| Professional
News |
| INCOME
TAX |
| Google moves AAR to settle tax row,
I-T department imposed a Rs 76-cr penalty on
company |
|
Maharashtra : Google, mired
in tax controversies in different jurisdictions, wants a quick
decision on its dispute with Indian tax authorities. Google
Ireland has moved the Authority for Advance Rulings (AAR) to
determine the tax liability here.According to the Indian tax
department, Google India's businesses are 'dictated by Google
Ireland', and the profit and loss account filed by the MNC's
Indian arm, Google India Pvt Ltd "does not give complete
picture of the businesses." The department had imposed a
76-crore penalty on Google India Pvt Ltd, alleging that it had
deflated income and shown wrong revenues for the assessment
year 2008-09. At the heart of the tax dispute is income that
the search engine giant is crediting to Google Ireland as
distribution fees.
|
| Misc. - Direct
Tax |
| Somasekhar Sundaresan: Rise above the
din to tax inheritance Article |
|
Delhi : It is that time of
the year when the nation goes into overdrive of chatter over
taxation issues. The announcement of fiscal policy along with
the Budget is due in a few weeks. The flavour of the month is
the potential introduction of inheritance tax. Tax consultants
and “estate planning specialists” are busy selling services to
help beat such a tax that may get introduced.All the finance
minister has done is to state in public (he did so even as a
home minister bearing the brunt of serious economic
disparity)
|
| FDI
Policy |
| Make FDI in insurance broking
simpler Article |
|
Delhi : At a time when the
UPA looks at least mildly certain to increase the foreign
investment limit in the insurance sector to 49 per cent (from
the existing limit of 26 per cent) - under the much
anticipated Insurance Laws (Amendment) Bill, 2008 (Insurance
Bill), proposed to be taken up by the parliament in the budget
session, the current regulatory regime governing FDI in
insurance broking is dismal and far from satisfactory;
|
| Misc. Corporate Laws
& Other Commercial Policies |
| De-registration of small NBFCs will
hurt financial inclusion: Finmin |
|
Delhi : Coming to the aid of
around 9,000 non-banking finance companies (NBFC) with asset
size below Rs 25 crore — facing de-registration and even
closure following the proposed RBI norms — the finance
ministry has opined that the central bank should retain them
under its regulatory ambit.The ministry is also of the view
that if the RBI, in its final guidelines, directs these small
NBFCs to de-register till they attain the threshold of R25
crore asset size, the regulator should also issue appropriate
notifications, allowing these small NBFCs to continue their
existing business, such as auto financing, official sources
told FE.
|
| Pre-Budget
2013-2014 |
| Budget 2013: Focus to be on economic
revival, fiscal health and boosting India as attractive
investment destination |
|
Delhi : P Chidambaram's
first budget in his third stint at the finance ministry will
go the extra mile to avoid proposals that could run afoul of
investors, while keeping a firm focus on economic revival,
fiscal consolidation and boosting India's allure as an
attractive investment destination.Early indications of the
budget's character gleaned from discussions with finance
ministry officials reveal 'clarity' and 'stability' as the
buzzwords shaping the exercise, along with a keenness to avoid
steps that could unnerve investors and undermine an improving
yet fragile sentiment in the country.
|
| Budget may lower provision for fuel,
fertiliser subsidies |
|
Delhi : The Finance Minister
seems to be betting that falling crude oil prices abroad and
rising diesel prices at home will together keep the budgeted
amount for fuel and fertiliser subsidies in the next fiscal
lower than that provided for in Budget 2012-13.The 2013-14
Budget may provide lower subsidies for fuel and fertiliser,
informed sources told Business Line. This is despite the
expectation that the revised estimate for expenditure under
this head this fiscal will be much higher than the Budget
number.
|
| Excise on diesel SUVs may go
up |
|
Delhi : After allowing oil
companies to raise diesel prices by 45 paise a month, the
government, exploring ways to cut subsidies on the fuel, might
impose a higher excise duty or a surcharge on diesel sports
utility vehicles (SUVs) in Budget 2013-14. The hike, however,
might not be on all diesel cars.The SUV market is dominated by
Mahindra & Mahindra. Some other players are Toyota
Kirloskar, Maruti Suzuki, Tata Motors and General
Motors.
|
| Real estate sector makes a pitch for
infrastructure status for housing |
|
Delhi : Hit by slackening
demand amid economic slowdown and high interest rates, the
real estate sector has asked for infrastructure status for the
housing sector in the Budget for 2013-14, which would help it
avail of tax benefits and easier flow of credit. The housing
ministry has said at least low-cost housing should get this
status.The National Real Estate Development Council ( Naredco)
said the sector should get infrastructure status and rental
housing should be made more attractive to address the shortage
of houses.
|
| Budget 2013: Cycle makers want zero
excise duty on bicycles |
|
Delhi : Hit hard by
declining sales, bicycle makers have asked the government to
fully withdraw 2 per cent excise duty on cycles in the
upcoming Budget to give the sector a boost. Besides, in
pre-Budget memorandum, All India Cycle Manufacturers'
Association (AICMA) has said that it wants the government to
provide incentives to the industry by providing subsidised
bicycles to people below poverty line."The government
proposals have created a big roadblock for the growth of the
industry. From the last two Budgets, the government has been
levying an excise duty of two per cent, which has affected the
sector very badly," AICMA President Pankaj Munjal told
PTI.
|
| INTERNATIONAL
BUSINESS |
| Bill Gates-led group to invest $1 bn
in Orascom Construction |
|
Bill Gates is leading a group of US
investors committing $1 billion for a stake in construction
and fertiliser company OCI NV in one of Egypt's largest
foreign currency inflows since the 2011 uprising. OCI will
absorb all local stock and global depositary receipts of
Orascom Construction Industries under a share exchange offer
that has attracted more than $2 billion in commitments, said
the company, which is relocating from Cairo to Amsterdam. Its
shares will be traded in both locations. Microsoft co-founder
Gates' Cascade Investment joins Southeastern Asset Management
and Davis Selected Advisers in helping fund expansion in
Egyptian infrastructure projects as well as other activities.
|
| MERGER &
ACQUISITION |
| PE, VC investments likely to be
subdued this year |
|
Maharashtra : Investments by
private equity and venture capital funds in the country are
likely to be subdued this year due to growth concerns coupled
with regulatory/tax uncertainties, an official of the Indian
Private Equity & Venture Capital Association said."Growth
in the PE and VC spaces is likely to be subdued in 2013 due to
slowing of the domestic economy. Also, policy uncertainty on
the tax front such as the GAAR ( General Anti- Avoidance Rule)
is another drag on the sentiment," Association President
Mahendra Swarup told PTI.He also said that despite the
deferment of GAAR to April 2016, there is lack of clarity
regarding the retrospective nature of its
implementation.
|
| Banking |
| Finmin in favour of realty, banking
firms setting up banks |
|
Delhi : The finance ministry
has expressed the view that the Reserve Bank of India (RBI)
should allow real estate companies and broking firms to set up
banks as adequate safeguards will be there to prevent exposure
of promoters to related entities.In its comments to RBI on the
giving out of new bank licences, the ministry has said that
such entities can be allowed, but there should be complete ban
on taking exposure in the group companies or entities related
to promoters, sources saidEven the vendor and large customers
of such promoters can’t get loan from the new bank, sources
said, adding that this move will minimise accumulation of
risk.
|
|
![]() |
| Economy |
| India |
| India’s rating outlook stable:
Moody’s |
| With 5.3 pc growth rate, India losing out to
China on development |
| RBI governor Subbarao may not oblige with a rate
cut of 50 basis points: Economists |
| |
| International |
| BOJ Should Slow Easing If Yen Weakens Too Much:
Hamada |
| China upturn underscores need to rebalance
economy |
| WA economy strong but housing a worry:
ALP |
| Indonesia's economy held by lack of
infrastructure |
| |
| Markets
Today |
| NSE |
6,082.30
|
0.30%
|
| BSE |
20,101.82
|
0.31%
|
| NASDAQ |
3,134.71
|
-0.04%
|
| |
|
|
| USD |
53.78
|
|
| EURO |
71.59
|
|
| JPY(100) |
60.09
|
|
| GBP |
85.41
|
|
|
| |
| Corporate
Watch |
| Indian IT companies set sights on software
outsourcing deals worth $50 billion in
2013 |
|
Karnataka : In 2013, software
outsourcing deals worth nearly $50 billion ( 2.7 lakh crore) -
about half the size of India's information technology
industry- are coming up for renewal. Indian service providers
are salivating at the prospect and sharpening their knives;
the former for obvious reasons and the latter to undercut
rivals in what is expected to be a fierce fight for
contracts.While price discounting is nothing new, the coming
battle is expected to be particularly brutal because some of
the restraints that kept rivalries under control have slipped
away. Underlying all of the factors is the shape that the
Indian software services sector is in entering 2013 after
leaving behind one of the most forgettable years in its
history.
|
| Reliance Industries to bring retail cos
under one unit to help resolve administrative
glitches |
|
Delhi : Reliance Industries plans
to consolidate all its retail units under a single entity,
signalling that it is not looking for a foreign partner in any
of its businesses, a person with the direct knowledge of the
development said.The company has initiated a process to club
all its eight independent retailing companies such as apparel
|
| Diesel decontrol lits up oil cos'
divestment prospects, raises hopes of a mega IOC issue in
FY14 |
|
Delhi : Diesel decontrol has
catalysed the disinvestment programme as the government has
raised the valuation of the 10% stake sale in Oil India (OIL),
planned this month, by 20% to 3,200 crore and brightened the
prospects of a mega-issue of Indian OilBSE -1.19 % Corp (IOC)
next fiscal.
|
| Net margin falls, but Indian arms pay more
royalty to MNCs |
|
Delhi : Royalty payments by the
Indian arms of top multi-national companies or MNCs have
trebled over the past five years at a time when the net margin
of these companies has declined from 11 per cent in FY08 to
7.6 per cent in FY12, stoking concerns on local shareholders
being short-changed
|
| Early birds herald result season with good
tidings |
|
Delhi : A strong set of numbers
from technology firms, together with sterling performances
from heavyweights Reliance Industries and ITC, have given
India Inc a flying start this earnings season.
|
| |
| Tenders
& Assignment |
Paschimanchal Vidyut Vitran Nigam
Limited ![]() |
Description : Empanelment of Chartered
Accountant Firms for Internal Audit of the units of PVVNL
Last Date : 26/01/2013
Address :Dy.General Manager
(Accounts),Room No.213.Ist Floor.Urja Bhawan Victoria Park
Meerut
|
Krishna Bhagya Jala Nigam Limited ![]() |
Description :Appointment of Internal
Auditors for the year 2013-14 & 2014-15
Last Date : 28/01/2013
Address :PWD Office Annexe,3rd
Floor,K.R.Circle, Nrupathunga
Road,Bangalore
Phone
:080-22244484
|
Punjab State Forest Development Corporation
Limited ![]() |
Description :Expression of interest are
solicited/invited from reputed firms of Chartered Accountants
for appointment as internal auditors
Last
Date : 28/01/2013
Address
:Tower No.2 &3,4th Floor,Forest
Complex,Sector-68,SAS Nagar (Mohali)
Phone
:0172-2298000
E-Mail :info@pbforestdevcorp.gov.in
|
Central Co-operative Bank Limited ![]() |
Description : Internal audit &
interbank account reconciliation
Last Date
: 31/01/2013
Address :Patna
- Bihar
|
Bihar Rural Livelihoods Promotion
Society ![]() |
Description :Expression of interest for
hiring of firm for statutory audit
Last Date
: 05/02/2013
Address :BIHAR
RURAL LIVELIHOODS PROMOTION SOCIETY (State Rural Livelihoods
Mission) 1stFloor, Annex-II, Vidyut Bhawan, Bailey Road,
Patna,
Phone :+91- 612-2504980
|
Tea Board Of India ![]() |
Description :Appointment of CA firm to
undertake internal audit of account & transactions of tea
board & its subordinate offices
Last Date
: 07/02/2013
Address :TEA
BOARD OF INDIA
14 B.T.M. Sarani, Kolkata-700 001
|
Zilla Panchayat ![]() |
Description :Appointment of Chartered
Accountant for Audit works
Last Date
: 11/02/2013
Address :Zilla
Panchayat Bijapur Chhattisgarh
Phone
:07853
E-Mail :zpbijapur.cg@nic.in
|
Army Public School ![]() |
Description :Appointment of Chartered
Accountant for the School for Auditing School Accounts for a
period no exceeding three years
Last Date
: 15/02/2013
Address :Army
Public School Near GPO.Meerut Cantt
Phone
:0121-2662066
|
| |
| Reminders |
| Tenders |
| Gujarat Urban Development Company
Limited 24/01/2013
|
| General Insurance Corporation Of
India 24/01/2013
|
| Public Works
Department 24/01/2013
|
| Navodaya Vidyalaya
Samiti 24/01/2013
|
| National Institute Of Fashion
Technology 25/01/2013
|
| Gvk Emergency Management And Research
Institute 28/01/2013
|
| |
|
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