The Government has said that preliminary information/reports have indicated non-compliance of certain provisions of the Companies Act, 1956 by owners of some Indian Premier League (IPL) cricket teams. Giving this information in written reply to a question in the Rajya Sabha today Shri Salman Khurshid,
As on 30th June, 2010, an investment of Rs. 1,66,526 crores has been made in SEZs and direct employment for 5,50,323 persons have been generated. The total physical Exports of Rs. 2,20,711.39 crore approximately have been made from SEZs during the year 2009-10 registering a growth of about 121.40% over the exports for the previous financial year. The exports in the first quarter of financial year 2010-11, has been to the tune of Rs. 58,685.46 crores approximately registering a growth of 68% over the exports of corresponding period of the previous financial year.
The results of the latest CA Final Examination (May, 2010) and Common Proficiency Test-Paper Pencil Mode (June, 2010) are out. Overall, the results have been a mixed bag. While the results of CA Final Examination are disappointing, the results for CPT are satisfying. Nevertheless, we heartily congratulate all those who have passed the examinations. Our special compliments to the rank holders.
Units located in special economic zones (SEZ) are likely to retain the income tax concessions even after introduction of the Direct Taxes Code. A compromise is being worked out by the commerce and revenue departments, though a continuation of the tax dispensation will come with certain riders for units in the duty-free enclaves as well as SEZ developers.
No separate database regarding the outstanding demand against Multi-National Company (MNCs) as a separate category or class is maintained. However, the total outstanding demand against companies as on 1.4.2009 was Rs. 75,509 crore out of which Rs. 9748 core was recovered during F.Y. 2009-10. The balance demand includes demand locked-up in appeals before CITs (Appeal), ITATs, High Courts and Supreme Courts.
After a meeting of its Working Committee at the Cricket Centre here, the BCCI said it would not be able to extend financial help to the October 3 to 14 event, the build-up to which has been marred by construction delays and now allegations of money laundering.
The Union Cabinet today gave its approval for the release of a sum of Rs.4,868 crore (subject to actuals) as interest subvention to Public Sector Banks (PSBs), Regional Rural Banks (RRBs) and Cooperative Banks and to NABARD for refinance to RRBs and Cooperative Banks at concessional rates to reimburse the amount of interest subvention to ensure that the farmer, in general, should receive short term crop loan at 7 percent per annum ( 5 percent for prompt payers) with an upper limit of Rs. 3 lakhs on the principal amount during 2010-11.
DUE DATE FOR FILING RETURNS FOR THE PERIOD ENDING 30TH JUNE 2010 IS EXTENDED UP TO 7TH AUGUST 2010.”
The government has concluded the renegotiation for widening the ambit of its tax treaty with Switzerland to access information on swissbank accounts, a big step towards tracing Indian money stashed away overseas. The tax treaty has been amended on the lines of the OECD Model Tax Convention, which means it will not provide for roving enquiries, or fishing expeditions as they are commonly called.
Mahindra Satyam may end up paying a huge fee for restatement of its book of accounts that were allegedly fudged by its former Chairman Mr B. Ramalinga Raju. Indications are that the Hyderabad-based company will shell out close to Rs 60 crore by September when the accounts are expected to be restated.
