The Reserve Bank of India (RBI) will continue with prudential norms for banks, the Institute of Chartered Accountants of India (ICAI) has said. It also stated that International Financial Reporting Standards-9 (IFRS 9) for banks will not be adopted.
Transfer of High Courts Judges-In exercise of the powers conferred by clause (1) of article 222 of the Constitution of India, the President after consultation with the Chief Justice of India, is pleased to transfer the following Judges of the High Co
The Income Tax department today issued an order raising a tax demand of Rs.11,217.95 crore on Vodafone International Holdings BV treating it as an assessee in default under section 201(1) of the Income Tax Act, 1961 (the Act) for failure to deduct ta
Rejecting allegations of corruption, public broadcaster Doordarshan today claimed that the Rs 246 crore contract with a British firm to telecast Commonwealth Games was ‘transparent and as per government rules. Having faced brickbats from all quarters
The income tax department chose the softer option of acting on a tax evasion of Rs 29 crore from CWG broadcast firm SIS Live by withdrawing its own order to attach the company’s bank accounts.It rewrote its order attach accounts directly and instead
India Inc may heave a sigh of relief with the corporate affairs ministry unlikely to make it compulsory for companies to spend 2 per cent of their net profits towards corporate social responsibility as recommended by the Parliamentary standing commit
A service tax demand on the Employees’ State Insurance Corporation may bring the labour ministry and the finance ministry on collision course, less than a year after they locked horns over a similar demand on provident fund payments. The revenue depa
UT vigilance department recently put 28 establishments under scanner to detect evasion of sales and value-added tax. This was accompanied by attempts at catching income tax evaders among multinational companies. The establishments being looked at in
In another investigation into Commonwealth Games-related expenditure, Income Tax department has surveyed the premises of SIS Live and Zoom Communications which executed the Rs 250 crore contract for broadcasting rights of the Games. Rs 150 crore has
An entrepreneur wanting a trademark now will be able to search the registry online without any cost whether a particular symbol or design is available and not booked already. The facility, to be extended by the Controller General of Patents, Designs
