Amid skyrocketing prices, central trade unions are all set to press the Finance Ministry for raising income tax exemption limit to Rs 3 lakh from existing Rs 1.6 lakh in the 2011-12 Budget, in their meeting scheduled for tomorrow. Besides this, the unions would ask to universalise and strengthen public distribution system and rationalise tax, duty and cess on petroleum products, with a view to reduce burden on people.
During the year 2010, Central Bureau of Investigation has registered 1009 cases, disposed off 1163 cases and concluded the trial of 744 cases with conviction rate of 71%. The conviction rate has increased from 65% to 71% during this year. In the begi
Service tax was introduced by Finance Act 1994 and since then it has been mired with so much controversy/litigation that the Apex Court, in the case of MARUTI SUZUKI LTD. 2009 (240) E.L.T. 641 (S.C.), observed that on account of repeated amendment
The conclusion of the Tribunal to the effect that the assessee has failed to prove the source of the cash credits cannot be said to be perverse, giving rise to a substantial question of law. The Tribunal being a final fact finding authority, in the absence of demonstrated perversity in its finding, interference therewith by this Court is not warranted.
A local court today extended police remand of Shivraj Puri, the main accused in the alleged Rs 400 crore Citibank fraud, by 2 more days till January 14 as police is yet to recover iPad considered to be vital evidence. The Chief Judicial Magistrate D
Finance Minister Pranab Mukherjee is not in a mood to cut taxes but may continue with stimulus in the budget for 2011-12, feel industry representatives who met him for Pre-Budget interactions. Finance Minister is not in a mood to cut taxes because
The Income Tax department has issued a notice to Bollywood actor asking him to pay tax on the Rs 17.84 crore villa in the UAE, I-T sources said today. He received the villa as a gift from a Dubai-based company during assessment year 2008-09
Sebi has begun the process of finalising its guidelines on the way bourses are owned and do business, based on the feedback received on recommendations made by a committee set up by the regulator on this matter. In addition to the comments received
As skyrocketing prices of vegetables caused concern, ten big vegetable traders in Tamil Nadu have come under the Income Tax Department’s lens over huge profits made by them, with the department carrying out state-wide survey operations against them.
A part of the funds involved in the Rs 300 crore fraud at Citibank, allegedly masterminded by employee Shivraj Puri, was pumped into the real estate sector, sources said. Investigations into the fraud have revealed that Puri invested a part of the
