| RBI may hike key policy rates by at least 25 bps in its annual monetary policy Posted: 17 Apr 2011 08:20 PM PDT With inflation showing no signs of moderation, economists expect the Reserve Bank to hike key policy rates by at least 25 basis points in its annual monetary policy to be unveiled on May 3. The headline inflation (WPI) stood at 8.98 per cent for... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| FM appreciates CBDT and CBEC Chairmen for exceeding even Revised Revenue Targets Posted: 17 Apr 2011 07:41 PM PDT The Minister appreciated the Revenue Department for exceeding even the revised targets of direct and indirect tax collections for fiscal year 2010-11. The Budget estimates for 2010-11 for direct and indirect taxes were Rs.7,45,000 crore which were... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| All about Excise duty on Branded Jewellery Posted: 17 Apr 2011 06:38 PM PDT Shri P. Chidambaram recommended an excise duty of 2 per cent on such branded jewellery and clarified that there was no levy on unbranded jewellery, including unbranded gold jewellery. Accordingly an exemption notification 05/2006 CE dated 1-03-2006... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Income Tax Ombudsman has limited jurisdiction on returns filed on the online system Posted: 17 Apr 2011 06:11 PM PDT At a time when the Central Board of Direct Taxes is asking taxpayers to use online platform to file returns, there is a problem that might haunt the assessees. "The data in the online system directly goes to the Central Processing Centre in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Consolidated FDI Policy – Certain Significant Highlights (Circular No. 1 of 2011) Posted: 17 Apr 2011 04:00 AM PDT The Department of Industrial Policy and Promotion (DIPP) in the Ministry of Commerce & Industry, Government of India has vide Circular no. 1 of 2011 dated 31 March 2011 issued a consolidated Foreign Direct Investment ('FDI') Policy. This policy... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Reduction of Octroi rate on Gems and Jewellery items from 2% to 0.01 in Mumbai Posted: 17 Apr 2011 03:52 AM PDT With a view to provide significant relief to diamond merchants, the Municipal Corporation of Greater Mumbai ('MCGM') which is the municipal authority governing the jurisdiction of Mumbai, has come out with a circular (Circular No. AC/8/OSSC dated 31... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| RBI to consider new rules to improve service to bank customers Posted: 17 Apr 2011 03:45 AM PDT Bank customers may soon expect better services and fast-track redressal of their grievances as Reserve Bank of India (RBI) is likely to consider a fresh set of rules to improve the banks' customer service practices. Almost a year after RBI put in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Third-party motor insurance premiums to go up by up to 65 per cent from April 25 Posted: 17 Apr 2011 02:36 AM PDT Owning a vehicle would now pinch your pockets even more, with third-party motor insurance premiums set to rise by up to 65 per cent for two-wheelers, private cars and heavy load carriers from April 25. The premiums are being revised after a gap of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Judges should not sit as super legislature – CJI Posted: 16 Apr 2011 11:40 PM PDT Cautioning judges against taking over the functions of the legislature, Chief Justice Mr SH Kapadia today said that judiciary should maintain self restraint and respect separation of power. "We must refuse to sit as a super-legislature to weigh the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| MCA Releases Exposure Draft on XBRL taxonomy for comments Posted: 16 Apr 2011 11:36 PM PDT Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities on which comments, if any, are invited by MCA by 30th April, 2011. Ministry of Corporate Affairs (MCA) has come out with an Exposure Draft on XBRL taxonomy for... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| E-Payment of Stamp Duty for Company Formation now Mandatory in Jammu and Kashmir also Posted: 16 Apr 2011 11:31 PM PDT All stakeholders are hereby informed that the provisions regarding stamp duty payment on Form No. 1, Memorandum of Association, Articles of Association, Form No. 5 and Form No. 44 electronically, at the time of their e-filing through MCA portal... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Cheque transactions up 2.5 pc in Feb – RBI Posted: 16 Apr 2011 11:20 PM PDT Cheque transactions worth over Rs 7.97 lakh crore were carried out in the country during February, 2011, a growth of over 2.5 per cent from the same month last year.Banks had cleared cheques worth over Rs 7.77 lakh crore in February 2010, as per the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Central tax collection reaches Rs 7.92 lakh crore in 2010-11, Exceeds even revised estimate Posted: 16 Apr 2011 11:13 PM PDT The central tax collection — direct and indirect — reached about Rs 7.92 lakh crore in 2010-11, exceeding even the revised estimate, on the back of strong economic growth.The total Budget estimate for direct and indirect tax collections was Rs 7.45... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| 4G rollout likely in India by next year Posted: 16 Apr 2011 10:11 PM PDT Even as third generation (3G) mobile telephony is still at a pilot stage, technology players are hopeful that the more advanced 4G will be here sooner than later due to its sheer economic advantage over the former besides its easy upgradability on... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| ICSI Syllabus Review Committee solicits comments on contents of syllabus Posted: 16 Apr 2011 09:53 PM PDT In view of ever increasing expectations and demands of trade , industry , regulators and corporate sector from the Company Secretary and the paradigm shift in the conduct of corporate business transactions. The Council of the Institute in its... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Emerging market funds attract more money amid uncertainties Posted: 16 Apr 2011 09:52 PM PDT Global uncertainties have made investors look East, as they have poured $2 billion into emerging market equity funds last week, more than what they have committed to developed nations, says a report. For the first time this year, emerging markets... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Tata Group to invest up to Rs 1.2 lakh crore in next five years in domestic market Posted: 16 Apr 2011 09:31 PM PDT Diversified business house Tata Group will invest up to Rs 1.2 lakh crore across sectors in the domestic market in the next five years as it looks to more than double its revenues to $150 billion (about Rs 6.64 lakh crore) by then. The Tata Group,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Reliance Industries group plans big splash in financial services sector, non-traditional way Posted: 16 Apr 2011 09:30 PM PDT Billionaire industrialist Mukesh Ambani-led Reliance Industries group is planning a big splash in financial services sector, but may take a path different than those adopted traditionally in the business of money. RIL signed a joint venture with... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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