| Professional
News |
| INCOME
TAX |
| Every district to have Income Tax
office by 2013 |
|
Delhi : Every district in
the country will have at least one Income Tax office once the
ambitious cadre restructuring of the department is implemented
by the end of this year. The proposal was discussed at length
and approved at a recent meeting of top I-T and Central Board
of Direct Taxes (CBDT) officials as they sat down to plan the
rollout of the recent government decision which sanctioned a
large-scale cadre restructuring of the department and created
20,751 posts, in various ranks, in the I-T
department
|
| E-filing of tax audit report must for
high-income professionals |
|
Delhi : Professionals
including lawyers, doctors, film actors, singers, interior
decorators, architects and company secretaries, among others,
whose total gross receipts/turnover exceeds R1 crore and/or
whose professional annual fee income exceeds R25 lakh in a
fiscal will have to mandatory e-file the tax audit report from
the 2013-14 assessment year.According to the latest directions
issued by the income tax department, all such assessees will
need to appoint a chartered accountant (CA) who will undertake
the tax audit and e-file the same with digital signature.Any
violation or inability to e-file the same will attract a
penalty of 0.5% of the turnover/gross receipts of the assessee
subject to a maximum penalty of R1,50,000.Explaining the
reasons for mandatory e-filing of tax audit reports for such
assessees, Sanjay Agarwal,
|
| International
Taxation |
| Clause holds up India-Mauritius tax
treaty review |
|
Delhi : The India-Mauritius
Double Taxation Avoidance Agreement (DTAA) review is stuck
over differences between the two sides on the type of
limitation of benefits (LoB) clause to be inserted in the tax
treaty.The Mauritian government has suggested a "different
type" of an LoB clause under the Double Taxation Avoidance
Convention (DTAC) than what India has with Singapore. "Every
LoB is not the same. There are various types of LoBs. There
can be an LoB where expenditure can be on an annual basis,"
Rama Sithanen, chairman of International Financial Services
Ltd, told Business Standard. He is former finance minister of
Mauritius.The Indian government, however, wants the LoB
provision in the India-Mauritius DTAA to be similar to what it
has with Singapore.
|
| RBI |
| RBI Guv D Subbarao hikes interest
rates, but not quite |
|
Maharashtra : RBI has
effectively raised interest rates without touching the policy
rates, in an effort to salvage the currency — joining emerging
market peers Indonesia and Brazil — as other measures to
defend the sliding currency have so far proved futile.The
central bank raised the cost of funds to make debt securities
attractive for global investors who are being lured by rising
bond yields in the US amid talk of bond purchases tapering.
But the impact of the RBI move, which came late Monday
evening, may be muted in changing the direction of the
currency even though there could be a short-term rally.
|
| IRDA |
| IRDA allows insurers to lend
securities to the maximum extent of
10% |
|
Maharashtra : The insurance
regulator has gifted short sellers an ability to raise their
bets on stocks falling with it opening a market for lending
that will help companies raise their returns and enhance
liquidity in the market.About Rs 50,000 crores of stocks may
now be eligible to be lent to short sellers after the
Insurance Regulatory and Development Authority permitted
insurers to sell up 10% of their holdings in a particular
stock.
|
| FDI
Policy |
| Manmohan Singh to meet Cabinet
colleagues today on crucial FDI
issues |
|
Delhi : Prime Minister
Manmohan Singh has called his key cabinet colleagues on
Tuesday to take a final decision on the proposed reforms in
the foreign direct investment (FDI) policy, in an indication
that the government is keen to rush through reforms before
Parliament convenes for the monsoon session. The Department of
Industrial Policy and Promotion (DIPP) will present the
blueprint for FDI reforms based on the suggestions of the
Arvind Mayaram committee that proposed sweeping changes in the
foreign investment regime.
|
| FDI policy: Sub-brands still a worry
for single brand retailers |
|
Delhi : Will selling a
sub-brand come under multi-brand retail or single brand
retail? Global brands are seeking an answer from the
Government as many companies have put brakes on bringing
sub-brands on their retail shelves.Marks and Spencer’s, s.
Oliver, Zara are among the many global brands which are keen
to introduce their sub brands in the domestic markets, but are
unsure about the policy definition.Recently, the Foreign
Investment Promotion Board (FIPB) had given its nod to Zara’s
sub-brand Massimo Dutti to enter India. The proposal was
rejected twice earlier as the Government felt that it
exploited the existing Zara Holdings BV structure, in which
Tata also owns a 49 per cent stake.Similarly, Marks and
Spencer was also under the Government scanner for allegedly
retailing multiple brands under the single brand
label.
|
| Status quo on FDI cap for news
sectors: I&B Ministry |
|
Delhi : With divergent views
emerging from industry stakeholders on the issue of revising
Foreign Direct Investment (FDI) limit in news broadcasting and
print, the Ministry of Information and Broadcasting has
suggested that it should remain unchanged for the moment.It
has decided to seek recommendations of telecom and broadcast
regulator Telecom Regulatory Authority of India (TRAI) on the
proposal for the news broadcasting category. The Ministry has
also asked Press Council of India to give its suggestions for
the print sector. “As the process of consultations with both
TRAI and PCI would take time, the Ministry has communicated to
Department of Industrial Policy and Promotion (DIPP) that the
existing limits of FDI caps and entry routes in the print and
broadcasting sectors may continue and status quo in the
interim be maintained as prescribed in the consolidated FDI
Policy 2013,” the Ministry said in a statement.
|
| Finance & Money
Markets |
| Rupee declines most in a week as
inflation quickens |
|
Maharashtra : India’s rupee
dropped the most in a week as a report showed inflation
accelerated, limiting the central bank’s scope to ease
monetary policy. Wholesale prices rose 4.86% in June from a
year earlier, compared with a 4.7% increase in May, official
data showed on Monday. Price-increases had slowed in the four
months through May. Consumer price-inflation quickened to
9.87% last month from 9.31%, while industrial output
unexpectedly contracted in May, official figures showed 12
July. The rupee will weaken in the coming months as the US
will pare stimulus this year, according to Emirates NBD
PJSC.
|
| Government's no-new contract diktat
puts NSEL in a spot |
|
Maharashtra : A question
mark hangs over the fate of contracts running into thousands
of crores traded on the National Spot Exchange (NSEL). The
consumer affairs department in a letter dated July 12 has
sought an undertaking from the exchange that no further
contracts will be launched and all existing contracts should
be settled on their due dates, according to an official aware
of the development."There has been correspondence between the
department and exchanges between April and May and the letter
sent (on Monday) is the outcome of that," the person
added.
|
| India-dedicated funds, ETFs pull out
4,338 crore in June |
|
Maharashtra :
India-dedicated offshore funds and exchange-traded funds
pulled out 4,338 crore ($723 million) from the Indian capital
markets in June, reinforcing the growing scepticism among
global investors about the India growth story. Provisional
data from independent investment research firm Morningstar
shows about 120 India-focussed funds as well as
exchange-traded funds turned net sellers on Indian markets
last month amid concerns over the stability of the rupee,
which has lost over 10% of its value against the dollar in the
three months to June.
|
| Commodities |
| Prospects of monetary stimulus fuel a
fresh gold rally |
|
Delhi : Gold extended its
biggest weekly jump since 2011 and other precious metals
rallied on prospects the US will maintain monetary stimulus.
The Australian dollar gained and Asian stocks fell ahead of
data economists project will show China's economy slowed in
the second quarter.Gold climbed 0.2% to $1,288.02 an ounce by
10:20 am in Tokyo,
|
| MERGER &
ACQUISITION |
| JSW steel eyes stake in Sandur
Manganese and Iron Ores |
|
Maharashtra : JSW Steel
owned by billionaire Sajjan Jindal, is in talks to purchase a
significant stake in Sandur Manganese and Iron Ores in
Karnataka to improve its access to iron ore and cut logistics
costs, two people with direct knowledge of the development
said. "JSW is in talks to buy a significant stake of the
promoter in Sandur Manganese at a considerable premium to its
current market price," said an investment banker with direct
knowledge of the deal. He declined to provide further details
as the deal is yet to be closed. The promoters, who own 74.15%
stake in the company, have appointed investment banker
Edelweiss Financial Services to scout for a buyer.
|
| Eka Software picks up 120 crore stake
in MatrixGroup |
|
Karnataka : Within months of
an overseas acquisition, commodity software maker Eka Software
Solutions has bought a significant stake in Australia-based
MatrixGroup to expand its expertise in supply-chain management
technology as well as to widen its customer base.The
Bangalore-based company will pay about $20 million (Rs 120
crore) in an all-cash deal that is expected to deliver key
clients-such as Rio Tinto, BMA and BlueScope-according to a
person with direct knowledge of the deal. "This investment
helps us further deepen our reach in supply chain, especially
in bulk handling of commodities," said Manav Garg, 39, a
former commodity trader who founded Eka in 2004. Garg
confirmed the deal but declined to provide the financial
terms.
|
|
 |
| Economy |
| India |
| WPI inflation at three-month high on food
prices |
| Government likely to review bilateral trade
pacts, FTAs to reassess gains |
| Mid-sized IT firms may post moderate growth in
June quarter |
| Iron ore imports sink 78% in April-June on high
local supply |
| Govt puts infra projects on fast
track |
| |
| International |
| Economy skids dangerously close to
contraction |
| Russia Economy Minister Doesn't Expect
Recession-Report |
| Britain's economy is 'turning a page', says Nick
Clegg |
| China's GDP growth slows to 7.5%, tests reform
push |
| |
| Markets
Today |
| NSE |
5,955.25
|
|
| BSE |
19,851.23
|
|
| NASDAQ |
3,607.49
|
|
| |
|
|
| USD |
59.33
|
|
| EURO |
77.84
|
|
| JPY(100) |
59.42
|
|
| GBP |
89.57
|
|
|
| |
| Corporate
Watch |
| Jet, Etihad dilute three crucial clauses in
shareholder agreement to pacify SEBI,
FIPB |
|
Maharashtra : Jet Airways and
Etihad have reworked their shareholder agreement following
stiff opposition from regulators and the government regarding
some provisions that appeared to give minority partner Etihad
substantial say in the running of the airline. Three critical
clauses in the shareholder agreement have been watered down to
pass muster with markets regulator Securities and Exchange
Board of India (Sebi) and the Foreign Investment Promotion
Board ( FIPB), which deferred approval to the investment last
month.
|
| TAM mess: Top advertisers give TV networks
midnight deadline |
|
Maharashtra : Some of the country's
top advertisers, including Dabur, Hindustan Unilever Ltd
(HUL), Marico, Procter & Gamble, L’Óreal, Godrej Consumer
and Coca-Cola, will pull out their ads from eight large
television groups beginning Tuesday. The move, the full impact
of which will be visible in two days from the date of
cancellation, follows nearly a month-long stand-off between
the two sides over frequency of TV ratings to be given by
service provider TAM Media Research to its subscribers.The
eight broadcasters are: STAR India, Multi Screen Media (MSM),
Discovery, NDTV, Network18, Viacom 18, BAG and the ZEE
Network.Another 20 to 22 advertisers from auto, telecom and
consumer electronics are expected to follow suit this Thursday
(July 18) in protest against the demand for monthly ratings by
these broadcasters.
|
| Tata Global Beverages aiming at $5 bn
turnover |
|
West Bengal : Tata Global Beverages
is targeting a $5 billion turnover in the next three years, a
top company official said here Monday.'We aim to hit five
billion dollars turnover in the next three years,' company
vice chairman R.K. Krishna Kumar told media persons after Tata
Global Beverages 15th annual general meeting here.CEO and
managing director Harish Bhat said the company was pushing for
'ambitious growth' through both organic and inorganic
means.'We have a very ambitious growth plan. We will continue
to invest strongly in all our brands, as well as we are
looking to grow through acquisitions and joint ventures,' said
Bhat though he refused to divulge details about the company's
future acquisitions.Despite being unprofitable, the company
will continue investing in the Tetley brand in Pakistan and
Bangladesh markets
|
| |
| Tenders
& Assignment |
State Horticulture Mission - Patna
Bihar  |
Description :Providing of
Chartered Accountant Services on contract basis.
Last Date : 22/07/2013
Address :Barrack No.13,Main
Secretariat Campus, Patna-800001 Phone
:0612-2521776 E-Mail :md-hort-bih@nic.in
|
| Orissa State Warehousing Corporation
|
|
Description :Engagement of
Part time Chartered Accountant Firm in tho Corporato Office of
OSWC
Last Date : 25/07/2013
Address :Plot No.2 Cuttack
Road,Bhubaneswar-751006
|
| District Health Society - Simdega
Jharkhand |
|
Description :Hiring of CA
firm for carrying out concurrent audit on monthly basis
support in maintenance of accounts of DRHS office
Last Date : 26/07/2013
Address :Civil Surgeon Office,Sadar
Hospital,Simdega
Phone :06525-225004
|
| State Aids Control Society - Gujarat
|
|
Description :Expressions of
interest CAG empanelied chartered accountant firms to conduct
– the statutory audit of State Aids control society, internal
audit of NGOs & peripheral units under state Aids control
society for financial year 2013-14 engagement initially for
one year
Last Date : 31/07/2013
Address :Daman & Diu State AIDC
Control Society 2nd Floor,CHC Campus,Fort Area,Moti
Daman-396220
|
| Income Tax Department |
|
Description :Qualified
chartered accounts/firms of CAs for Empanelment to carry out
special audit U/S 142 (2A) of IT act 1961
Last
Date : 31/07/2013
Address
:Income Tax Department.Central Revenue
Building,I.P.Estate,New Delhi-110002
|
| Andrew Yule And Company Limited |
|
Description :Reputed audit
firms for selection of internal audit for our different
division & subsidiary company.
Last Date
: 31/07/2013
Address :Andrew
Yule And Company Limited,8, Dr. Rajendra Prasad Sarani,
Kolkata–700001
|
| National Institute Of Fashion
Technology |
|
Description :Appointment Of
NIFT Internal Auditor In National Institute Of Fashion
Technology, Hauz Khas, For The Financial Year 2013-14
Last Date : 31/07/2013
Address :National Institute Of
Fashion Technology,2nd Floor, Administrative Block, NIFT
Campus, Hauz Khas, Near Gulmohar Park, New Delhi – 110016.
|
| Department Of Education - Bhopal Madhya
Pradesh |
|
Description :Providing of
chartered accountant service.
Last Date
: 02/08/2013
Address
:Department Of Education
Bhopal,Madhya Pradesh
|
| Headquarters [ Indep ] Sub Area |
|
Description :CA Audit of
Golden Lion canteens located at the financial year from 010
April 2013 to 31 March 2014
Last Date
: 05/08/2013
Address :Multi
Location - Multi State
|
| |
| Reminders |
| Tenders |
| Institute Of Cost Accountants Of
India 17/07/2013
|
| Madhya Pradesh Poorv Kshetra Vidyut Vitaran
Company Limited 17/07/2013
|
| Chennai Corporation Aids Prevention And Control
Society 17/07/2013
|
| Jammu And Kashmir State Aids Prevention And
Control Society 17/07/2013
|
| Burn Standard Company
Limited 18/07/2013
|
| Madhya Pradesh Paschim Kshetra Vidyut Vitaran
Company Limited 18/07/2013
|
| National Safai Karamcharis Finance &
Development Corporation 18/07/2013
|
| National Rural Health Mission -
Dehradun 20/07/2013
|
| Uttarakhand Health & Family Welfare
Society 20/07/2013
|
| State Health Society - Patna -
Bihar 22/07/2013
|
| Oil And Natural Gas Corporation
Limited 22/07/2013
|
| State Aids Control Society - Ranchi
Jharkhand 22/07/2013
|
| Security Printing
Press 23/07/2013
|
| Eastern Investments
Limited 23/07/2013
|
| |
| Notifications
& Circulars |
| RBI |
| Notification
No.RBI/2013-14/140 (Delhi) 16/07/2013
|
| Marginal Standing Facility Rates |
| Notification
No.RBI/2013-14/136 (Delhi) 15/07/2013
|
| Unsolicited Commercial Communications – National Customer
Preference Register (NCPR) |
| Notification
No.RBI/2013-14/137 (Delhi) 15/07/2013
|
| External Commercial Borrowings (ECB) Policy Repayment of
Rupee loans and/or fresh Rupee capital expenditure – USD 10
billion Scheme |
| Notification
No.RBI/2013-14/138 (Delhi) 15/07/2013
|
| Bank Rate |
| Notification
No.RBI/2013-14/139 (Delhi) 15/07/2013
|
| Revision in Bank Rate |
| Notification
No.RBI/2013-14/135 (Delhi) 12/07/2013
|
| Know Your Customer Norms/Anti-Money Laundering
Standards/Combating of Financing of Terrorism/Obligations
under PMLA, 2002 |
| |
|
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