The government is considering changes in laws to make multinational audit firms responsible for professional wrongdoings by their Indian affiliates. Currently, domestic laws do not allow regulatory action against the global network of such firms, eve
On 29th September 2010, Prime Minister Dr. Manmohan Singh and UPA Chairperson Smt. Sonia Gandhi will launch the issue of Unique Identification Numbers (Aadhaar) nationally by distributing the first set of numbers among the villagers. This launch will
The Bombay High Court has asked Maharashtra government’s Principal Secretary (Finance) to file an affidavit by October 8 in reply to a PIL alleging scam in refund of Sales Tax to the tune of crores of rupees in Palghar division in nearby Thane distri
The Reserve Bank of India (RBI) has decided to permit banks to engage companies excluding non-banking financial companies to act as business correspondents (BCs) for the purpose of financial inclusion. These companies will be in addition to the indiv
Union Finance Minister Shri Pranab Mukherjee released the first Budget Manual of the Union Government, here today. Releasing the Manual, the Finance Minister said that the Union Budget has evolved over the past six decades to reflect the strength of
Delhi and Mumbai are so 2009. The millionaires of Aurangabad want to be recognized for what they are – with the help of 115 Mercedes cars. A group of the city’s industrialists have come together to give Mercedes its largest-ever collective order: 11
Sticking to its claim that it does not have a tax liability, Vodafone today said it made no capital gains in the USD 11 billion (about Rs 50,000 crore) Hutchison buyout deal and would take necessary action to defend its position.
The Supreme Court will soon decide whether sales tax is to be levied on the incidental charges like transportation, packaging and labour incurred by Food Corporation of India (FCI) on purchase of foodgrains for the state machinery including contingen
The Income Tax Department on Monday said that it will issue a demand for over R12,000 crore to Vodafone within four weeks, following a Supreme Court verdict to that effect. “We will be raising tax demand on Vodafone within four weeks,” CBDT Chairman S.S.N. Moorthy said. He said a few similar cases are also under the I-T department’s scanner, but refused to name them. “Apprehensions have been expressed in different quarters regarding the impact of such action on foreign investment in India…. This, together with the fact that India has received the highest ever foreign direct investment in the current fiscal, belies that apprehension,” he said.
The government is understood to be considering roping in ICAI, the apex accounting body, to tighten the compensatory scheme for the people displaced by mining projects amid a furore over the proposal for 26 per cent profit-sharing in the new mining l
