| Receive Gift ,Pay Tax to Income Tax department ????? Posted: 28 Nov 2011 10:19 AM PST 
A few months ago, Mumbai-based Sunil Ullal was thrilled when a friend gifted him a valuable painting. However, he was in for a surprise when his chartered accountant told him that he would have to pay tax on it. "The painting is by a renowned artist and its current value is about Rs 1 lakh. My friend gifted it to me when he realised I liked it, but I had no idea that I would have to pay for it,...  |
| 291 firms default PF dues of Rs 1,838 crore Posted: 28 Nov 2011 10:11 AM PST 
As many as 291 establishments have not paid the provident fund contributions totalling about 1,838 crore to the retirement fund manager EPFO across the country, Parliament has been informed.The following steps have been taken by the Employees' Provident Fund Organisation to recover the outstanding amount: 1. Attachment and sale of movable and immovable properties of the defaulting...  |
| Petrol prices may reduced by one rupee 1.5 per cent Posted: 28 Nov 2011 10:08 AM PST 
Indian state refiners could cut retail prices of petrol by about one rupee a litre or 1.5 percent as softening Singapore spot petrol prices have offset the impact of a declining rupee, an industry source said on Monday. The companies cut petrol prices by about 3.2 percent earlier this month, the first reduction in retail prices in nearly three years and the first since prices were decontrolled...  |
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