I-T department seeks over Rs413 crore as tax from BCCI

Responding to activist Subhash Agrawal, the I-T department said that the BCCI had made over Rs964 crore for the assessment year 2009-10 for which the department had demanded tax of over Rs413 crore but so far Rs41.91 crore have been paid as tax by the cricket body

New Delhi, Feb 19 (PTI) The Income Tax (I-T) department has demanded over Rs413 crore as tax from the world's richest cricket body, the Board of Control for Cricket in India (BCCI) as per its income assessment for the year 2009-10 of which only Rs41 crore have been paid, reports PTI quoting an RTI reply.

The department said BCCI used to get I-T exemption as a charitable organisation but now that exemption has been withdrawn and its earnings now come under business income.

Responding to activist Subhash Agrawal, the department said that the BCCI had made over Rs964 crore for the assessment year 2009-10 for which the department had demanded tax of over Rs413 crore but so far Rs41.91 crore have been paid as tax by the cricket body.

The assessment for the years 2010-11 and 2011-12 is pending, it said.

"Effective steps should be taken to realise the tax dues of Rs373 crore from the board," Mr Agrawal said.

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Industrial production to grow by 7.4% in FY12-13: CMIE

India's industrial production is expected to grow by 7.4% in FY12-13 as against the forecast of 5.1% for the current fiscal, CMIE said in its monthly bulletin. Industrial production growth was 8.2% in 2010-11

Mumbai: The country's industrial production is expected to grow by 7.4% in FY12-13 as against the forecast of 5.1% for the current fiscal, reports PTI quoting the Centre for Monitoring Indian Economy (CMIE).

Industrial production growth was 8.2% in 2010-11.

The manufacturing sector is expected to witness a healthy growth of 6.5% in FY12-13 against forecast of 4.9% in FY11-12, CMIE said. This growth would be driven by over 10% rise in production of motor vehicles and other transport equipment, machinery, basic metals and wearing apparels.

Rising corporate salaries, increase in rural income, softening of interest rates, improvement in availability of finance, new models and expansion of dealer network could boost passenger cars production by 13.1% in FY12-13.

Production of MUVs, two-wheelers and three-wheelers is also expected to grow by around 10%. This will lead to higher demand and production in auto ancillary category.

Huge capacity additions in the industrial and infrastructural construction segment and increase in production of automobiles and machinery is also expected to generate higher demand for basic metals in FY12-13, CMIE said.

The mining industry, which saw a stagnation in FY11-12, is expected to grow by a healthy 5.6% next year.

CMIE expects that electricity industry will continue to be a growth driver, clocking a double-digit rise in generation in FY12-13. The growth in electricity generation will accelerate to 13.2% in FY12-13 from 8.3% in FY11-12. Thermal power generation, which accounts for 80%-85% of power generated in India, is expected to grow by a smart 14.3% owing to huge capacity additions and a likely improvement in availability of coal. Nuclear power generation, too, is expected to grow by 19%, while hydel power generation is expected to grow by 6.5%.

Coal production may grow by 8.5% in FY12-13 after two years of stagnation. Coal producers will be able to raise the output following the scrapping of go/no go classification of coal blocks and fresh capacity addition of 24 million tonnes.

Crude oil output is also expected to grow by a healthy 6.1% in FY12-13, as ONGC and Cairn India start production from new oil fields. Natural gas production is expected to grow by 5.3%, after falling by 7.9% in FY11-12.

Coal, crude oil and natural gas account for 70% of the output of mined products. A likely improvement in production of these is expected to push up total output of mined products by 5.6% in FY12-13, CMIE said.

CMIE, however, expects output of food products to remain flat, after growing by a smart 11.5% in the current year. The main culprit would be sugar, which accounts for over 20% of the total food and beverages production; its output is expected to fall by 2.8% in FY12-13 due to fall in availability of sugarcane.

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Commexes turnover up by 61% in Apr-Jan FY11-12

During January 2012, the maximum turnover of Rs12,20,860 crore was posted by MCX, followed by NCDEX (Rs1,72,429 crore), NMCE (Rs34,643 crore), ICEX (Rs20,687 crore) and ACE (Rs13,106 crore)

New Delhi: The turnover of 21 commodity exchanges has increased by over 61% to Rs151 lakh crore till January this fiscal due to increased trade in bullion and some agricultural commodities, reports PTI quoting the Forward Markets Commission (FMC).

The business of these exchanges stood Rs94.25 lakh crore in the corresponding period last year, FMC said on its website.

Much of the business volumes came from gold, silver, crude oil, guarseed, chana and soyaoil, it added.

The FMC, which regulates commodity exchanges, said the turnover in the bullion segment rose more than two-fold to Rs87.58 lakh crore during the April-January period of the 2011-12 fiscal from Rs42.91 lakh crore in the corresponding period last year.

In a similar fashion, business from agri-items like guarseed increased by 52% to Rs16.95 lakh crore from Rs11.14 lakh crore.

While the turnover of energy items like crude oil increased by 32% to Rs24.23 lakh crore from Rs18.38 lakh crore, business from metals like copper rose marginally by 6% to Rs23.11 lakh crore from Rs21.82 lakh crore during the review period.

During January 2012, the maximum turnover of Rs12,20,860 crore was posted by MCX, followed by NCDEX (Rs1,72,429 crore), NMCE (Rs34,643 crore), ICEX (Rs20,687 crore) and ACE (Rs13,106 crore).

In view of excessive volatility in prices of guarseed and guar gum, FMC has directed exchanges not to allow investors to take fresh position in the near-month January 2012 contract.

That apart, the regulator has also approved the amendment of the bye-law of the MCX to increase the limitation period for submitting all claims, differences or disputes to arbitration to three years instead of one year.

The FMC has renewed the recognition of Kochi-based First Commodity Exchange of India for a period of four months till May 2012 for conducting futures trading in coconut oil and copra.

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