The government today said over Rs 1.60 lakh crore has been locked up in disputes between the income tax department and taxpayers as on January, 2011. “Out of the total arrears, the amount locked up in disputes between the income tax department and taxpayers as on January, 2011 is Rs 1,60,499 crore,” Minister of State for Finance S S Palanimanickam said in a written reply to Rajya Sabha.
The Supreme Court on Tuesday said there seems to be a violation of several laws and the forging of documents in the 2G spectrum scam. The apex court bench of Justice GS Singhvi and Justice AK Ganguly made the observation after it was given a status report by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) on their investigation into the scam.
Foreign transactions in connection with the 2G scam have been traced to at least six countries, including Mauritius and Virgin Islands, and hawala route was also used, the Enforcement Directorate today told the Supreme Court.Presenting its status report before a bench of justices G S Singhvi and A K Ganguly in a sealed envelope, the agency also said that it had found that a person had paid Rs 100 crore for liaisoning.
The Council of the Institute in its meeting held on 25th Feb, 2011 has approved the release of Cost Accounting Standards 13. Cost Accounting Standards 13- Cost of Service Cost Centre
The Union Cabinet has approved Constitution Amendment Bill to pave the way for implementation of Goods and Services Tax, a new indirect tax regime that will subsume various levies such as excise and service tax.
Endemic corruption in India has grown in scale and represents billions of dollars, with the potential to discourage investors and derail growth prospects, consultancy firm KMPG said in a survey published on Monday.
Amid concerns by medical community on the proposed service tax on healthcare, Finance Minister Pranab Mukherjee today said in the Rajya Sabha that he would respond to the representations on tax issues next week.Following the reply of Mukherjee on general discussion on the Budget, the Rajya Sabha returned the Appropriations Bills, completing the first phase of the three-stage exercise for passage of the budget.
The Government today gave green signal to the Constitution Amendment Bill indicating a strong desire to push the Goods and Services Tax, despite lack of consensus among states for implementing the new regime on indirect taxes. It will try to introduce the Bill in the ongoing Budget Session itself which concludes on March 25.
The income tax department has initiated inquiry regarding several investors who had signed memorandums of understanding (MOUs) with the Gujarat government at this year’s Vibrant Gujarat Summit (VGS). Revealing this in the state assembly on Tuesday, minister of state for industries Saurabh Patel blamed Congress for this.
The Institute of Chartered Accountants of India (ICAI) today said it expects to complete the investigation against the auditors of Satyam Computers in three months from the day the Delhi High Court , where the case is being heard, gives a final verdict.
