The income Tax Department has demanded 570 crore from Mahindra Satyam (earlier Satyam Computer Services) for illegally claiming tax credit on fictitious income during the 2003-04 to 2008-09 period. “We have asked the company to pay about 570 crore as tax, as the company claimed the credit on tax which it did not pay overseas [...]
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Entire 9.5% interest income on PF to be tax-exempt
Posted by khyati on October 6th, 2010
The finance ministry has assured the Employees Provident Fund Organisation , or EPFO, that the entire 9.5% interest on the accumulated corpus of account holders for the current fiscal will not be taxed, ending speculation that the government would start taxing an income that had so far been exempt.
Montek: Current account deficit manageable, not a cause for concern
Posted by khyati on October 6th, 2010
Planning Commission Deputy Chairman Montek Singh Ahluwalia said on the rising current account deficit, though wider than expected, could be easily financed and thus, is not a cause for concern. Moreover, he downplayed fears of overheating of the Indian economy. The current account deficit has risen three times to $13.7 billion as compared to the [...]
E-stamping: Easy & cost-effective way to pay your stamp duty
Posted by khyati on October 6th, 2010
Paying stamp duty while purchasing or transferring a property is often a ong-drawn process. You need to go to the registrar’s office and await your turn, or seek a broker’s help to get the job done with minimum fuss. But there is yet another way – e-stamping. “It allows third-party verification, which is not possible [...]
CBI interrogates Raju
Posted by khyati on October 6th, 2010
The Central Bureau of Investigation questioned Satyam founder and former chairman B Ramalinga Raju to further probe the multi-crore accounting scam in the IT firm. Raju, the prime accused in the Satyam fraud case, reached the CBI office at around 1000 hours and is likely to be questioned till afternoon, a senior CBI official said. [...]
Govt approves Shipping Corporation’s divestment
Posted by khyati on October 6th, 2010
The government has approved sale of 10 per cent equity in Shipping Corporation of India. The biggest domestic shipping company would also raise 10 per cent additional equity to fund its expansion plans. The government holds 80.12 per cent stake in SCI. It will sell 42.3 million shares and the company will issue as many [...]
