| Professional
News |
| INCOME
TAX |
| Get ready to pay 1% TDS on Rs 50L
flat from June |
|
Delhi : Lakhs of people who
have booked under-construction apartments costing over Rs 50
lakh have a big tax headache coming up their way. While making
payments to builders, they will have to deduct 1% of the deal
value as tax after June 1, and also go through the onerous
task of depositing tax and filing returns.As many as 4.5-5
lakh homes are expected to be delivered in 2013, according to
Property research firms Liases Foras and PropEquity as well as
property consultancy CB Richard Ellis. The Finance Bill 2013
has proposed that purchaser of an immovable property (other
than agricultural land) worth over Rs 50 lakh is required to
pay withholding tax at the rate of 1% from the consideration
payable to a resident transferor.
|
| International
Taxation |
| Resolution on DTAA with India likely
by April |
|
Delhi : India and Mauritius
are working to find solutions to their differences on Double
Taxation Avoidance Agreement (DTAA) and the issue could be
resolved by April, when the two sides meet in New
Delhi.Mauritius Prime Minister Navinchandra Ramgoolam said he
had discussed the issue of DTAA with visiting President Pranab
Mukherjee during delegation-level talks held here on
Tuesday."We spoke about the Double Taxation Avoidance
Agreement. We have already found some common ground to find a
solution. This is going to come to an end in April," he said
in the presence of President Mukherjee after attending a
ceremony where several pacts on health, medicine, tourism were
signed.The India-Mauritius Joint Working Group met in
December, 2011, and again in August, 2012, to discuss concerns
on the operation of the India-Mauritius Double Taxation
Avoidance Convention.
|
| EXCISE |
| Praful Patel bats for SUV duty hike
relief |
|
Delhi : Batting for domestic
car makers who are in the midst of the worst sales dip in a
decade, Praful Patel, the heavy industries minister, has urged
the finance minister, P Chidambaram to limit the 3% excise
duty hike on sports utility vehicles (SUVs) to a year, and
keep models priced below R10 lakh out of its ambit. The move
is being seen as a welcome relief for the auto industry as
sub-R10 lakh SUVs account for 85% of sales in the segment,
with demand growing in both rural and urban markets. FE was
the first to report that the heavy industries ministry was
contemplating such a move in edition dated March 8.
|
| RBI |
| Expect 25bps rate cut in March policy
by RBI |
|
Delhi : Angel Broking has
come out with its report on "IIP updates for January 2013".
The research firm expects a 25bps cut in the repo rate by the
RBI in its March 19 policy review owing to the moderation in
growth and deceleration of WPI inflation along with efforts to
narrow the fiscal deficit.As per Quick Estimates on the Index
of Industrial Production (IIP), industrial growth in January
2013 improved to 2.4% yoy as compared to a de-growth of 0.5%
yoy in December 2012 and 1.0% yoy growth in January 2012.In
the April January period of FY2013, the index reported a flat
0.9% yoy growth as compared to 3.4% yoy growth in the
corresponding period of the previous year.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Road developers may get easier exit
options |
|
Delhi : The finance ministry
has agreed to a proposal by the road ministry and the National
Highway Authority of India (NHAI) to allow developers easier
exit options. Once the proposal gets a Cabinet nod, it would
allow concessionaires to exit road projects at any point of
time. For instance, concessionaires would be able to leave the
project whenever they think it has turned unviable or are
unable to handle them due to financial reasons. However,
concessionaires would need to get the lender's clearance
before exiting the project if financial closure has been
achieved. Another condition placed on the concessionare is
that it would have to get a replacement in the project. Once
this mechanism is put in place, the NHAI would not forfeit the
performance bank guarantee and the concessionaire would not
drag the government into any litigation.
|
| DoT firm telcos must own spectrum to
offer 3G services |
|
Delhi : Bharti Airtel,
Vodafone India and Idea Cellular may have to stop offering 3G
roaming in areas where they do not have spectrum by the end of
the month.The Department of Telecom has prepared a notice to
this effect that is expected to be sent to the operators over
the next few days.The operators will also be asked to pay a
penalty for violating the licence condition by offering 3G
services in places where they did not own spectrum.This has
huge implications for the three operators as they will lose
their pan-India 3G footprint at a time when archrival Reliance
Jio Infocomm is gearing up to launch its data and voice
services based on 4G technology across the country.
|
| Finance & Money
Markets |
| Small savings will fetch less from
April 1 |
|
Delhi : Returns on small
savings in post office and PPF instruments are set to dip in
the new financial year. The Finance Ministry will announce
before April 1 the new rates for Post office Saving Schemes,
National Savings Schemes (NSC) and Public Provident Fund
(PPF).Based on the recommendations of the Shyamala Gopinath
panel, the new rates will now be aligned to the rates on
government bonds of similar maturities with a spread of 25
basis points (or 0.25 percentage points). But there are two
exceptions. The spread on the 10-year NSC and the Senior
Citizens Savings Scheme would be 100 basis points.There had
been two hikes in interest rates earlier, one effective
December 1, 2011, and the other from April 1, 2012.
|
| India’s Rupee Strengthens on Factory
Output, Exports Optimism |
|
Delhi : India’s rupee
strengthened, after dropping the most in a week yesterday, on
signs exports and factory output in Asia’s third-largest
economy are improving. The trade deficit narrowed to $14.9
billion in February from about $20 billion the previous month,
official data showed yesterday, as exports rose 4.2 percent
from a year earlier, the fastest pace in 12 months. Industrial
production increased 1.3 percent in January after contracting
in the previous two months, according to the median of 28
estimates in a Bloomberg survey before a report due around 11
a.m. in New Delhi.
|
| Commodities |
| Gold Sales From Soros Reveal 12-Year
Bull Run Decay |
|
Delhi : Gold’s worst start
to a year in a quarter century and the biggest sales by
investors on record are increasing concern that bullion’s
longest rally since the end of World War I is ending.
Investors sold 106.2 metric tons valued at $5.4 billion from
exchange-traded products in February, the most since their
creation in 2003, data compiled by Bloomberg show. Another
26.1 tons was cut since then. Credit Suisse Group AG and
Barclays Plc say the 12-year rally will peak in 2013 and
billionaire George Soros reduced his stake in the biggest ETP
by 55 percent in the last quarter. Prices are within 5 percent
of a bear market after the longest run of monthly losses since
1997.
|
| MCX-SX fails to make
impact |
|
Maharashtra : The latest
national exchange MCX-SX has not managed to gain a market
share of even one per cent in terms of turnover in one month
of its existence. The exchange was launched on February 9 by
Finance Minister P.Chidambaram and went live from February 11.
The average daily turnover of MCX-SX since its inception
stands at Rs 99.52 lakh in the cash segment and Rs 81.27 crore
in the F&O segment. LONG WAY TO GO The turnover improved
in recent times after the exchange introduced a liquidity
enhancement scheme to incentivise brokers and members with
attractive cost reductions and benefits.
|
| MERGER &
ACQUISITION |
| Komatsu set to buy out L&T Stake
in joint venture, deal likely to be valued at Rs 600-700
crore |
|
Maharashtra : Larsen &
Toubro (L&T) is in the final stages of negotiations to
sell its 50% stake to Japanese partner Komatsu in their
hydraulic equipment manufacturing joint venture, L&T
Komatsu. The decision signals the Mumbai-headquartered firm's
desire to exit non-core businesses at a time its core
engineering and construction operations are under severe
stress.L&T Chairman AM Naik and top officials from Komatsu
were engaged in hectic negotiations in Mumbai last week and
have agreed on a valuation of Rs 600-700 crore for the
business. JP Nayak, advisor to the chairman and the key
architect behind the restructuring plan, was also part of the
talks.
|
| |
| Reminders |
| Tenders |
| Assam Agricultural Competitiveness
Project 14/03/2013
|
| State Health
Society 14/03/2013
|
| Zilla Panchayat -
Haveri 14/03/2013
|
| National Rural Health
Mission 14/03/2013
|
| National Rural Health
Mission 15/03/2013
|
| Rural Development
Department 15/03/2013
|
| Mahanadi Coalfields
Limited 15/03/2013
|
| Municipal Council 15/03/2013
|
| Industrial Investment Bank Of India
Limited 15/03/2013
|
| Panchayat And Rural Development
Department 15/03/2013
|
| Zilla Panchayat-Raichur
Karnataka 18/03/2013
|
| Karnataka State Pollution Control
Board 18/03/2013
|
| State Project Facilitation
Unit 19/03/2013
|
| Rural Development And Panchayati Raj Department -
Khanapur Taluk 19/03/2013
|
| Rural Development And Panchayati Raj Department -
Athani 19/03/2013
|
| Rural Development And Panchayati Raj Department -
Saudatti taluk 19/03/2013
|
| Rural Development And Panchayati Raj Department -
Ramdurg Taluk 19/03/2013
|
| Rural Development And Panchayati Raj Department -
Raibag taluk 19/03/2013
|
| Rural Development And Panchayati Raj
Department 20/03/2013
|
| Municipal Corporation-Bhilwara
Rajasthan 20/03/2013
|
| Rural Development And Panchayati Raj
Department 20/03/2013
|
| Mysore Paper Mills
Limited 20/03/2013
|
| |
| Notifications
& Circulars |
| CUSTOMS |
| Notification No. 29/2013-Customs
(N.T.) (Delhi) 11/03/2013
|
| Amendments in the Customs Notification No. 61/1994(NT)
dated 21/11/1994 regarding CUSTOMS AIRPORTS |
| RBI |
| Notification
No.RBI/2012-13/435 (Delhi) 12/03/2013
|
| “Write-off” of unrealized export bills – Export of Goods
and Services – Simplification of procedure |
| |
|
![]() |
| Economy |
| India |
| Plan ready to compile inter-state trade
data |
| Scope for easing monetary policy |
| Railways on track to miss even revised revenue
targets |
| Hiring intentions remain optimistic for the
upcoming quarter |
| IIP reverses trend, grows 2.4% after 2-month
slump |
| Feb retail inflation at a high of
10.9% |
| Slowdown effect: Banks’ home loan growth slips to
12.3% in Jan |
| |
| International |
| U.K. Industrial Output Drop Fuels Triple-Dip
Concerns |
| Italy enters euro zone’s worst
recession |
| |
| Markets
Today |
| NSE |
5,851.20
|
-1.06%
|
| BSE |
19,362.55
|
-1.03%
|
| NASDAQ |
3,242.32
|
-0.32%
|
| |
|
|
| USD |
54.33
|
|
| EURO |
70.64
|
|
| JPY(100) |
56.75
|
|
| GBP |
81.30
|
|
|
| |
| Corporate
Watch |
| Where Reliance is investing its
money |
|
Maharashtra : Reliance Industries,
the country's largest company, is expanding investment in its
telecom and retail businesses by up to Rs 6,500 crore a year
for the next five years, beginning April 1.By the end of five
years, the company will invest close to an additional Rs
13,500 crore in telecom and another Rs 19,500 crore in the
retail business, say analysts. While Reliance did not disclose
plans for 2013-14,
|
| Kotak Mahindra raises Rs 490 cr for
infrastructure PE fund |
|
Maharashtra : The Kotak Mahindra
group announced the first close of its infrastructure private
equity fund on raising commitments of about Rs 490 crore. In
addition to Kotak, commitments have been received from the
Sumitomo Mitsui Banking Corporation, Japan (SMBC), an
affiliate of Brookfield Asset Management (Brookfield), Japan
Bank for International Cooperation (JBIC) and a leading
insurance group,
|
| LIC open to buying over 15% stake with govt
nod |
|
Maharashtra : Life Insurance
Corporation of India (LIC) will stay within the 15% limit laid
down by the insurance regulator for equity investments in
companies but might buy a higher stake if it was to spot a
good opportunity, chairman DK Mehrotra said on Tuesday.“We
always go to the owners, the government, and we put before
them our requirements. They have been good enough to give us a
clearance when it was required.
|
| Tata Steel buys iron deposits in
Canada |
|
Maharashtra : Tata Steel today
today bought majority stake in the iron ore resources
belonging to Canadian company Labrador Iron Mines for 30
million Canadian Dollars (Rs 163 crore). As per this strategic
deal, Labrador Iron will transfer 51% stake in its Howse
deposit to Tata Steel Minerals Canada (TMSC). The Howse
deposit is estimated to have 28 million tonnes of iron ore
resources. In turn, Tata will transfer its 'Timmins 4' deposit
having resource of 1.7 million tons to Labrador for 3 million
Canadian Dollars (Rs 16.3 crore).
|
| |
| Tenders
& Assignment |
Zilla Panchayat-Gadag - Karnataka ![]() |
Description :Seeking Expression of
Interest from Chartered Accountant Firms to provide
professional support to Gram panchyats on maintenance of
accounts in Double Entry System.
Last Date
: 15/03/2013
Address :Zilla
Panchayat, Gadag - Karnataka
Phone
:08372-234375
|
Zilla Panchayat- Uttara Kannada
Karnataka ![]() |
Description :Seeking expression of
Interest (EOI) from Chartered Accountant Firms to provide
professionals support to Gram Panchayats on maintenance of
accounts in Double Entry System
Last Date
: 18/03/2013
Address :Zilla
Panchayats, Karwar Uttar Kannada District
Phone :08382
|
Jammu And Kashmir Rural Road Development
Agency ![]() |
Description :Conduction audit on monthly
annual accounts with balance sheet for the year 2011-12 under
programme fund & administrative expenses fund funded.
Last Date : 18/03/2013
Address :Empowered Office PMGSY
(JKRRDA) Civil Secretariat J&k Jammu
|
Zilla Panchayat-Koppal Karnataka ![]() |
Description :Seeking Expression of
Interest from Chartered Accountant Firms to provide
professional support to Gram panchyats om maintenance of
accounts in Double Entry System.
Last Date
: 18/03/2013
Address :Chief
Executive Officer,Zila Panchayats, Koppal District Koppal
Karnataka
Phone :221226
|
KARNATAKA COOPERATIVE MILK PRODUCERS’ FEDERATION
LTD ![]() |
Description :Engaging the services of
Chartered Accountants for pre-audit work
Last
Date : 19/03/2013
Address
:KMF Complex, Dr MH Marigowda Road, D.R.College Post,
Bangalore 29
Phone :25536209
E-Mail :kmf@sify.com
|
HP State Health & Family Welfare
Society ![]() |
Description :Hiring services of Chartered
Accountant firms for statutory audit of state health society
(SHS) & district health society (DHS) for the financial
year 2012-13 under national rural health mission (NRHM)
Last Date : 20/03/2013
Address :Mission Director,
HP
State Health & Family Welfare Society,
SH & FWS,
Govt. of Himachal Pradesh
Phone
:0177-2624505
|
Rural Development And Panchayati Raj Department-
Hospet Taluk ![]() |
Description :Procurement of Services of
Chartered Accountants for Accounting in Grama Panchayats in
Hospet Taluk.
Last Date : 20/03/2013
Address :Bellary - Karnataka
Phone :91-8392-266752
|
Samajik Suvidha Sangam ![]() |
Description :Empanel chartered accountant
firms initially for one year.
Last Date
: 28/03/2013
Address
:GOVERNMENT OF NCT OF DELHI
B- Block, Vikas
Bhawan, Upper Bela Road Civil Line, Delhi- 110054
|
Sardar Sarovar Narmada Nigam Limited
![]() |
Description :Appointment Of Chartered
Accountants For Internal Audit Work.
Last Date
: 31/03/2013
Address :Sardar
Sarovar Narmada Nigam Limite Gandhinagar Gujarat
|
Shipping Corporation Of India Limited
![]() |
Description :Appoitment of Chartered
Accountants Firms/Construction of. For Scrutiny of Agents
Accounts.
Last Date : 02/04/2013
Address :Shiping House, Liner &
Passenger Service Division 15th Floor, 245, Madame Cama Road,
Mumbai- 400021
|
Northern Coalfields Limited ![]() |
Description :Expression Of Interest For
Empanelment Of Cost Accountant Firms For Statutory Cost Audit
In Northern Coalfields Limited, For Cost Audit For Companies
(Cost Audit Report) Rules,2011 For The Year
2013-14.
Last Date : 02/04/2013
Address :Northern Coalfields Limited,
P.O.-Singrauli Colliery, Dist.-Singrauli (MP), Pin: 486 889
|
Zilla Panchayat - Bagalkote -
Karnataka ![]() |
Description :Seeking expression of
Interest (EOI) from Chartered Accountant firms to provide
professionals support to Gram panchayats on maintenance of
Accounts in Double Entry System
Last Date
: 02/04/2013
Address :Zilla
Panchayat,Bagalkote - Karnataka
Phone
:08354-235571
|
Madhya Pradesh State Agro Industries Development
Corporation Limited ![]() |
Description :Appointment of internal
auditors for the financial year 2012-13 & 2013-14.
Last Date : 10/04/2013
Address :Panchanan, 3rd Floor,
Malviya Nagar, Bhopal-462 003
Phone
:0755- 2551756
E-Mail :mpagrohobpl@gmail.com
|
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