The Central Bureau of Investigation has arrested a private person in Jaipur(Rajasthan) for demanding and accepting illegal gratification of Rs.Seven Lakhs from the complainant who was facing a CBI trial case. It was alleged that the accused private person had demanded illegal gratification from the complainant on behalf of an officer who was involved in investigation of the CBI trap case, the complainant was facing.
The Central Bureau of Investigation has arrested a Divisional Engineer of Indian Railway Service-1995 batch posted at Bhusawal Division (Maharashtra) for demanding and accepting bribe of Rs. 50,000/- (Rs. Fifty thousand only) from the complainant.
The government has decided to levy tax on the interest obtained on Post Office savings schemes from the current financial year. The Central Board of Direct Taxes ( CBDT )) has brought out a notification in this regard recently, which stipulates that any interest earned beyond Rs 3,500 (in case of individual accounts) and Rs 7,000 (in case of joint accounts) will be taxable from the running fiscal.
Amid the growing chorus against black money and the government’s efforts to pull the plug, Union Law Minster M Veerappa Moily has suggested Finance Minister Pranab Mukherjee to completely overhaul the tax administration. In a letter to Mukherjee, Moily said the two wings for tax collections in the country — Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) — should be merged for tackling black money effectively.
The Income Tax Department has now decided to provide full details of tax returns of political parties under the RTI Act after the Central Information Commission (CIC) issued it directives in this regard. The department, according to sources, used to restrict such information, citing section 138 of the Income Tax Act, which allowed denial of such information under RTI Act as ‘disclosure of information respecting assessees.’
Now, lawyers can practise, as a matter of right, in all courts and forums, including tribunals or any quasi-judicial authority.Fifty years after the Advocates Act, 1961, came into force, the Centre has notified Section 30 of the Act — with effect from June 15 2011 — to enable advocates to practise anywhere. This provision was not notified when the Act was added to the statute book. As a result, in certain courts and tribunals, lawyers could appear only if they were permitted by the presiding officer.
On behalf of the Central Board of Excise & Customs, I extend a warm welcome to you all at the Annual Conference of Chief Commissioners and Directors General for the year 2011. The annual conference provides us with an opportunity to take stock of our performance in the year gone by, and to analyze the reasons for deficiencies and failures. In a Conference such as this, we capitalize on our strengths; we deliberate on issues that warrant close attention; and with the collective wisdom in hand we set out goals for action, both in the short term and the long term. Even as our core competency continues to be revenue collection, we are aware of our commitment to delivery of services to the taxpayers.
The RBI, which hiked interest rates for the tenth time in 15 months today, said it will continue with its tight monetary policy as inflation is spreading to the non-food segment also, which is a concern. Based on the current and evolving growth and inflation scenario, the Reserve Bank will need to persist with its anti-inflationary stance of monetary policy, the central bank said in its mid-quarter review of credit policy.
Union Finance Minister Shri Pranab Mukherjee has said that by announcing an increase of 25 basis points in repo rate, from the existing 7.25 per cent to 7.50 per cent, RBI has sought to maintain an interest rate environment that moderates inflation and checks inflationary expectations. The Finance Minister was reacting to the Reserve Bank of India’s Monetary Policy announcement made today.
Union Finance Minister Shri Pranab Mukherjee has said that the process of disinvestment of Central Public Sector Enterprises (CPSEs) through public offerings is technical in nature and requires knowledge of not only the rules and regulations laid down by SEBI and other concerned bodies but also the various processes followed by Government. He was releasing the “Handbook on Disinvestment through Public Offerings” prepared by the Department of Disinvestment of the Ministry of Finance, here today.
