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Archive: 16 November 2010

Posts in 16 November 2010

Use your bank account to avoid penalty

November 16, 2010 895 Views 0 comment Print

If you fail to carry out any transaction for 24 months through your bank account, it can be frozen. This is in line with the Reserve Bank of India’s (RBI) mandate, that a bank account automatically gets classified as inoperative or dormant if there a

ICAI to set up Centre of Excellence

November 16, 2010 252 Views 0 comment Print

The Institute of Chartered Accountants of India (ICAI) has proposed to set up a Centre for Excellence in Bhubaneswar. “ICAI currently has around 600 members in Orissa and we intend to set up a Centre of Excellence in Bhubaneswar. We have sought the c

Hutch deal- Court Vodafone to deposit Rs 2500 crore

November 16, 2010 327 Views 0 comment Print

The Supreme Court on Monday directed Vodafone to deposit Rs 2500 crore ($550 million) within three weeks in relation to the $2.5 billion tax dispute, a Vodafone spokesman said. The Supreme Court has also fixed Feb 05 as final date of hearing. Vodafon

Hutch Deal- Vodafone Looks For India Tax Dispute Settlement

November 16, 2010 264 Views 0 comment Print

The Dutch government has approached India on behalf of Vodafone’s Netherlands unit to settle a three-year-old tax dispute involving a Rs 11,000 crore claim, an Indian newspaper reported on Monday. The Netherlands has asked India to consider an alternate dispute resolution that will run parallel to the ongoing court process, the paper said, quoting unnamed tax and government officials.

Consideration received for selling of marketing right of the products not taxable

November 16, 2010 444 Views 0 comment Print

The high court of Bombay at Goa recently held that an amount of 3.5 crore received by some shareholders of Colfax Laboratories India Limited (CLIL) to give up marketing right of the ‘Old Spice’ range of products to Procter and Gamble (India) Limited

Info panel issues summons to Games OC, IOA

November 16, 2010 324 Views 0 comment Print

The Central Information Commission has issued summons to Organising Committee of the Commonwealth Games, asking it to submit all documents related to alleged discrepancies in the ticketing, Queen’s Baton Relay and the conduct of the Games.The transp

Income Tax dept suspects "round tripping" by some of investors of realty firm IREO

November 16, 2010 618 Views 0 comment Print

The income tax (I-T) department is hot on the trail of investments worth Rs7,316 crore made by 26 foreign entities in Gurgaon-based real estate company Ireo Group amid rising suspicion of round tripping by some of these investors.

Audit of Telecom Companies

November 16, 2010 354 Views 0 comment Print

irector General Audit, Post & Telegraph had suggested that since the Private Service Providers (PSPs) are resisting to submit their books of accounts for C&AG audit, the licence agreement between DoT and the PSPs may be amended in conformity with TRA

Gove bans Import of Second Hand Computers

November 16, 2010 525 Views 0 comment Print

There is a ban on import of second hand computers and computer peripherals now. As per Ministry of Commerce’s Handbook of Procedures Vol. 1 (2009-14), import of second hand computers including personal computers/ laptops and refurbished/reconditioned

Export Grows 21.3 Percent in October 2010 – Commerce Secretary

November 16, 2010 162 Views 0 comment Print

India’s exports have registered a growth of 21.3% during October 2010, at US $ 18 billion. Stating this at a press interaction here today, Shri Rahul Khullar, Commerce Secretary, informed that during the period April-October 2010, exports have reache

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