Even as Sebi officials are quizzing Satyam Computer founder B Ramalinga Raju and his brother Rama Raju at the Chanchalguda jail here, the Andhra Pradesh police are likely to make more arrests in the Rs 7,800 crore fraud involving the IT major. CID officials investigating the case have not ruled out more arrests in about […]
A special court has acquitted former income tax commissioner Ashok Purwar in a sensational corruption case for lack of sufficient evidence against him. Purwar was charged with taking money from a government contractor in 2001 to pass an order in his favour. According to the CBI, the complainant Kripashankar Chaturvedi’s chartered accountant, demanded money on […]
Finally some good news for buyers of residential property as well as the slacking real estate mart. The Central Board of Excise and Customs (CBEC) has done away with service tax on sale of new residential units. A notification to this effect has been issued by CBEC on Thursday. This means that a house priced […]
Even as the Centre has launched a damage control exercise over the Satyam Computer Services scandal, in a startling disclosure, India’s stock exchanges have revealed that as many as 1,317 listed companies have not filed their corporate governance report for the quarter ended September 30, 2008.
In the wake of the Satyam fiasco, the Income-Tax department now wants more manpower and technical assistance for its investigation wing and closer scrutiny for TDS returns. The department, in its recent report being prepared for cadre review and restructuring, being done after eight years, will submit these suggestions to the government. “With the recent […]
Amid speculation of engineering giant L&T’s, which has raised its stake in Satyam Computer to 12 per cent, bid to take over the IT major, market regulator SEBI on Wednesday said anyone can approach it to seek relaxation in the open offer pricing norms. “Anybody can approach SEBI (with regard to relaxation in the open […]
Reserve Bank of India (RBI) made it clear that the maximum value of any prepaid payment instrument, where specific limits have not been prescribed, should not exceed Rs 50,000. The central bank has also laid down certain exceptions in KYC requirements available only in cases wherein semi-closed system payment instruments up to Rs 1,000 may […]
In order to plug tax evasion worth crores of rupees and also to stop the bogus VAT refunds, the Department of Excise and Taxation has issued new instructions to the iron and steel industry. According to the new notification, which was implemented on Wednesday, input tax credit on iron and steel goods will be available […]
Energy firms may have to wait a little longer to avail a seven-year tax holiday on natural gas production. The Income-Tax department is unwilling to allow tax benefit on production of natural gas as the matter is sub judice. Companies producing crude oil, however, enjoy the tax incentive. The issue is sub judice and it […]
A Central Board of Excise & Customs (CBEC) circular that clears the air on utilisation of central value-added tax (Cenvat) credit is expected to lead to saving of crores of rupees by Indian companies. This clarification could not have come at a better time, as most companies are reeling under the pressure of recession.
