The Supreme Court has ruled that private companies cannot complain about violation of their contractual rights by government when national interest is involved in awarding contracts for public projects involving taxpayers’ massive money. A bench of justices V S Sirpurkar and T S Thakur in a judgement expressed anguish at the manner in which the Tehri Pump Storage Plant could not be taken up for the past three and half years due to the legal battle involving two MNCs–Voith GMBH (respondent No.1) and Alstom (respondent No.2).
With day-to-day living turning costlier, companies have raised salaries to as high as 40 per cent especially at the junior levels, say experts. In recent times, inflation has been at high levels due to soaring prices of essential commodities. “Inflation has affected the salary hikes towards the higher side,” executive search firm GlobalHunt’s director Sunil Goel said.
Not satisfied with the services you get from the nation’s largest lender SBI and want to get back to the bank on the same? Forget the pen and paper to write it down or even email the same; just message “Unhappy” and your issue will be resolved within 48 hours.
The second meeting of the Inter-Ministerial Group (IMG) on inflation was held today under the Chairmanship of Dr Kaushik Basu, Chief Economic Advisor (CEA), Ministry of Finance. The IMG was set-up at the suggestion of the Prime Minister on 2nd February,2011 in order “to review the inflation situation and suggest corrective measures.” The IMG has been entrusted with the task of studying and proposing policies pertaining to (a) food article inflation and (b) macro-economic demand management.
India plans to open income tax offices in eight countries including United States, Britain, Germany and the UAE to trace tax evaders, parliament was told Friday. The government has taken steps to operationalise eight new Income Tax Overseas Units in France, Germany, the Netherlands, Cyprus, US, Britain, United Arab Emirates, and Japan in the next financial year, Minister of State for Finance S.S. Palanimanickam told the Lok Sabha in a written reply.
Over Rs 3 lakh crore in direct taxes, which is more than the annual corporate tax collection, is locked up in litigation at various levels. While Rs 2.2 lakh crore of revenue was locked up in appeal cases with Commissioner of Income Tax (Appeals) in 2009-10, the amount involved in litigation at the higher levels was Rs 91,087 crore, said the latest CAG report.
The ICAI is proud to acknowledge various professional achievements which its members in Entrepreneurship or Public Service have achieved during the course of their professional career or otherwise. In order to encourage and enhance their participation in the institute’s activities and to enhance the efficacy of ICAI work program by factoring their perspective and vision with the institute, the ICAI has constituted a new Committee for Members in Entrepreneurship & Public Services.
Bigger corporate you are, the lesser tax you pay as more exemptions are available to you, the Comptroller and Auditor General (CAG) has found. As against the statutory 33.9%, 179 top companies with profit before tax (PBT) of Rs 500 crore and above paid an effective tax rate of 22.1% in 2008-09.
Sealed Technical and Financial bids are invited from eligible bidders for implementation of E-Filing of Returns and Other Forms and Web-Enabled Services for Income-Sealed Technical and Financial bids are invited from eligible bidders for implementation of E-FILING OF RETURNS AND OTHER FORMS AND WEB-ENABLED SERVICES for INCOME-TAX DEPARTMENT project. A complete set of Bid Document may be purchased by interested eligible bidders from the Department upon payment of a non-refundable cost of Rs. 10,000/- (Rupees Ten Thousand) and on submitting the Non Disclosure Agreement (NDA). The payment should be made in the form of a Demand Draft in favour of “Accounts Officer, Zonal Accounts Office, CBDT, New Delhi” and payable at New Delhi. The bid document may be purchased personally from the office of undersigned during office hours on all working days from Monday – Friday.Tax Department.
Blaming use of black money in real estate to archaic laws, India’s largest realty firm DLF today said Prime Minister Manmohan Singh’s emphasis on reduction of stamp duty will help in cleansing the sector. “Real estate industry is the least reformed. Wherever any reforms have not taken place, parallel economy exists… This industry’s laws, regulations everything is archaic. No reform has taken place since Independence,” DLF Chairman K P Singh said at the India Today Conclave here.
