| Tax raids on art auction houses in city
MUMBAI/NEW DELHI: The income tax department on Tuesday conducted raids and surveys on two prominent art auction houses—Osian's and Saffronart—and the Sakshi Art Gallery in Colaba for alleged tax violations.
Raids were also conducted at their residences and their Delhi offices. With the art market witnessing an unprecedented price boom, trading in art has come under the scrutiny of the taxman.
The growth in the market has not only seen the rise of auction houses, but also the setting up of art funds such as those started by Osian's and Sakshi (Yatra Art Fund).
Art funds operate on the principle of mutual funds except that investors' money is used to buy art, not shares.
In this year's budget, the government has also decided to tighten the tax norms by proposing to levy tax on the gains made through sale of art work.
The India School Fund Needs You
The vision of ISF is so brilliant that when the "India treckers" of 2007-08 visited the education center, they decided to contribute. Thanks to Francesco Cefalu and Ankit Singhvi's support, eight students gave a total of $650 immediately after their return on campus, and SABA gave an additional $5,000 for purchasing school materials and equipment such as desks, chairs and school uniforms. Thank you!!!
Although these donations help finance the opening of the school this year, they are not sufficient to cover the annual operation costs (estimated at
$25,000). Annie Bertrand, one of the co-founders and current President of ISF, asked for help from the RC sections to fund the remaining expenses through their charity auctions. Section F, H and I decided to join the coalition by selecting ISF as one of their lucky charities.
Signed Rangers Top Auction for Greyhound Rescue Charity
Greyhound Rescue Scotland was formed in 2001 and since that date the charity has been run by unpaid volunteers. They are therefore reliant on public donations to allow them to continue helping wonderful animals who deserve a better life.
As part of their fundraising they are auctioning a Rangers top from 2002/03 signed by the Rangers team that season. There is a link to the Ebay auction here.
Please take a look at their website where you can find all the necessary details if you would be interested in donating or helping out by adopting a dog or fostering one. .
YUKOS auctioneer starts accepting bids
RBC, 16.04.2007, Moscow 10:15:40.The Russian Federal Property Fund will today begin accepting bids for an auction of a number of YUKOS service enterprises, which is scheduled for May 16, 2006. The lot is for the most part comprised of companies, which provide construction, repair, and information technology services, and also includes assets put up for sale on April 4, which were not sold due to a lack of bids. The offer price for the entire lot (No. 14) has been set at RUR1.669bn (approx. USD65m), the bid increment at RUR16.693m (approx. USD0.646m). Bids will be received until May 14. The advanced payment required for participating in the auction amounts to RUR333,867,200 (approx. USD12.93m). Ten latest news Other news .
Smith bids Hawkeyes farewell
Shortly after Todd Lickliter was introduced as the new Iowa men's basketball coach, star player Tyler Smith was asked if he would return to Iowa next season. Smith, a 6-foot-7 forward from Pulaski, Tenn., wasn't very convincing, which caused speculation he would transfer. The speculation became fact Friday afternoon when the University of Iowa announced that Smith had been granted a release from his scholarship. "Tyler asked to be released, expressing his desire to be closer to his family," Lickliter said in a statement. "We respect his decision to be near his family and will grant the release in order for Tyler to further his education closer to home." Smith's father, Billy, lives in Tennessee and suffers from lung cancer. Smith also has a baby daughter who lives in Tennessee.
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