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Archive: 19 January 2011

Posts in 19 January 2011

Govt to frame strict norms for wealth management advisors

January 19, 2011 174 Views 0 comment Print

The government is pooling in its regulatory resources to frame a comprehensive rule-book for wealth management advisors and has sought inputs for the same from RBI, Sebi and other financial sector regulators. The move follows an estimated Rs 400-cror

BOA grants extra time to 20 SEZ developers to execute projects

January 19, 2011 279 Views 0 comment Print

The government has given more time to 20 SEZ developers, including Tata Consultancy Services and Mahindra World City, to execute their projects. At a meeting on January 14, the Board of Approval (BoA) headed by Commerce Secretary Rahul Khullar also

Direct tax collection to exceed Rs 4.3 lakh crore target

January 19, 2011 228 Views 0 comment Print

The government is expecting to exceed the direct tax collection target of Rs 4.30 lakh crore for 2010-11 on the backdrop of high economic growth of 8.9 per cent recorded during the first half of the current fiscal. Pinning hopes on higher tax realis

Finance Minister to meet regulators for pre-budget consultations

January 19, 2011 315 Views 0 comment Print

Finance Minister Pranab Mukherjee is likely to meet Reserve Bank Governor D Subbarao, SEBI Chairman C B Bhave and heads of the other regulatory bodies on January 21 as part of the pre-budget consultations .Mukherjee, sources said, would use inputs fr

'India 4th largest in Asia for illicit money flows', China Tops list

January 19, 2011 201 Views 0 comment Print

India is Asia’s fourth largest exporter of illicit capital with an estimated outflow of a whopping USD 104 billion between 2000 and 2008, according to a US-based think tank which ranks China as the number one source of illegal money. In its latest r

The 5th Meeting of Indo-UK task Force on Corporate Affairs held in New Delhi

January 19, 2011 429 Views 0 comment Print

The 5th meeting of the Indo-UK Task Force on Corporate Affairs was held here today. It was co-chaired by Shri R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs and Shri Martin Donnelly, Permanent Secretary, Department of Business, Innovation

Section 115O(5) do not restrict the allowability of the claim u/s 80M

January 19, 2011 1156 Views 0 comment Print

Dy.CIT, Pune Vs KRA Holding & Trading Pvt Ltd -The view of the assessing officer was consistent with the decision of the Tribunal in the case of Castle Investment (supra). The judgement in Castle Investment insofar as is material held that Section 1150(5) does not in any way restrict the allowability of the claim under section 80M. Under Section 80M what is claimed as a deduction is the dividend received by the company. Dividends declared, distributed or paid are not claimed as deduction under Section 80M though they constitute an outflow of funds from the company. Section 80M imposes a monetary restriction on the amount that may be claimed by way of a deduction by providing that the amount of claim cannot exceed the dividend distributed by the assessee by the due date.

FM holds Pre Budget Consultations with Financial Sector Stakholders

January 19, 2011 333 Views 0 comment Print

Union Finance Minister Shri Pranab Mukherjee held a meeting with Financial Sector stakeholders to get their inputs for General Budget 2011-12, here today. This was the sixth meeting in the series of pre-Budget consultations held by Finance Minister w

CBI Registers a case againstan IAS Officer of Chhatisgarh Government, Bank Manager and Others

January 19, 2011 697 Views 0 comment Print

The Central Bureau of Investigation has registered a case U/s 120-B of IPC r/w 419, 420, 467, 468, 471, 477-A of IPC and 120-B, 13(2) r/w 13(1)(d ) of Prevention of Corruption Act, 1988 against the Member Revenue Board (an IAS Officer), Govt of Chhat

CBI Registers a case against Assistant Commissioner, Superintendent and Inspector of Central Excise for Corruption

January 19, 2011 628 Views 0 comment Print

The Central Bureau of Investigation has registered a case against Assistant Commissioner, Superintendent & Inspector of Central Excise, Indore and other private person U/s 120-B r/w 420 IPC and Section 13(2) r/w 13(1)(d) of P.C.Act, 1988. It was alle

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