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The country's largest car-maker Maruti Suzuki India's Manesar facility continues to be completely shut down, with a workers' strike at the plant entering its 10th day today. "The talks are going on, but the strike is still continuing. The production at the plant is stopped," a company spokesperson told PTI. In the morning, shares of… Read More
Cheque transactions worth over Rs 8.66 lakh crore were carried out in the country during April, 2011, a growth of over 0.7 per cent from the same month last year. Banks had cleared cheques worth almost Rs 8.60 lakh crore in April 2010, as per the latest data from the Reserve Bank. However, the total… Read More
The government today said it has extended the popular exports scheme - DEPB - for three more months till September. The DEPB scheme was due to end on June 30. "...we have extended Duty Entitlement Pass Book (DEPB) till September," Finance Secretary Sunil Mitra told reporters at the sidelines of a seminar organised by Ministry… Read More
Following is the text of the Speech of Union Minister for Labour & Employment Shri Mallikarjun Kharge at the International Labour Conference 100th Session, 2011 in Geneva today on Report of the Director General- A New Era of Social Justice: Mr. Chairperson, We welcome the Director Generals™ Report on a ˜New Era of Social Justice™… Read More
P. C. Chaturvedi Secretary of Labour & Employment Addresses the 100th Session of International Labour Conference on Report of ILO Director General-Equality at WORK: the Continuing Challenge Millions of people suffer from discrimination in the world of work which not only violates a basic human right but has wider social and economic consequences. Discrimination stifles… Read More
Union Finance Minister Calls for Strong Measures to Reverse the Ongoing Trend of Illicit Outflows from Developing Countries and Exploitation of their Natural Resources Through Abusive Transfer Pricing Schemes; Inaugurates two Day High Level International Seminar on Adopting Tax System and International Tax Rules to the New Global Environment: a Shared Challenge for India and… Read More
The Management Accountant Journal for June, 2011 published by Institute of Cost and Works Accountants of India is available for download below. Read More
NOTIFICATION NO. 32/2011[F.No.173/13/2011-ITA.I] /S.O.1296(E) DATED 3-6-2011 In exercise of the powers conferred by sub-clause (i) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby makes the following amendment to the notification of the Government of India in the Ministry of Finance, Department of Revenue, Central Board… Read More
NOTIFICATION NO.33/2011[F.NO.197/12/2010-ITA-I]/S.O. 1295(E) DATED 3-6-2011 In exercise of the powers conferred by clause (23AAA) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of Government of India, Ministry of Finance, number S.O. 672(E) dated the 27th July, 1995, namely… Read More
In Re Rajendra Singh (Bihar Human Rights Commission) The income-tax department conducted search and seizure operations u/s 132 at the premises of the assessee wheninterrogation & recording of statement was conducted for more than 30 hours and till the odd hours of the night without any break or interval. The assessee filed a complaint alleging… Read More
The assessee, a company registered under s. 25 of the Companies Act applied for registration as a charitable institution u/s 12A of the I. T. Act. The Director (Exemptions), relying on Bhraman Madhav Murthi Mandal vs Joint Charity Commissioner 43 Comp Cas 361 (Bom), rejected the application on the ground that registration with the Charity Commissioner was… Read More
The government can do without making tax evasion a criminal offence as the existing income tax laws, which provide for rigorous imprisonment up to seven years for wilful default, has not been used effectively to unearth black money, say experts. "One can be jailed for seven years (rigorous imprisonment) for wilful evasion of tax (above… Read More
Finance Minister to Inaugurate Two Day High Level International Seminar on Adopting tax System and International tax Rules to the New Global Environment: A Shared Challenge for India and the OECD tomorrow Union Finance Minister Shri Pranab Mukherjee will inaugurate two day high level International Seminar on Adopting Tax System and International Tax Rules to… Read More
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