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
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
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
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
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
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
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
Within a week of the CBI arresting senior bankers in the housing finance racket, the competition watchdog CCI on Monday said 11 real estate companies are already under its scanner. “I can only say that of the 137 cases that we are handling, 11 pertai
Even as Corporation Bank has decided to be the first one to withdraw teaser loan schemes, others led by the State Bank of India (SBI) have asked the Reserve Bank of India (RBI) to define teaser loans. Stung by the public criticism of teaser rates, SB
Common Proficiency Test: The Council at its 300th meeting reviewed the requirement for passing the Common Proficiency Test and decided that a candidate shall have to obtain at one sitting, a minimum of 30 per cent marks (out of maximum marks specifie
