The Central Vigilance Commission disposed of 541 cases during December 2010 referred to it for advice. The Commission advised imposition of major penalty against 135 officers including 33 from M/o Railways, 30 from MCD, 25 from Public Sector Banks, 6 each from Ministry of Labour and Department of Defence Production,
The Himachal Pradesh Government has, vide a notification, moved most goods falling under „Part II? of the erstwhile Schedule A and liable to tax at 4% to a newly introduced ‘Part II-A’ of the said Schedule A. Effective from 29 March, 2010, these goods shall be liable to tax at 5%.
Taxpayers can expect faster refunds from the I-T department this year as the ambitious centralised processing centre of the department will start functioning to full capacity.The Bangalore based processing centre of the income tax department has been adding to its technical strength over the months and will include all I-T returns and generate subsequent refunds from across the country in a seamless manner by start of April, a senior tax official said.
In supersession of our earlier communication regarding constitution of the said Group for the year 2009-10, the President, in terms of the authority given to him by the Council at its meeting held on 12th February, 2010, has reconstituted the said Group with the following members :
The Securities and Exchange Board of India (Sebi) has given mutual fund (MF) distributors some more time to comply with its latest rules on the know-your-client (KYC) requirement. The regulator has also verbally directed registrars and transfer agents to pay distributors their arrears, wherever the KYC rules have been complied with.
“During the year 2009-10, the following 15 PSBs have exercised managerial autonomy in regard to selection and appointment of SBAs, viz. State Bank of India, Allahabad Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Punjab National Bank, Syndicate Bank, UCO Bank, Union Bank of India, Punjab & Sind Bank and Andhra Bank.
The Ministry of Corporate Affairs has specified five new categories of professions that are eligible for forming firms under the new limited liability partnership Act. Already approved by the Cabinet, these professions are over and above the earlier categories of chartered accountants, cost accountants and company secretaries to form LLP firms.
Here’s some good news for savings account holders. The savings account will yield 30 to 40 basis points more to the account holder from Wednesday with the banks shifting to the new method for calculating interest on savings deposits. Following the Reserve Bank guidelines, the banks would be required to calculate interest on savings deposits on a daily basis beginning April 1.
The Madras High Court has held that an instrument, whether a certificate of sale or sale deed, issued in a public auction of properties, was chargeable with stamp duty under Article 18 read with Article 23 of Schedule I to the Indian Stamp Act, 1899.
Following criticism and pressure from the Opposition, Sheila Dikshit-led Delhi government today withdrew a four-per-cent value-added tax (VAT) on cooking gas, resulting in a Rs 12-13 relief to consumers. The Delhi government, however, did not roll back the withdrawal of the Rs-40 subsidy on LPG cylinders. The government also withdrew the five-per-cent VAT on compressed natural gas (CNG).
