[aurangabad_ca] F4F Updates - 01st February 2010
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Updates: PE–II, PCE & IPCE Results to be declared today between 5 pm to 8 pm
MNC's have the option to Appeal before DRP
This is good news for multi-national companies (MNCs) operating in India. Over 1,600 such companies, who were asked to pay additional corporate taxes on account of their overseas transactions, now, have the option to appeal before the conventional forum of Commissioner (Appeal) as well as Dispute Resolution Panel (DRP) for redressal of their grievances. An appeal before the commissioner (Appeal) may take a year or two for a decision.
(This is a just a summary, read the full article at www.forum4finance.
Four PSU likely to get Maharatna Tag
Four public sector giants — Oil and Natural Gas Corp, Steel Authority of India Ltd, Indian Oil Corp and NTPC — are likely to get in the next 10 days the coveted Maharatna status, which will empower the PSUs with greater autonomy, a top government official said. "We hope to confer the Maharatna status in about 10 days... as of now four appear to be there," the Secretary, Department of Public Enterprises, Bhaskar Chatterjee told reporters on the sidelines of a CII summit here.
(This is a just a summary, read the full article at www.forum4finance.
`Managing the Crisis' to `Managing Recovery': RBI
Voicing an urgent need for fiscal consolidation, the Reserve Bank of India (RBI) warned that a large fiscal deficit might hit growth. The central bank also asked the government to spell out steps to withdraw (in phases) the stimulus package put in place last year to contain the effects of the global financial crisis.
(This is a just a summary, read the full article at www.forum4finance.
Outflows due to Advance Tax payments may raise Interest rates
The Reserve Bank of India (RBI) surprised the market by raising the cash reserve ratio (CRR) by 75 basis points. "We were expecting a hike of 50 basis points," said Nilesh Shah, chief executive, ICICI Prudential MF. Though the CRR hike is going to suck out Rs 36,000 crore from the system, market experts say interest rates may not rise immediately. However, there is worry that the rise will coincide with mid-March outflows due to tax payments, resulting in some pressure on interest rates.
(This is a just a summary, read the full article at www.forum4finance.
SC asks Centre to take action against officials for delay in Tax Recovery
Inordinate delays in filing appeals for recovery of tax dues by the government have often attracted the attention of the apex court. These delays caused by lapses on the part of revenue officials at Centre and states, however, also represent a systemic failure, legal experts say. A Supreme Court Bench headed by Justice SH Kapadia recently pulled up the Jharkhand government for filing its appeal against Steel Authority of India Ltd for recovery of tax dues after a delay of more than 1,200...
(This is a just a summary, read the full article at www.forum4finance.
File FBT Refund or adjust against I-T: CBDT
Taxpayers can now adjust the advance FBT paid for the current fiscal against income tax or claim refund as the FBT is no longer in force. The FBT--the tax on the added benefits or perks given by the employer to the employee -- was abolished by Finance Minister Pranab Mukherjee in the the Finance Act 2009 with effect from assessment year 2010-11. The tax was introduced in 2005.
(This is a just a summary, read the full article at www.forum4finance.
RBI has taken right step by Hiking CRR: O P Bhatt
The Reserve Bank of India (RBI) has done the right thing by hiking the Cash Reserve Ratio (CRR) by 0.75 per cent to 5.75 per cent, a top banker said. "There is so much liquidity in the system (that) it is distorting the interest rate curve and large corporate are able to raise funds at very low rates. I think what the RBI has done is excellent," State Bank of India's Chairman, O P Bhatt, told reporters.
(This is a just a summary, read the full article at www.forum4finance.
New Direct Tax code ignores Development
The tax code comes in the economic background of over 400 million people being below the poverty line; with many areas disturbed due to underdevelopment; sustained policies of inclusive growth having reduced the poverty ratio but not absolute numbers; and a huge lack of infrastructure. The present tax laws have been one of the enabling tools for GDP growth of 8%.
(This is a just a summary, read the full article at www.forum4finance.
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