Mahindra Satyam today said it will submit to tax authorities about Rs 617 crore demanded by I-T Department under the foreign tax credit liability. “The company shall submit a banker’s cheque for Rs 350 crore and an unconditional bank guarantee for Rs 267 crore, upon which the Additional Commissioner of Income Tax shall withdraw the garnishee orders issued and defreeze the company bank accounts,” Satyam Computer Services (now Mahindra Satyam) informed the Bombay Stock Exchange.
Non-submission of detailed contingency (DC) bills worth Rs 11,854 crore, defalcation and loss to the tune of Rs 407.97 crore up to March 2010 are among the highlights of the CAG report on Bihar finances for 2009-10. Talking to reporters, Principal Accountant General (Audit), Bihar, P Dinaraj said that of Rs 14,272 crore drawn on 58,423 abstract contingent (AC) bills, only 7,435 DC bills for Rs 2,418 crore were submitted to the Accountant General (A and E), Bihar, up to March 2009.
The International Cricket Council (ICC) tonight lifted the ban on news television channels covering the world cup finals following intervention by Information & Broadcasting Ministry, but will seek legal action against them for alleged violation of media guidelines. “The ICC has decided to commence legal action against the companies involved and will also seek to recover damages through the courts in India rather than bar the stations from the ICC Cricket World Cup final,” cricket’s global governing body said in a statement.
The Interpol’s General Secretariat Headquarters based at Lyon (France) has issued a clarification on an article “Interpol on the hunt for two Maldivians involved in planning Cricket World Cup Attack” published in the newspaper “Haveeru” on 26th March, 2011 in the Maldives which contains serious inaccuracies. The Interpol denied this news and required a correction from the newspaper.
The Reserve Bank of India (RBI) today released “State Finances: A Study of Budgets of 2010-11”, a publication that provides data, analysis and assessment of finances of State governments. The State governments presented their budgets for 2010-11 against the backdrop of an economic recovery and improving growth prospects for the Indian economy. Reflecting these positive developments, States had budgetted higher growth in own tax revenues in 2010-11 than in 2009-10 (RE). In addition, States also expected a larger devolution from the Centre in the form of share in Central taxes during 2010-11. The States had undertaken a massive expansion in aggregate expenditures in the previous two years in the wake of the overall macroeconomic slowdown and implementation of the Sixth Central/State(s) Pay Commission recommendations. They, therefore, budgetted a modest rise in their aggregate expenditures during 2010-11. All these factors indicated a move towards the resumption of the fiscal consolidation process at the level of States in 2010-11 after a slippage in the previous two years.
Having a website with up-to-date information at any given point of time will become mandatory for all the listed companies with effect from tomorrow — a move aimed at providing investors with easy access to information. A notification by market regulator Sebi, which makes it mandatory for listed companies to have a functional website with latest details of various investor-sensitive information about them, will come into effect from April 1.
Vide Order No. 54 of 2001 dated 31.3.2011, the CBDT has announced the promotion of Commissioners & Directors of Income-tax as Chief Commissioners and the posting & transfer of the Chief Commissioners & Director Generals of Income-tax. Copy of order is attached below for your reference. Order No. 54 of 2001 related to Promotion, Posting & Transfer Of Chief Commissioners of Income-tax & DGs
Ministry of Finance has today issued the above Notification amending Point of taxation Rules, 2011. Rules 7 has been substituted by a new Rule whereby, point of taxation in respect specified service providers which includes Chartered Accountants (individuals or proprietary firms or partnership firms) will be the date on which payment is received.
In view of the Bank Holiday on 1st April, 2011, last date for registration to Common Proficiency Course (CPC) is extended upto 5th April, 2011 for being eligible to appear in the Common Proficiency Test (CPT) to be held in June, 2011.
“ICICI is an Indian bank, but it is over 50 per cent (equity) foreign owned, it is owned by foreigners in that sense…for downstream investment it is a foreign company…,” Department of Industrial Policy and Promotion (DIPP) Secretary R P Singh told reporters here.The government today said that ICICI Bank and other lenders whose more than 50 per cent equity is owned by overseas entities will be treated as a foreign company for the purpose of computing FDI.
