-PTI In a stern warning to those not paying taxes, the income tax department on Monday said it is sending letters to 35,170 PAN (permanent account number) holders in the first phase for not filing returns and will take appropriate follow up action. There are over 12 lakh PAN holders who had not filed income tax returns, the department said, adding it has set up a nodal cell to monitor such cases. "In...

-The Hindu Authorities have not come clear on the subsidy money and the time required for processing Hyderabad: The ongoing process of linking Aadhaar card and bank account with LPG gas connections is throwing up questions that defy answers. While the authorities point out that the subsidy money will be credited to the customer’s bank accounts directly, the question as to how much money will be returned and the time required for...

-The Hindu In his article in The Hindu (editorial page, “Making a mockery of domestic gas pricing,” January 18, 2013, Surya P. Sethi attacks the gas pricing formula proposed by the Rangarajan Committee, curiously enough, for being based on numbers from foreign markets that do not reflect the supply, demand or cost of production in India. I say “curiously” because on the exact opposite side, domestic producers are also pillorying the committee’s...

-IPS News Officials at the World Bank are forcefully rejecting a new internal evaluation that is highly critical of the institution’s decade-long forest policy, expressing their “strong disagreement” with some assertions in the report. The assessment, written by the Independent Evaluation Group (IEG), the World Bank Group’s auditor, warns that expectations for poverty reduction as envisioned in the bank’s 2002 Forest Strategy “have not yet been met”. The report is particularly critical...

-Live Mint Income-tax department says firm had underpriced intragroup share transfer by Rs 15,000 cr and evaded taxes consequently The Indian arm of Royal Dutch Shell Plc , Shell India Pvt. Ltd, has been accused by the income-tax (I-T) authorities of underpricing an intragroup share transfer by ` 15,000 crore and consequently evading taxes, said a person familiar with the development.   Following the notice, which is one of the biggest transfer pricing orders...