The government introduced a retrospective clarification to the Income-Tax (I-T) Act, 1961, virtually amending the law to ensure that cross-border transactions such as the $11.08 billion (around Rs55,735 crore today) Vodafone-Hutchison deal are taxable. The Supreme Court had ruled this deal as not being taxable in India. The amendment becomes crucial because a review petition by the government on this case is pending before the Supreme Court, which might now have...
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Delhi grain bar spoils CM broth
-The Telegraph The Centre has turned down the Mamata Banerjee government’s request to allot additional foodgrain to keep the state’s pet project of supplying grains at a subsidised rate to about 20 lakh people running in 2012-13. Although these people are “needy”, according to the state government, they are not part of the BPL category (annual income of less than Rs 30,000). The Mamata government gives rice at a subsidised rate of...
More »Government may move amendment to keep Lokayuktas out of legislation's ambit
-The Economic Times The Opposition, acting in sync with the Trinamool Congress, a component of the ruling UPA at the Centre, on Wednesday scored a victory in the Rajya Sabha when it got the government to commit itself to the passage of the Lokpal and Lokayukta Bill in the House in the "first half of the budget session itself.'' "We want to bring the bill within this part of the session,'' parliamentary...
More »The overgrown list by MR Madhavan
Parliament must use budget session to discuss key pending bills The budget session of Parliament begins today. The last few sessions have been characterised by disruptions and consequent loss of productive time. To see one indicator, the 15th Lok Sabha, half-way through its term, has lost 30 per cent of scheduled time — the worst ever. As a result, many important bills have been pending. It is to be seen whether...
More »Nitish, Jaya, Didi troika opposes food bill now by Nitin Sethi
States are opposed to provisions of the bill that seek to mandate who are the beneficiaries of the proposed law The UPA can face a political alignment against the National Food Security bill similar to what it did on the National Counter Terrorism Centre (NCTC). Major states are opposed to provisions of the bill that seek to mandate who are the beneficiaries of the proposed law. J Jayalalithaa in Tamil Nadu, Nitish...
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