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...

West Bengal is likely to simplify restrictive laws on land ownership, making it easier for industrial estates to sell surplus land. The state’s land ceiling laws cap private ownership of land at 24 acres, and there were restrictions on transfer of land held under exemption from the threshold. The new policy, which is expected to be ratified by the state cabinet on Friday, would allow companies to transfer even leasehold land given...

-PTI About 58.8 per cent of households in Maharashtra have TV sets while 13.3 per cent have computer/laptop and 69.1 per cent have telephone/mobile in their households, as per the data on "housing, amenities and Assets" in the 2011 census. The respective figures at national level are 47.2, 9.5 and 63.2 per cent, Ranjit Singh Deol, director Census operations, Maharashtra, told reporters in Mumbai. The share of households having two wheelers is 24.9...

-The Financial Express BSP supremo Mayawati may have lost the Assembly elections in Uttar Pradesh but the defeated chief minister's wealth as declared has jumped to Rs 111 crore, a 25 per cent increase in the last two years. And 56-year-old Mayawati's Assets made public today has doubled in the five years since she became chief minister in 2007 on the back of a thumping BSP victory. During public meetings, she often...

India’s rural hinterland is catching up with urban areas in the use of electricity as the main source of lighting, in access to banking facilities and tap water for drinking, bridging the old rural-urban divide. The housing, households amenities and Assets census for 2011 once again showed that rural India is fast converting into a more urbanised society. “It is part of the process of development that areas left behind eventually...