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- What a great web log. I spend hours on the cyberspace reading blogs, about tons of different subjects. I have ...
Tuesday, August 30, 2010
The government will lose over Rs 53,000 crore in tax revenue on account of the increase in exemption limits and tweaking of slabs in the Direct Taxes Code Bill, which will come into effect from April 1, 2012, a year behind the previous deadline.
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- NRIs face tax threat under DTC NEW DELHI: The new direct taxes code could bring a large number of global Indians ...
- Direct Taxes Code: Capital gains tax is investor-friendly Taxation of capital gains is one of the few topics of interest to ...
- DTC retains select tax sops The proposed Direct Taxes Code (DTC) will be effective from April 1, 2012. It means tax ...
30
Aug
With Rs 75K crore stuck in disputes, tax department proposes e-solutions
By Savleen Kaur | Filed in Taxation
30 Aug, 2010
NEW DELHI: The income-tax department has proposed a national e-management system for quick disposal of tax disputes, with more than Rs 75,000 crore, an amount close to a fifth of the government’s annual direct tax collections, locked in litigations.
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Sunday, 29 Aug, 2010
A Credit Information Report (CIR) plays a key role in a lender’s decision when you apply for credit, so it’s important to understand the information contained within the CIR and also to monitor it on a regular basis to ensure the data held is accurate.
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- I've been wanting to advise you, you're spot on. I got to your website from some other article and am ...
28
Aug
NSE-BSE battle ends, Sebi clears smart order routing for all investors
By Varun Dhiman | Filed in SEBI Updates
28 Aug, 2010
MUMBAI: Capital market regulator the Securities and Exchange Board of India (Sebi) has approved the launch of smart order routing to every class of investors on stock exchanges, putting an end to the conflict between the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
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- Impressive!
27
Aug
DTC gets Cabinet nod; basic exemption limit proposed at Rs 2 lakh
By RAVI GUPTA | Filed in Taxation
Friday, 27 Aug, 2010,
NEW DELHI: The Union Cabinet on Thursday approved a new set of direct tax rules that proposes to raise income tax exemption limit from 1.6 lakh to 2 lakh, leaving more money in the hands of individuals, and a lower tax rate for companies.
The much-awaited Direct Taxes Code, or DTC, Bill, which seeks to replace the nearly 50-year-old income tax law, is likely to be introduced in Parliament on Monday and may then be referred to a select committee of members of both houses of Parliament.
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- very informative website I am going to add this page to my facebook
- Final DTC bill a missed opportunity 28 Aug, 2010 The direct taxes code bill approved by the cabinet is far removed from ...
- Corporates to welcome 30% cap on tax but increase in MAT rate a dampener On the corporate tax front, it appears ...
26
Aug
Tax officials on month-long strike on outsourcing contract to Infosys
By sachinbgupta | Filed in Taxation
26 Aug, 2010
MUMBAI: An outsourcing contract to Infosys has resulted in an unexpected reprieve for those with income to hide from the taxman. Irked by the contract, under which Infosys is processing tax returns filed online, and rattled by the prospect of more outsourcing, officials of the investigation wing of the income-tax department, the arm of the tax administration that conducts raids, have refused to step out of their offices for at least a month.
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- this is just perfect!
25 Aug, 2010
KOLKATA: This is the time of the year when tax payers look forward to getting refunds from the IT Department if eligible. But for roughly seven out of 10 cases, income tax refunds have remained elusive for no fault of the tax payers.
The income tax department maintains that it is also not at fault. According to senior taxmen, they reject an overwhelmingly large number of eligible cases every year for what they call the incidence of missing entries.
Taxmen at the ground level claim that nearly 70% of individual tax payers face such cases.
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- Understanding Form 26AS What is Form 26AS? Form 26AS is a consolidated tax statement issued under Rule 31 AB of Income Tax ...
24
Aug
SEBI proposal: Independent directors face cap on number of boards they can serve
By Ruchi | Filed in SEBI Updates
24 Aug, 2010,
The Securities and Exchange Board of India, or Sebi, is considering a proposal to cap the number of company boards that an independent director can sit on.
The aim is to ensure that independent directors get enough time to analyse the agenda of the board meetings and make meaningful contributions.
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- Par panel for independent directors being part of 5 listed cos 1 Sep, 2010 NEW DELHI: A Parliamentary panel has suggested capping ...
Monday, 23 Aug, 2010
When American Senator Charles Schumer described Indian software firms as `chop shops’, few imagined that the taxman back home could add salt to the slur.
Indeed, Indian income-tax authorities are beginning to claim tax on the money that software firms make by sending their boys to work with companies in the US, Europe and other markets – a business that is known as onshore software development, or simply ‘body shopping’.
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- Tax by principle 24 Aug, 2010, The validity of the reported move by revenue authorities to claim tax on the money that ...
- Senator calls Desi IT cos 'body shops' 14 Aug, 2010 WASHINGTON: Without making any direct reference to Indian IT companies like Infosys ...
Monday, 23 Aug, 2010
Soon, all insurance companies will withdraw most of their existing unit-linked insurance plans (Ulips) and will issuing a new set of such policies. This is in response to the Ulip guidelines issued by the insurance regulator Irda on June 28, 2010.
Existing policyholders need not worry since the rejig will not affect their current investments in these plans.
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- [...] Tale of A King and His Wealth | Silver American Eagle15 Sources for Secondary Income | Increase Revenue, Decrease ...
- Simply because this is our 1st visit to your web site, I merely wanted to say hello! Very good website ...
- Life cos fear Ulip sales halt in September 23 Aug, 2010 Many private life insurers fear sales may come to a standstill ...
Saturday, 21 Aug, 2010
MUMBAI: In an order that will help companies and individuals who face penalty proceedings on account of the delay in filing returns, a Delhi bench of the Income-Tax Appellate Tribunal (ITAT) has ruled that penalty cannot be levied if there is a genuine reason for the delay.
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- PENALTY ON LATE FILING OF INCOME TAX RETURN AY 2010-11 Dear Friends, Due date of filing of income tax return for ...
21 Aug, 2010,
NEW DELHI: The government will not introduce vital legislation required for reforming the country’s indirect tax laws in Parliament until there is wide consensus, making it almost certain that the landmark reform to create an integrated national market for goods and services will miss its next April 1 timeline.
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- Nice being going to your blog once again, it has been months for me. Nicely this content that i’ve been ...
Friday, 20 Aug, 2010
MUMBAI: The capital market regulator has rejected a second attempt by India’s largest private sector firm, Reliance Industries (RIL), to settle charges of insider trading out of court.
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- Insider trading Insider trading is the trading of a corporation's stock or other securities (e.g. bonds or stock options) by individuals ...
Thursday, 19 August, 2010
The law ministry has sided with the communications ministry and said watchdogs such as the Comptroller and Auditor General (CAG) of India and Central Vigilance Commission (CVC) have no duty or power over policy decisions by the government.
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- Surprisingly entry. I just stumbled upon your blog along with wanted to say that I have really enjoyed reading your ...
- Central Vigilance Commission (CVC) CVC is an apex Indian governmental body created in 1964 to address governmental corruption. It has the ...
- Comptroller and Auditor General of India (CAG) The CAG of India is an authority, established by the Constitution of India, who ...
Thursday, 19 August 2010
Retail investors in India may be allowed to buy more shares of companies in public offerings, with securities market regulator SEBI proposing to double the investment limit for such investors to Rs 2 lakh for each application, a move that could help issuers attract some of the relatively wealthier individuals.
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- SEBI joins the poverty debate Saturday, 21 Aug, 2010 There isn’t much wrong with the Securities and Exchange Board of India’s (SEBI) ...
19 Aug, 2010
MUMBAI: Capital market regulator the Securities and Exchange Board of India (Sebi) has curbed the use of equity derivatives by mutual funds, including barring them from selling options contracts.
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- Illiquid Option An option contract that cannot be sold for cash quickly at the prevailing market price. Illiquid options have very ...
19
Aug
India’s first e-reader Wink unveiled, supporting 15 languages
By tushar gupta | Filed in The Institute
19 Aug, 2010
MUMBAI: Bangalore-based digital publisher EC Media International on Thursday launched its multi-function e-book reader Wink that not only supports 15 languages but will also offer over 200,000 book titles on debut.
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- India's multi-function e-book reader "Wink" to offer 200, 000 book titles Digital publisher EC Media International, Bangalore based company has launched ...
August 19, 2010
Treat all pension plans at par, weak long-term capital gains provisions
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- Is tax break on pension plans right step? 24 Aug, 2010 Last Friday, a top tax official hinted at lower tax rates ...
- Direct taxes code may moderate tax rates, hints CBDT chairman Saturday, 21 Aug, 2010 NEW DELHI: Taxpayers can look forward to a ...
- This is an intriguing topic. I'm always looking for valuable resources to share with clients and the accounting community, and ...
17 Aug, 2010
Non-compete fees are capital expenditure and therefore liable to tax, according to a recent ruling by the Income-tax Appellate Tribunal, Delhi.
The special bench of ITAT, Delhi gave this ruling on July 30, 2010, on an appeal filed by Tecumseh India, the Indian arm of the US-based Tecumseh. The transaction in question was the acquisition of Whirlpool assets at Faridabad and Ballabgarh and the non-compete fees it paid to Whirlpool. The assets were purchased on July 2, 1997 but the agreement for non-compete fees of Rs 2.65 crore was signed on July 10, 1997.
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- Non-compete fee Non-compete fee is a compensation for not sharing knowhow, patent, copyright, trademark, licence, franchise or any other business or ...
Tuesday, 17 Aug, 2010
The Indian Income Tax department on Monday told the division bench of the Bombay High Court that it has the jurisdiction to levy tax on the $11-billion acquisition of Indian telecom major Hutch-Essar by Vodafone.
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- nice post. thanks.
- FIPB nod means Hutch-Voda deal taxable: I-T dept Wednesday 18 Aug, 2010 MUMBAI: The Income-Tax department on Tuesday told the division bench ...
Sunday, 15 Aug 2010
MUMBAI: THE Securities and Exchange Board of India (Sebi) issued guidelines on Thursday aimed at strengthening the arbitration process at stock exchanges as well as speed up the resolution of disputes.
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- Arbitration Arbitration, a form of alternative dispute resolution (ADR), is a legal technique for the resolution of disputes outside the courts, ...
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- Hello, it's a very good article, and great info.see good and interesting blog.
Friday, 13 Aug 2010
The Securities and Exchange Board of India (Sebi) is considering a proposal to make it mandatory for companies to have a whistleblower mechanism. The proposal is part of a review of certain aspects of clause 49 to effectively deal with instances of fraud in companies.
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Wednesday, 11 Aug 2010
The government plans to ask anchor investors to support its share sale in Coal India Ltd, a first for an initial public offering by a state-owned company.
Up to 30% of the portion reserved for institutional investors may be sold to anchor investors a day before the IPO opens to the public, the company’s draft red herring prospectus filed with capital market regulator SEBI on shows.
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- CIL roadshows to bring in foreign anchors for IPO 25 Aug, 2010 KOLKATA: Coal India (CIL) will kick off roadshows to bring ...
11 Aug 2010
The Reserve Bank of India, or RBI, has said that it wants banks and non-banking finance companies, or NBFCs, to undertake securitisation only for risk transfer, and not for profit booking.
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10
Aug
Change in MF fee structures: Investors to get exit option
By caajayujjain | Filed in Mutual Fund
9 Aug 2010
Sebi today asked mutual funds to give investors an exit option when they change the mode of computation of total expenses charged from unit holders, as mandated by new guidelines issued by the market regulator.
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- @chels I know what you mean, its hard to find good help these days. People now days just don't ...
10 Aug 2010
Insurers as well as the Insurance Regulatory Development Authority (Irda), for the first time, have started to maintain and share a database of hospitals involved in frauds. Insurers have also started to maintain an informal network of customers found to be indulging in wrongdoing (read: false claims), which they have started to circulate among themselves.
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- Patient denied cashless treatment, HC pulls up insurance regulator Wed Aug 11 2010 The Delhi High Court has asked insurance regulator IRDA ...
- A regulator for hospitals 10 Aug 2010 Insurance companies are right to seek the government’s support to prevent hospitals from overcharging patients ...
8
Aug
SEBI mulls common defaulter database for market players
By Ankit Agarwal | Filed in SEBI Updates
Sunday, 8 Aug 2010
Market watchdog SEBI is considering setting up a common defaulter database in order to provide a one-stop reference point for all types of market players such as brokerages, mutual funds, merchant banks, portfolio managers and rating agencies.
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Friday, 6 Aug 2010
The billions of rupees stuck in courts and rising tax litigation have invited the attention of finance minister Pranab Mukherjee as he pushes through a major reform in the country’s tax regime.
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Friday 6 Aug 2010,
Mutual funds will have to be careful while transferring redemption proceeds to non-resident investors, as they (mutual funds) could be categorised as “agents” by the tax department. This could have implications for the fund houses, as they will have to bear responsibilities such as payment of advance tax, and compliance with other provisions of the I-T Act.
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Friday, 6 Aug 2010
Companies will now have to provide more disclosures about their shareholding pattern to the stock exchanges, with the Securities and Exchange Board of India introducing some new rules in addition to the existing ones.
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5 Aug 2010
Individuals primarily with salary income and certain other tax payers were required to file their tax returns by July 31, 2010, for the financial year 2009-10 (assessment year 2010-11). As per the recent press release, the Central Board of Direct Taxes (CBDT) extended the due date of filing income tax returns to August 4, 2010.
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3 Aug 2010
Market regulator the Securities and Exchange Board of India is set to seek details relating to the ultimate beneficiary of depository receipts (DRs) issued by Indian companies to overseas investors, as the regulator attempts to crack down on moves by promoters to conceal indirect holdings in their own firms through such instruments.
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- SEBI wants local companies listed on overseas SEs report DRs details Sunday, 8 Aug 2010 Companies such as Infosys, ICICI Bank and ...
3
Aug
SC asks HCs not to interfere with debt recovery proceedings
By Ankit Agarwal | Filed in Finance
Tuesday, 03 Aug 2010
NEW DELHI: The Supreme Court has asked the high courts not to interfere with the debt recovery proceedings initiated against defaulters, upholding the right of lenders to recover their dues.
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- Hi there, I discovered this blog once, then lost it. Took me forever to occur back and discover it. I ...
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Sunday, 01 August 2010
Allowing errant players to get away without either admitting guilt or making sufficient recompense merely by paying some monetary penalty, sends quite the wrong signals.
A debatable point is whether the procedure evolved by Sebi for settling various kinds of enforcement actions through consent orders wherein parties neither admit nor deny the guilt, is proper at all. Can ends of justice be met by payment, particularly for such serious offences like price manipulation, creation of artificial market, insider trading, manipulation of financial results, etc?
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31
Jul
Govt gets its sell-off formula right this time, investors lap up Engineers issue
By cakaranbeer | Filed in SEBI Updates
31 Jul 2010
Global funds such as Morgan Stanley, UBS, Temasek and several large local funds and banks have emerged as the leading bidders in the Rs 977-crore follow-on public offer (FPO) of state-owned company Engineers India (EIL).
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31
Jul
I-banks find going tough after Sebi ban on forecasts
By cashailendra08 | Filed in SEBI Updates
30 Jul 2010
Nearly a year after the Securities and Exchange Board of India (Sebi) banned forward-looking financial projections by companies doing initial public offerings (IPOs), merchant bankers are finding it tough to stick to the rule at all times.
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