With high inflation, especially food prices much beyond comfortable levels, the Budget is likely to provide sops to the farm sector including reduction in interest rate to 4 per cent for timely re-payments and boosting investments in agri-infrastructure. At present, farmers get credit at a rate of 7 per cent.
Finance Minister Pranab Mukherjee is likely to announce steps to boost the infrastructure sector in his Budget tomorrow with a view to sustaining over 9 per cent growth in the coming years. The initiatives could include raising the limit for investment in tax saving infrastructure bonds and providing special thrust to plan expenditure for sectors like […]
Tax experts are hopeful Finance Minister Pranab Mukherjee will increase the income tax exemption limit to Rs 2 lakh per annum from Rs 1.6 lakh to bring the rates in line with the Direct Taxes Code (DTC). To align the exemption limits under personal income tax with DTC, the Centre is likely to raise the IT exemption limit to 2 lakh
An American employee of Infosys has filed a case against the company accusing it of visa and tax fraud. In his complaint filed before an Alabama Court early this week, one Jack Palmer said he worked for Infosys “as a Principal – Enterprise Solutions” since August 2008.In his-13 page complaint, he alleged that Infosys sent lower […]
Railway Minister Mamata Banerjee presented the Railway Budget for 2011-12 on Friday. While her supporters hailed the budget, her detractors are up in arms, dumping the budget as the West Bengal poll manifesto. Though a host of pro-public announcements made by her in the last Railway Budget (2010-11) has been implemented, Indian Railways’ finances have gone from […]
It was held that the impugned judgment deserves to be set aside on the short ground that while deciding the case, the Tribunal has ignored the specific directions issued by this Court, vide order dated 30th August, 2001. It is evident from the impugned order, in particular from paras 15 and 16 that the Tribunal has not appreciated the facts obtaining in the present case in their correct perspective, which has resulted in vitiating its decision on the question of leviability of import duty. Although, from para 14 of the impugned order it is evident that the Tribunal was conscious of the direction of this Court that it was required to first record the correct facts and then in the factual perspective locate and apply the relevant law, yet in the very next paragraph it proceeds to hold that when it is accepted that Notification No. 118/59-Cus. did not exist at the time of clearance of the vessel from the ship yard, the persistent plea that the ship was manufactured in a warehouse located in India and therefore, it attracted excise duty alone need not be considered at all. In our opinion, in light of the decision and directions of this Court in C.A. 1998 of 2000, judicial discipline obliged the Tribunal to examine the entire legal issue after ascertaining the foundational facts, regardless of its earlier view in the matter. Therefore, the decision of the Tribunal cannot be sustained.
Hon’ble Finance Minister presented budget for FY 2011-12. Significant proposal are as follows; General: GDP is expected to grow in the region of 8.75% to 9.25%. The Minister spoken about fiscal consolidation and put up a target of 4.6% fiscal deficit. Government is also mooting liberalizing the FDI policy in the country, however no details was […]
Keeping with an interim order passed by the Supreme Court in connection with the disbursement of funds of Harshad Mehta Group (HMG),the Bombay High Court has directed the custodian of assests of the late stock broker to release Rs 1995.66 crore to the Income Tax department, to clear their dues.
Market Regulator SEBI today imposed a penalty of Rs 25 lakh for alleged violation of various norms pertaining to debenture trustee. The Sebi order said that Central Bank of India functioned as debenture trustee for IL&FS even when there was loan outstanding. The loan was given by the Central Bank of India.
Significant tax proposals by Gujarat, Kerala, Karnataka and Madhya Pradesh States in their State Budget announced in February, 2011
