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IT officials attach ISLAMABAD, June 14: Pakistan’s Income Tax authorities have attached the immovable properties of noted human rights activist Asma Jahangir and........more Survey
exposes INDORE, June 14: A survey by the Income Tax Department in eight educational institutions, including a .....more CMS
threatens to WASHINGTON, June 14: Even as the two billion-dollar Dabhol Power Project of US energy major Enron hangs fire, another US-based power firm, ......more LONDON, July 14: International investment bank CSFB, whose securities arms has been........more |
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Plumbers meet organised Neycer India Ltd eyes Rs 40 lakh turnover in J&K Excelsior Correspondent JAMMU, June 14: Neycer India Limited has set a target of Rs 40 lakh annual turnover in the State ....more BSNL
to approach CBI PATNA, June 14: Bharat Sanchar Nigam Limited (BSNL) would approach CBI to probe the reasons .......more SBP
posts 23.27 pc CHANDIGARH, June 14: State Bank of Patiala (SBP) has posted a growth of 23.27 per cent in net profit at Rs 161.10 crore against Rs 130.69 crore......more Transfer
pricing NEW DELHI, June 14: In a bid to boost tax revenue from international transactions, the Government would come up with a comprehensive transfer .......more |
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Survey exposes nefarious activities of educational institutions INDORE, June 14: A survey by the Income Tax Department in eight educational institutions, including a private dental college at the commercial hub of Madhya Pradesh has exposed how black money could be converted into white misusing a profession. The survey revealed a tax evasion of Rs two crore and concealment of income to the tune of rs seven crore, said Income Tax Commissioner V S Banthia. About the enormous income of these institutions, he said these earned huge profits without paying any income tax and were also invloved in moneylending and investment in other businesses. Several documents relating to their involvement in other business were recovered by the department, he added. IT Department sources said these institutions had become a means to make profitable investment in black money. Despite making huge profits, they were evading tax, the sources said adding only those institutions imparting education without earning profit, were exempted from paying income tax. The profession has been commercialised and had gradually turned into an industry, they said. Mr Banthia admitted that educational institutions had become a centre for legalising unaccounted money by describing it as a social service and said his department was keeping a vigilant eye on them. "How could they evade tax when they were earning enormous profits," he asked. Asked if any action would be taken against these institutions, the commissioner said besides the recovery of Rs two crore tax, a fine of rs two crore would also be imposed on them. The personal property of trustees and owners of these institutions was also being investigated, he added. Conceding that the officials usually avoided any action against the educational institutions due to complexities of the IT Act, the sources said the action could be taken only after proper perception of relevant sections. The district administration had launched a drive against the arbitrary attitude of private educational institutions. District Collector Manoj Shrivastav said many schools buy stationery and uniform in bulk, leading to hike in the cost of these commodities by the vendors. Poor parents suffered the most in the process but were silent, keeping in view the future of their children, he added. Though a condition laid down by some schools to make a purchase from "prescribed" shops has been declared illegal, this along with high fee structure and donations continue unabated. Parents, who believed that these schools were taking undue advantage of their helplessness, are happy over the action. However, fingers were also raised on the non-inclusion of many famous schools in the IT survey. Post-survey inquiry was in progress, the sources said. (UNI) |
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CMS threatens to pull out of Ennore Power Project WASHINGTON, June 14: Even as the two billion-dollar Dabhol Power Project of US energy major Enron hangs fire, another US-based power firm, CMS energy, has threatened to pull out of the 1.4 billion-dollar 1600-mw ennore power plant project, citing lack of "cooperation and support". "We have been very disappointed lately in India in the new project...The Ennore project... We have not been getting the cooperation and support we need", Chairman of the Board and Chief Executive Officer of the multinational CMS energy, William T McCormick, told newspersons here yesterday. McCormick said after being "selected by the Government" to execute the project, the company had been "negotiating for several years with various Government entities". "We were promised by the Central Governments that we would get central credit support - in fact, equivalent to the counterguarantee -because the State Electricity Board could not provide the credits for it. "But the various authorities have not delivered on their promises in India, and I would say the project is in some jeopardy", McCormick said. Sounding a stern warning, McCormick said, "unless we can get the various Indian authorities to live up to their commitments, unless that can happen, the project will not go forward". The company already has two operating power plants in India, while the third - the one at Ennore - is under construction, he said, adding "it is a large power plant and (with) LNG (Liquid Natural Gas) import facility". To a question, McCormick said the project would not be complete "for a long time because we have not started constructing it yet". It would not become operational "under the most optimistic scenarios until about 2005 or 2006", he said. (PTI) |
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LONDON, July 14: International investment bank CSFB, whose securities arms has been temporarily barred in India from entering trading ring by SEBI, is now facing a probe here by financial services authority over a possible breakdown of its compliance regime. The probe by FSA comes within months of SEBI penalising credit suisse first boston for its alleged role in share price manipulation by imposing a temporary ban on it and an investigation by regulator sec in America into share allocations in the flotation of high-tech stocks. CSFB alongwith SBI Caps was mandated by the Government to act as global advisor for privatisation of Videsh Sanchar Nigam Ltd (VSNL) but the Disinvestment Ministry is understood to be consulting the Law Ministry on the issue of continuation of it after SEBI action against the entity’s security arm. The investigation by the regulator in London follows a promise made earlier this month by Lukas Muhlemann, Chairman of credit suisse, CSFB’s swiss parent, that improving internal processes and controls at CSFB would be a priority after rapid expansion of the bank where staff rose from 5,000 to 28,000 in last four years, ‘The Times’ daily said today. The Times, however, said CSFB spokesman would not be drawn on the actions of fsa saying "FSA conducts supervisory reviews of all banks and securities firms that it regulates and CSFB is no exception." Earlier FSA Chairman Sir Howard Davies had warned city firms not to cut back office functions too far in an attempt to cut costs saying "we warn firms now that overpruning back offices could be a dangerous course of action to take." The warning comes amidst reports that many investment banks are shedding staff in London as a result of a slowdown in investment activity. Staff numbers have also been reduced after a series of mergers that have seen firms such as chase manhattan take over JP Morgan and Citibank take over Schroders’ Investment Arm. (PTI) |
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Plumbers meet
organised Excelsior Correspondent JAMMU, June 14: Neycer India Limited has set a target of Rs 40 lakh annual turnover in the State during the current financial year from its sanitary ware products. This was disclosed by Mr Rajesh Khattar, Regional Manager, North of M/s Neycer India Limited while addressing the plumbers meet here lastnight. He disclosed that company’s last year annual turnover was Rs 19 lakh in the State and they have been receiving very good response in the State. "We are confident that annual turnover of company in the State would touch Rs 40 lakh mark", he said, adding the company has 18 percent market share in this State as presently it has 13 percent. About the company, he said Neycer India Limited having a turnover of Rs 40 crores has been planning to introduce first Indian made monoblock sanitary ware in the state of Jammu and Kashmir. "Neycer India Limited is manufacturing world class sanitary ware", the Regional Manager of company claimed and informed that company having its state of art factory at Vadalur, 40 kilometer before Pondicherry is also exporting its products to Gulf countries, Bangladesh, Nepal and Malaysia etc. "Neycer is always on the path of constant innovation to compete with the Multi-National Companies (MNCs) in the Indian ceramic industry", he said. About the plumbing seminar, he said that the main aim of organising this seminar was to highlight the feature of the newly launched products and have direct conversation with the plumbers. He further said that M/s V K Traders, M/s Bombay Building, Sainik Colony and M/s Kohli Sales, Nanak Nagar are the dealers of Neycer in State. Others present on the occasion included Messrs R P Gupta, Sales Executive based at Chandigarh and looking after Himachal Pradesh, Punjab and Jammu and Kashmir, R G Aggarwal of V K Traders and Rahul Gupta of Bombay Building Material. |
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BSNL to approach CBI for probe into depot fire PATNA, June 14: Bharat Sanchar Nigam Limited (BSNL) would approach CBI to probe the reasons behind the fire at its central depot here which destroyed materials worth over Rs 1.2 crore, senior company official said today. "I believe that the sabotage angle can’t be ruled out," BSNL General Manager (Operation), Patna Circle, Ramayagya said. A three-member departmental panel led by Superintending Engineer (Electrical) S N Pande and BSNL’s Vigilance Wing had simultaneously begun inquiry into the fire. Both the committees have been asked to submit their report by June 22, he said. After the vigilance sleuths come out with their preliminary findings, BSNL would approach CBI for a thorough inquiry into probable conspiracy and sabotage angle, Ramayagya said. He said he had received the news about the fire from a senior officer at around 3.15 am yesterday and immediately rushed to the spot. Ramayagya said the chowkidar posted at the godown did not inform BSNL officials about the fire. Due to quick action by authorities fire could be put out within three to four hours, he said, adding nine fire tenders from the airport, Patna City and Danapur were pressed into service. Cable drums worth Rs 50 to 60 lakh, jointing kits worth Rs 30 lakh, scrappable old power plants worth over Rs 15 lakh and other small telecom items perished in the fire, he said. Official sources said there was total absence of any fire fighting measures in the godown. Under the national building and storage code, it is essential to have alarm and hydrant systems in the building, the sources added. (PTI) |
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SBP posts 23.27 pc growth in net profit CHANDIGARH, June 14: State Bank of Patiala (SBP) has posted a growth of 23.27 per cent in net profit at Rs 161.10 crore against Rs 130.69 crore last year despite the additional expenditure incurred on account of the Voluntary Retirement Scheme (VRS). SBP Managing Director A K Purwar told reporters that the total income of the bank increased by 13.42 per cent against an increase of 12.35 per cent in total expenditure during the last fiscal. The bank’s Earning Per Share (EPS) improved from Rs 528 to Rs 651 and the book value of Rs 100 share improved from Rs 3156 to Rs 3760. The return on assets and return on equity have improved to 1.12 per cent and 17.31 per cent respectively from 1.06 per cent and 16.73 per cent. The capital adequacy ratio of the bank stood at 12.37 per cent even after substantial outgo on account of payment to VRS optees, which is well above RBI stipulation of nine per cent. Purwar said that the bank’s business level exceeds Rs 18600 crore as on March 31, 2001. He said that more than 55000 kisan credit cards were issued during the year. Under the Self Help Group (SHG) scheme, the bank has assisted 119 groups. Besides, 174 have been linked with the bank’s branches. Purwar said that the SBP’s asset quality recorded an improvement during the year as the ratio of gross Non-Performing Assets (NPA’s) to gross advances has declined from 10.99 per cent to 9.66 per cent during the year as on March 31, 2001. He said that the ratio of net NPA’s to net advances declined from 6.09 per cent to 4.92 per cent during the same period. Bank’s credit deposit ratio stood at 63.02 per cent, up from 60.85 per cent last year. He said that the cost of deposits declined from 8.02 per cent to 7.28 per cent. Bank’s loans and investments in housing sector stood at Rs 253 crore up from Rs 190 crore last year. He said in line with national priorities, bank continued to lay special emphasis on housing finance and a new scheme ‘total home loan scheme’ for upcoming young people, who need a furnished house, has been introduced. The bank also launched medi-home Flexi Finance scheme ‘for medical practitioners for upgradation and creation of new facilities and setting up of clinics besides SBP Co-branded credit card in association with State Bank of India. A new scheme named ‘personal loan against equitable mortgage of property’ was introduced whereby an individual can get a term loan or overdraft ranging between one lakh to ten lakh for general purposes. (PTI) |
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Transfer pricing norms in July NEW DELHI, June 14: In a bid to boost tax revenue from international transactions, the Government would come up with a comprehensive transfer pricing legislation modelled on the OECD lines in July 2001. The transfer pricing norms would be in place by this month end or latest in July, Joint Secretary in the Ministry of Finance G C Srivastava told reporters here today. Government has decided to consult experts from the Organisation for Economic Cooperation and Development (OECD) next week before finalising the draft, he said. The final draft would be "by and large" on OECD lines, Srivastava said. The transfer pricing rules, intended to improve margins of Indian corporates and increase tax collections, has allowed flexible options for pricing international transactions, but mandated stringent disclosure norms including ownership pattern, financial forecasts, risk assumed and assets utilised by the companies. The Central Board of Direct Taxes (CBDT) has suggested that "arms length price" in relation to an international transaction could be determined through any five methods as stipulated by the OECD — comparable uncontrolled price method, resale price method, cost-plus method, profit split method, or transactional net margin method. The draft regulation said that international transactions would be comparable in respect of the risk assumed by the respective parties, conditions prevailing in respective markets including geographical location, size of the market, cost of labour and capital and overall economic development and level of competition.(PTI) |
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