The finance ministry is not in favour of corporates acquiring dedicated rural lenders, regional rural banks, a suggestion mooted by the Reserve Bank of India in a recent discussion paper on new bank licences.
Though the persistent belligerence of Congress MP Jagan Mohan Reddy has often embarrassed the Congress high command since his father and former Andhra Pradesh chief minister Y S R Reddy’s death last year, not much is known about his personal wealth.
Energy explorers will get tax incentives based on their investments in the ninth round of auctions for oil and gas exploration blocks, replacing the existing regime of seven-year tax holiday on profits. The tax benefits will extend to gas exploratio
The high court of Bombay at Goa has recently held that the deduction claimed by a company for expenditure incurred towards machinery hired cannot be rejected by the tax authorities on the ground that that the machinery was lying idle.
India will create by March a committee of experts from outside the government that will suggest changes in financial laws to bring them in line with current needs. The committee, which will be called Financial Sector Legislative Reforms Commission (F
The Comptroller and Auditor General (CAG) will start the audit work of Commonwealth Games Village here from October 28 to probe allegations of financial irregularities. Official sources said the CAG will also audit the accounts of Delhi Development A
Unique Identification is merely a string assigned to an entity that identifies the entity uniquely. Every person residing in India will soon have a UID. Biometric identification system and checks would be used to ensure that each individual is assign
There cannot be discrimination among employees holding the same posts and doing similar nature of work in terms of their pay scale unless one has higher qualifications, Delhi High Court has said. The court dismissed an appeal filed by the Centre agai
The Bombay High Court will soon hear a petition filed by the income tax (IT) department pertaining to a 10-year-old case involving alleged tax evasion of Rs.40 million by Bollywood actor Salman Khan.The IT department has challenged an order of the in
The Income Tax department has received financial details of more than Rs 150 crore in overseas accounts from some tax haven countries of “non- residents” who invested in the IPL. The department had few months ago approached an exclusive cell in the F
