From: CA Saiprasad Bagrecha <saiprasadbagrecha@gmail.com>
Date: Tue, Feb 28, 2012 at 9:48 AM
Subject: {jalgaoncas} Direct Tax, Customs, VAT, SEBI, RBI, AUDIT, Company Law , Other Laws , Financial Management and International Business
To:
http://www.indiantaxhome.com/2012/02/i-t-relief-house-panel-may-push-for.html
· I-T relief: House panel may push for higher deduction of Rs 3.20 lakh
The Standing Committee of Parliament on Finance is likely to recommend a deduction of Rs 3.20 lakh for income-tax relief.
http://www.indiantaxhome.com/2012/02/new-tax-deal-for-housing.html
· New tax deal for housing
It is proposed that the Direct Taxes Code, 2010 ('DTC') will be introduced from April 1, 2012. It is an attempt to simplify the overall tax structure and lay-out of the tax provisions in a manner that these are better understood by the common tax payer. In this context, significant changes have been proposed in respect of taxability of house property income, which are worth noting.
http://www.indiantaxhome.com/2012/02/customs-gets-business-friendly-in.html
· Customs gets business friendly in tougher times
There have been several significant changes recently in Indian Customs laws, which have perhaps not received the attention they deserve. These changes include introduction of the concept of 'self assessment' and post-import audit.
http://www.indiantaxhome.com/2012/02/import-duty-on-capital-goods-may-be.html
· Import duty on capital goods may be self-defeating
It goes without saying that the capital goods industry constitutes the fulcrum of the manufacturing base of any country. More than consumer goods the production of capital equipment can test the innovativeness of a society, its commitment to productivity norms and effort it puts in to attain higher levels at every stage.
http://www.indiantaxhome.com/2012/02/govt-may-hike-duties-on-insulators-to.html
· Govt may hike duties on insulators to help local cos like Aditya Birla Group, BHEL
Chinese companies are threatening the survival of not just power equipment industry in the country, but also manufacturers of insulators for transmission systems who claim that a fifth of their market has already been usurped by subsidised products from across the border.
http://www.indiantaxhome.com/2012/02/vat-hike-to-offset-cst-crunch-says.html
· VAT hike to offset CST crunch, says Ghadai
Finance Minister Prafulla Chandra Ghadai on Saturday defended the imposition of tax on sugar and textile fabric by raising the lower rate of VAT to 5 per cent, even as the Opposition Congress demanded a rollback of the proposal and staged a walkout protesting the Minister's reply in the Assembly.
http://www.indiantaxhome.com/2012/02/sebi-to-hire-professional-agency-to.html
· Sebi to hire professional agency to educate investors
Capital market regulator Sebi will launch a big investor education programme through short films, TV and radio commercials in English and regional languages.
http://www.indiantaxhome.com/2012/02/new-chapter-on-company-law.html
· New chapter on company law
In India's history, the year 1857 is a landmark one , remembered for India's first war for independence. However, a few know that the first Companies Act in India was legislated in the same year, which after multiple iterations resulted in the Companies Act, 1956.
http://www.indiantaxhome.com/2012/02/rbi-for-only-pure-fdi-in-realty.html
· RBI for only 'pure' FDI in realty
The Reserve Bank of India (RBI), which has taken a firm stand against allowing external commercial borrowings (ECBs) in the real estate sector, now wants to clamp down on overseas investments in the sector through instruments that carry a fixed or variable internal rate of return.
http://www.indiantaxhome.com/2012/02/goverment-mulls-psu-banks-to-cut-loan.html
· Goverment mulls PSU banks to cut loan rates by March
The finance ministry is nudging state-owned banks to cut lending rates before March-end, though most lenders had initially taken a stand to review interest rates only next financial year. This has not been communicated in writing, but at a recent meeting, senior ministry officials asked bank chiefs to consider lowering interest rates.
http://www.indiantaxhome.com/2012/02/cost-energy-audits-now-mandatory-for.html
· Cost & energy audits now mandatory for Maharashtra sugar co-operatives
The Maharashtra government has made it mandatory for the co-operative sugar industry to perform cost and energy audits. This, if implemented seriously, is expected to save crores of rupees of the co-operatives. Maharashtra is the country's top sugar producer, having a turnover of about Rs 25,000 crore.
http://www.indiantaxhome.com/2012/02/retail-interest-revives-small-mid-cap.html
· Retail interest revives; small, mid-cap stocks see sharp rise
Retail investors seem to have been making a tentative re-entry into the stock market in the last couple of months, after having cut back on their trading activity as the indices fell sharply in 2011. At the National Stock Exchange (NSE), turnover in the cash segment has risen to 10.3 per cent of the overall turnover this month.
http://www.indiantaxhome.com/2012/02/among-nationalised-banks-small.html
· Among nationalised banks, the small outperform the large in Q3
The macro environment has been hostile to the banks in the first three quarters of 2011-12. Elevated interest rates in an atmosphere of slowing economic growth have lead to pressure on asset quality on the one hand and higher provisioning on the investment portfolio on the other.
http://www.indiantaxhome.com/2012/02/govt-to-ease-forward-contracts-curbs-to.html
· Govt to ease forward contracts curbs to facilitate strategic sales
The government plans to change rules and provide Indian companies with the flexibility of buying or selling shares to a strategic partner in future, easing decadesold restrictions on forward contracts.
http://www.indiantaxhome.com/2012/02/cheap-ecb-money-to-decide-dalal-street.html
· Cheap ECB money to decide Dalal Street course
The extent of foreign institutional purchases amid the start of ECB's second round of funding operation for the region's lenders on Wednesday will be key to the prospects of Indian stocks in the week ahead.
http://www.indiantaxhome.com/2012/02/microfinance-firm-bandhan-financial.html
· Microfinance firm Bandhan Financial Services to sell Rs 500-cr farm loans to IDBI
Microfinance company Bandhan Financial Services plans to sell Rs 500 crore worth of farm loans to IDBI Bank in what would be the biggest securitisation deal this year. Selling loans releases capital for MFIs and helps them deploy fresh loans to the poor without borrowing directly from banks.
http://www.indiantaxhome.com/2012/02/budget-team-mix-of-old-new-faces.html
· Budget team: Mix of old & new faces
As the countdown to the Budget begins, every movement in the finance ministry is closely monitored, outsider entry is restricted and phone lines of officials involved in the Budget process are tapped.This will be the first Budget for all five secretaries in the finance ministry in their existing capacity.
http://www.indiantaxhome.com/2012/02/budget-2012-budget-may-bring-sweet.html
· Budget 2012: Budget may bring sweet relief for ailing Air India
There could be some good news for ailing Air India in the upcoming Budget with the government considering a support package of about 10,000 crore for it, including 6,600 crore worth of equity infusion.
http://www.indiantaxhome.com/2012/02/berkshire-hathaways-q4-net-slides-30-as.html
· Berkshire Hathaway's Q4 net slides 30% as gains narrow on derivatives
Berkshire Hathaway Inc. said fourth- quarter profit fell 30% on smaller gains from Warren Buffett's portfolio of derivatives. Net income declined to $3.05 billion, or $1,846 a share, from $4.38 billion, or $2,656, a year earlier, Omaha, Nebraska-based Berkshire said on Sunday in its annual report.
http://www.indiantaxhome.com/2012/02/hero-motocorp-to-buy-minority-stake-in.html
· Hero MotoCorp to buy minority stake in Erik Buell Racing
Hero MotoCorp, the world's largest two-wheeler maker, will buy a minority stake in US motorcycle firm Erik Buell Racing (EBR) for an undisclosed amount. "We have a flexible free-flowing pact with EBR, which would be developed into a equity partnership," Hero MotoCorp MD and CEO Pawan Munjal said.
http://www.indiantaxhome.com/2012/02/gati-in-talks-to-sell-stake-in-shipping.html
· Gati in talks to sell stake in shipping arm to Bernhard Schulte
Hyderabad-based logistics major Gati is in talks with German ship-management company Bernhard Schulte to sell a strategic stake in its loss-making shipping business to raise cash to tide over the financial crisis.
--CA Saiprasad P. Bagrecha
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