The quantum of money locked up in income tax disputes decreased in 2010 as compared to the previous year despite increase in number of cases, Parliament was informed today. The amount stuck in I-T cases actually declined to Rs 2,42,377 crore as on December 31, 2010 as compared to Rs 2,88,336 crore at the end of 2009, Minister of State for Finance S S Palanimanickam said in a written reply in the Rajya Sabha.
Commerce Minister Anand Sharma today took up the issue of anti-dumping duty on Indian products by Brazil with visiting minister Antonio Patriota. The two countries, however, identified priority sectors such as energy, oil, tourism, pharmaceutical, mining and agro-processing for further enhancing the bilateral trade and agreed to set up a CEOs Forum, an official statement said.
Fifty four public sector companies, including Air India, Eastern Coalfields, Bharat Coking Coal Limited and Scooters India, have posted a combined loss of Rs 14,424 crore in 2008-09, Parliament was informed today. Among these, Air India (formerly National Aviation Company of India Ltd) incurred a loss of Rs 5,548.26 crore in 2008-09, followed by Eastern Coalfields, whose loss was at Rs 2,109.09 crore during the period, Minister of State for Heavy Industries and Public Enterprises A Sai Prathap told Rajya Sabha in a written reply.
The government today said Director of Income Tax and Directorate of Enforcement (ED) have initiated investigation in Rs 460 crore Citibank fraud case. “The Investigation Directorate of the Income Tax has initiated necessary enquiries as far as the source of deposit of persons in Citibank is concerned,” Minister of State for Finance S S Palanimanickam told Rajya Sabha in a written reply.
Market regulator Securities and Exchange Board of India (SEBI) has not noticed any irregularity in the recent fall in stocks markets, the government today informed the Rajya Sabha. The benchmark Sensex has fallen by about 2,500 points between November, 2010 and February this year, Minister of State for Finance Namo Narain Meena said during Question Hour.
Hitting out at the Finance Minister for increasing export duty on iron ore, the Federation of Indian Mineral Industries has written to Pranab Mukherjee requesting a roll back to the pre-Budget level. “We would be grateful if you consider sympathetically rolling back the increase in export duty to pre-Budget 2011-12 level,” FIMI Secretary General R K Sharma wrote in a letter to the Finance Minister.
In the city of Mumbai “Financial Services Providing Establishments” as codified by WTO/ DIPP be included as one of the eligible activities in the Government of India’s Industrial Park Scheme 2008. The developers of such Industrial parks in Mumbai as also the Financial Services Providing Establishments operating therein should be extended the fiscal benefits available under the ‘Industrial Park Scheme 2008’.
Mumbai- A woman Chartered Accountant allegedly jumped to death from the 19th floor of a residential building along with her son and a daughter in suburban Malad, leaving a suicide note in which she said that nobody was responsible for the extreme step, police said. The bodies of Nidhi Pawan Gupta (30), her son Gaurav (6) and daughter Mahika (3) were taken to nearby civic run Bhagwati hospital for post mortem, police said.
Upon entry into force, the Amending Protocol between India and Switzerland will amend, inter-alia, the article concerning Exchange of Information in the existing Double Taxation Avoidance Agreement (DTAA) between the two countries to specifically provide for exchange of banking information as well as information without domestic interest.
“An inflow of fresh talent into the Group and training them in the finance departments of various group companies spread across diverse sectors”. Last date for applying to the Tata Group CA program is 14th March, 2011. Principles The programme is modeled on the following principles
