Tax info network next month
New Delhi, Nov. 21: The much touted tax information network (TIN) to nab evaders will be put in place by December end and made fully operational from April 2004. Announcing this, minister of state for revenue, Shripad Naik, said the TIN would capture all high-value transactions of both movable and immovable properties to carry out realistic assessment of tax. The under-assessment of tax would become difficult after TIN is implemented, which would enable the country to move towards a fully “white-money” economy, he said. Central Board of Direct Taxes member B. Swarup said TIN will be put in place by National Securities Depositories Ltd, which has the expertise to handle large number of transactions worth over Rs 8,00,000 crore.
New Delhi, Nov. 21: The Delhi High Court has stayed Xerox Modicorp Ltd from including the issue of appointment of additional director of the company in the agenda of its board meeting in London which was scheduled for today.
Calcutta, Nov. 21: The Union labour ministry has set up a seven-member sub-committee on jute industry to deal with the problems faced by the segment as well as identify opportunities.
New Delhi, Nov. 21: The country is on its way to reaping a record harvest of grains and oilseeds in the rabi season owing to “ideal” weather conditions and remunerative prices anticipated by farmers, the government said today.
Mumbai, Nov. 21: Indian Bank CMD Ranjana Kumar has been appointed chairperson of National Bank for Agriculture and Rural Development (Nabard).
Palm oil duty
New Delhi, Nov. 21: The finance ministry is considering a plan to hike duty on refined palm oil to increase the tariff differential between crude and refined varieties of the commodity.
SAB TV move
Mumbai, Nov. 21: Sri Adhikari Brothers Television Network is to use up to Rs 72.61 crore in securities premium account to set off the permanent reduction in value of investments in equity capital and preference shares of Sabe TV Ltd, a subsidiary which is to be closed down soon.