| Professional
News |
| INCOME
TAX |
| CBDT moves to limit carry forward of
loss forward of losses |
|
Delhi : In a move that will
limit the carry forward of losses by businesses to reduce
their tax liability in subsequent years, the revenue
department has issued a ‘departmental view’ on how to set off
losses while calculating the taxable income. The circular is
in line with a Kerala HC judgment favouring the department,
but not in line with the judgments of the HCs of Bombay, Delhi
and Karnataka in the last three years that went in favour of
taxpayers.This will restrict the tax planning freedom of a
business that enjoys profit-linked cuts. With these deductions
already phased out in many areas, SEZ, export-oriented unit
(EOU), STPI units that can claim these for defined periods of
time are the ones to be most adversely impacted by the CBDT
move.
|
| Tax benefit for skill development
available only on new recruits’ |
|
Delhi : The benefit of
deducting one and a half times the spending on skill
development of employees when businesses calculate their
taxable income will be available only if spent on new
recruits, the finance ministry said on Thursday.According to
the rules the revenue department notified on July 15 for
granting the benefit of weighted deduction of 150% of the
spending on skill development projects to companies, spending
on existing employees will not be eligible if their training
starts after six months of recruitment.The finance ministry
had announced the benefit in the 2012 Union Budget by
introducing section 35CCD in the Income Tax Act,
1961.
|
| Staff crunch may burn Rs 15,000-cr
hole in direct tax mop-up |
|
Delhi : Direct tax
collection may fall short by Rs 15,000 crore due to manpower
shortage, the Income-Tax Gazetted Officers Association
apprehends. Suggesting filling up nearly 1,350 additional
posts of Group A officers by promoting Group B Income Tax
Officers, A. Sitarama Rao, President of the Association, said,
“With just 50 per cent of the sanctioned strength of these
commissioners, how on earth will the Government narrow its gap
between revenue and expenditure to 4.8 per cent in 2013-14 and
three per cent by 2016-17?”At a press conference here on
Thursday,
|
| Misc. - Direct
Tax |
| Parthasarathi Shome to head panel to
hear industry’s tax issues |
|
Delhi : The finance ministry
on Thursday constituted a forum that will interact with
industry groups on a regular basis on tax-related issues or
disputes, indicating the government's intent to dispel the
fears of aggressive taxation. The group will be headed by
Parthasarathi Shome, adviser to the finance minister, and will
meet every Wednesday. The first meeting is scheduled for
August 7. In the recent past, the government has been involved
in tax disputes with some big multinational companies such as
Vodafone, Nokia and Shell. The forum, however, is specifically
for industry groups and not for company specific complaints.
|
| SEBI |
| Sebi empowered to clamp down on ponzi
schemes |
|
Delhi : The government
passed an ordinance late on Thursday night to empower the
securities market watchdog to effectively regulate all
collective schemes of corpus of over Rs 100 crore. The
emergency law, which will have to be approved by the
parliament when it convenes for the monsoon session next
month, will give Sebi powers to attach assets if its
directions are ignored. In addition, the Sebi chairman will
have powers to authorise search and seizure operations to
clamp down on ponzi schemes. President gave his approval to
the ordinance on Thursday.
|
| RBI |
| RBI rejects majority bids for bond
sales |
|
Maharashtra : Two days after
liquidity tightening measures intended to support the rupee
disrupted the money markets, the Reserve Bank of India (RBI)
on Thursday rejected a majority of the bids it received at its
open market bond sale intended to suck out liquidity from the
market. The RBI accepted bids worth R2,532 crore, a fraction
of the R12,000-crore worth of bonds it had offered to sell
through the open market operation (OMO) auction.Bankers
indicated that some of the bids may have come in below current
market yields, which could have been the reason for the RBI
rejecting the bids. They added that the rejection of bids at
the treasury
|
| RBI, government's steps fail to stop
rupee fall |
|
Maharashtra : The rupee fell
for a second session on Thursday due to dollar demand from
companies and importers and is now close to wiping out the
gains it notched since the Reserve Bank of India’s (RBI)
unexpected measures to shore up the currency.RBI’s move to
raise an emergency funding rate and cap the amount that banks
can borrow from it, announced on Monday, followed by the
government’s relaxation of foreign investment limits in some
sectors, have so far had only limited impact on the rupee.RBI
rejected most bids at its open market sale of bonds on
Thursday, likely due to high yields demanded by the market.
.
|
| FDI
Policy |
| Panels divided over redefining FDI,
FII |
|
Delhi : Even as the finance
ministry plans to draw a distinction between foreign direct
investment (FDI) and foreign institutional investor (FII), the
two high-level committees that examined the issue have
differed on certain aspects of classifying foreign
investments. Sources said the KM Chandrashekhar committee
proposed that foreign venture capital investor (FVCI) be kept
as a separate class, distinct from foreign portfolio investor
(FPI), while the panel led by DEA secretary Arvind Mayaram
opines that the very purpose of redefining FDI/FII is to merge
FII, sub-accounts, QFIs and FVCI into a new investor class
called FPI.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Maharashtra mulls new sugarcane
Act |
|
Maharashtra : The
Maharashtra government has proposed to bring in a new law for
the purchase and supply of sugarcane in the state.The proposed
Act would be on the lines of the Karnataka Sugarcane
(Regulation of Purchase and Supply) Act, 2013. The decision in
this regard was taken on Wednesday at a meeting between the
state government and representatives of cooperative sugar
factories.The Karnataka government has proposed the
establishment of a Sugarcane Control Board comprising
ministers, bureaucrats, sugarcane growers and factory
owners.Maharashtra, however,
|
| Finance & Money
Markets |
| Ashok Leyland to cut wages, reduce
debt |
|
Tamil Nadu : Ashok Leyland
Ltd, the flagship commercial vehicles maker from the Hinduja
Group, is planning to cut capital expenditure (capex) for
2013-14 massively besides downsizing the wage bill and selling
non-core assets to improve the cash flow and bring down debts.
The company has set aside a capex of around Rs 450 crore for
the current financial year, sharply down from the Rs 1,545
crore it spent in 2012-13. Dheeraj G Hinduja, chairman of
Ashok Leyland, said the company needed to optimise cash and
delay implementing the capex till the market review. He noted
that the commercial vehicles sales were down 25 per cent this
year.
|
| IDBI Bank seeks R3k-cr infusion as
net dips 28% |
|
Delhi : IDBI Bank on
Thursday reported a 28% y-o-y fall in net profit to R307 crore
in the first quarter of 2013-14 due to higher provisioning for
bad loans and subdued credit growth, offsetting the gains from
treasury operations and portraying a bleak outlook. The bank
has approached the government for a capital infusion of R3,000
crore to shore up its Tier-I capital to over 8% from the
current 7.36%. “The amount of recapitalisation is yet to be
decided. Whatever the government provides, the remaining will
be raised from the market,” said IDBI Bank chairman MS
Raghavan.
|
| Short-sale charges knock wind out of
NSEL, turnover plunges |
|
Delhi : Hit by charges of
short-sale on its platform, the National Spot Exchange (NSEL)
has witnessed a sharp drop in turnover since Tuesday, when the
government asked it not to launch any new products until
further orders. The development comes at a time when the
Multi-Commodity Exchange (MCX), the futures exchange promoted
by NSEL’s owner Financial Technologies (India), is also
witnessing a drop in turnover following the imposition of
0.01% commodity transaction tax (CTT). The average daily
turnover at NSEL in the last two days dropped 41% to R381.85
crore compared with R643.27 crore in the first half of July,
according to exchange data. NSEL — a subsidiary of Financial
Technologies (India) — had a 99.78% share in the country's
|
| Bulls bet on options to cash in on
'limited' rise in RIL |
|
Maharashtra : Betting that
RIL, whose share has moved up 6.4% so far this month, could
offer a bit more upside after its quarterly results on Friday,
brokers are recommending a limited reward-unlimited risk
strategy (unless stop loss is placed) to certain wealthy
clients. The risk is higher-than-expected volatility in share
price could upset their calculations.Known as bull ratio
spread, it involves the purchase of a July call option lot
(250 shares) with a strike (price above which option can be
settled) of 920
|
| Gold exchange-traded funds lose
appeal as prices tumble |
|
Maharashtra : Assets under
management of gold exchange-traded funds fell for a third
month in a row in June, signalling that investors in the
world's biggest consumer of gold are not showering the same
affection on paper gold. Data released by the Association of
Mutual Funds in India showed assets under management of gold
ETFs at Rs 9,612 crore in June, down 20% from their January
peak of Rs 12,057 crore.
|
| Commodities |
| Edible oil market deals hit by
bearish outlook |
|
Maharashtra : Edible oils
market witnessed a mixed trend on Thursday, tracking excellent
progress in sowing of kharif crops and expectation of pressure
on Malaysian palm oil futures as peak production season is
fast approaching, said traders. In Mumbai soyabean and
rapeseed oil declined further by Rs 5 each. Cotton oil lost Rs
3 for 10 kg. Groundnut oil, sunflower oil and palmolein were
unchanged. Shailesh Kataria of Riddhi Brokers told Business
Line, “Slack demand kept volume thin in ready and nearby
delivery. No one was interested in forward covering as the
domestic futures market was bearish. During the day, hardly
200-250 tonnes of palmolein were sold by an importer at Rs 524
ex-JNPT. Local refineries rates were higher compared to
resellers and hence, volume remained thin.”
|
| MERGER &
ACQUISITION |
| Food majors, PE funds look to snack
on Balaji Wafers |
|
Delhi : Global food majors
PepsiCo and Mondelez, along with their Indian counterparts ITC
and Britannia, have been approached for a large bite of Balaji
Wafers - a 37-year-old homegrown wafer, namkeen and savoury
brand that dominates the western states of Gujarat, Madhya
Pradesh, Rajasthan, Maharashtra and Goa with over 65% market
share.Rajkot-headquartered Balaji, run by the Virani family,
has recently mandated Ernst & Young (E&Y) to locate an
investor. The company and its advisors are in early-stage
talks with several FMCG companies as well as a clutch of
consumer-focused private equity funds.
|
| General
Insurance |
| Mis-selling of insurance policies
still at large |
|
Maharashtra : Mis-selling of
insurance policies, it seems, is rampant even today. At least
that is what the persistency rates — which reveal what
percentage of customers continued to pay the premium after the
initial years — of insurance companies say. According to a
recent research report from brokerage firm Espirito Santo,
between 20 per cent and 35 per cent of the policies across
life insurers lapse in the second year itself. Simply put, it
means that many policyholders are abandoning their insurance
policies mid-way.
|
| Reminders |
| Tenders |
| National Rural Health Mission -
Dehradun 20/07/2013
|
| Uttarakhand Health & Family Welfare
Society 20/07/2013
|
| State Horticulture Mission - Patna
Bihar 22/07/2013
|
| Oil And Natural Gas Corporation
Limited 22/07/2013
|
| State Aids Control Society - Ranchi
Jharkhand 22/07/2013
|
| State Health Society - Patna -
Bihar 22/07/2013
|
| Security Printing
Press 23/07/2013
|
| Eastern Investments
Limited 23/07/2013
|
| Delhi State Civil Supplies Corporation
Limited 24/07/2013
|
| Housing And Urban Development Corporation
Limited 24/07/2013
|
| Bharat Earth Movers
Limited 24/07/2013
|
| Software Technology Parks Of India -
Chennai 25/07/2013
|
| Orissa State Warehousing
Corporation 25/07/2013
|
| Municipal
Corporation 25/07/2013
|
| Siliguri Jalpaiguri Development
Authority 25/07/2013
|
| District Health Society - Simdega
Jharkhand 26/07/2013
|
| Kerala State Aids Control
Society 26/07/2013
|
| |
| Notifications
& Circulars |
| RBI |
| Notification
No.RBI/2013-14/143 (Delhi) 17/07/2013
|
| Special Repo Window for Liquidity Requirement of Mutual
Funds |
| Notification
No.RBI/2013-14/144 (Delhi) 17/07/2013
|
| Maintenance of SLR – MSF |
| Notification
No.RBI/2013-14/145 (Delhi) 17/07/2013
|
| Exim Bank's Line of Credit of USD 35 million to the
Government of the Republic of Ghana |
| |
|
 |
| Economy |
| India |
| Manmohan assures industry on
economy |
| India's Economy- Is it sick or have serious
symptoms appeared? |
| Economy to recover slowly: Reuters
poll |
| |
| International |
| Exclusive: U.S. seeks new tactic in financial
crisis prosecutions |
| Tax evasion, faltering global economy in G20
agenda |
| Treasuries decline as job report suggests support
for QE tapering |
| |
| Markets
Today |
| NSE |
6,029.20
|
|
| BSE |
20,149.85
|
|
| NASDAQ |
3,611.28
|
|
| |
|
|
| USD |
77.9
|
|
| EURO |
90.00
|
|
| JPY(100) |
59.56
|
|
| GBP |
90.58
|
|
|
| |
| Corporate
Watch |
| EGoM to receive Airport Express Line
proposal soon |
|
Delhi : To sort out issues related to
the operation of the Airport Express Line and servicing its
debt, the urban development ministry is preparing a proposal
that will soon be placed before an empowered group of
ministers (EGoM), which will take the final call on whether to
look for a new operator.“The EGoM will decide whether to go
for a new concessionaire or not and who’ll take the burden of
the debt,” a senior government official said.A consortium of
11 banks, led by Axis Bank, has an exposure of almost R2,000
crore to the project. If the line is given to the Delhi Metro
Rail Corporation (DMRC) for permanent operations, then it will
be responsible for serving the debt.
|
| KFA lenders mull legal path for United
Breweries shares |
|
Karnataka : The lenders to UB
Group-owned Kingfisher Airlines are understood to be
considering legal options on how they could gain part-access
to the highly-valued United Breweries shares, owned by
promoters, including Chairman Vijay Mallya.Along with UB
Holdings, his primary holding company, besides some other
firms, Mallya holds a 37.5 per cent stake in United Breweries,
the country’s largest brewing company with a market
capitalisation of around Rs 21,600 crore. Mallya’s total
holding in the company is valued at about Rs 8,000 crore.
Though neither Mallya nor UB Holdings have pledged these
shares directly to the Kingfisher Airlines lenders,
|
| IT major TCS outshines again; beats
expectations with 4.1% Q1 sales
growth |
|
Maharashtra : India's largest
software services company handily beat analysts' expectations
with sales expansion of 4.1% in the first quarter of 2013-14,
reinforcing its status as the growth leader for the industry.
The strong showing by Tata Consultancy Services and the
accompanying confident management commentary come a week after
second-ranked Infosys delivered better-than-expected
performance. 'The overall environment is good; we have
delivered good growth, and in all our sectors,' said Chief
Executive N Chandrasekaran, who reiterated his earlier comment
that TCS would grow faster than the industry. Nasscom, the IT
industry grouping, has forecast 12-14% growth for FY14.
|
| LG India to reinvent itself as a consumer
technology brand |
|
West Bengal : Sanjeev Agarwal and
Sanjay Chitkara probably have one of the toughest job in the
Indian consumer goods industry - to help LG back to the path
of growth after two consecutive years of flat sales, that too
amidst an exodus of senior executives.Agarwal and Chitkara,
heads of sales and marketing, respectively, at the country's
largest white goods maker, are trying to build a new LG in
India under managing director Soon Kwon. Their tasks:
reposition the brand as a premium one with pricing at par with
Samsung and Sony; rebuild under-performing businesses such as
flat panel television, water purifiers and mobile phones; and,
re-haul sales strategy by planning sales on a weekly basis
instead of monthly targets.
|
| Battle to tame CAD: Jewellers cut down on
ad spends to avoid govt attention |
|
West Bengal : Jewellery promotional
campaigns, which have starred Bollywood icons such as Shah
Rukh Khan and Kareena Kapoor, are losing their glitter as the
industry is putting up a sober face. The gems and jewellery
industry has decided to lie low for some time so that it moves
away from the eagle eye of the government as India's voracious
appetite for gold is seen as a key reason for the economy
losing its lustre. This has triggered a series of restrictions
on the gold trade and has squeezed smaller jewellers.
|
| Reliance Communications cuts 3G rates by
half across all circles |
|
Delhi : The country's third-largest
telecom operator Reliance Communications (RCOM) on Thursday
slashed 3G data tariffs by more than 50%, bringing it on a par
with 2G mobile internet prices in 13 circles, including Delhi
and Mumbai. In order to boost data penetration, telecom
operators including Airtel, TTSL, Vodafone and Idea have been
slashing data prices across 2G, 3G and 4G services in a select
few circles. These reductions are essentially for usage after
exhausting the limit provided in the Internet package.
|
| Gitanjali Gems promoter, others barred from
trading in stock market |
|
Maharashtra : One of the country's
top diamond merchants Mehul Choksi, Prime Securities, a
broker, and more than a dozen other entities that dealt in
Choksi-controlled Gitanjali Gems have been barred from trading
in the stock market for six months. National Stock Exchange,
which is investigating the unusual volatility in the Gitanjali
stock and its subsequent crash, has disabled the unique client
codes for as many as 26 entities which were active traders in
the counter. Shares of Gitanjali Gems have fallen nearly 80%
to Rs 115.6 since June 24
|
| Eyeing margins, GAIL to sell US shale gas
abroad too |
|
Delhi : The shale gas that GAIL
will receive from 2017 will not be exclusively for Indian
gas-starved industries. The public sector gas distributor is
looking to trade a portion of the US shale gas in
international markets by wooing suitors as far as Latin
America and Japan. Through this effort, the company hopes to
rake in better margins than what it can from selling the
relatively cheaper fuel domestically.“Singapore is our trading
hub and the team there is now moving out to get a better
price. We have apportioned 1 million tonne per annum (mtpa) of
the gas it will receive from the US starting 2017,” Prabhat
Singh, director (marketing) at GAIL,
|
| |
| Tenders
& Assignment |
Bihar State Aids Control Society  |
Description :Hiring of
Finance Consultants through Chartered Accountant Firm for
Joint Appraisal Team (JAT) Visit for Evaluation of NGOs/CBOs
in Bihar Last Date : 22/07/2013
Address :State Institute of Health
& Family Welfare Building,Sheikhpura. Patna- 800014
Phone :0612-2290278
E-Mail :
bsacshelp@bsacs.org
|
| District Rural Development Agency - Subarnapur
Orissa |
|
Description :Invited from
CAG empanelled chartered accountant firms of (as per letter no
18730 12/07/2013 of PR department) having sufficient nos of
man power for conducting audit of MAGNERGES scheme of 96nmos
of GPS, 6nos of blocks 10nos of line departments & DRDA of
district since inception (2055-06 to 2012-13
Last Date : 24/07/2013
Address :District Rural Development
Agency,Subarnapur - Orissa
|
| Pec University Of Technology - Chandigarh
Punjab |
|
Description :Hiring services
of chartered accountant firms
Last Date
: 25/07/2013
Address
:Chandigarh - Punjab
|
| District Rural Development Agency - Cuttack
Orissa |
|
Description :Engagement of
CA firm to streamline the financial management of mgnregs
funds
Last Date : 25/07/2013
Address :Cuttack - Orissa
|
| Ahmedabad Urban Development Authority
|
Description :Appointment of
chartered accountants firms for pre-Audit of bills of
non-JnNURM infrastructure projects Last Date
: 29/07/2013 Address
:Ahmedabad Urban Development Authority,Sardar
Vallabhbhai Patel Bhavan,Usmanpura,Ashram Road,Ahmedabad
-380014 Phone :27545051
E-Mail :auda_urban@yahoo.co.in
|
| Project Implementation Unit |
|
Description :C.A. firms for
the statutory audit for the financial year 2010-11 &
2011-12
Last Date : 30/07/2013
Address :Gandhinagar - Gujarat
|
| Mahila Arthik Vikas Mahamandal Limited
|
|
Description :Expression of
interest from chartered Accounts firms implementing IFAD
Funded (Loan 682IN) Tejaswini Rural Women’s Empowerment
Programme. In 33 district reputed firms of chartered
accountants, empanelled with CAG of India for Independent
audit of MAVIM for the F.Y. 2012-2013
Last
Date : 30/07/2013
Address
:Mahila Arthik Vikas Mahamandal Limited,(A Government
of Maharashtra Undertaking)Griha Nirman Bhavan (MHADA),
Mezzanine Floor,Kala Nagar, Bandra (East), Mumbai- 400 051
Phone :91-22-26590640
|
| Delhi Sc/st/obc/ Minorities And Handicapped
Financial And Development Corporation |
|
Description :Invited from
Interested Eligible Firms of Chartered Accountants for
Appointment on Contract basis to Bring the Pending Accounts of
the Corporation ie 2005-06 onwards Prepared ie Ready for Audit
in Consonance with the Provisions of Companies Act 1956, firms
having Sufficient & Similar Experience in Non-Banking
finance Companies shall only be Considered
Last Date : 31/07/2013
Address :Ambedkar Bhawan
Institutional Area,Sector-16,Rohini,Delhi-110085
|
| 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
|
| Private Company |
|
Description :Conduct
Internal Audit for the period 1st April 2013 to 31st March
2014
Last Date : 01/08/2013
Address :Pantnagar - Uttarakhand
|
| National Institute Of Agricultural Extension
Management |
|
Description :Appointment of
ca firm to undertake internal audit of manage
Last Date : 01/08/2013
Address :National Institute Of
Agricultural Extension Management,Rajendranagar, Hyderabad -
500030
|
| 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
|
| |
|
No comments