From today onwards I am uploading the updated Tax and Corporate news to all our professionals on every Friday. So please encourage me. Please save these files in a separate folder. I will send the News periodically. I am collecting these news from various News papers, Internet and some other my library books.

The second update is here guys. More comming soon.

Find the P M speech at the Diamond Jubilee Year celebrations of ICAI

The government has appointed N B Singh as the new chairman of Central Board of Direct Taxes with effect from June 30.
Singh replaces Rabender Singh Mathoda, who joined the office on May 1, an official statement said.

Singh, an officer of 1971 batch of the Indian Revenue Service, was earlier a member, personnel and vigilance, in the CBDT. He has also worked in various capacities in the income tax department as chief commissioner in Mumbai and Baroda.

Inflation has kept its upward move touching a new 13 year high of 11.42 per cent for the week ended on June 14, according to figures released on Friday. There is general consensus among economists that inflation is likely to remain in double digit for another two to three weeks. "Our estimate is that inflation may touch 13.5 to 14.5 per cent mark before coming down," said, Bank of Baroda chief economist, Ms Rupa Rege Nisture.
Mr Sunil Sinha, senior economist, at Crisil said that double digit inflation is likely to be there till August. However, increase in crude oil prices which touched a new record at $142 per barrel on Friday can delay any cooling off of inflation. "Even if the government doesn't increase petrol and diesel prices. There are other commodities which are not under the government's control like aviation turbine fuel and chemicals, whose prices will increase," said Mr Sinha.

Mr Hitesh Agarwal, research head, Angel Broking felt if crude price reach $150 to $160 per barrel, the inflation could touch 14 per cent or even 15 per cent. Also 11.42 per cent of inflation has raised the expectation of the further tightening of monetary policy. "Another 50 basis points hike appears to be on the cards," said an economist at Citigroup India, Ms Rohini Malkani, in a report.

Further increase in monetary policy will have an impact on GDP growth and will also force the banks to increase various loans, hurting several rate sensitive sectors like real estate, infrastructure, automobile and banking. "The government has made it clear that inflation is problem number one and it is ready to forgo growth to control it," said Mr Sinha.

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