| Government will not spare any guilty or wrong-doer: Pranab Mukherjee on IPL Posted: 20 Apr 2010 07:59 PM PDT With opposition parties training their guns on the Indian Premier League (IPL), the government today told Lok Sabha that the investigation into the sources and routes of funding for the Twenty20 tournament had already begun and "no guilty or... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Sunanda Pushkar not out of taxman's net despite giving up her stake Posted: 20 Apr 2010 07:49 PM PDT Dubai-based Sunanda Pushkar may have given up her stake in the IPL Kochi franchise, but the taxman may not let her be. Senior income-tax officials in Mumbai said that Sunanda may be asked to pay roughly Rs24 crore in tax for the 19% sweat equity... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Income tax and enforcement directorate discussed if IPL deals are as per FEMA guidelines? Posted: 20 Apr 2010 07:40 PM PDT Was there a secret meeting between officials of the income tax (I-T) and enforcement directorate (ED)? It is learnt that the tax sleuths met in Mumbai recently to discuss if certain deals of the Indian Premier League (IPL) are in accordance with the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Income Tax department asked 10 questions to BCCI related to IPL Posted: 20 Apr 2010 07:34 PM PDT Income tax authorities have asked the Board for Control of Cricket in India (BCCI) to respond by Friday, April 23, to 10 queries, including the one on income from controversy-hit IPL and its structure. The BCCI, sources said, was asked questions... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CBI searched income Tax Commissioner and arrested assistant commissioner of Income Tax in bribe scam Posted: 20 Apr 2010 07:27 PM PDT The Anti-Corruption Bureau (ACB) of the CBI investigating the bribery case involving senior income tax officials on Sunday searched the office and residence of Commissioner Anirudh Rai. Meanwhile, the CBI on Monday arrested assistant commissioner... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| No immediate hike in Interest rates: Bankers Posted: 20 Apr 2010 07:09 PM PDT Home, auto and consumer loan rates are unlikely to move up in the near future despite a 0.25 percentage points hike in the key policy rates with bankers today assuring that they will not make loans dearer anytime soon as liquidity is sufficient in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Supreme Court declined to grant bail to PWC auditor Gopalkrishnan Posted: 20 Apr 2010 07:04 PM PDT The Supreme Court on Monday declined to grant bail to Pricewaterhouse Coopers auditor Subramani Gopalkrishnan, who was arrested in Rs 7,136-crore (Rs 71.36-billion) Satyam fraud for allegedly conniving with its founder chairman B Ramalinga Raju and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| RBI will issue new norms for granting banking licences by July end Posted: 20 Apr 2010 06:56 PM PDT The Reserve Bank today said it will come out with a discussion paper on new norms for granting banking licenses to private sector companies and Non-Banking Financial Companies by July end. The discussion on new banking licences will be posted on the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| All life insurance Companies can issue ULIP after its approval: IRDA Posted: 20 Apr 2010 06:39 PM PDT The Insurance Regulatory and Development Authority (IRDA) has reported that every life insurance company registered under the IRDA (Registration of Indian Insurance Companies) Regulations, 2000, can transact life insurance business which includes... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government given 32 Banks approval to provide mobile banking facility in the country Posted: 20 Apr 2010 06:36 PM PDT 32 banks have been given approval to provide mobile banking facility in the country by the Reserve Bank of India. 21 banks have started providing these services. Mobile banking is a secure application, which takes care of end-to-end encryption of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Finance Minister Welcomes RBI's Monetary Policy for 2010-11 Posted: 20 Apr 2010 06:32 PM PDT Monetary Policy Measures Complement Finance Ministry's Policies Aimed at Controlling Inflation and Promoting Sustainable Growth: FM. Finance Minister, Shri Pranab Mukherjee has welcomed the Monetary Policy 2010-11 announced today by the Reserve Bank... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| RBI Proposal to introduce a new regulatory framework for NBFC which are Core Investment Companies Posted: 20 Apr 2010 06:26 PM PDT Core Investment Companies :-Reserve Bank of India [RBI] has announced on 20 April 2010 a proposal to introduce a new regulatory framework for Non-Banking Financial Companies [NBFC] which are "Core Investment Companies" [CIC]. The announcement was... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Report allege involvement of Lalit Modi in 'IPL Match fixing' and 'betting' Posted: 20 Apr 2010 06:20 PM PDT Mr Lalit Modi has had a trail of failed ventures and defaults till four years back but has a lifestyle now that includes a private jet, a luxury yacht and a fleet of Mercedes S class and BMW cars all acquired in the last three years.' Thus opens a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Additional declaration & undertaking for registration of FII and sub-account of FII Posted: 20 Apr 2010 06:07 PM PDT Securities and Exchange Board of India [SEBI] has amended the instructions for filling applications for registration of a Foreign Institutional Investor [FII] and sub-account of FII. Applicants are now required to provide additional declarations and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| No obligation on the DTA unit to reverse the accumulated balance of Cenvat credit at the time of its conversion into EOU Posted: 20 Apr 2010 05:51 PM PDT Appellant is engaged in the manufacture of pharmaceutical products and bulk drugs falling under Chapter 29 of Central Excise Tariff Act. It avails credit on inputs, packing materials, etc. The unit was converted into 100% EOU and its entire stock of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Reversal of Cenvat Credit in the event of reduction of price after the supply of goods Posted: 20 Apr 2010 05:48 PM PDT Appellant is engaged in the manufacture of motorcycle, auto rickshaw, etc. and are availing Cenvat credit on the inputs received in its factory. The inputs are supplied by various independent suppliers under contracts backed by the purchase orders... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Cenvat credit on common inputs eligible only in terms of rule 6 when excisable & exempted products are manufactured Posted: 20 Apr 2010 05:46 PM PDT Cenvat credit on common inputs eligible only in terms of rule 6 when excisable & exempted products are manufactured. Credit can be availed only in terms of rule 6(3) and reversal of pro rata credit not permissible. Judgment of Chandrapur Magnet... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| 100% EOU is entitled to benefit of refund of Cenvat Credit under rule 5 of Cenvat Credit Rules, even if the final products are exempted Posted: 20 Apr 2010 05:43 PM PDT The respondent is a 100% Export Oriented Unit ('EOU' for short) engaged in the manufacture of parts of agricultural and farm equipment which are chargeable to 'Nil' rate of duty under Central Excise Tariff Act, 1985 (Tariff Act). The respondent... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| RBI Annual Policy Statement for the Year 2010-11 Posted: 20 Apr 2010 01:10 AM PDT The Monetary Policy for 2010-11 is set against a rather complex economic backdrop. Although the situation is more reassuring than it was a quarter ago, uncertainty about the shape and pace of global recovery persists. Private spending in advanced... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| RBI hiked Repo Rate, Reverse Repo Rate and Cash Reserve Ratio by 0.25 Percent Posted: 20 Apr 2010 12:57 AM PDT Repo Rate :- It has been decided to increase the repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 5.0 per cent to 5.25 per cent with immediate effect. Reverse Repo Rate :- It has been decided to increase the reverse...
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