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No income tax at source will be deducted if banks have only made a provision for interest on fixed deposits and not actually paid it to the depositor,the finance ministry has clarified.

Tax only if interest is credited to FDs: CBDT

New Delhi: No income tax at source will be deducted if banks have only made a provision for interest on fixed deposits and not actually paid it to the depositor,the finance ministry has clarified. Until now,tax was supposed to be deducted by banks even if only provisioning was made for interest payment. CBDT clarified that since no credit is given to the depositors while calculating interest on fixed deposits on daily or monthly basis in the CBS software used by banks,tax need not be deducted at source on such provisioning of interest.

Govt mulls permanent cadre for SFIO

New Delhi: The government is considering to set up a permanent cadre for the corporate fraud investigating body SFIO,a move that will enhance the efficiency of the organisation that probed the multi-crore Satyam fraud despite several limitations. The matter is under consideration of Corporate Affairs Minister Salman Khurshid,a senior official said,adding that the Serious Fraud of Investigation Office had earlier written to the MCA seeking creation of permanent posts.

CIL gets nod to reserve shares for employees

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New Delhi: Taking forward the proposed disinvestment of state-owned Coal India Ltd (CIL),capital market regulator Sebi has allowed the coal major to offer shares to its employees,including that of its subsidiaries. Coal India has got Sebis clearance to issue shares to all its employees,including that of its seven subsidiaries,” a coal ministry official said. The Disinvestment Department is in dialogue with Sebi to give a special dispensation to the navratna coal major.

EPFO to appoint banks other than SBI

New Delhi: Irked by the SBIs unilateral decision to raise charges on provident fund collections,the retirement fund manager EPFO is considering handing over the business to other banks,and the negotiations for the same may start soon. The EPFOs Executive Committee (EC) has decided that the Employees Provident Fund Organisation will start negotiations with other banks for exploring the possibility of switching over the collection business to others,a labour ministry source said.

India,US to sign key trade pact on Mar 17

New Delhi: India and the US will sign a crucial agreement on March 17,laying down fresh rules and objectives for mutual trade and investment. Commerce and Industry Minister Anand Sharma said here on Saturday that he would be going to Washington for signing of the Framework for Cooperation in Trade and Investment.

Rio Tinto to get lease for MP project soon

New Delhi: The mines ministry is likely to give an in-principle approval to global giant Rio Tinto for its diamond mining project in Madhya Pradesh in which the London-based firm is looking to invest around Rs 2,200 crore. The Madhya Pradesh government has already recommended mining lease to Rio Tintos Bunder project and now the Centre may clear it in the next 10-15 days,” a senior mines ministry official said.

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Premji said that Wipro would partner with the Government "to find a lasting solution for Bengaluru's mobility challenges".

Wipro rejects Karnataka Govt request to allow public vehicles inside Sarjapur campus

Cities14 min ago

Wipro, a leading company in Bengaluru, has refused to allow public vehicles inside its Sarjapur campus to ease traffic congestion. However, they have agreed to finance a study to find a solution for the traffic problem. The founder, Azim Premji, believes that the issue is complex and requires expert analysis. Wipro has also committed to funding a significant portion of the study's cost.

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