The BM Munjal-promoted Hero Group has paid Rs 811 crore as capital gains tax for buying out erstwhile partner Honda from their joint venture — Hero Honda , Central Board of Direct Taxes (CBDT) today said. Hero has paid the entire tax amount of Rs 811 crore in two tranches, Rs 100 crore in March and Rs 711 crore in April, at the highest rate of 22%. They have not sought any concession, a CBDT spokesperson told PTI.
Union Finance Minister Shri Pranab Mukherjee said that inflation figures reported for the month of June 2011 continues to be matter of concern. The Finance Minister said that we are monitoring the price situation closely. He said that Government is working together with RBI to take appropriate steps to reduce inflation to more comfortable level. Shri Mukherjee was reacting to the figures of headline WPI inflation for the month of June, 2011 which were released today. The WPI inflation for the month of June 2011 stood at 9.44% as against 9.06% in May 2011 and 9.74% in April 2011.
A bank is bound to inform the consumer well in advance before blocking his credit card, a district consumer forum has held while directing the ICICI bank to pay a compensation of Rs 50,000 to its client for not doing so and putting him in an embarrassing situation. A District Consumer Disputes Redressal Forum bench presided by V K Gupta held ICICI bank guilty of deficiency in service and also criticised the private bank for misbehaviour of its staff with the consumer.
Withdrawal of tax benefits from special economic zones (SEZs) would adversely impact India’s exports and economic sentiments, Assocham today said. Developers have invested huge money in SEZs. If tax benefits are not given, there will be adverse impact on exports and economic sentiments, the chamber said. It said that about Rs 30,000 crore worth of exposure that banks and financial institutions have given to SEZ projects under various stages of implementation may turn into non-performing assets.
The Central Board of Direct Taxes (CBDT) is believed to have turned down the request of Mahindra Satyam to fully adjust taxes paid by its erstwhile owner Ramalinga Raju on fictitious income. Tech Mahindra had acquired Satyam Computer, after a multi-crore accounting fraud in the company came to light in January 2009. After acquisition, the company was re-branded as Mahindra Satyam.
The Ministry of Finance has decided to extend the terms of reference of the Task force which was constituted under the Chairmanship of Shri Nandan Nilekani, Chairman, Unique Identification Authority of India (UIDAI) to recommend and implement a solution for direct transfer of subsidies on Kerosene, LPG and Fertilizer to the intended beneficiaries. A Memorandum to this effect was issued by the Department of Expenditure, Ministry of Finance today.
The Central Bureau of Investigation has arrested an Inspector of Central Excise, Ernakulam(Kerala) for demanding and accepting a bribe of Rs.15,000/- from the complainant. A case was registered against the Inspector of Central Excise U/s 7 of P.C.Act, 1988 on the basis of a complaint received from the complainant.
Shri Salman Khursheed assumed charge of office as Minister of Law & Justice today. Speaking on the occasion, the Minister said that his priority would be to continue with the important work and reforms being done by his predecessor.
The results of the Chartered Accountants Final Examination held in May, 2011 and Common Proficiency Test (CPT) held in June, 2011 are likely to be declared on Tuesday, the 19th July, 2011 around 2:00 PM and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank in the case of Final Examination and candidates securing a minimum of 60% and above marks and upto the maximum of 10th Rank in the case of Common Proficiency Test and in accordance with the decision of the Examination Committee) on all India basis will be available on the following website:
The ICAI today organized a conclave as a drive to provide an interface between various user groups in the emerging global economic scenario and considering the developing relationship that India has with its trading partners. The Conclave witnessed participation of Trade Officials from 37 Foreign Missions/Embassies situated in India .
