What do the words ROTI & MAKAN mean to a common man is very well known. These two basic needs of a common man are today very uncommon, thanks to the very high rate of food inflation and extra super inflation in the prices of need based House. What was left to the common man was perhaps, KAPDA i.e. Fabric. But the eagle eye of the central government has eventually fallen on this last lame duck pray so as to smoothen the beginning of the end of the common man. The reason: An expected VAT on FABRIC @ 5% .
The Institute of Chartered Accountants of India organized a Workshop on Indirect Proposals of the Union Budget 2011-12 at its Headquarter in New Delhi on March 17,2011. The Workshop was addressed by Shri S. Dutt Majumder, Chairman, Central Board of Excise and Customs. Shri Y.G. Parande, Member, CBEC, Shri V. K. Garg, Joint Secretary (TRU), CBEC and Shri Roopam Kapoor, Officer on Special Duty, CBEC were also participated in the Workshop and interacted with the members and experts of the field of indirect taxes.
The Supreme Court has ruled that private companies cannot complain about violation of their contractual rights by government when national interest is involved in awarding contracts for public projects involving taxpayers’ massive money. A bench of justices V S Sirpurkar and T S Thakur in a judgement expressed anguish at the manner in which the Tehri Pump Storage Plant could not be taken up for the past three and half years due to the legal battle involving two MNCs–Voith GMBH (respondent No.1) and Alstom (respondent No.2).
With day-to-day living turning costlier, companies have raised salaries to as high as 40 per cent especially at the junior levels, say experts. In recent times, inflation has been at high levels due to soaring prices of essential commodities. “Inflation has affected the salary hikes towards the higher side,” executive search firm GlobalHunt’s director Sunil Goel said.
Not satisfied with the services you get from the nation’s largest lender SBI and want to get back to the bank on the same? Forget the pen and paper to write it down or even email the same; just message “Unhappy” and your issue will be resolved within 48 hours.
The second meeting of the Inter-Ministerial Group (IMG) on inflation was held today under the Chairmanship of Dr Kaushik Basu, Chief Economic Advisor (CEA), Ministry of Finance. The IMG was set-up at the suggestion of the Prime Minister on 2nd February,2011 in order “to review the inflation situation and suggest corrective measures.” The IMG has been entrusted with the task of studying and proposing policies pertaining to (a) food article inflation and (b) macro-economic demand management.
India plans to open income tax offices in eight countries including United States, Britain, Germany and the UAE to trace tax evaders, parliament was told Friday. The government has taken steps to operationalise eight new Income Tax Overseas Units in France, Germany, the Netherlands, Cyprus, US, Britain, United Arab Emirates, and Japan in the next financial year, Minister of State for Finance S.S. Palanimanickam told the Lok Sabha in a written reply.
If a search under section 132 of the Income Tax Act, 1961 is challenged on the ground that information leading to reasons to believe for authorising search was irrelevant then how should this question be resolved? Should the court, Look into the records and decide it alone; or Disclose the information to the aggrieved person and then adjudicate upon it, after hearing the parties (a)The Director of Income-tax (Investigation) Kanpur had jurisdiction to authorise the search;
Over Rs 3 lakh crore in direct taxes, which is more than the annual corporate tax collection, is locked up in litigation at various levels. While Rs 2.2 lakh crore of revenue was locked up in appeal cases with Commissioner of Income Tax (Appeals) in 2009-10, the amount involved in litigation at the higher levels was Rs 91,087 crore, said the latest CAG report.
As and when Customs (CBEC) have conveyed their readiness to implement on-line message exchange between Customs and DGFT, Policy Circulars have been issued from time to time by DGFT indicating the names and Port Codes of such Customs Ports where EDI facility would be available. Such Policy Circulars are listed below:
