The Supreme Court has prescribed a bitter pill for pharmaceutical companies manufacturing vitamins for either marketing or use in other drugs. If a product is “marketable” and has a shelf value, it is liable to excise duty, the apex court ruled while
Cab operators based in Gurgaon and the NCR are under the scanner of government authorities for suspected service tax evasion worth crores of rupees. According to city authorities, Gurgaon has over 2,000 small and medium travel operators who cater to
If a foreign company pays interest on loan for carrying out operations in India it will be allowed tax exemption under the Income Tax Act, 1961, a tax tribunal has ruled. This has put to rest uncertainties on application of Thin Capitalisation rules
A few cases relating to cross border merger and acquisition deals have been identified for further examination by the Revenue Department. These deals are being examined for possible tax implications. Some of these cases are: • Deal of Vodafone Inter
The Central Vigilance Commission disposed of 830 cases during October 2010 referred to it for advice. Of these, 573 complaints were sent for necessary action/ATR whereas 48 complaints were sent for investigation and report. No action was required on
SEBI has decided to set up a unified filing and dissemination system called SEBI Unified Platform for Electronic Reporting and Dissemination (SUPER-D). The unified filing system is inter alia expected to enable listed companies and intermediaries reg
The government plans to make bank executives accountable for their actions and decisions even after retirement. “It has been felt desirable to draft rules and regulations which would govern the conduct of Board level appointees in public sector banks
THE appointment of CVC may be spewing controversies but the CVC as an institution has been doing its job. On the occasion of Vigilance Awareness Week it set up a toll-free hotline number 1800-11-1180. For this purpose, 10 dedicated phone lines have
The Securities and Exchange Board of India (SEBI) constituted a Committee under the Chairmanship of Dr. Bimal Jalan, (Former Governor, Reserve Bank of India) to examine issues arising from the ownership and governance of Market Infrastructure Institu
Reserve bank governor D Subbarao today pitched for streamlining banking regulations, saying some were “confusing” even though they served the banking system well. On the existing arrays of laws in the banking sector, he favoured a single legislation
