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Archive: May, 2011

Posts in May, 2011

Speak Asia clarifies over wrongly claiming clients

May 17, 2011 2101 Views 0 comment Print

Survey group Speak Asia Online (SAOL) today said it has worked for companies such as Bata, Nestle,Airtel, ICICI and ING Vysya but has not provided commissioned services to them amidst media reports that the company had falsely claimed them as their clients.

Police-IMF head picked out of lineup in sex case

May 17, 2011 889 Views 0 comment Print

Dominique Strauss-Kahn’s reputation with women earned him the nickname “the great seducer,” and not even an affair with a subordinate could knock the International Monetary Fund leader off a political path pointed in the direction of the French presidency. All that changed with charges that he sexually assaulted a maid in his hotel room, a case that generated shock and revulsion, especially in his home country.

IMF not to pay bill for Kahn's infamous hotel stay

May 17, 2011 678 Views 0 comment Print

International Monetary Fund pays for all business-related hotel bills of its chief, but incumbent Dominique Strauss Kahn’s stay in a luxury suite of Sofitel here does not qualify for any such reimbursement. It was during his stay at this Sofitel hotel that Kahn, who was appointed IMF Managing Director in 2007 with a salary in excess of USD 5,00,000 per year, was accused of indulging in sexual assault on a chambermaid.

Discontinuation of DEPB scheme will affect exports growth

May 17, 2011 1830 Views 0 comment Print

Discontinuation of the tax rebate scheme DEPB from June will make exports uncompetitive, thus affecting its growth momentum, industry body CII has said.Exporters get refund of duties on import content of their export products under which they have been given several extensions. It costs the exchequer about Rs 8,000 crore per annum.

ITR 3 – Free Online Income Tax Return Preparation Software for A.Y. 2011-12

May 17, 2011 8461 Views 0 comment Print

Income Tax department on 16.05.2011 releases downloadable Online Income Tax Return Preparation / Filing Software- ITR-3 Applicable to Individual and HUF who are Partner in a Partnership firm and not having any other business Income except from the Interest and Remuneration from Partnership. You can download the same from the link given below. Before filing do read Instructions for filling out New Income Tax Return Form ITR-3 for assessment year 2011-2012. Those who do not wish to file online Return can use the manual excel form.

Govt exempts whole 9.5% interest on Provident Fund (PF) for 2010-11

May 17, 2011 3465 Views 0 comment Print

Giving relief to 4.71 crore subscribers of EPFO, the government has allowed tax exemption on the 9.5% interest income on PF deposits for 2010-11. The finance ministry notification last week raises the income tax exemption to 9.5% interest income from 8.5%. The decision clears the air for the EPFO subscribers who were given increased interest rate by one percentage point for 2010-11, but the finance ministry had not matched the interest hike with a commensurate tax exemption.

Income Tax notices to Bhave are for routine Scrutiny for A.Y. 2009-10, says CBDT

May 17, 2011 720 Views 0 comment Print

The Income Tax Department (ITD) today said that it had issued notices to former Sebi chairman C B Bhave to furnish information in support of his return filed for the 2009-10 assessment year. The ITD has also initiated enquiry against two serving members of the Security and Exchange Board of India (Sebi), said a CBDT release.

Withholding tax need not to be deducted on payments made for services like transcription and data processing –AAR

May 17, 2011 1838 Views 0 comment Print

Indian firms outsourcing routine work to their overseas subsidiaries would not have to deduct withholding tax on the payments made to them. In a landmark ruling, the Authority of Advance Ruling (AAR) ( A.A.R. No.883 of 2010 dated 16.05.2010 – Applicant R.R. Donnelley India Outsource Private Limited) held that firms are exempted from deducting the withholding tax on the payments made for services like transcription and data processing.

SC pulls up Income Tax department for not taking timely action in 2G case

May 17, 2011 817 Views 0 comment Print

The Supreme Court today pulled up the Income Tax department for not taking timely action against the companies involved in the 2G spectrum scam and said had it not intervened, the officials would have “slept over it” and the oversees probe would not have proceeded.

Finance Minister Welcomes Substantial Decline in Core Inflation

May 17, 2011 567 Views 0 comment Print

Union Finance Minister Shri Pranab Mukherjee has welcomed the substantial decline in core inflation from 9.19 per cent in March 2011 to 7.97 per cent, along with drop in inflation for food articles from 9.47 per cent in March to 8.71 per cent in April 2011. Beside it, the Finance Minister said that there is decline in year-on-year overall inflation to 8.66 per cent from 9.04 per cent in March 2011.

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