| Professional
News |
| INCOME
TAX |
| I-T dept finds prima facie defaults
by Nokia |
|
Tamil Nadu : The Income Tax
department on Thursday said it has found prima facie defaults
by Finnish handset maker Nokia's plant in TDS deductions on
royalty payments made to its parent company.During searches
conducted by the department at the Nokia's Sriperumpudur
factory on Tuesday,
|
| Large chunk of parallel economy out
of tax net: Think tanks |
|
Delhi : The finance ministry
is set to be ready with the official figures of Indian
unaccounted money by the end of this month.The three think
tanks entrusted with the job of estimating black money have
given their reports.The ministry is studying the reports of of
the National Institute of Public Finance and Policy (
NIPFP),
|
| India-Mauritius meet on tax treaty
revision next month |
|
Delhi : The next meeting of
the much-awaited joint working group (JWG) to rework the
double taxation avoidance treaty between India and Mauritius
will be held next month here, said Commerce Minister Anand
Sharma. The JWG has had eight rounds of meeting since it was
set up in 2006 but no mutually agreeable solution has been
arrived at.
|
| EXCISE |
| Car sales skid in Dec, auto industry
seeks cut in excise duty, bikes' sales
up |
|
Delhi : Passenger car sales
in the country declined by 12.5 per cent in December last
year, the steepest fall in the last four months, due to high
interest rates, rising fuel prices and overall slowdown in
economic growth. According to the Society of Indian Automobile
Manufacturers (SIAM), domestic car sales in December last year
was 1,41,083 units, 12.5 per cent lower that 1,61,247 units
sold in the same month in 2011.The is the biggest drop since
August, 2012 when sales had declined by 18.5 per
cent.
|
| SEBI |
| Sebi notifies regulations to set up
SRO for Mutual Fund distributors |
|
Maharashtra : In a move to
regulate mutual fund distribution business, Sebi today said it
has notified regulations to set up a Self Regulatory
Organisation (SRO) to monitor distributors of mutual fund and
portfolio management products."...the Securities and Exchange
Board of India (Sebi) hereby appoints the date of this
notification as the date on which the regulations shall come
into force in relation
|
| Cos may have to compensate if price
falls within months of IPO |
|
Maharashtra : Soon companies
will think twice before aggressively pricing their issues.
Capital market regulator Sebi could ask companies to
compensate retail investors if stock prices crash within
months of their initial public offerings or IPOs. "The pricing
of IPO in this country has been an issue.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Draft regulation soon for multi-level
marketing firms |
|
Maharashtra : The government
is to soon issue draft norms on multi-level marketing
companies, to ensure more accountability.The guidelines would
make it mandatory for the companies to register in India, have
minimum paid-up capital and a guarantee scheme to pay back
consumers, if the products are not up to the mark. A
committee, formed under the Department of Financial Services,
was working on the draft and was likely to finalise these by
the end of this month, officals said.
|
| Audit & Acc -
Misc. |
| Welfare schemes' auditing may start
from March-end |
|
Delhi : The rural
development ministry has moved a step closer to real-time
evaluation of its Rs 76,000-crore development budget by
working out the details of a mechanism that will audit welfare
programmes as they are implemented. An official close to the
development said the mechanism, called the Concurrent
Evaluation Office, will become functional latest by March end.
|
| Finance & Money
Markets |
| Commex, SE chiefs spar over trade
tax |
|
Maharashtra : The chiefs of
India's commodity futures exchanges are desperately trying to
ward off growing attempts to push for the introduction of a
transaction tax on trades in bourses like MCX and NCDEX, to
offset a proposed cut in the securities transaction tax or
STT. Asia's oldest stock exchange, BSE, has pitched for a
removal of STT or a cut in the tax,
|
| Lack of trust in market biggest
hurdle in retail participation, say
experts |
|
Maharashtra : Even as Indian
equities are a widely publicised asset class, retail investors
continue to take a cautious approach towards the market, and
attracting them continues to be a challenge for the industry,
say experts representing various segments of capital
markets.Speaking at an investor conference organised by
Assocham, experts ranked lack of trust and transparency,
|
| Debt fund, equity taxation may be
aligned |
|
Maharashtra : The government
is considering bringing the tax treatment for debt mutual
funds in line with those for equity schemes. “In debt mutual
funds, the tax treatment is unequal, compared to equity mutual
funds. Equity mutual funds do not have dividend distribution
tax, etc. In debt mutual funds, there are taxes.
|
| Commodities |
| Govt to sell wheat cheap in a bid to
empty its silos |
|
Delhi : Flour millers and
biscuit makers are set to gain with the government planning to
lower wheat prices sold under the open market sales scheme
(OMSS). It's now the government's turn to hold distress sales
as it faces storage space crunch ahead of the new harvest
season. "We had allocated 6.5 million tonne for OMSS, of which
the government could find buyers for hardly 3 million tonne.
We are working out proposals to lure buyers by cutting down
the prices,"
|
| Edible oil stockists build
inventories at lower rates |
|
Maharashtra : Edible oils
prices ruled marginally weak but a smart recovery was
witnessed in the overall volume as stockists came forward with
fresh orders tracking firm futures markets. About 2,300-2,500
tonnes of edible oils – mostly palm group of oils - were
traded on Wednesday. A sharp cuts of Rs 9 for palmolein by a
leading refinery pulled down prices.Groundnut oil dropped by
Rs 5 and rapeseed oil declined by Rs 3 on better rabi crop
prospects.
|
| Gold may lose sheen in year
2013 |
|
Maharashtra : Thousands of
investors betting on gold on hopes of a prolonged rally in the
metal could be in for a disappointment this year. A healthy
global economic outlook and stronger stock market prospects
have taken some sheen off the metal. After returning 25-32 per
cent a year from 2008 to 2011, gold could now turn volatile
and even see a decline in prices, analysts said. “Year 2013
looks to be a year of uncertainty and volatility for gold,”
said Gnanasekar Thiagarajan, director at Commtrendz
Research.
|
| Silver set to outperform other metals
this year |
|
Maharashtra : Amid
expectations of a rebound in global industrial activity,
silver is set to outperform other metals this year.With the
global economy expected to expand 3.4 per cent this year,
against 3.1 per cent last year, investors have now started
focusing on silver as an alternative asset class. Last year,
against net returns of 13.04 per cent from gold, silver
provided investors 13.46 per cent returns. This year, returns
from silver are estimated at a staggering 34.8 per
cent.
|
| INTERNATIONAL
BUSINESS |
| Some JPMorgan top executives 'acted
like children' in handling derivatives bet: Jamie
Dimon |
|
JPMorgan Chase CEO Jamie Dimon said
some top executives at the largest US bank "acted like
children" in handling an errant derivatives bet that cost the
company more than $6.2 billion last year. "Instead of helping,
they were running around with their head chopped off, 'what
does this mean for me personally, how's my reputation?'"
Dimon, 56, said on Tuesday at a conference in San Francisco
hosted by the New York-based bank.
|
| Panasonic in talks to close some
businesses |
|
Panasonic Corp, Japan's largest
consumer-electronics maker, said it's in talks about closing
some businesses as the company heads toward a second straight
annual loss. Shutting divisions is a "worst-case" scenario and
the TV maker will try to secure jobs if any operations are
sold, president Kazuhiro Tsuga told reporters late on Tuesday
at the Consumer Electronics Show in Las Vegas. He didn't
elaborate on which units could close.
|
| Telecom firms reportedly in talks
over pan-Europe network |
|
Europe's top telecommunication
companies are discussing the creation of a pan-European
infrastructure network to unite the region's disjointed
national markets, according to a newspaper report on Wednesday
(9 January). The idea of sharing telecoms infrastructure was
discussed at a private meeting between JoaquÃn Almunia, the
European Union's competition chief, and bosses of Europe
biggest groups, including Deutsche Telekom, France Telecom,
Telecom Italia and Telefonica.
|
| Vodafone Africa Becomes Profit
Machine via Banking |
|
Almost two decades after Vodafone Group
Plc (VOD) entered Africa, the region -- where most people earn
less than $2 a day and mobile phone towers run on diesel -- is
turning into one of the company’s biggest profit generators.
The rising powerhouse is helping make up for Europe’s slowdown
after Chief Executive Officer Vittorio Colao last year had to
write down $9.5 billion on the value of Vodafone’s Spanish and
Italian units.
|
|
![]() |
| Economy |
| India |
| Partial diesel decontrol likely for bulk
users |
| More private investment key to development of
North East: Ghatowar |
| Auto stocks may have a difficult year ahead as
sales show no signs of pickup |
| India trims 2012/13 fuel demand forecast on slow
growth |
| India's growth - trends and
imbalances |
| HRD Ministry faces fund crunch for LPG cylinders
for mid-day meals |
| Road developers may find exit easy through delays
in eco clearance |
| Finmin order to curb Q4 spending binge to aid in
battle |
| Rangarajan sees GDP growth at close to 6% in
FY13 |
| |
| International |
| China-Japan Dispute Takes Rising Toll on Top
Asian Economies |
| Shared sacrifice – except for
CEOs |
| Basel spurs bank bond issuance to four-year
high |
| China tightens grip on IPOs to restore investor
confidence |
| |
| Markets
Today |
| NSE |
5,968.65
|
-0.05%
|
| BSE |
19,663.55
|
-0.02%
|
| NASDAQ |
3,105.81
|
0.00%
|
| |
|
|
| USD |
54.61
|
|
| EURO |
71.54
|
|
| JPY(100) |
61.97
|
|
| GBP |
87.69
|
|
|
| |
| Corporate
Watch |
| Kingfisher Airlines' employees seek closure
of cash-strapped carrier |
|
Delhi : Let down on several
occasions by unfulfilled promises to clear several months of
salary dues, the employees of Kingfisher Airlines in Delhi
have sought closure of the cash-strapped carrier by initiating
legal proceedings against the company on Thursday. Employees
of the airline's maintenance and ground support departments,
who held a meeting on Wednesday afternoon at the Delhi
airport,
|
| GeoPost to pick 40% stake in DTDC valuing
the company at Rs 475 crore |
|
Maharashtra : French express
logistics giant GeoPost Group is set to pick up a strategic
40% stake in DTDC Courier & Cargo, India's second-largest
player by revenue, valuing the company at Rs 475 crore. The
3.6-billion GeoPost Group will buy out the entire stake of
Reliance Capital in DTDC, which is managed by Reliance Private
Equity.Reliance Capital had invested Rs60-crore at the end of
2006 which has grown three times for the Anil Ambani Group,
said several people familiar with the development.
|
| Larsen & Toubro faces Rs three crore
order cut as its client GMR terminates toll road
project |
|
Maharashtra : India's biggest
engineering company Larsen & Toubro faces the prospect of
cancellation of one of its biggest road building contracts
worth almost 3,000 crore as its client GMR Infrastructure has
decided to terminate the toll road project for National
Highways Authority of India (NHAI). GMR Infrastructure has
pulled out of NHAI's biggest road project being set up at a
cost of 7,700 crore for the six-lane
Udaipur-Kishangarh-Ahmedabad segment of the national highway,
citing land acquisition, environmental clearance and toll
notification as some of the issues.
|
| India emerges as 4th biggest market for
Sony |
|
Delhi : India emerged the fourth
largest market for Sony Corp during the nine months ended
December 2012, beating the Japanese consumer electronics
maker's target of making the country its fifth biggest market
by the end of this fiscal. 'We have overtaken both Brazil and
Russia in these nine months,' Sony India Managing Director
Kenichiro Hibi said on the sidelines of the International
Consumer Electronics Show (CES), the world's biggest consumer
technology expo, in Las Vegas.
|
| Q3 results: IT bellwether Infosys may cut
revenue guidance yet again |
|
Karnataka : Infosys is widely
expected to lower revenue guidance as it enters the final
three months of what will be a forgettable year for India's
second-largest software exporter. When it announces financial
results for the third quarter on Friday, the focus will shift
to the next fiscal as IT services firms get better visibility
into anticipated technology spending by their clients in the
United States and Europe. Analysts expect the Bangalore-based
company to lower its sales growth forecast for the year to
March 2013 to at least 4% from 5% earlier.
|
| IndusInd Bank Q3 net up 30% on higher
interest income |
|
Maharashtra : Privately held
IndusInd bank kick-started the third quarter
(October-December) earnings season with a positive note.
Driven by robust growth in interest income, the Hinduja owned
bank reported 30% year-on-year rise in its net profit at Rs
267 crore for the quarter ended December 31, 2012-13.Net
interest income (NII) or the difference between interest
earned and paid out,
|
| IKEA's wait to set up shop may get
longer |
|
Delhi : To set up shop in India,
Swedish furniture maker IKEA may have to wait longer than it
had anticipated. Before sending the company’s proposal to the
Foreign Investment Promotion Board ( FIPB) in the finance
ministry, the government wants to examine it further, it is
learnt.The agenda for the next FIPB meeting, scheduled for
January 18, does not mention IKEA’s application. However, at
times, additional items are listed for FIPB meetings even a
day before the meeting.
|
| ICICI Venture raises $700 mn in
2012 |
|
Maharashtra : ICICI Venture
(I-Ven), one of India’s largest private equity entities, was
able to raise funds faster last year.In 2012, it successfully
closed a $100-million (Rs500 crore) second real estate fund,
the India Advantage Fund Real Estate Series 2. Through its
real estate and other funds,
|
| Supreme Court rejects Sahara group's plea
on refund of Rs 24,000 crore |
|
Delhi : The Supreme Court on
Wednesday dismissed Sahara group's plea for review of its
verdict directing its two firms to refund around Rs 24,000
crore to their investors with 15 per cent interest per annum.
A bench of justices KS Radhakrishnan and JS Khehar, which had
passed a slew of orders against the group on August 31, 2012,
rejected Sahara's plea.
|
| |
| Tenders
& Assignment |
Chhattisgarh State Co.operative Marketing
Federation Limited ![]() |
Description :Expression of Interest from
Interested Chartered Accountants Firms for Empanelment &
Selection of Concurrent Auditors for Procurement of Paddy
Last Date : 21/01/2013
Address :Chhattisgarh State
Co-operative
Marketing Federation Limited
Katela
Bhawan,Civil Lines,Raipur (C.G)
|
Madhya Pradesh Power Generation Company
Limited ![]() |
Description : Appointment of Chartered
Accountant Firms for Finance & Audit works
Last Date : 31/01/2013
Address :Madhya Pradesh Power
Generation Company Limited Block No.09,Shakti Bhawan, Rampur
Jabalpur 482008
|
Gujarat Urban Development Company
Limited ![]() |
Description : Offer for Internal Audit
& Pre Audit Work
Last Date :
31/01/2013
Address :Gujarat Urban
Development Company Limited Gandhi nagar Gujarat
|
South Asian University ![]() |
Description :Expression of interest for
Chartered Accountant Firms of Global / Regional (SAARC Region)
reputed to Conduct the Statutory audit of the south Asian
University for the Calendar year 2010, 2011 & 2012 &
Extendable on year to year Basis up to
2014
Last Date : 11/02/2013
Address :South Asian
University
Akbar Bhawan,Chanakyapurl,New
Delhi-110021
Phone :011-241225
|
| |
| Reminders |
| Tenders |
| Drinking Water And Sanitation Department
11/01/2013
|
| Collector Office 11/01/2013
|
| Software Technology Parks Of
India 11/01/2013
|
| District Panchayat 15/01/2013
|
| Gujarat Mineral Development Corporation
Limited 15/01/2013
|
| State Health
Society 15/01/2013
|
| Technopark 15/01/2013
|
| |
| Notifications
& Circulars |
| INCOME
TAX |
| NOTIFICATION NO.
1/2013 (Delhi) 08/01/2013
|
| Whereas the Central Government in exercise of the powers
conferred by clause (iii) of sub-section (4) of section 80-IA
of the Income-tax Act, 1961 (43 of 1961) [hereinafter referred
to as the said Act), |
| NOTIFICATION NO.
1/2013 (Delhi) 07/01/2013
|
| In exercise of its powers under clause (ii) of Para 14
read with clause (7) of Para 4 of the 'Centralized Processing
of Returns Scheme, 2011', issued vide CBDT Notification No. SO
16(E), dated 4-1-2012 |
| |
|
No comments