The Income Tax department has issued 40 lakh refunds worth Rs 25,000 crore in the current financial year to taxpayers and orders have been issued to generate the remaining few lakhs soon. Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra gave the figures while addressing the top brass and officials of the I-T department across the country through video-conferencing from his North block office here today.
After detecting several cases of misuse of incentives, the Commerce Ministry has tightened the norms governing the Deemed Export benefit scheme, a move expected to save about Rs 1,800 crore to the exchequer annually. The Deemed exports refer to those transactions in which goods supplied to the users do not leave the country and payment for such supplies is received either in Indian currency or in foreign exchange.
he Reserve Bank has given its assessment of inflation in the May 3 Monetary Policy Statement. There are three important issues. First, inflation was the primary macroeconomic concern throughout 2010-11, especially the resurgence in the last quarter of 2010-11. Although the trigger for the jump during January-March 2011 was the sharp uptrend in international commodity prices, the fact that these were quickly passing through into the entire range of domestic manufactured goods indicated that pricing power is significant. In other words, demand has been strong enough to allow significant pass-through of input price increases.
The CBI on Friday registered a fresh case against six Commonwealth Games Organising Committee officials and two firms for alleged irregularities in sportswear retailing and merchandising during the sports event and carried out countrywide searches at 10 places. The agency after registering case against Organising Committee members V K Verma, M Jaychandran, Surjit Lal, Ram Mohan, Gp Capt K U K Reddy and Sangita Welingkar carried out searches at 10 places in Delhi, Mumbai, Chandigarh and Panchkula, official sources said.
Holding that there was prima facie case, the Supreme Court on Friday issued notice to Sahara group chief Subrata Roy for initiating contempt proceedings against him for allegedly interfering with the investigation in the 2G spectrum case. The apex court also issued notices to two journalists, Upendra Rai and Subodh Jain, for allegedly threatening and blackmailing Enforcement Directorate’s Investigating Officer Rajeshwar Singh, who is probing the case.
CBI registered a case against six Senior Officers of Organizing Committee, CWG-2010 and two private companies for extending undue favour to a private company appointed as official Master Licensee for Merchandising and On-line & Retail Concessionaire for Commonwealth Games, 2010 against a minimum royalty amount of Rs. 7.05 crore.
The Supreme Court on Thursday said no person, irrespective of their chair or wealth, would be spared in the 2G telecom spectrum scam investigations and slammed the Income Tax (I-T) Department for the slow probe against corporate lobbyist Niira Radia and others for alleged tax evasion in the case.
CBI sleuths have conducted raids at several places in Madhya Pradesh in connection with an alleged scam of Rs 6-crore involving a bank official and seven private firms. The raids were conducted yesterday at the premises of a former Chief Manager of Oriental Bank of Commerce (OBC), Sneh Nagar Branch, Indore, and the directors of seven firms at Bhopal, Indore and Kurukshetra, a CBI release said today.
Foreign Tourist Arrivals (FTAs) during the Month of April 2011 was 4.17 lakh as compared to FTAs of 3.54 lakh during the month of April 2010 and 3.48 lakh in April 2009. There has been a growth of 17.7 % in April 2011 over April 2010 as compared to a growth of 2 % registered in April 2010 over April 2009. FTAs during the period January-April 2011 were 21.54 lakh with a growth of 12.3 %, as compared to the FTAs of 19.18 lakh with a growth of 8.9 % during January-April 2010 over the corresponding period of 2009.
Grappling with the problem of blackmoney, India on Wednesday asked the international community to impress upon non-cooperative jurisdictions to share information about funds stashed there. The governments of those countries should share tax information through regular instruments, finance minister Pranab Mukherjee said at the Governors’ seminar at the Asian Development Bank (ADB) meet.
