CBI alleged involvement of I-T officials and the NSDL staff in fraudulent I-T refund scam
Jan 23, 2010 Income Tax
The CBI, investigating the fraudulent I-T refund scam, held a series of meetings with IT officials on Friday. CBI officials said the fraud, in which over Rs 3 crore was transferred into several bank accounts and withdrawn by four key perpetrators, could not have been possible without the involvement of I-T officials and the National Securities Depository Limited (NSDL).
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Tags: bank accounts, cbi officials, crore, fraud, insider, issue refunds, jurisdiction, national securities depository, nsdl, perpetrators, security token, ten seconds
IT department is giving special attention to collection from TDS
Jan 22, 2010 Income Tax
The Income Tax department is giving special attention to tax deducted at source (TDS) as it aims to turn in the highest ever collection from the segment this financial year. During the last five years, the contribution from TDS had gone up from 33 per cent to 38.5 per cent of the net direct tax collection with an annual average growth of around 25 per cent.
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Tags: assessing officers, crore, Direct tax, doubt, finance minister, Income tax department, pranab mukherjee, revenue collection, rs 2, segment, target, tax collections, TDS
Central Board of Direct Taxes sought report on “income- tax refund scam”
Jan 22, 2010 Income Tax
The Central Board of Direct Taxes (CBDT) has sought a detailed report from the field formation in Mumbai over the reported “income- tax refund scam” in that jurisdiction. “The Government has called for a report. We are monitoring the situation,” sources in the CBDT told today.
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Tags: CBDT, CBI, crore, direct taxes, finance minister, Income tax department, Income Tax Refund, information official, insider, investigation agency, jurisdiction, mumbai, spokesman said that
Trade defence measures available to the domestic industry to counter unfair trade practices followed by exporters of goods from other countries
Jan 21, 2010 Government Policy
Trade defence measures are available to the domestic industry to counter unfair trade practices followed by exporters of goods from other countries. In case a product is imported into the country at less than its normal value, and it causes injury to the domestic industry, the domestic industry can make an application to Directorate General of Anti-Dumping and Allied duties (DGAD) in the Department of Commerce for imposition of anti-dumping duty.
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Tags: adverse effects, anti-dumping duty, central government, crore, customs tariff act, department of commerce, directorate general, domestic producers, gatt, imposition, market disruption, ministry of finance, regulation act, safeguard, safeguards, section 3, subsidies, unfair trade practices, year imports
3 Idiots producer expected to pay largest tax paid by a film producer ever
Jan 19, 2010 Income Tax
The Income-Tax authorities expect to raise nearly Rs 30 crore from Vidhu Vinod Chopra — the Bollywood film producer, whose recently-produced movie 3 Idiots emerged as the highest grosser in the history of Hindi cinema — for his income in 2009-10. An I-T official, who did not wish to be named, said Mr Chopra visited the I-T department last week to sort out issues related to his income tax payment. He is expected to pay the last installment of advance tax by March 15.
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Tags: bollywood film, box office, Budget, cinema, crore, film 3, film industry, film producer, income tax payment, international markets, office collections, tax receipts, vinod chopra
2009 gets the award of QIP
Jan 7, 2010 Finance
The ice freezing waves of recession had frozen the prospects of Indian industrial growth after September 2008.Indian industries have to cut short production, rescheduling the production, stopped investments in new projects and finally followed the gate of retrenchments. No vacancy was the song being played on the streets of Indian corporate houses.
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Tags: capitals, convertible bonds, crore, domestic sources, foreign currency, iceberg in antarctica, india inc, indian corporate houses, indian economy, institutional placement, prospects, QIP, Recession, vacancy, water evaporation, waves
Sorting / Processing of Notes – Installation of Note Sorting Machines
Nov 25, 2009 RBI
Installation of Note Sorting Machines
Sorting / Processing of Notes – Installation of Note Sorting Machines
Please refer to paragraph 176 of the Second Quarter Review of Monetary Policy for the year 2009-10 announced on October 27, 2009 (copy enclosed).
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Tags: banknotes, cash receipts, counterfeit notes, crore, denominations, high level group, MONETARY POLICY, paragraph 176, paramount importance, reserve bank of india, sorting machines, time of entry
ICAI President’s message to CA community
Oct 30, 2009 ICAI
Dear CA Pariwar,
I am sure most of us are still sharing the Diwali happiness and good wishes with friends and family. The New Year Vikram Samvat 2066 has dawned and has already ushered in a positive atmosphere. The markets are doing well; the economy is making strides and should grow by 6.5 per cent this fiscal. The forecast growth for next year at between 7 and 7.5 per cent would most likely retain India’s status as the second fastest growing economy in the world.
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Tags: bank of india, crore, diwali, economic recovery, effective learning, fastest growing economy, forecast growth, future child, government policies, happiness, indian economy, making strides, MONETARY POLICY, priorities, reserve bank of india, time and place, time dream, unique service