Amid concerns over high inflation and the possibility of hike in key policy rates , Reserve Bank governor D Subbarao today called on Finance Minister Pranab Mukherjee to discuss the state of economy ahead of the apex bank’s monetary policy next week. “As a standard practice I had come to review the macro economic situation with Finance Minister and senior officers ahead of the policy review ,” Subbarao told reporters after meeting Mukherjee.
A two-judge bench of the Supreme Court delivered a split verdict on a petition challenging amendment in BCCI regulation to exclude IPL and T-20 tournaments from its perview and referred the matter to the chief justice for allocating it to a larger bench.
As a part of financial sector reforms, the Reserve Bank has deregulated interest rates on deposits, other than savings bank deposits. The interest rate on savings bank deposits has remained unchanged at 3.5 per cent per annum since March 1, 2003. Keeping in view progressive deregulation of interest rates, it was proposed in the Second Quarter Review of Monetary Policy 2010-11 announced on November 2, 2010 to prepare a Discussion Paper to delineate the pros and cons of deregulating the savings bank deposits interest rate. It was proposed to place a Discussion Paper on the Reserve Bank’s website for feedback from general public. Accordingly, this Discussion Paper is an attempt to deal with pros and consof deregulating savings deposit interest rate and take on board the suggestions of various stakeholders for either maintaining the status quo or deregulating the savings deposit interest rate.
Delhi High Court today (Friday – 29.4.2011) stayed the Notification levying service tax on representational services rendered by individual lawyers to business entities, till further orders and fixed the next date of hearing on 23.5.2011, with directions to UOI to file counter in a fortnight. The stay was given in response to Writ Petition filed in the Delhi High Court bearing WP No. 2792 of 2011 by Delhi Bar Association to challenge the levy of service-tax on “Legal Consultancy Services”.
ITR 5 is applicable for assessment year 2011-2012 only, i.e., it relates to income earned in Financial Year 2010-11 and can be used a person being a firm, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4)(a) or 139(4)(a) or 139(4)(b) or 139(4)(c) or 139(4)(d) shall not use this form. Instructions for filling out New Income Tax Return Form ITR-5 applicable for A.Y. 2011-12 New ITR 5 in excel format for Assessment Year 2011-12 and Financial year 2010-11
ITR 5 Form can be used a person being a firm, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4)(a) or 139(4)(a) or 139(4)(b) or 139(4)(c) or 139(4)(d) shall not use this form.
In the first major operation in the current financial year, income tax (I-T) department officials cracked on four real estate groups in the city on Wednesday. Suspecting tax evasion and parking of black money, the IT officials began search and survey on 60 premises, including offices, houses and project sites of the groups on Wednesday afternoon.
The Chairman of Central Board of Direct Taxes ( CBDT), Sudhir Chandra, today said the scheme to exempt salaried people earning up to Rs 5 lakh annually from filing income tax returns will be notified in the first week of June. The scheme was announced in the Union Budget 2011-12 by Finance Minister Pranab Mukherjee.
“Since the rate of interest (on deposits) for 2010-11 has been declared as 9.5 per cent per annum, settlement of claims of the EPF subscribers during 2011-12 shall be made at 9.5 per cent per annum till rate of interest is declared for 2011-12,” said an order issued by the Employees’ Provident Fund Organisation (EPFO).
The Enforcement Directorate on Wednesday told the Supreme Court that it will attach property worth Rs 2,000 crore of two companies involved in the 2G spectrum scam. The attachment process under the Prevention of Money Laundering Act (PMLA) and Foreign Exchange Management Act (FEMA) will be finished in the next two months, the ED said.
