In a bid to tackle tax evasion and check generation of illicit money, the government is considering classifying earnings from illegitimate sources like bribery and corruption as criminal offences under the income tax laws. ‘The income earned from illegitimate means could be classified as a criminal offence in the Income Tax Act’, said a senior Finance Ministry official.
All the stakeholders are hereby informed that Ministry of Corporate Affairs has opened all the work items filed prior to coming into force the amended Regulation 17 of The Companies Regulation, 1956 i.e. 15.02.2009 and are pending for user clarification / re-submission / under regulation 17(6). All ROCs have been directed to disposed off pending work […]
The Union Finance Minister Shri Pranab Mukherjee said that core inflation in May,2011 is higher at 8.71 per cent in comparison to 7.93 per cent in April,2011 and 10.34 per cent in March 2011. Finance Minister Shri Mukherjee said that we would keep a close watch on developments, both domestic as well as international, in the coming months and make appropriate adjustments as we go along.
The Federation of Indian Exports Organisations (FIEO) today suggested that the 14-year-old Duty Entitlement Pass Book (DEPB) scheme be extended till the Goods and Services Tax (GST) is introduced in the country. The DEPB scheme should continue till GST is introduced as it will not possible to fix the drawback rates for all the products for which DEPB rates exist in the short span of three months, FIEO President Ramu S Deora said in press statement.
Various taxes relating to real estate should be rationalised for affordable housing projects in order to tackle the rapid pace of urbanisation in the Indian cities, according to a survey conducted by accountancy firm Grant Thornton and CII. In view of the phenomenal pace of urbanisation, residential real estate ought to be made affordable to accommodate the ever-increasing immigration into our urban centres, Grant Thornton India National Managing Partner Vishesh C Chandiok said in a statement.
Trade Notice No. 10 – Reference is invited to Trade No.9 dated 13.5.2011 on the above subject. The Second Meeting of the ‘Committee to review the Scheme of the deemed export’ was held on 3rd June, 2011. The Committee in this meeting has decided to seek the views of all stakeholders by giving them another opportunity of submitting suggestions in 15 days. Thus, those interested in sending their suggestions may do so by sending an e-mail to vkgupta99@nic.in with a copy to lb.singhal@nic.in within 15 days from the date of this Trade Notice. It would be appreciated if contact details are also mentioned in the e-mail.
The Reserve Bank of India presented its assessment of the health of India’s financial sector in its Financial Stability Report (FSR), released here today. The report reflects the Reserve Bank’s continuing endeavour to communicate its assessment of the incipient risks to financial sector stability. The first FSR was released in March 2010 and the second in December 2010. Going forward, FSRs will be released bi-annually in June and December every year.
As a follow up of the implementation of the recommendations of the Working Group on Balance of Payments Manual for India (Chairman: Shri Deepak Mohanty), provisional aggregate data on trade in services have been compiled for the first time for the month of April 2011 based on the data reported by the Authorised Dealers (ADs) under the Foreign Exchange Transactions Electronic Reporting System (FETERS) (Table).
Acting on a specific intelligence, the DRI officers of Siliguri under Kolkata Zonal Unit effected a seizure of Red Sanders Wood weighing 6360 kg. valued at ` 63.60 lakh from a truck bearing registration no. NL-05D-6192 on 13.06.2011 at Leuchipokhri, P.S.- Phansidewa, Dist-Darjeeling. The logs were kept concealed under 235 pcs. of Indian style sanitary pans & 104 pcs. of small pipes.
Notification No. 38/2011 – Customs (N. T.) Tariff Value of Edible Oils, Brass Scrap and Poppy Seeds Notified- Central Board of Excise and Customs (CBEC), Department of Revenue has issued a Notification No.38/2011-Customs (N.T.) dated June 15, 2011 and thereby notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds.
