ORDER NO. 58 OF 2011- The following postings and transfers of officers in the grade of Commissioners/Directors of Income Tax are hereby ordered with immediate effect and until further orders:-‘
Notification No. 17/2011 – Income Tax [F.NO. 203/16/2009/IT (A-II)], DATED 1-4-2011 – Income-tax : Section 35(1)(ii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved scientific research associations/institutions- It is hereby notified for general information that the organization Physical Research Laboratory, Ahmedabad, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5D of the Income-tax Rules, 1962 (said Rules) with effect from 1-4-2003 to 31-3-2008 in the category of ‘scientific research association’ subject to the following conditions, namely:–
Five crore commemorative coins of Rs 5 denomination, unveiled recently to celebrate 150 years of taxation, will be minted for public distribution soon. The coins, released by Finance Minister Pranab Mukherjee on February 26, will be put in public domain and will be a collector’s item. These will have no extra price, a senior Finance Ministry official said. The special coin was unveiled along with a coin in the denomination of Rs 150 on the occasion of completion of 150 years of taxation and also of the Income Tax department from 1860 to 2010.
Rates of Income Tax as applicable to Individuals, Hindu Undivided Families (HUF) and Artificial Jurisdictional Person: Rates For the Assessment Year 2011-2012 Net Income Range Income Tax Rates Tax Upto Rs. 1,60,000 Nil Nil Rs. 1,60,000 – Rs. 5,00,000 10% 10% of total income minus Rs. 1,60,000 See Notes Rs. 5,00,000 – Rs. 8,00,000 20% […]
India Thursday announced an updated foreign direct investment (FDI) policy that simplifies joint venture norms and opens up new areas for overseas funds. The updated policy allows overseas firms in existing joint ventures to operate separately in the same business segment. Earlier, they needed prior approval from their Indian partners. ” FDI policy is part of ongoing efforts of procedure simplification and foreign direct investment rationalisation, which will go a long way in inspiring investor confidence,” Commerce and Industry Minister Anand Sharma said in a statement.
The Finance Ministry will conduct a study on the modus operandi of concealment of blackmoney in the country by major business and public sectors and other channels. The study report will be based on the investigation and intelligence reports of the Income Tax department which conducts nation-wide searches and raids in the country to unearth tax evasion and flow of blackmoney. The I-T orders and tax demand notices which were raised after such searches will form a part of this report which will have both public and restricted versions. These will be put in public and departmental domain respectively, a senior Finance Ministry official said.
State Bank of India (SBI) on Thursday extended its controversial special interest rate home loan product (teaser loans) till further notice. The product, which has faced flak from the sector regulator Reserve Bank, will continue to be sold till further notice from the lender, a highly-placed bank official said. The apex bank feels that teaser loans attract new customers with low interest rates, but existing customers who have to pay more are disadvantaged vis-a-vis the new ones.
UK-based Vodafone on Thursday acquired 33 per cent stake of its Indian partner Essar in the joint venture Vodafone Essar for USD 5 billion and may go for a new ally or opt for public offering to remain FDI compliant. “Currently we (Vodafone) are having 42 per cent stake in Vodafone Essar and after acquiring Essar’s additional 33 per cent stake in the joint venture our holding will go up to over 75 per cent”, Vodafone’s spokesman Ben Padovan said.
The Netherlands-based Rabobank on Friday said it has received approval from the Reserve Bank of India (RBI) to establish banking presence in the country through a maiden branch in Mumbai. Rabobank is present in India through a wholly owned subsidiary, Rabo India Finance (RIF), which is registered as a non-banking finance company (NBFC).
The Supreme Court today issued notices to Subramani Gopalakrishnan, partner of the global auditing firm PriceWaterhouse (PW) and V S Prabhakar Gupta, internal audit head of scam-hit IT firm Satyam Computers, over a plea by CBI seeking cancellation of their bail granted by the Andhra Pradesh High Court. A bench of justices P Sathasivam and B S Chauhan issued notices to Gopalakrishnan and Gupta directing them to file their replies by April 13.
