The Union Budget was presented on 28th February, 2013 in the Parliament. It was being touted as a good mix of growth and reform. The major challenges outlined by the Economic Survey, RBI as well as by the FM were in respect of considerably reduced estimated growth of GDP, increase in fiscal deficit, mounting current account deficit and high inflation rate.
OBJECTIVE
The Corona virus pandemic is posing a severe health and humanitarian crisis across the globe. It has also brought an unexpected economic shock to the global economy and initiated a crisis which would burden nations for years to come. In this Webinar, we shall look at various policy measures being taken in response to the crisis at the national and international levels. The webinar will also highlight possible fiscal measures that can be adopted to respond to the economic crisis caused by COVID-19.
India Budget 2012-13 - Analysis by Prabhu SrinivasanPrabhu Srinivasan
Budget 2012-13 has invited more criticisms than appreciations from the various stakeholders of the country. Given the unanticipated difficult situation the global markets are currently in, and the multiple problems that the Indian economy is facing, such as weakening of Rupee against US Dollars, High cost of funds, Inflationary pressures, and High unemployment levels to name a few, the finance ministry has opted for a stringent budget to defy these problems and bring the economy back on a sustainable growth path. I would like to conclude the analysis with my view that the key lies in implementation of the plans. Having observed in the past, that implementation of various initiatives have seen multiple road-blocks stalling them abruptly, we shall try to learn from our past to ensure growth and prosperity of the world’s largest democracy!
Atmanirbhar Bharat Stimulus decoded for Startups3one4 Capital
3one4 Capital is happy to help India’s startups decode the “Atmanirbhar Bharat” stimulus package. The scope of this note is limited to general areas of business and for measures that would be directly applicable to a majority of the portfolio companies. All founders are encouraged to go through the presentations for additional details. For specific measures for certain industries (agriculture, NBFCs, etc), kindly consult the presentation or reach out to the 3one4 Capital team. We are here to help. If you have any queries, reach us at hello@3one4capital.com
OBJECTIVE
The Corona virus pandemic is posing a severe health and humanitarian crisis across the globe. It has also brought an unexpected economic shock to the global economy and initiated a crisis which would burden nations for years to come. In this Webinar, we shall look at various policy measures being taken in response to the crisis at the national and international levels. The webinar will also highlight possible fiscal measures that can be adopted to respond to the economic crisis caused by COVID-19.
India Budget 2012-13 - Analysis by Prabhu SrinivasanPrabhu Srinivasan
Budget 2012-13 has invited more criticisms than appreciations from the various stakeholders of the country. Given the unanticipated difficult situation the global markets are currently in, and the multiple problems that the Indian economy is facing, such as weakening of Rupee against US Dollars, High cost of funds, Inflationary pressures, and High unemployment levels to name a few, the finance ministry has opted for a stringent budget to defy these problems and bring the economy back on a sustainable growth path. I would like to conclude the analysis with my view that the key lies in implementation of the plans. Having observed in the past, that implementation of various initiatives have seen multiple road-blocks stalling them abruptly, we shall try to learn from our past to ensure growth and prosperity of the world’s largest democracy!
Atmanirbhar Bharat Stimulus decoded for Startups3one4 Capital
3one4 Capital is happy to help India’s startups decode the “Atmanirbhar Bharat” stimulus package. The scope of this note is limited to general areas of business and for measures that would be directly applicable to a majority of the portfolio companies. All founders are encouraged to go through the presentations for additional details. For specific measures for certain industries (agriculture, NBFCs, etc), kindly consult the presentation or reach out to the 3one4 Capital team. We are here to help. If you have any queries, reach us at hello@3one4capital.com
National economic survey 2019 20 series volume 1 chapter 3 - pro-business ver...DVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
Deloitte India’s Edition IV of India Corporate Fraud Perception Surveyaakash malhotra
Deloitte India has released the India Corporate Fraud Perception Survey, Edition IV to understand the leadership perspective about corporate fraud in the disruptive environment. The survey report has been drawn from the responses of leading CXOs and working professionals to a questionnaire provided to them. The survey highlights fraud schemes, corporate fraud preparedness, fraud risk management framework, and the role of technology in preventing corporate fraud. See More: https://www2.deloitte.com/in/en/pages/finance/articles/in-fa-india-corporate-fraud-perception-survey-edition-IV-noexp.html
INDIAN MANUFACTURING SECTOR NEED FOR A POSITIVE ENVIRONMENT FOR GROWTHNeha Sharma
The Indian Economy, the Government, the public at large and specially the people who are in industry, manufacturing sector, service sector or any other arena of business activity , all are deeply concerned with poor growth rate of manufacturing sector during last 2 to 3 years and specially in 2012-13.
Wealth creation the invisible hand supported by the hand of trustDVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
Fdi in india:An analysis on the impact of fdi in india’s retail sectorSubhajit Ray
This presentation aims to briefly discuss the critical aspects of FDI in India, present a case study on the success of reforms in the telecommunications sector, analyze both sides of the arguments currently going on regarding FDI in retail and conclude with suggestive measures on the part of the government which can eliminate the negative effects of allowing FDI in India’s retail sector.
The November issue of #PolicyWatch focuses on the overall state of #MSME development in the country, opportunities for MSMEs in some critical sectors, some of the latest MSME initiatives by the Government demonstrating its commitment towards the melioration of business environment for MSMEs and significant policy recommendations in various areas that will assist in putting Indian MSMEs on a high growth trajectory.
National Economic Survey 2019-20 Series Volume 1 Chapter 2 - Entrepreneurship...DVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
An Overview of Foreign Direct Investments Flows In IndiaVARUN KESAVAN
Apart from being a critical driver of economic growth, foreign direct investment (FDI) is a major source of non-debt financial resource for the economic development of India. Foreign companies invest in India to take advantage of relatively lower wages, special investment privileges such as tax exemptions, etc. For a country where foreign investments are being made, it also means achieving technical know-how and generating employment.
The Indian government’s favourable policy regime and robust business environment have ensured that foreign capital keeps flowing into the country. The government has taken many initiatives in recent years such as relaxing FDI norms across sectors such as defence, PSU oil refineries, telecom, power exchanges, and stock exchanges, among others.
Why does India need FDI, How will FDI benefit us, What will be the disadvantages? Read everything you wanted to know about Foreign Direct Investment and the role played by Foreign Exchange Management Act, in this Research Report from Resurgent India
GOVERNMENT SHOULD DESIST FROM INTERFERING IN THE CA PROFESSIONNeha Sharma
Over the last few years, the Government is bent upon interfering in the affairs of the CA profession being regulated by the Institute of Chartered Accountants of India, a body set up by an Act of the Parliament. Satyam episode is being cited as the example for mismanagement and lack of regulation.
National economic survey 2019 20 series volume 1 chapter 3 - pro-business ver...DVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
Deloitte India’s Edition IV of India Corporate Fraud Perception Surveyaakash malhotra
Deloitte India has released the India Corporate Fraud Perception Survey, Edition IV to understand the leadership perspective about corporate fraud in the disruptive environment. The survey report has been drawn from the responses of leading CXOs and working professionals to a questionnaire provided to them. The survey highlights fraud schemes, corporate fraud preparedness, fraud risk management framework, and the role of technology in preventing corporate fraud. See More: https://www2.deloitte.com/in/en/pages/finance/articles/in-fa-india-corporate-fraud-perception-survey-edition-IV-noexp.html
INDIAN MANUFACTURING SECTOR NEED FOR A POSITIVE ENVIRONMENT FOR GROWTHNeha Sharma
The Indian Economy, the Government, the public at large and specially the people who are in industry, manufacturing sector, service sector or any other arena of business activity , all are deeply concerned with poor growth rate of manufacturing sector during last 2 to 3 years and specially in 2012-13.
Wealth creation the invisible hand supported by the hand of trustDVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
Fdi in india:An analysis on the impact of fdi in india’s retail sectorSubhajit Ray
This presentation aims to briefly discuss the critical aspects of FDI in India, present a case study on the success of reforms in the telecommunications sector, analyze both sides of the arguments currently going on regarding FDI in retail and conclude with suggestive measures on the part of the government which can eliminate the negative effects of allowing FDI in India’s retail sector.
The November issue of #PolicyWatch focuses on the overall state of #MSME development in the country, opportunities for MSMEs in some critical sectors, some of the latest MSME initiatives by the Government demonstrating its commitment towards the melioration of business environment for MSMEs and significant policy recommendations in various areas that will assist in putting Indian MSMEs on a high growth trajectory.
National Economic Survey 2019-20 Series Volume 1 Chapter 2 - Entrepreneurship...DVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
An Overview of Foreign Direct Investments Flows In IndiaVARUN KESAVAN
Apart from being a critical driver of economic growth, foreign direct investment (FDI) is a major source of non-debt financial resource for the economic development of India. Foreign companies invest in India to take advantage of relatively lower wages, special investment privileges such as tax exemptions, etc. For a country where foreign investments are being made, it also means achieving technical know-how and generating employment.
The Indian government’s favourable policy regime and robust business environment have ensured that foreign capital keeps flowing into the country. The government has taken many initiatives in recent years such as relaxing FDI norms across sectors such as defence, PSU oil refineries, telecom, power exchanges, and stock exchanges, among others.
Why does India need FDI, How will FDI benefit us, What will be the disadvantages? Read everything you wanted to know about Foreign Direct Investment and the role played by Foreign Exchange Management Act, in this Research Report from Resurgent India
GOVERNMENT SHOULD DESIST FROM INTERFERING IN THE CA PROFESSIONNeha Sharma
Over the last few years, the Government is bent upon interfering in the affairs of the CA profession being regulated by the Institute of Chartered Accountants of India, a body set up by an Act of the Parliament. Satyam episode is being cited as the example for mismanagement and lack of regulation.
NATION UNDER ANGUISH - ACRIMONIOUS ENVIRONMENT Neha Sharma
The recent announcements of election results are historic and has brought to light serious concerns of the nation, the economy, society and most importantly public at large about the current political as well as economic state of affairs. This is very clear from active involvement and a record turnout of voters for the election.
ICAI Elections -Your Vote will make the DifferenceNeha Sharma
The most crucial time for the profession of CAs i.e. 3 yearly elections of the Institute are scheduled for December 4-5, 2015. How we exercise our vote will decide future of each one of us. The role being played by the Elected Central Council & the Regional Council is very crucial and it is important to understand while voting that We need a leadership which takes the profession in a right Direction, new and larger professional opportunities are harnessed nationally as well as internationally,we meet various challenges as a profession and all members are effectively, efficiently and respectfully deliver professional services and add a highly acclaimed value to the corporate, while being in employment.
INDIAN ECONOMY THE SHOW MUST GO ON GROWTH PADDLENeha Sharma
The monsoon session of parliament was over without transacting any meaningful business.In this process, the government could not get the constitutional amendment passed by Rajya Sabha (Lok Sabha has already passed the bill) to bring Goods and Service Tax (GST) to replace Excise, VAT and few other indirect taxes. Even the Land Acquisition Bill to facilitate Industrial Development and other public purposes was deffered on the recommendation of the joint parliamentary comittees.
The initiatives proposed by honourable Finance Minister in his budget speech on February 28, 2016 to effectively deal with the problem of black money, which eats into vitals of our society and economy, are highly commendable. The measures initiated by the government in the last nine months to bring back the black money in Swiss Banks has already brought very fruitful results and the names and the details of possible offenders have already been disclosed to Special Investigation Team set up by honorable Supreme Court.
Companies Act 2013 and the draft Rules towards better corporate GovernanceNeha Sharma
The Companies Act 2013 has already been passed by the Parliament and has also received the assent of the President. The government is expected to announce the date from which the specific section of the new Act will come in force.
Ease of doing business challenges persistingNeha Sharma
The new government has been brought to power by electorate of our nation along with large expectations by industry, businesses and professions and other stakeholders of the Indian economy.
Indian economy towards growth momentum strategic moves neededNeha Sharma
In a recent international survey Indian economy has been rated as the 3rd largest economy of the world, after USA and China, on the basis of Purchase Power Parity (PPP). IMF has also projected a smart recovery of growth rate of Indian GDP to around 5.5% to 6% in next 2 years.
The election to the Council of the Institute of the Chartered Accountants of India- Central Council and Regional Councils has been notified and are scheduled on December 3, 2015 and Dec 4, 2015. These elections are very important for Chartered Accountants Community as a whole including members in practice, members in employment as well as members in Industry/ Businesses.
Election in 4 States: Expectations from the GovernmentNeha Sharma
The Indian democracy is in an active mode in the backdrop of NovemberDecember Elections in 4 important States. The performance of the State Government as well as of the Central Government is under active analysis. The national economic and political scenario will have a major bearing on the voting pattern.
The Indian profession of Chartered Accountants has in recent past faced a large number of challenges including aspersions on their integrity and independence arising out of certain large scale financial frauds and manipulation of financial statements by banks, investment banks and large companies outside India including companies like Satyam in India. The Institute of Chartered Accountants of India have severely punished those who were found guilty in various financial frauds and even removed certain chartered accountants found guilty for Satyam scam for their life from the membership of the Institute. Most of these corporate failures did not had any Indian origin CA firm as their Auditors.
Newsletter on daily professional updates- 5th September 2019CA PRADEEP GOYAL
Unless you try to do something beyond what you have already mastered, you will never grow. Here is your Daily dose of professional updates in newsletter form- 5th September 2019
Succinct newsletter on Daily updates related to-
GST with advance rulings and judgements
Corporate law
SEBI
ICAI
ICSI
RBI
MSMEs
Income Tax with daily judgements
Start-ups
New Bills/Acts
Various news related to profession
Updates from various union ministries including replies in parliament
Latest happenings in economy and finance
Wallet4wealth newsletter-jan-2022. In this news letter we have highlighted Union Budget 2022, Inspiring case stories, 5 must do SIPs for 2022, Market indicators etc. Finance minister Nirmala Sitharaman presented her Budget which was based on 7 key priorities.
The general public and the society including top bureaucrats, politicians, media personnel, social activists, thinkers, intellectuals and policy makers and those who determine the future directions of the society and the economy expect the auditing profession to perform the roles of a watchdog who can monitor the auditee entity comprehensively to ensure that interest of owners, minority shareholders, investors, bankers, government, regulators, suppliers, customers and other stake holders are fully protected. Most importantly interest of the auditee entity are preserved and various financial and operational decisions taken by the management at various levels were in the interest of the company and were within the policy framework laid down by the Board.
PM Gati Shakti master plan
Inclusive development
Productivity enhancement
Sunrise opportunities
Energy Transition
Climate Action
Financing of Investments
PM Gati Shakti master plan
Inclusive development
Productivity enhancement
Sunrise opportunities
Energy Transition
Climate Action
Financing of Investments
INFLATION
FISCAL DEFICIT
Key Discussions about ‘Taxes’ and ‘IBC’ in Economic SurveyTaxmann
#EconomicSurvey Analysis
Download/Read through the Key Discussions about ‘Taxes’ and ‘IBC’ in Economic Survey Below.
Compiled by Taxmann’s Indirect Tax Research & Development Team
India Union Budget 2015 - An Overview | A BDO India PublicationOperations BDO
The Honourable Finance Minister of India, Mr. Arun Jaitley announced the most inclusively developmental budget for India for the coming fiscal.
Co-operative federalism sharpening the focus on ‘Ease of Doing Business in India’ alongside strengthening domestic macroeconomic fundamentals are the cornerstones of the Budget.
Setting national priorities in perspective with an aim of fiscal consolidation through a host of reforms and a tighter policy framework gives India Inc., much to look forward to.
BDO India LLP brings together an overview of key changes set out in the Union Budget in their proprietary publication INDIA UNION BUDGET 2015 – An Overview.
INDIAN ECONOMY LOOKING FOR DIRECTION FOR INDIA TO SHINE AGAINNeha Sharma
The Indian economy is in the threshold of a big leap towards India shining once again, but the main stumbling block being a sense of confusion about government policies, scarcity of low cost adequate money for funding further investments and most importantly India Inc. awaiting for specific policy decisions and creative actions in the areas which has been adversely impacted due to lack of policy initiative.
FINANCE BILL 2012 – MAJOR ISSUES AND CHALLENGESNeha Sharma
The Finance Bill 2012 was presented in the Lok Sabha recently and is under consideration of the Parliament. A very heated debate is happening on several new provisions and issues arising there from.
RBI AS WELL AS GOVERNMENT OF INDIA MUST RECONSIDER RELAXATION ALLOWED RECENTL...Neha Sharma
The RBI had set up a committee to review various important aspects of audit of public sector banks. The committee, despite serious objections by the Central Council of the Institute of Chartered Accountants of India, gave its interim report recently which inter alia include exemption from audit of branches having Rs. 100 crore advances for large banks and Rs. 50 crore advances for mid size banks. On the basis of the report, RBI has recommended that all the branches of public sector banks having less than Rs. 20 crore advances should be exempted from audit, except once in 5 years.
INDIAN ECONOMY: CHALLENGES AND EXPECTATIONSNeha Sharma
The Reserve Bank of India has recently released a small dose of liquidity by reducing Cash Reserve Ratio (CRR) by 0.5% for the commercial banks. Government borrowings have swallowed significant resources from the banking sector in recent months. The Liquidity with banking sector is still a major issue.
COMPANIES ACT, 2013 - CORPORATE GOVERNANCE IN NEW DIRECTIONSNeha Sharma
The Government of India has already notified 98 sections of the new Companies Act and has also announced draft rules in 1st phase as well as in 2nd phase on most of the chapters of Companies Act, 2013. It may be an interesting debate to examine certain issues having wider implications.
FALL IN RUPEE - A MAJOR CONCERN FOR THE ECONOMYNeha Sharma
The recent fall of the Indian rupee visà-vis US Dollar and other major currencies have caused serious concern in the business, profession and Indian intellectuals. The fall of Indian rupee indicate serious inherent weakness of the Indian economy and in spite of some arrests of the inflationary tendency the overall outlook is very weak. Some major indicators include:
Young Chartered Accountants - New Age CAs, A New Age PowerNeha Sharma
The profession of chartered accountants has enrolled a large number of students in last 7 years and accordingly the number of young bright students who are qualifying as chartered accountants has also grown significantly. This is being seen as a major challenge for the entire profession. We perceive this as a major opportunity not only for the profession, the young chartered accountants, and young C.A. students but also for the entire nation - our motherland INDIA.
INCOME DECLARATION SCHEME A time to come cleanNeha Sharma
The IDS scheme announced by the government is open till 30th September, 2016. It is an important opportunity and the government has committed to not to seek any details or source of money earned and assets created once disclosed in terms of the scheme.
FEMALE SECURITY - A MATTER OF MAJOR CONCERNNeha Sharma
The recent incidents in Delhi followed by the mass protests at India Gate and all across the nation have brought to light a major threat to safety and security of females in the country. The profession of Chartered Accountancy consists of a substantial number of female members and about 50% CA students are also female.
Make in india – a formidable step in right directionNeha Sharma
Make in India campaign of Prime Minister Narendra Modi has evoked lots of attention all over the world. Prospective investors from China, Japan, USA etc are eagerly watching changes being made in the directions of investment liberalization . There is no doubt that with this PM has taken a major initiative to bring Indian and International Corporate Sector on one platform to aggressively boost industrial production and growth in India.
At the outset, the new BJP led NDA Government is to be congratulated for winning the General Election with a thumping majority. The agenda of the BJP government in the shape of their visionary Election Manifesto will lead the direction to a Growth oriented, people friendly, consensus driven policies.
Indian economy towards growth momentum strategic moves neededNeha Sharma
In a recent international survey Indian economy has been rated as the 3rd largest economy of the world, after USA and China, on the basis of Purchase Power Parity (PPP). IMF has also projected a smart recovery of growth rate of Indian GDP to around 5.5% to 6% in next 2 years.
The general election to Lok Sabha is the most important democratic process in the Indian Constitutional Framework. Current elections have attracted a huge turnout of the voters, clearly indicating to the political leadership that India need change and Indian democracy, economy and expectations of public and society is under transformation.
National General Election – Our vote to be decisiveNeha Sharma
The general elections have been announced and within 3 to 4 weeks voting process will commence. It is very important for the Chartered Accountants fraternity to actively participate in the election process not only by casting their votes but also actively participating in shaping the thought process of the society.
NON PERFORMING ASSETS – NEED FOR PRAGMATIC & PRACTICAL REGULATORY FRAMEWORK Neha Sharma
The Reserve Bank of India, Indian Banks Association, almost all Public Sector Banks and the Indian businesses are deeply concerned about significant rise in nonperforming assets during last one year. The Indian economy has been passing through unprecedented turbulent times. Many important sectors of the economy have been adversely affected.
The recent statement of Shri Narendra Modi, the Prime Ministerial Candidate of BJP that the BJP is very seriously examining to bring in a more friendly tax structure is heartily welcome. It is important to analyze the current issues and options available before the policy makers to initiate a meaningful public debate.
Our Honorable Chief Minister of Delhi, announced a special seven day drive of removing Malba, dust and garbage in case he receives photographs through a special mobile application. Huge amounts were spent on the entire exercise specially on advertisement. Delhi did not see any result and the outcome couldn't be measured, in the absence of accounting, Management Information System, proper checks and control and no provision for monitoring of outcome.
The issues of proper Financial Management and Corporate Governance have taken a centre stage. The Public Sector Banks as well as Private Sector Banks are witnessing acute rise in nonperforming assets, moving up to 4.6% in March, 2015, whereas stressed advances have increased to 11.1% of the total advance, from 8% about 2 year ago. The major reasons as per a research of a large sample are as follows:
The Delhi high court, in a leading judgement delivered on 3rd June, 2016, has declared service tax audit being conducted by Central Excise and Service tax department as ultra virus, in the matter of Mega Cabs Vs UOI. The matter was argued by Mr. J.K. Mittal, FCA as advocate of the petitioner.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
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Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
1. Volume XXIV, No. 03, March, 2013
The Union Budget was presented on
28th February, 2013 in the
Parliament. It was being touted as a
good mix of growth and reform. The
major challenges outlined by the
Economic Survey, RBI as well as by
the FM were in respect of consi-
derably reduced estimated growth of
GDP, increase in fiscal deficit,
mounting current account deficit and high inflation rate.
The FM expressed his concern on lower GDP growth
that was estimated between 5%-5.5%, which is much
below India's potential growth rate of 8% and narrated
that getting back to that growth rate is the major challenge
which the country is facing. The FM has plans to restrict
fiscal deficit by restricting government spending and cutting
subsidies. He has plans to control current account deficit
by inviting FDI, FII and ECB.
The plan allocation for different sectors was covered in
detail in the budget speech of the FM. The various tax
proposals and policy initiatives were also announced.
There is a need to analyze areas of major concern and to
consider appropriate initiative at the level of government
and all other stake holders to achieve the desired results
Power Sector
The power sector is the biggest sufferer of lukewarm policy
initiatives and the absence of strong initiative on the fronts
of coal linkages and financial closure. A large number of
projects are incomplete, or stuck at advanced stage of
implementation, due to poor availability of funds and
apprehension among lenders about future of the power
sector. State level electricity distribution and transmission
companies are bleeding and have substantial dues to be
paid to various power producers.
INDIAN ECONOMY AND THE CHALLENGES
Contd............... on pg 3
CAVinod Jain*
* Mr. Vinod Jain, FCA, FCS, FICWA, LL.B., DISA (ICA), Chairman, INMACS and Vinod Kumar & Associates. vinodjain@inmacs.com, vinodjainca@gmail.com, +91 9811040004
Infrastructure
The Infrastructure Sector consisting of roads, housing
and urban development as well as rural infrastructure
development have also faced new challenges in the absence
of adequate policy initiative and the problems being faced
by BOOT or public private partnership models. The
National Highway Authority of India have also developed
several contentious issues with various road developers,
which have resulted into slow completion of projects, delay
in financial closure or disbursement and similar other issues.
Port Development
The development of ports by the government as well as
under the PPP model has suffered due to security concern
and policy bugs.
Telecom
Telecom sector latest round of 2G auction failed miserably,
in the absence of response, due to heavy reserved price.
Even the 3G licenses have not been made fully operational
due to heavy license fee payable to the government. The
expectation of the government to earn Rs. 40 to 50
thousand crores per annum as license fee from the telecom
sector is resulting into a heavy financial burden on the
sector creating price pressure and is affecting the growth.
Watershed Development and Irrigation
The government has not been able to initiate any major
watershed development program, river linkage program
or other irrigation projects except minor plan allocation,
without any visionary plan for a galloping growth of
agriculture and water supply.
Education
Although the allocation to education sector has been
increased significantly, the need of Indian society in respect
EDITORIAL
2. 2 THE CHARTERED ACCOUNTANT WORLD – March 2013
LATEST IN FINANCE / CAPITAL MARKET
LATEST IN FINANCE
1.0 SPECTRUMAUCTIONFAILED
Not a single GSM operator applied to
participate in the auction of spectrum in the
900 and 1,800 MHz bands
Sistema Shyam, whose 21 licences were
cancelled by SC, was the lone applicant for
spectrum in 800 MHz
The Telecom secretary has said that Govt to
explore all options to see how spectrum can
be auctioned in the 1,800 and 900 MHz bands
One option is to reduce the reserve price as
industry has clearly indicated that the current
price is unviable
2.0 SUUTI'S SHARES NOT FORALL
The Cabinet in March 2012 cleared the winding
up of the Specified Undertaking of Unit Trust of
India (SUUTI) and the transfer of its assets
(11.5% stake in ITC, 23.6% in Axis Bank and
8.3% in L&T) to an asset management company.
The Finance Minister has said that the
government's "SUUTI shares" in three private
firms would not be sold through the competitive
bidding route.
3.0 NTPC,NHPCMAYFINDITTOUGHTOEXIT
NATIONALPOWEREXCHANGE
NTPC and NHPC could find it tough to pull out
of the yet-to-be-operational National Power
Exchange (NPX), with the other two
shareholders, Power Finance Corporation (PFC)
and Tata Consultancy Services (TCS), learnt to
be against their exit. NTPC recently announced
its decision to leave the project, saying the
proposed exchange was in viable, given the low
volume of exchange-traded electricity in the
country. NHPC followed suit.
4.0 RBI DIRECT BANKS TO IMPOSE LIMITS
ON GLOBAL CARD TRANSACTIONS
In order to check frauds, The Reserve Bank of
India (RBI) has asked banks to impose monetary
limit for international transactions on credit and
debit cards and refrain from issuing cards with
global access unless specifically sought by the
customer.
RBI has said that a monetary limit of $ 500 be
imposed by issuing bank on all global cards which
has not been used in the past.
5.0 BANKS PLAN TO EASE RECOMPENSE
CLAUSE FOR COs
Banks plan to ease the recompense clause for
companies that become profitable after debt
restructuring, as firms choose to stay in the
Corporate Debt Restructuring cell to enjoy lower
interest rates even after recovering to profits.
6.0 REVISED BANK DEPOSITRATES
Bank % p.a. Bank % p.a.
SBI 8.50% HDFC Bank 8.75%
PNB 9.00% ICICI Bank 7.50%
Axis Bank 8.50% BOB 9.00%
CitiBank 7.25% IDBI Bank 8.75%
BOI 9.00% Canara Bank 9.05%
CAPITAL MARKET
1.0 LISTEDCOMPANIESMUSTSEEKSEBINOD
FORALLM&ADEALS
Companies traded on stock exchanges will now
need the clearance of the capital market regulator
Securities & Exchange Board of India (SEBI) for
all merger, demerger and amalgamation deals. Till
now, companies could execute these strategies
by obtaining the approval of a high court and no-
objection certificate from exchanges.
The following has been instructed by SEBI to
companies before executing M&As & demerger:-
1. Include non-objection certificate of stock
exchanges in the letter sent to the shareholders
for approval.
2. Obtain the approval of at least two - third of
the minority shareholders.
3. Disclose the scheme valuation report of
independent Chartered Accountant(s) (CAs),
fairness opinion and audit committee on the
scheme for public scrutiny for 21 days.
2.0 OPEN OFFER WILL BE TRIGGERED IF
BUYING TOPS 5% IN A FISCAL
Stock market regulator Securities and Exchange
3. 3A JOURNAL OF ALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY
EDITORIAL / CAPITAL MARKET
Contd............... from pg 1
INDIAN ECONOMY ......
EDITORIAL
of higher education and employable education
including technical training, vocational training and
high-end professional skills require much deeper
initiative and a larger framework of government led
institutions in addition to major thrust in private sector.
Research and Development
The private sector initiatives as well as the government
sector initiative in this field are lack luster. A major
initiative is mandatory for sustained high growth of
industrial sector, service sector as well as agricultural
sector.
The government announcement of their desire of
achieving a high level of inclusive growth is required
to be brought to deeds by policy initiatives. The
Financial sector, capital market as well as industrial
growth require a very comprehensive plan and their
seamless implementation. The dream of being the 3rd
largest economy in the world and to be reckoned as a
developed country will otherwise take much longer
time in getting accomplished.
SOME IMPORTANT TERMS IN THE
UNION BUDGET 2013-14
1. Fiscal Deficit
When a government's total expenditures exceed
the revenue that it generates (excluding money
from borrowings).
2. Current Account Deficit
Occurs when a country's total imports of goods,
services and transfers are greater than the country's
total export of goods, services and transfers. In
other words, the current account is simply a
measure of how much money is flowing out of
the country compared with how much is flowing
in from foreign sources.
3. Trade Deficit
An economic measure of a negative balance of trade
in which a country's imports exceeds its exports
4. Gross Domestic Product (GDP)
The total market value / monetary value of all the
finished goods and services produced within a
country's borders in a specific time period. GDP is
usually calculated on an annual basis. It includes
all of private and public consumption, government
outlays, investments and exports less imports that
occur within a defined territory.
GDP = C + G + I + NX
where:
"C" is equal to all private consumption, or consumer
spending, in a nation's economy
"G" is the sum of government spending
"I" is the sum of all the country's businesses spending
on capital
"NX" is the nation's total net exports, calculated as
total exports minus total imports. (NX = Exports -
Imports)
Board of India (SEBI) has said that the 5% for
creeping acquisition of shares by promoters
would be calculated on the basis of the shares
that exist at the end of the previous fiscal.
Any acquisition above five per cent in a financial
year by promoter group attracts open offer
obligation.
3.0 TRADING IN ILLIQUID SHARES ONLY
THRU PERIODIC CALLAUCTION: SEBI
The Securities and Exchange Board of India
(SEBI) has said that effective fromApril 1, illiquid
stocks would be traded only through the periodic
call auction mechanism on stock exchanges
instead of the existing order-driven system in the
normal market.
1. Call Auction in these stocks would be done
every one hour starting 9:30 a.m. on each
trading day.
2. Stocks having an average daily trading volume
of less than 10,000 shares with the average
daily number of trades of less than 50.
4.0 SEBI RESERVES 20% RESERVATION FOR
RETAILINVESTORSINIDRREDEMPTIONS
Market regulator Securities and Exchange Board
of India (SEBI) has said that reservation of 20
per cent will have to be made for retail investors
during conversion of Indian Depository Receipts
(IDRs) into underlying shares. Current regulations
allow partial fungibility of such instruments - in
4. 4 THE CHARTERED ACCOUNTANT WORLD – March 2013
CAPITAL MARKET / CORPORATE AND ECONOMIC LAWS
CORPORATE AND ECONOMIC LAWS
1.0 XBRL FILING
The Ministry of Corporate Affairs (MCA) has
said that the time limit to file the financial
statements in the XBRL mode without any
additional fee/penalty has been extended up to
15th February 2013 or within 30 days from the
date of AGM of the company, whichever is later.
Circular Reference: General Circular no. 01/2013 dated
15.01.2013, www.mca.gov.in
2.0 MCA CLARIFIES ON DEBENTURE
REDEMPTIONRESERVE
The Ministry of Corporate Affairs (MCA) has
decided to clarify the adequacy of Debenture
Redemption Reserve (DRR) as under:-
1. ForAll India Financial Institutions (AIFIs) and
Banks: NIL
2. For Financial Institutions and NBFCs: 25%
of publicly issued debenture & NIL for others
3. Listed Companies: 25% of publicly issued
debentures and 25% on privately placed
debentures.
4. Unlisted Companies: 25% on privately placed
debentures
All companies are required to invest 15% of
debenture falling due in the year in specified
securities by 30th April each year.
Circular Reference: Circular no. 04/2013 dated 11.02.2013,
www.mca.gov.in
3.0 REINSTATEMENTNOTAUTOMATIC
The Supreme Court has said that a daily wage
earner is not entitled both to reinstatement and
back wages even if he had worked in an
establishment for more than 240 days
continuously. A wrongful termination did not
entitle a daily worker to automatic reinstatement
with other benefits. It depends on various factors
like the method of appointment, nature of
employment and length of service.
Assistant Engineer v/s Gitam Singh
4.0 DUALCLAIMS FOR COMPENSATION
The Supreme Court held that dependents of a
worker who dies in the course of employment
are entitled to compensation both under the
Workmen's Compensation Act and under the
Motor Vehicles Act, dismissing the appeal of
Oriental Insurance Company.
5.0 PRIOR USE OF TRADEMARK, A VALID
RIGHT IN ITSELFEVEN INTHEABSENCE
OFREGISTRATION
TheAllahabad High Court has held that a person
using a trademark for long cannot be upstaged
by an impostor even if such mark is not
registered.
Guru Kripa Manufacturing Pvt Ltd.v/s Duro Pipe Industries
Pvt Ltd
6.0 DRTAUCTION RULE MANDATORY
The Supreme Court has ruled that the provision
for deposit of 25 per cent of the purchase money
in an auction sale under the Debt Recovery Act
(DRT) is mandatory and the recovery officer
cannot relax it. According to the law, if there is a
default on this, the property shall be resold
immediately.
a financial year conversion to the extent of 25%
of the IDRs originally issued is permitted.
The issuer can either give the option of converting
IDRs into underlying shares or selling the
underlying shares in the foreign market or
both to the IDR holders. The periodicity for
fungibility has been fixed at least once every
quarter and the window would be open for at least
seven days.
5.0 SEBIALLOWS MUTUALFUNDS TO LEND
IDLE GOLD SUBJECT TO CEILING
Capital Market regulator Securities and Exchange
Board of India (SEBI) has said that gold mutual
funds can now invest in gold deposit schemes of
banks provided they limit investments to 20% of
total asset base of the scheme.
6.0 MCX-SX ANNOUNCES INCENTIVES TO
BOOST LIQUIDITY
MCX-SX has announced incentive schemes to
brokers, market makers and investors to improve
liquidity on its platform. The liquidity
enhancement scheme (market-making) in its
equity (cash) and equity derivatives segments
starts on March 6.
5. 5A JOURNAL OF ALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY
CERTIFICATE COURSEBUDGET 2013 MINUTES / INDIRECT TAXATION
BUDGET 2013 MINUTES
1.0 INDIVIDUALS
Income tax slabs/rates: No change.
Exemptions will erode tax base.
Tax credit: ` 2,000 in lowest income slab up
to ` 5 lakh. Cost: ` 3,600 cr
Super-rich: 10% surcharge on taxable income
above ` 1 cr for one year
Home loans: Up to ` 25 lakh, additional interest
deduction of ` 100,000
TDS: 1% on value of the transfer of
immovable property over ` 50 lakh
Price of luxury: Duty hiked for imported
luxury cars, bikes and yachts
Costlier: Cigarettes, SUVs, marble, high-end
phones
2.0 STATEOFTHESTATE
Fiscal deficit: For 2013-14: 5.2%; For 2014-15,
estimated at 4.8%.
3.0 CORPORATES
Allowance of 15% for manufacturing
investment over ` 100 cr
Repatriation bait: Tax sop on dividends from
foreign subsidiary to local parent continues
with benefits in Dividend distribution tax
Withholding tax of 20% on profits of unlisted
cos given in dividend to shareholders via
buyback Royalty tax: Payouts for technical
services given to non-residents hiked to 25%
from 10%
No change in customs, excise & service tax;
amnesty scheme for service tax evaders
4.0 SOCIAL SECTOR
29% hike in Plan expenditure in 2013-14 over
Budgeted Expenditure of 2012-13
Exclusive bank for women; JNNURM
allocation doubled
Rural development to get ` 80,194 cr, up 46%;
flagship MGNREGS will get ` 33,000 cr
PMGSY will get ` 21,700 cr; IAY ` 15,184
cr; PMGSY-II to be rolled out
Additional ` 10,000 cr for food security, over
& above subsidy costs
Merged national health mission to get ` 21,239
cr, up 24.3%
` 65,867 cr for MHRD; ` 27,258 cr for Sarva
ShikshaAbhiyan
5.0 MARKETS
Pass-through status: For specified alternate
investment funds, angel investors registered
with SEBI
Cut in securities transaction tax: For equity
futures, redemptions of mutual funds,
exchange-traded funds
Commodities transaction tax: 0.01%, for
futures in non-farm commodities
Rajiv Gandhi Equity Savings Scheme
(RGESS): Opened to MFs as well as shares
for three years; Income cap at ` 12 lakh
Inflation-indexed bonds or inflation-indexed
national security certificates to protect savings
planned
INDIRECT TAXATION
1.0 SUPREME COURT DIRECTS FIATTO PAY
````` 311 CrAS EXCISE DUTY
The Supreme Court in its August verdict, while
setting aside the excise tribunal's order, had
directed the car maker to pay duty for Uno cars
sold at a price lower than the cost price to
penetrate the market. Upholding the department's
stand, the Supreme Court had clarified that central
excise duty was chargeable on manufacture or
production of goods and not only on sale price.
As per the judgment, Fiat will have to pay around
` 311 crore and Premier will pay more than ` 49
crore as outstanding excise duty.
2.0 E-REFUND OF TAXES FOR SERVICES
EXPORTERS
Infosys, TCS, Wipro and a slew of services
exporters will soon get electronic refunds of taxes
they pay on their inputs, a repeated demand from
the sector. The finance ministry is mulling a new
duty drawback scheme for services sector.
6. 6 THE CHARTERED ACCOUNTANT WORLD – March 2013
INTERNATIONAL TAXATION / DIRECT TAXATION
DIRECT TAXATION
1.0 I-T DEPT TO QUESTION PAN HOLDERS
FORNOTFILLINGRETURNS
Tax authorities are set to crack down on those
not paying their due taxes and will soon send out
letters to about 35,000 individuals seeking to know
why they have not filed tax returns. The letter
sent to the PAN card holders contains the
summary of the information of financial
transactions along with a customized response
sheet and seeks to know whether the person had
filed his income tax return or not.
2.0 MAURITIUS OFFERS ZERO CUSTOMS
DUTY REGIME FOR INDIAN FIRMS
Mauritius has offered a zero customs duty regime
for Indian firms to gain easier access to European
Union and Africa. Mauritius has also agreed
to incorporate a limitation of benefit clause
in the tax treaty to curb abuse of the pact.
3.0 LATESTJUDGEMENTS
SECTION 92 READ WITH SECTION
271(1)(c):COMPUTATIONOFARMLENGTH
PRICE
TheAhmedabad ITATbench has held that where
INTERNATIONAL TAXATION
1.0 INDIA ENTERED IN NEW DTAA WITH
MALAYSIA
The agreement is effective from April 1, 2013
Dividends paid by Indian companies to
Malaysian investors or entities will attract a
lower withholding tax of 5 per cent against 10
per cent earlier
Addition of a benefit clause, an anti- abusive
provision
Provision of a new transfer pricing adjustment
avoiding double taxation
Introduction of a new article for taxing capital
gains from alienation of property
Introduction of the concept of service
permanent establishment with a threshold of
90 days within any 12-month period.
the assessing officer did not record any fining
that assessee failed to offer any information
relating to its international transactions, or
information provided was false, penalty order
passed by invoking Explanation 7 to Section
271(1)(c) was not sustainable.
Mastek Ltd. v/s DCIT, [2012] 27 taxmann.com 292
(Ahmedabad - Trib)
SECTION 92CA: COMPUTATION OFARM
LENGTHPRICE
The Bangalore ITAT bench has held that there
may be variations/difference in activities of both
assessee and comparables from year to year
requiring appropriate TP adjustment.
Toyota Kirloskar Motors (P) Ltd. v/s ACIT, [2012] 28
taxmann.com 293 (Bangalore - Trib).
The Bangalore ITAT bench has held that super
profit making companies and companies with
functional differences are to be excluded from
list of comparables while making transfer pricing
adjustment.
Google India (P) Ltd. v/s DCIT, [2013] 29 taxmann.com
412 (Bangalore- Tribunal)
The Bangalore ITAT bench has held that TP
provisions do not require TPO to establish a
motive of transferring profits out of India prior to
finding out as to whether assessee's inter-national
transactions are at arm's length or not.
24/7 Customer.com (P.) Ltd. v/s DCIT, [2012] 28
taxmann.com 258 (Bangalore- Trib.)
SECTION 10(23C): EXEMPTION TO
CHARITABLE AND EDUCATIONAL
INSTITUTIONS
The Bombay High Court has held that an
incidental surplus which is utilized to upgrade
library facilities of a college can't deprive the
college of exemption under section 10(23C). Such
incidental surplus doesn't mean that the college
exists for the purposes of profit
Tolani Education Society v/s Dy. Director of Income-tax
(Exemptions) - I(2), Mumbai, [2013] 30 taxmann.com
165 (Bombay)
The Agra ITAT bench has held that where
assessee- institution did not exist solely for
educational purpose and, moreover, donations
received by it exceeded prescribed monetary limit
of ` 1 crore, its claim for exemption under section
7. 7A JOURNAL OF ALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY
CERTIFICATE COURS / ICAIEDIRECT TAXATION
FINANCIAL INDICATORS
CurrentRate* MonthAgo 3Month 6Month
(in%) (in%) Ago(in%) Ago(in%)
3 Month LIBOR ($) 0.51 0.29 0.31 0.41
3 Month MIBOR (`````) 9.48 8.96 8.72 8.87
SENSEX 19683 19484.77 19355 17767
NIFTY 5946 5903.5 5888 5364
CRR 4 4 4.25 4.75
REPO 7.75 7.75 8 8
REVERSE REPO 6.75 6.75 7 7
Gold (per 10 gm) 29345 30815 30886 31951
Silver (per kg) 54855 58246 60699 62065
Crude (USD/bbl) 110.85 118.90 108.01 114.81
Rs. vs USD 54.40 53.57 54.23 55.52
Rs. vs Euro 71.24 71.79 70.94 70.85
Rs. vs Yen (````` 100) 57.06 57.42 64.86 70.99
Rs. vs RMB 8.71 8.61 8.70 8.75
Rs. vs Pound 81.57 84.25 87.53 88.85
MCX Aluminium 104.80 110.70 115.45 114.00
MCX Copper 420.85 444.00 444.60 450.00
*As on 10th March 2013 (Sources: Bloomberg, NSE, BSE, RBI, MCX)
10(23C) (iiiad) was to be rejected.
Manas sewa samiti v/s Addl. CIT, [2012] 28 taxmann.com
265 (Agra- Trib)
SECTION 35(2AB)(1): DEDUCTIONS FOR
SCIENTIFICRESARCHEXPENDITURE
The Ahmedabad ITAT bench has held that
explanation to Section 35(2AB)(1) does not
require that the expenses which are included in
this explanation are essentially to be incurred
inside an in-house research facility because it is
not possible to incur these expenses inside in-
house research facility.
Cadila Healthcare Ltd v/s ACIT, Range - I, Ahmedabad,
[2013] 29 taxmann.com 229 (Ahmd. - Trib.)
SECTION 32: DEPRECIATION
The Mumbai ITAT bench has held that
depreciation is not an outgoing expenditure but a
statutory deduction. Therefore, the provisions of
section 40(a)(i) are not attracted on such
deduction.
SKOL Breweries Ltd. v/s ACIT, Range 8(3), Mumbai, [2013]
29 taxmann.com 111 (Mumbai - Trib.)
The Supreme Court has held that where
assessee, engaged in business of hire purchase &
leasing, having purchased vehicles from
manufacturers, leased out those vehicles to
customers, it was entitled to claim deprecia-tion
in respect of vehicles so leased out.
I.C.D.S. Ltd. v/s CIT, Mysore,[2013]29 taxmann.com 129 (SC)
The Delhi ITAT bench has held that where
Assessing Officer had allowed depreciation on
assets in question in previous assessment year,
in absence of any change in facts, depreciation
on said assets could not be disallowed in
subsequent years.
ACIT, Circle -12(1) v/s Hindustan Fertiliser Corpn. Ltd.,
[2013] 30 taxmann.com 221 (Delhi - Trib.)
SECTION 194C, READ WITH SECTION
40(a)(ia): TDS ON CONTRACTOR
The Hyderabad ITAT bench has held that mere
providing of machinery on hire without any
manpower cannot be termed as carrying out of
any work by plant and machinery owners and,
thus, no tax is required to be deducted under
section 194C.
ACIT, Circle 5(1) v/s Kiran Constructions, [2013] 30
taxmann.com 235 (Hyderabad - Trib.)
SECTION 50C: SLUMP SALE
The Mumbai ITAT bench has held that where
assessee, a shareholder of KMPL, along with other
shareholders sold entire shares of KMPL to 'R',
it could not be regarded as an indirect transfer of
flats owned by KMPL to 'R' and, consequently,
provisions of section 50C could not be applied to
transaction of sale of shares.
Irfan Abdul Kader Fazlani v/s ACIT, Central Circle-44,
Mumbai, [2013]29 taxmann.com 424(Mum. - Trib.)
SECTION 2(22): DEEMED DIVIDEND
The Mumbai ITAT bench has held that where
assessee having more than 10% shares in a
company received from it and lending of money
was a substantial part of business of said comp-
any and loan was made by it in ordinary course
of its business, amount of loan could not be
regarded as deemed dividend in hands of assessee.
Jayant H. Modi v/s Jt. CIT, [2012] 28 taxmann.com 252
(Mumbai Trib)
SECTION 220: COLLECTION AND
RECOVERYOFTAX
The Kerala High Court has held that where
assessee did not satisfy conditions specified in
section 220(2A), waiver of interest could not be
granted.
K.C. Mohanan v/s Chief Commissioner of Income-tax,
[2013] 30 taxmann.com 376 (Kerala).
8. 8 THE CHARTERED ACCOUNTANT WORLD – March 2013
Contact details : Dharampal (9013363257) All India Chartered Accountants’ Society - CFO World 909, Chiranjiv Tower, 43, Nehru Place,
New Delhi-110019. Ph: 26223712, 26228410, 26226933 E-mail:aicas.cfo@gmail.com / cfoworld@gmail.com EDITOR: Pankaj Gupta, LLB, FCS
E-mail: pankajguptafcs@gmail.com PUBLISHED & PRINTED: At New Delhi by Satish Chandra, Administrative Officer, on behalf of All India Chartered
Accountants’ Society, 4696, Brij Bhawan, 21A, Ansari Road, Darya Ganj, New Delhi-110 002 Phone 23265320, 23288101 E-mail : aicas.cfo@gmail.com
Printed at: EIH Ltd., Unit : Printing Press, No. 7, Sham Nath Marg, Delhi-110054. Views expressed by contributors are their own and the Society does not accept
any responsibility.
If undelivered, please return to :
All India CharteredAccountants’Society
4696, Brij Bhawan 21A,Ansari Road,
Darya Ganj, New Delhi-110 002
Date of Printing : 12th
MARCH, 2013
R.N.I. No. 50796/90
Posting Date: 14/15 March, 2013
Registration No. DL(c)-01/1268/2012-14
Licenced to post without prepayment No. U-(C)-82/2012-14
INSURANCE
1.0 IRDA ALLOWS HIGHER EQUITY
INVESTMENT FOR INSURANCE COs
The Insurance Regulatory and Development
Authority (IRDA) has allowed insurance companies
to increase their equity holding in companies by up
to 15%, from 10% earlier. The regulator said insurers
can pick up stakes of up to 12% or 15% in a company,
depending on the size of their controlled fund.
2.0 T S VIJAYAN TAKES OVERAS IRDA CHIEF
Former LIC chief T S Vijayan took over as the
chairman of the IRDA. Vijayan succeeds J Hari
Narayan.
ICAI
1.0 ICAI RECOMMENDS NEW IFRS ROAD-MAP
ICAI recommendatons, if accepted by the Ministry
of Corporate Affairs (MCA), companies with a net
worth of over ` 1,000 crore will have to adopt
International Financial Reporting Standards (IFRS)
from April 1, 2015 for preparing their financial
statements. For companies with net worth of ` 500-
1,000 crore, the recommended date is April 1, 2016.
For all other companies (including listed ones), the
recommended date is April 1, 2017.
ICAI has already prepared Indian accounting
standards (IndAS) that converged with International
Financial Reporting Standards (IFRS).