The department has purchased or acquired many such real estate infrastructure in cities like Kanpur and Allahabad, Panchkula (Haryana), Bangalore, Allapuzha (Kerala), Ahmedabad and Gaya recently and is set to acquire more such land and creation of new infrastructure in the current fiscal. It is also in the process of creating new Aaykar Sampark Kendras (ASKs) — a single window office for taxpayers while dealing with I-T department — in various cities at the cost of crores of rupees.
Faced with stubborn inflation, RBI is likely to raised key policy rates by at least 25 basis points in its annual credit policy for 2011-12 to be announced on Tuesday to arrest the rate of price rise, say bankers. “Given the macro economic conditions, it is expected that the RBI would hike rates by at least 25 basis points to curb inflationary expectations,” Indian Overseas Bank Chairman and Managing Director M Narendra told PTI.
Companies will have to maintain a data bank of email addresses of its members and shareholders, the ministry said, adding that the shareholders should be given enough time and opportunity to get their email-ids registered, and also convey if there are any changes in such addresses. Further, companies will have to make sure that these documents are displayed on its website well before the mandatory period and also issue advertisements in English and vernacular newspapers about the availability of such documents on its website.
The government is likely to announce opening of multi-brand retail to foreign investors after the state Assembly election results, in a move to revive confidence of global investors in the country. However, for starters, multi-brand retail giants like Wal-Mart, Carrefour and Tesco may be allowed only in 36 large cities which have population of over 1 million, according to 2001 census, high level sources said.The government is likely to announce opening of multi-brand retail to foreign investors after the state Assembly election results, in a move to revive confidence of global investors in the country.
Programmes to impart sexuality education to young people are more cost-effective when integrated and mandatory, according to the findings of a United Nations study released today at a symposium in New York. The cost per learner in well established programmes ranged from $6.90 in Nigeria to $32.80 in the Netherlands, while smaller pilot programmes in Kenya and Indonesia indicated significantly higher costs, according to the result of a six-country study released by the UN Education, Scientific and Cultural Organization (UNESCO) at the meeting of the Inter-Agency Task Team (IATT) on Education of the Joint UN Programme on HIV/AIDS (UNAIDS).
The Government has restructured the Technology Upgradation Fund Scheme (TUFS) – the flagship scheme of Ministry of Textiles for upgradation of technology in the textile and jute sectors. Ministry of Textiles has issued the Government Resolution on Restructured Technology Upgradation Fund Scheme for the period 28.04.2011 to 31.03.2012 (both the days inclusive) with an overall subsidy cap of Rs.1972 crore during the period. The Government Resolution lays down the financial and operational parameters and implementation mechanism for the Restructured TUFS.
Income Tax Department has released ITR 1 Sahaj and ITR 2 Income Tax Return Preparation Utility as applicable for Assessment Year (A.Y.) 2011-12 or Financial Year (2010-11) which can be used to file Income Tax Return Online. Filing of Income Tax returns is a legal obligation of every Individual/HUF whose total income for the previous year has exceeded the maximum amount that is not chargeable for income tax under the provisions of the I.T Act, 1961. Income Tax Department has introduced a convenient way to file these returns online using the Internet.
Why a Bank does not agree to any of the rights conferred on sureties by section 133, 134, 135, 139 and 141 of Contract Act, and any Rule of Law or Equity? A Case Study– Dena Bank (Letter of Guarantee):- Extracts of Paragraph nos. 4, 5, 6, 10 and 15 of Letter of Guarantee of Dena Bank are reproduced below–
To cover up Rs 200 crore illegal gratification made to Kalaignar TV, agreements were executed after lodging of FIR in the 2G scam and money was channelled back to its source on A Raja’s resignation as Telecom Minister, the CBI has claimed. The agency has supported this contention on the basis of the statements of an accountant of DB Realty and Director of the Cineyug Films Pvt Ltd to establish that the money travelled between December 23, 2008 and August 7, 2009 from Shahid Balwa’s firm to Kalaignar TV in which DMK MP Kanimozhi has stake.
Vinod K Nevatia (2011-TIOL-65-ITAT-MUM) CIT (A) has rightly deleted the addition applying the decision of Kotak Securities Private Limited and Angel Broking observing that transaction fees paid to the stock exchange could not be said to be fees paid in consideration of stock exchange rendering any technical services to the assessee. Therefore, provisions of section 9(1)(vii) and section 40(a)(ia) are not applicable.
