Direct Tax Collections for August Quarter up by 14.43%

Gross direct tax collections during April-August of the Financial Year 2013-14 is up by 14.43 percent at Rs.1,88,193 crore as against Rs. 1,64,463 crore in the same period last year. While gross collection of Corporate taxes has shown an increase of 11.72 percent and stood at Rs. 1,08,075 crore as against Rs. 96,738 crore in… Read More

Tags: Corporate taxDirect taxFiscal yearIncome taxPercentageRupeeSTTWealth tax

DCI Search and Seizure Operations Reveal Undisclosed Income of Rs. 438 Crore

The Directorate of Criminal Investigation (DCI) was created vide Notification dated 30th May, 2011 and 19th August 2011 to perform functions in respect of criminal matters having any financial implications punishable as an offence under any direct tax law including inter-alia: ¢ Chapter XXII of the Income Tax Act, 1961 (Act 43 of 1961); and… Read More

Tags: DCIDirect taxIncome taxIndiaLok SabhaRupeeSearch and seizureTax

HC directs CBDT to investigate whether AO did not act in a bonafide manner

CLR Editorial Note: The assessee in this case, had sold an agricultural land for a value of Rs. 1.20 crore and deposited the cash proceeds in his bonafide bank account. With respect to this transaction, he filed a return in which the transaction was disclosed and claimed to be not chargeable to tax. However, as… Read More

Tags: CBDTCITHigh CourtIncome taxRupeeTaxTaxation in India

Food Security Bill to Provide Minimum Support Price to more Farmers

In the wake of the increased requirement of foodgrains for implementation of the proposed Food Security Act, procurement operations will be further extended and more farmers will get the benefits of MSP operations. Foodgrain requirement for the implementation of the bill is estimated 614.3 lakh tonnes as against the existing requirement of 563.7 lakh tonnes… Read More

Tags: BillFoodFood securityFood Security ActHouseholdPanchayati rajPublic Distribution SystemRupee

Unclaimed Money with Insurance Companies

The Insurance Regulatory and Development Authority (IRDA) have informed that as on 31st December 2012, the unclaimed money of policyholders with Life Insurance Corporation of India was Rs.732.67 crores. For the other life insurance companies and non-life insurance companies, the unclaimed money of policyholders was Rs. 3122.68 crores and Rs.1010.46 crores respectively, as on 31st… Read More

Tags: GovernmentInsuranceInsurance Regulatory and Development AuthorityIRDALife insuranceLife Insurance Corporation of IndiaRajya SabhaRupee

Auction for Sale (Re-Issue) of 1.44% Inflation Indexed Government Stock 2023

Government of India have announced the sale (re-issue) of 1.44% Inflation Indexed Government Stock-2023 for a notified amount of Rs.1,000 crore (nominal) through price based auction. The auction will be conducted using uniform price method. The auction will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on August 27, 2013 (Tuesday). Up to 20% of the notified amount of the sale… Read More

Tags: AuctionGovernment of IndiaIndiaKuberMumbaiReserve Bank of IndiaRupeeSite of Special Scientific Interest

Interest Subvention Scheme Extended to the Private Sector Banks from 2013-14

Additional Interest Subvention Scheme of 3% for Farmers also Extended to 2013-14 In order to provide credit to farmers at affordable rates, the Government of India has, since 2006-07, been implementing the Interest Subvention Scheme under which short-term crop loans upto Rs. 3 lakh are made available to the farmers at an interest rate of… Read More

Tags: Government of IndiaIndiaInterestLoanPublic sectorRupeeSchemeSubsidy

Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits

RBI/2013-14/186 DBOD.Dir.BC. 40 /13.03.00/2013-14 August 14, 2013 All Scheduled Commercial Banks (Excluding RRBs) Dear Sir / Madam, Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits Please refer to our circular DBOD.Dir.BC.64/13.03.00/2011-12 dated December 16, 2011 on Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non- Resident (NRO) Accounts. 2. In terms… Read More

Tags: Commercial bankDeregulationGeneral managerInterest rateNRENROReserve Bank of IndiaRupeeStatutory Liquidity Ratio

Railway Revenue Earnings up by 10.74 Per Cent During April – July 2013

The total approximate earnings of Indian Railways on originating basis during 1st April to 31st July 2013 were Rs. 44260.16 crore compared to Rs. 39969.24 crore during the same period last year, registering an increase of 10.74 per cent. The total goods earnings have gone up from Rs. 27924.26 crore during 1st April 31st July… Read More

Tags: April-July 2013Bombay Stock ExchangeConferencesFiscal yearIndian RailwaysNet profitPercentageRupee

India™s Foreign Trade: July, 2013

EXPORTS (including re-exports) Exports during July, 2013 were valued at US $ 25834.46 million (Rs. 154426.51 crore) which was 11.64 per cent higher in Dollar terms (20.25 per cent higher in Rupee terms) than the level of US $ 23140.43 million (Rs. 128417.33 crore) during July, 2012. Cumulative value of exports for the period April-July 2013 -14… Read More

Tags: Balance of tradeExportJuly 2012July 2013PercentagePetroleumReserve Bank of IndiaRupee

Modified Industrial Infrastructure Upgradation Scheme

MINISTRY OF COMMERCE AND INDUSTRY (Department of Industrial Policy and Promotion) NOTIFICATION No. 10/1/2012-DBA-I(Part) Modified Industrial Infrastructure Upgradation Scheme 1. Introduction 1 .1   Industrial Infrastructure Upgradation Scheme (IIUS) was launched in 2003 as a Central Sector Scheme to enhance competitiveness of industry br providing quality infrastructure through public private partnership in selected functional clusters. Central assistance upto 75% of the project cost… Read More

Tags: Food processingIIUSIndiaNERRupeeSchemeSikkimState Government

Foreign Tourist Arrivals also goes up by 7.9% during the Month

Foreign Exchange Earnings (FEEs) from tourism in Rupees terms in July, 2013 rose by Rs.531 crore in comparison to July, 2012.  Foreign Tourist Arrivals (FTAs) in July, 2013 was 5.24 lakh which was 4.86 lakh in July 2012 with a growth of 7.9%. The following are some important highlights regarding FTAs and FEEs from tourism during the month of July, 2013:  Foreign… Read More

Tags: Foreign Exchange EarningsJanuaryJuly 2011July 2012July 2013Reserve Bank of IndiaRupeeTourism

Gross Direct Tax Collection Figures for April-July 2013-14 up by 13.27 %

Gross direct tax collections during April-July of the Financial Year 2013-14 is up by 13.27 percent at Rs. 1,57,169 crore as against Rs. 1,38,751 crore in the same period last year. While gross collection of Corporate taxes has shown an increase of 9.75 percent and stands at Rs. 92,115 crore during April-July in F.Y. 2013-14… Read More

Tags: Corporate taxDirect taxFiscal yearIncome taxPercentageRupeeTaxWealth tax

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