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Archive: December, 2010

Posts in December, 2010

Himachal Pradesh CM launches web portal of Excise and Taxation department facilitating e-payment of VAT

December 1, 2010 700 Views 0 comment Print

Himachal Pradesh Chief Minister Prem Kumar Dhumal today launched new web portal of Excise and Taxation department for e-payment of VAT at his Office Chamber here today by accepting payment of Rs. 99,999 from Sanjay Guleria, Director, Symbiotic Drugs

CBEC Releases Draft Scheme of Authorised Economic Operator for Inviting Suggestions

December 1, 2010 289 Views 0 comment Print

The Central Board of Excise & Customs (CBEC) has released a draft scheme of Authorized Economic Operator (AEO) based on the World Customs Organisation’s (WCO) SAFE Framework of Standards to secure and facilitate global trade. The SAFE Framework of St

Income Tax Dept conducts searches on 30 Ispat premises

December 1, 2010 273 Views 0 comment Print

The Income Tax Department today conducted nation-wide searches at more than 30 premises of steel maker Ispat Industries in connection with alleged tax evasion. The searches were conducted at Mumbai, Nagpur, Delhi, Kolkata and 25 other places of the

Major changes in Direct Tax Provisions unlikely in Budget 2011

December 1, 2010 565 Views 0 comment Print

Finance minister Pranab Mukherjee is unlikely to go for any major changes in direct taxes when he presents the Budget in February. According to indications, he will restrict himself to minor tweaking in the policy on income and corporation tax, and

Post housing loan scam -developers’ dependence on private money-lenders may increase

December 1, 2010 336 Views 0 comment Print

The recent housing loan scam would increase developers’ dependence on private money-lenders. While cash flow from various quarters like private equities and investors has already become scarcer, the scam is expected to adversely impact credit flow to

Inclusive Development needs to be combined with Consolidation of Public Finances, Financial Stability, Employment Genera

December 1, 2010 273 Views 0 comment Print

Union Finance Minister, Shri Pranab Mukherjee said that our economic policies need to be designed in such a manner that the redistributing process does not feed off the public finances and the growth process itself is not hampered. Shri Mukherjee sai

’RBI may accept IFRS but won’t leave prudential norms’

December 1, 2010 297 Views 0 comment Print

Accounting regulator ICAI today said that the Reserve Bank of India (RBI) may accept global accounting practice IFRS but will not give up prudential norms completely as they saved Indian banks from global financial meltdown. Prudential norms imply re

Income Tax returns can't be basis to fix maintenance

December 1, 2010 1278 Views 0 comment Print

Tax returns are not sacrosanct when it comes to calculating the maintenance paid by a man to his estranged wife and kids, the Bombay high court has ruled. In two recent cases, the HC thwarted the attempt of two businessmen who challenged the maintena

Bribes-for-loans scam- Banks to tighten norms for sanction of loan to Real Estate Companies

December 1, 2010 225 Views 0 comment Print

Stung by the real estate bribes-for-loans scam, banks and housing finance companies will henceforth seek additional security and add completion guarantee clauses into agreements before sanctioning loans to developers. Several bankers and housing fina

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