. However, the investment scenario will most likely change in favour of NPS once the proposals under the latest Direct Taxes
In Direct Tax Code, 2010 Senior Citizens are left with no practical avenues for making tax-saving investments. DTC (and most of us who have commented on it) assumes that income from work ends at retirement. However, this is not true for a significant number of seniors. Many still do part-time work or irregular work after their formal retirement, while a significant number have rent income.
The Delhi government on Monday cleared the proposal to withdraw a 1937 notification wherein subsidiaries seeking merger with their parent company are exempt from stamp duty. The Delhi cabinet led by chief minister Sheila Dikshit has decided to withdraw a notification dated January 16, 1937 issued under the Indian Stamp Act, 1899, which envisages exemption from stamp duty on instruments evidencing transfer of property between companies limited by shares as defined in the Indian Companies Act.
Britain’s Vodafone today moved the Supreme Court challenging a Bombay High Court order that upheld the Income Tax Department’s demand of Rs 12,000 crore tax on the company’s over USD 11 billion deal with Hong Kong-based Hutchison in 2007.
The Standing Committee on Finance (SCF), which thoroughly examined The Companies Bill, 2009 has recommended that as the exemption regime applicable for different forms of companies like small companies, One Person Company (OPCs) and private companies
The Central Vigilance Commission disposed of 1387 cases during July 2010 referred to it for advice. Of these, 1109 complaints were sent for necessary action/ATR whereas 96 complaints were sent for investigation and report.
Accounting regulator ICAI has asked the Big Four auditing and consulting firms – KPMG, E&Y, Deloitte and PwC – to share any information sought by various committees of the institute and has asked them not to engage in “shopping for small firms”.
