| Professional
News |
| INCOME
TAX |
| India, Switzerland spar over access
to bank accounts information |
Delhi : The Indian Tax
authorities and the Swiss government could be headed for a
showdown over what the Indian side regards as lack of
co-operation from the Alpine country over access to
information on bank accounts. Last week Finance Minister P
Chidambaram wrote to his Swiss counterpart - officials aware
of the letter's contents describe it as strongly worded
warning that India might examine further steps if co-operation
was not forthcoming.
|
| Bitcoins are property, not currency,
IRS says regarding taxes Article |
Delhi : Wading into a murky
tax question for the digital age, the U.S. Internal Revenue
Service said on Tuesday that bitcoins and other virtual
currencies are to be treated, for tax purposes, as property
and not as currency."General tax principles that apply to
property transactions apply to transactions using virtual
currency," the IRS said in a statement, meaning that bitcoins
would be taxed as ordinary income or as assets subject to
capital gains taxes, depending on the circumstance.
|
| International
Taxation |
| Pricing pacts with MNCs soon to
address tax grievances |
Delhi : The government’s
attempt to address the tax-related grievances of MNCs is
beginning to show results. The revenue department is set to
sign some unilateral advance pricing agreements (APAs) by the
end of this month. These agreements are aimed at giving
conditional exemptions to MNCs from tax audits. The exemption
benefit will be given to companies that agree with the tax
authorities on how to value their cross-border transactions
that impact their tax liability.
|
| Misc. - Indirect
Tax |
| Uttarakhand govt to ease taxes to
promote tourism |
Uttaranchal : The
Uttarakhand government is planning to relax taxes in the state
such as state royalty for peaks, luxury taxes, and peak fee
for mountain trekking, to promote tourism and encourage
investment, said Uma Kant Panwar, Tourism Secretary of the
state.Panwar was speaking at the 11th Adventure Tour Operators
Association of India (ATOAI) convention in Rishikesh on
Tuesday.The three-day convention is being held in the state
with an aim to erase the memories of the turbulent events of
last year's disaster.
|
| Traders in Telangana to get new tax
payer numbers |
Andhra Pradesh : Over two
lakh traders in Telangana will soon get new Tax Payer
Identification Numbers (TIN).This was disclosed by Heeralal
Samariya, Commissioner of Commercial Taxes, at an interactive
meeting with traders on issues arising out of reorganisation
of Andhra Pradesh organised by the Federation of Andhra
Pradesh Chambers of Commerce and Industry here on Tuesday.“We
have already written to the Government of India as it has to
allot first two digits of new TIN series for the Telangana
State.
|
| Indirect tax collection at Rs 4.41
lakh crore in Apr-Feb |
Delhi : Indirect tax
collections grew by 5.6 per cent to Rs 4,41,826 crore in the
AprilFebruary period of this fiscal amid a slowing
economy.Total collection of indirect taxes excise, customs and
service tax in February rose by 5 per cent to Rs 43,794 crore,
against Rs 41,714 crore in the same month last fiscal,official
sources said.Service tax collection grew 15.4 per cent to Rs
12,181 crore in the last month, against Rs 10,556 crore in the
yearago period.
|
| COMPANY
LAW |
| 183 provisions of Companies Act to be
implemented from April 1,2014 |
Delhi : The government on
Wednesday notified 183 sections of the Companies Act 2013,
which will be operational from April 1, 2014. The corporate
affairs ministry has left some of the crucial sections like
the ones related to National Company Law Tribunal (NCLT) or
National Financial Regulatory Authority (NFRA) for future
notification.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| UAE, India finalising bilateral
investment protection pact |
Delhi : India and the UAE
are working towards giving the final shape to a Bilateral
Investment Promotion and Protection Agreement (Bippa) to
enhance investments between the two countries, the Department
of Economic Development (DED) here has said. The agreement is
aimed at driving investments into India from the UAE across
different sectors, including construction, downstream
manufacturing in the petroleum and natural gas sector, as well
as agriculture and food processing, said a news
report.
|
| Permit mining in Goa with iron ore
output cap of 20mt/year: SC panel |
Delhi : The Supreme
Court-appointed committee on mining has submitted its interim
report suggesting permitting mining activity in Goa with an
annual cap of 20 million tonne once the state sets up an
adequate regulatory and monitoring mechanism. The Supreme
Court, however, has to give final approval on the
recommendations made by the committee. The expert committee
also suggested that the monitoring and regulation can be done
by the department of mines and geology and Goa State Pollution
Control Board in consultation with the Indian Bureau of Mines
and the ministry of environment and forests.
|
| Finance & Money
Markets |
| Rupee rises to
60.16/$ |
Maharashtra : The rupee
strengthened to an eight-month high of 60.16 to a dollar
against the previous close of 60.48 on persistent foreign
inflows into the domestic equity market. According to a dealer
with a public sector bank, oil marketing companies ramped up
dollar purchases, limiting further rise in the domestic
currency, while the the RBI also bought dollars in the market
to boost its reserve. In intra-day trade, the domestic unit
touched a low of 60.28 and a high of 60.07.
|
| Global, local bidders bet on FTIL's
purchase in MCX |
Maharashtra : The US-based
CME Group, one of the world's largest futures and options
exchanges; Deutsche Borse, operator of Frankfurt Stock
Exchange; R-ADA Group; BSE; and Kotak have lined up to
purchase Financial Technologies' (India) (FTIL) stake in
commodity bourse MCX, people aware of the development told ET.
FTIL, which owns 26per cent in MCX, the country's only listed
exchange and India's largest commodity bourse,
|
| Overseas borrowing losing its sheen
quickly? |
Maharashtra : Overseas fund
raisings by Indian companies plunged in the last nine months
as cost of borrowing soared after the Federal Reserve
indicated tapering of bond purchases, making borrowing in the
local market more attractive for those without overseas
revenues. The revival of economic growth coupled with the fact
that overseas debt is not inexpensive anymore, could propel
demand for loans from Indian banks.
|
| Commodities |
| Gold Drops to Five-Week Low as U.S.
Data Bolsters Taper Outlook |
Delhi : Gold fell to a
five-week low in New York as signs of economic recovery in the
U.S. boosted speculation the Federal Reserve will further pare
stimulus, curbing demand for the precious metal as a store of
value.Orders for durable goods climbed a more-than-forecast
2.2 percent in February, reflecting the biggest gain in
automobile demand in a year, a government report showed today.
Gold has lost 2.8 percent since March 19, when Fed Chair Janet
Yellen said the central bank’s debt-buying program may end
this year.
|
| MERGER &
ACQUISITION - NATIONAL |
| ChrysCapital, others invest $54 mn in
IT consulting company LiquidHub |
Maharashtra : Private equity
fund ChrysCapital has led a $53-million (Rs320 crore) round of
funding in information technology consulting firm, LiquidHub.
The deal, in which return investors PPM America Capital and
Credit Suisse also participated, gives the Delhi-based
Chrys-Capital a significant minority stake in the company. One
of the earlier investors, NewSpring Capital, exited LiquidHub
in this round, according to company executives.
|
| Pension/Provident
Fund |
| EPFO panel meet on Friday to grant
tax exemption to PF trusts |
Delhi : In a bid to protect
tax benefits for subscribers of about 180 private provident
fund trusts, retirement fund body EPFO has called a meeting of
an empowered committee on Friday to grant them regular tax
exemption. The meeting has been called as the Finance Minister
P Chidambaram did not extend a March 31 deadline for the
trusts to get regular tax exemption through the Employees'
Provident Fund Organisation (EPFO).
|
| Banking |
| EC to take view on bank licences on
March 31 |
Delhi : The Election
Commission is likely to take a view on March 31 on the
issuance of new bank licences by the RBI, said Election
Commissioner HS Brahma.“The letter (from RBI) came to us about
a week back. We have asked them to clarify on certain points.
They have clarified. We will either give a positive or a
negative reply,” Brahma told reporters on the sideline of a
CII function.
|
|
 |
| Economy |
| India |
| Farm sector stocks like HUL, Dabur may suffer due
to El Nino effect |
| Robust rupee may lower steel prices this
April |
| Mineral output up 5 pc in value terms to Rs
19,369 cr in Jan |
| Congress puts on a business face to win back
India Inc |
|
| International |
| U.S. durable goods orders bounce back in February
after two months in red |
| Fed's Bullard says U.S. jobless rate expected to
fall below 6 pct this year |
| Spain’s economy on track for recovery: Central
bank |
|
| Markets
Today |
| NSE |
6,641.75
|
|
| BSE |
22,214.37
|
|
| NASDAQ |
4,173.58
|
|
|
|
|
| USD |
60.17
|
|
| EURO |
82.75
|
|
| JPY(100) |
58.94
|
|
| GBP |
100.04
|
|
|
|
| Corporate
Watch |
| Consumer durable companies like Samsung,
LG, Panasonic and others shift focus to entry-level
models |
West Bengal : After pushing premium
products for a few years, home appliance makers are shifting
focus to entry-level products such as window air-conditioners,
single-door refrigerators and twin-tub washing machines this
year, as recurrent price increases and economic slowdown have
made consumers curb their expenses.Companies such as Samsung,
LG, Panasonic, Carrier Midea and Godrej Appliances are
expanding their bouquet of entry-level models this year by
adding some features of premium models.
|
| David Llyod eyes 20% stake in Talwalkars,
chain of health centres |
Maharashtra : UK's health and
fitness group The David Lloyd has begun talks with the
management of Talwalkars Better Value Fitness to acquire
around 20 per cent stake in the company, two people with
direct knowledge of the development said. With this equity
deal, both companies are looking to expand their existing
partnership of providing consultancy services.
|
| Toyota denies it is using apprentices to
run plant as union files complaint |
Karnataka : THE dispute between
Toyota Kirloskar Motor (TKM) and the employees' union
continued into its third day on Wednesday, even as the union
made a representation to the Apprenticeship Board alleging the
company was violating rules by employing apprentices to run
its plants. Toyota had, a day earlier, responded to the
allegation saying it was untrue and that plant operations were
being run on a limited scale with the help of non-unionised
team members, mostly supervisors and engineers. The standoff
is expected to have caused the company a production loss of
around 4,000 vehicles.
|
| Patent tribunal breather to
Pfizer |
Tamil Nadu : In a relief to global
pharma major Pfizer, the country's patent tribunal,
Intellectual Property Appellate Board (IPAB), on Wednesday
stayed the patent controller's order revoking a company patent
for the drug 'Detrol' used in treating old people who suffer
from frequent urination.On the post-grant opposition by Indian
pharma company Ranbaxy, the patent controller had revoked the
patent in November and subsequently removed it from the
registry in December last year.Aggrieved by the developments,
Pfizer moved IPAB, praying for stay on the controller of
patent's order. However, when the matter came up at IPAB on
Wednesday, Ranbaxy's counsel submitted that they have not been
given enough by Pfizer to prepare the counter against the
appeal and the matter be adjourned, which was refuted by the
latter.
|
|
| Tenders
& Assignment |
State Health Society - Lucknow Uttar
Pradesh  |
Description :Selection of
State Concurrent Auditor – Request for Proposal for Hiring
Services of Chartered Accountant Firm for Concurrent Audit of
State Health Society for the financial year 2014-15.
Last Date : 28/03/2014
Address :Vishal Complex,19-A,Vidhan
Sabha Marg,Lucknow
Phone
:0522-2237595
E-Mail :acs.nrhm@gmail.com
|
| Air Force Station - Jodhpur Rajasthan
|
Description :Appointment of
Chartered accountant firms for auditing of non public funds at
air force station for the period of three years.
Last Date : 31/03/2014
Address :Air Officer Commanding Air
Force Station Ratanada,Jodhpur-342011
Phone
:0291-2511516
|
| Rajcomp Info Services Limited (RISL)
|
Description :Request for
Quotation (RFQ) for Hiring services of a registered Chartered
Accountancy firm for accounts & reconciliation under
eMitra (RajOnline) project
Last Date
: 02/04/2014
Address :First
Floor,Yojana Bhawan,C-Block,Tilak Marg,C-Scheme,Jaipur
(Rajasthan)
|
| Uttarakhand Compensatory Afforestation Fund
Management And Planning Authority |
Description :Request for
Proposals form Chartered Accountants (CA) Firms.
Last Date : 15/04/2014
Address :Uttrakhand Compensatory
Afforestation Fund Management and Planning Authority
(Uttrakhand Campa)5,Mandir Marg, Vasant Vihar Enclave,
Dehradun, 248006
Phone :0135-2761077
|
|
| Reminders |
| Tenders |
| Income Tax Department - Lucknow Uttar
Pradesh 28/03/2014
|
| National Health Mission, Uttar
Pradesh 29/03/2014
|
| Food Corporation Of India - Zonal Office, (EAST),
Kolkata 31/03/2014
|
| Central Mine Planning And Design Institute
Limited 01/04/2014
|
| Food Corporation Of India - Punjab
Region 02/04/2014
|
| Bharat Bhari Udyog Nigam
Limited 03/04/2014
|
|
| Notifications
& Circulars |
| SEBI |
| CIR/CFD/DIL/1/2014 (Maharashtra) 25/03/2014
|
| Format for Auditors’ Certificate required under Clause
24(i) of the Equity Listing Agreement |
| RBI |
| Notification No.
RBI/2013-14/534 (Delhi) 26/03/2014
|
| Inflation Indexed National Savings Securities-
[IINSS-C] |
| Notification No.
RBI/2013-14/535 (Delhi) 26/03/2014
|
| Annual Closing of Government Accounts – Transactions of
Central / State Governments – Special Measures for the Current
Financial Year (2013-14) |
| Notification No.
RBI/2013-14/536 (Delhi) 26/03/2014
|
| Clearing operations on March 29, 30 and 31, 2014 |
| Notification No.
RBI/2013-14/537 (Delhi) 26/03/2014
|
| External Commercial Borrowings (ECB) for Civil Aviation
Sector |
| Notification No.
RBI/2013-14/530 (Delhi) 25/03/2014
|
| Instruments for Augmenting Capital Funds-UCBs -
Modification |
| Notification No.
RBI/2013-14/531 (Delhi) 25/03/2014
|
| Balance Sheet of Banks - Disclosure of Information |
| Notification No.
RBI/2013-14/532 (Delhi) 25/03/2014
|
| Reporting of OTC Interest Rate Derivatives – Client Level
Transactions |
| Notification No.
RBI/2013-14/533 (Delhi) 25/03/2014
|
| Foreign Portfolio Investor - investment under Portfolio
Investment Scheme, Government and Corporate debt |
| Notification No.
RBI/2013-14/529 (Delhi) 24/03/2014
|
| Revision to the Guidelines on Securitisation Transactions
- Reset of Credit Enhancement |
|
|
No comments