The Central Board of Excise and Customs (CBEC) has recommended amending the rules to widen the scope of levying service tax on the entertainment business.
Official sources said such norms form the benchmark of costing, which helps in working out the price of inputs required for manufacturing or producing a certain quantity of output.
The Income Tax Department has decided to scrutinise all returns filed by brokers and market players who seek rebate after paying the securities transaction tax (STT).
This follows a renewed effort by CBDT to seek clarification on the issue.
The Central Board of Excise and Customs (CBEC) has recommended an overhaul of the Special Economic Zone (SEZ) Act 2005 saying it has detected gross violations of duty and tax concessions causing it to suffer a revenue loss of Rs 1,75,000 crore to date.
The Central Board of Direct Taxes has suggested to income tax departments across the country to go slow on refunds for at least a fortnight.
The buoyant foreign capital flows in debt instruments since the beginning of 2010 could weigh on the Reserve Bank of India's decision on whether to raise policy rates.
With the Reserve Bank of India allowing retired teachers, kirana shop owners and public call office (PCO) operators to be hired as business correspondents, banks are set to hire over 200,000 people over the next few years to push financial inclusion initiatives.
The Income Tax (I-T) Department has decided to put an end to the contentious issue of taxation of deemed dividend or inter-company loans given to common shareholders of unrelated companies. The department proposes to amend the I-T Act in this regard.
Official sources say scrutiny of returns filed by companies, brokers and individuals active in the stock markets and in possession of shares revealed wide use of this mechanism to evade tax.
The country's largest lender will set up wind power projects in Maharashtra (9 Mw), Tamil Nadu (5 Mw) and Gujarat (1.5 Mw) - with a combined capacity of 15.5 Mw - for its captive consumption at various SBI offices and branches in these three states.
This follows a renewed effort by CBDT to seek clarification on the issue.
The intensification of global financial crisis in the second half of 2008 had forced Indian companies to put on hold their global plans. When going was good till early 2008, Indian banks -- both public and private sector -- played their part, albeit as junior partners to large international banks, in funding deals.
Power seems to have become the new dotcom," a market observer said, referring to the surge in the number of companies of all shapes and sizes wanting to get into the power business.
The Ministry of Corporate Affairs (MCA) has worked out new parameters for scrutiny of companies. These are based on reports on the Satyam fraud investigation.
The premium that borrowers would have to pay over the London Inter Bank Offered Rate (Libor) have not, however, shot up the way they did a year ago when spreads had jumped 750 basis points for some Indian companies in the aftermath of the collapse of Lehman Brothers.
Move aimed at expediting projects undertaken in collaboration with foreign technology providers
The Ministry of Corporate Affairs wants to shed its stern regulatory image and acquire a gentler, corporate-friendly reputation. The new mantra is to be a facilitator in corporate growth instead of just another regulator.
Ministry of corporate affairs directs Registrar of Companies to conduct quarterly scrutiny
Sources said the major criteria for review will be the minimum paid-up capital of the bank, nature of new entities to be allowed in the banking sector, promoters' contribution in the paid-up capital, nature of promoters and corporate governance norms in the current scenario.
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