Indirect tax collections rose 16.8% during the first eight months of the current fiscal to Rs 2,52,544 crore, prompting the Central Board of Excise and Customs (CBEC) to express “optimism” in achieving the revised Budget estimate target.However, Central Excise collections dropped by 6.5% to Rs 11,761 crore in November, mainly on account of cut in petroleum duties and lesser clearances.
The Delhi High Court today stayed the direction of the Central Information Commission (CIC) asking the Reserve Bank of India to provide details of industrialists who have defaulted in repayment of loans taken from nationalised banks. A bench of Justice Vipin Sanghi, in its interim ex parte order, asked the information-seeker to respond to the petition filed by the RBI challenging the CIC order.
The Income Tax Department has received more than 30,000 pieces of information from various countries on stashed black money under the Double Taxation Avoidance Agreement, DTAA. The Financial Intelligence Unit (FIU), under the Finance Ministry has gathered voluminous data on suspicious transactions, the department informed a global Organisation for Economic Cooperation and Development, OECD conference held in New Delhi recently.
The professionals like Company Secretaries have been playing an important role in shaping modern Corporate India .He appreciated the efforts of the Institute of Company Secretaries of India and said that the ICSI and its members have made a name for themselves in economic development of the country through evolving standards of corporate governance and compliances.
IFCI is in the process of raising more than Rs 100 crore from tax saving infrastructure bonds to fund infra projects. According to the offer document, the issue comprises of Rs 100 crore plus unspecified green shoe option. These bonds are of two maturities – 10 years with coupon of 9.09% and 15 years with coupon of 9.16%, it said.
The Central Board of Directors of the Reserve Bank of India met today at Kolkata. Dr. D. Subbarao, Governor, Reserve Bank of India chaired the meeting. Directors Sarva Shri Dr. Anil Kakodkar, Kiran Karnik, M.V.Rajeev Gowda, Y.H.Malegam, Azim Premji, Dipankar Gupta, G. M. Rao, Ms. Ela Bhatt and Dr. Indira Rajaraman attended the meeting. The Government nominee, Shri R.Gopalan, Secretary, Department of Economic Affairs also attended the meeting. Deputy Governors Dr. K.C.Chakrabarty, Dr. Subir Gokarn, Shri Anand Sinha and Shri H.R. Khan were also present.
The Income Tax Department has invited fresh bid for setting up centralised processing centres (CPCs) for bulk processing of I-T returns at Manesar and Pune, as the earlier tender received no interest. Two new CPCs, announced in the Budget 2011-12, were supposed to become operational by May. Another proposed I-T return processing centre at Kolkota was supposed to become operational in 2012-13.
Stock market investors would not have to pay any service tax on any late payment charges paid by them to their brokers, provided such fines are shown separately in the account statement. The Ministry of Finance has clarified the matter to the capital market regulator Sebi (Securities and Exchange Board of India), which in turn has informed the stock exchanges about the same.
Since the submission by the CAG of the Performance Audit Report on “Issue of Licences and Allocation of 2G spectrum”, there have been intense debate and criticism on the issue. The debate has taken a perverse turn and the NDA, besides some individuals, is making an attempt to malign and defame Shri P Chidambaram, Home Minister.
Automated Tax Calculation with Form-16 for Central Government Employees F. Y. 2011-2012 / A. Y. 2012-13
