GST Update | GST Annual Return-Audit due date extension

Click here to read the notification

3 new PAN rules to be effective from today; Here’s all you need to know

Permanent Account Number (PAN) is the tax identification number mandatory for filing income tax returns and can be applied either online or offline. Permanent Account Number (PAN) is the tax identification number mandatory for filing income tax returns (ITR) and can be applied either online or offline. Quoting of PAN is also mandatory for transactions

SEBI’s Press Release on Transfer of securities only in demat form- Deadline extended till April 1, 2019

Securities and Exchange Board of India (SEBI) has decided that except in case of transmission or transposition of securities, requests for effecting transfer of securities shall not be processed unless the securities are held in the dematerialized form with a depository. This measure was to come into effect from December 5, 2018. Subsequently, SEBI has

Travel And Tourism Policies To Help India Achieve Its Tourism Potential

India, a country endowed with ancient cultural heritage and natural beauty, has always been an attractive tourist destination and has great potential to become one of the leading tourism destinations in the world. In recognition of this potential, the government has been conscious of the policies framed to regulate this sector which are conducive for

Notification on ECB Policy – Review of Minimum Average Maturity and Hedging Provisions

The extant provisions on External Commercial Borrowing (ECB) in consultation with the Government of India, has amended the following provisions: i. Minimum average maturity: Minimum average maturity requirement for ECBs in the infrastructure space raised by eligible borrowers has been reduced from 5 years to 3 years and ii. Hedging requirements: Average maturity requirement has been reduced

The Cabinet approves MoU with Mauritius on Consumer Protection and Legal Metrology

The Union Cabinet on 22nd November 2018 approved an MoU between India and Mauritius on Consumer Protection and Legal Meterology. The MoU is beneficial for bilateral relations of both countries. It will help in expanding co-operation in the field of consumer protection, and will provide an institutional mechanism for exchange of information and derive mutual benefits

CBDT Notification – Father’s name not mandatory in PAN

The Income Tax vide notification no.  82/2018 dtd. 19th November 2018 has done away with mandatory quoting of father’s name for PAN application. The notification also makes it mandatory for entities that have financial transactions exceeding INR 2.50 lacs in a financial year  to apply for a PAN card. The notification also confirms that incase

GST Update | Recent Advance Rulings

Back office support services to overseas companies treated as Intermediary Services. Authority for Advance Ruling Maharashtra Applicant- Vserv Global (P.) Ltd (Order No.GST-ARA-03/2018-19/B-59) The Authority for Advance Ruling –Maharashtra passed an order where it was held that, back office administrative and accounting support services such as pay-roll processing and maintenance of employee records, rendered by

India jumps 23 places to rank 77 in World Bank’s Ease of Doing Business, tops South Asia for the first time

India has climbed 23 spots on the World Bank’s Ease of Doing Business (EODB) Index in the last two years, and now ranks #77 among 190 global economies. And for the first time ever, it is also the top ranked economy in South Asia. (In 2014, it was ranked sixth.) Among the BRICS nations, India

MCA Amendments in Schedule III (Preparation of Financial Statements) to the Companies Act, 2013

Key Changes in Schedule III (Preparation of Financial Statements) to the Companies Act, 2013 are mentioned below: 1)      Further classification of Loans and Trade Receivables 2)      Description of purpose of each reserve 3)      Name changed: Fixed Assets into Property, Plant and Equipment and Securities Premium Reserve into Securities Premium etc. 4)      MSME Disclosures and further classification of Receivables and

GST Update | TRAN-1 can’t be rectified | Gujarat High Court

Case: Jay Chemical Industries Ltd- Special Civil Appeal- Gujarat High Court, Ahmedabad. The appellant filed TRAN-1 within the stipulated time. After the time limit was over, the petitioner noticed that some transactions which were in pipeline when the GST was brought into force, due to oversight, were not included in such declaration. After noticing the

India: Supreme Court Of India Puts Limitation On Insolvency And Bankruptcy Code, 2016: No Zombie Claims Allowed

On 11.10.2018, a division bench of the Hon’ble Supreme Court of India comprising of Justice R.F. Nariman and Justice Navin Sinha in the matter of B.K. Educational Services Private Limited v Parag Gupta And Associates, Civil Appeal No. 23988 of 2017 (“Judgment”), have held that the Limitation Act, 19631 (“the Limitation Act”) will apply to

GST Update | Import & Exports under GST

We here under providing update on Import & Exports under Goods & Service Tax laws. Definition of India in GST: Section 2 (56) of CGST Act, 2017 defines “India“, which means the territory of India as referred to in article 1 of the Constitution, its territorial waters, seabed and sub-soil underlying such waters, continental shelf,

GST Update | Related party transactions will attract GST, rules Appellate Authority

Dear All, We hereunder providing brief update on “Related party” transactions. The ‘related party’ is defined in GST (as per section 25 of CGST Act, 2017) as under:- a) Such persons are officers or directors of one another’s businesses :- For example, Mr. A is a director in X Fashion Limited and an officer in

MCA asks NCLT to relax rules to allow speedier resolution of IL & FS crisis

Ministry of Corporate Affairs (MCA) has requested the National Company Law Tribunal (NCLT) to relax rules for speedier resolution of the Infrastructure Leasing & Financial Services (IL & FS) debt crisis. However, NCLT judge observed that the Companies Act doesn’t permit an exemption from the procedure. The Tribunal is yet to pass its final order

Liquidity Boost: RBI allowed Banks to consider further 2% of their treasury holdings

The Reserve Bank of India (RBI) has allowed banks to consider a further 2% of their treasury holdings as high-quality liquid assets (HQLAs) under the Basel-III calculations, potentially releasing up to Rs 2 lakh crore and soothing a market jittery about credit freeze. RBI increased the amount of statutory liquidity ratio (SLR), securities banks can

CBDT further extended the date of filing of tax audit return to 31.10.2018

This is to inform you that CBDT further extended the date of filing of tax audit return to 31.10.2018. However, the interest under section 234A will remain. Click here to read the notification

Growth in India firming up, projected to accelerate further, says World Bank

Growth in India is firming up and projected to accelerate to 7.3 per cent in the 2018-19 fiscal and 7.5 per cent in the next two years, the World Bank said Sunday. The global lender said that the Indian economy appears to have recovered from the temporary disruptions caused by demonetisation and the introduction of

DIR-3 KYC Norms impacting 1.8 Million Directors

Dear Reader, Due to Non Compliance by the Directors for filing of form DIR-3 KYC, 1.8 Million Directors struck off MCA rolls. This means that Directors holding DIN (Director Identification Number) have been deactivated. However after paying government fees of Rs. 5,000/-, Directors can update their KYC to reactivate the DIN. Having on Board of

India-Russia Ties: India and Russia reportedly inked a $5 billion deal to procure Moscow’s most advanced air defence system, the S-400 Triumf

India wants S-400 missile systems from Russia to change the strategic balance in the subcontinent. The long-range missile systems will tighten India’s air-defence capabilities along the 4,000-km-long India-China border. The US could impose sanctions using the Countering America’s Adversaries through Sanctions Act or CAATSA legislation, which deals primarily with countries having “significant transactions” with Russia,

Internal Auditor of an entity can’t undertake GST Audit of same entity: ICAI

Dear All, ICAI received enquiries from the members at large and other stakeholders as to whether an internal auditor of an entity could also undertake GST Audit of the same entity as required under the Central Goods and Service Act, 2017. It is clarified that an Internal Auditor of an entity cannot undertake GST Audit

MCA Notification on Companies (Registred Valuers and Valuation) Third Amendment Rules, 2018

In exercise of the powers conferred by Section 247 read with Section 469 of Companies Act, 2013, Central Government hereby makes the following rules further to amend the Companies (Registered Valuers and Valuation) Rules, 2017. These rules may be called as Companies (Registered Valuers and Valuation) Third Amendment Rules, 2018. In the companies (Registered Valuers and

CBDT extends due date for filing of Income Tax Returns & audit reports

Dear All, CBDT extends due date for filing of Income Tax Returns & audit reports from 30th Sept,2018 to15th Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018,after considering representations from stakeholders. However, liability to pay interest u/s234A of IT Act will remain. Click here to read the order from

Companies (Appointment and Qualification of Directors) Sixth Amendment Rules, 2018

Dear Reader, In our last article we have seen that Last Date For Filing Form DIR-3 KYC Without Fee Has Expired With Effect From 15th Sep, 2018. Click here to read the full article. Central Government have made the rules further to amend the Companies (Appointment and Qualification of Directors) Rules, 2014 and Companies (Registration Offices


SEBI (Credit Rating Agencies) (Second Amendment) Regulations, 2018: As per Regulation 9(f) of SEBI (Credit Rating Agencies) (Second Amendment) Regulations, 2018, a Credit Rating Agencies (CRA) may undertake the rating of financial instruments under the respective guidelines of the financial sector regulators/authorities as specified in Annexure A as mentioned below. ANNEXURE A: 1. Securities and

Government hikes interest rate on small savings schemes by 0.4 percent

The Government notified the interest rate for Small Savings Scheme for the third quarter of FY 2018 – 2019. The rate on various small savings scheme has been increased by upto 0.4 percent . These revised rates would be applicable from 01st October 2018 – 31st December 2019.  Click here for the press release as notified by

LLP (Second) Amendment Rules, 2018

Summary of LLP (Second) Amendment Rules, 2018: LLP (Second) Amendment Rules, 2018 shall come into effect from 02.10.2018. LLP related Incorporation forms are likely to be undergo process reengineering shortly. Now, LLP can be incorporated with up to 2 individuals as Partners who do not have DIN on the similar lines as SPICE form for

External Commercial Borrowings (ECB) Policy – Liberalisation

RBI in consultation with the Government of India liberalized some aspects of the ECB policy including policy on Rupee denominated bonds as indicated below: (i) ECBs by companies in manufacturing sector:  As per the extant norms, ECB up to USD 50 million or its equivalent can be raised by eligible borrowers with minimum average maturity

Exemption to interest income on specified off-shore Rupee Denominated Bonds

  Income tax department through press release has proposed amendment in case of Sec 194LC to exempt interest payable by Indian company or business trust to a non-resident , including foreign company in respect on rupee denominated bond issued outside India during the period of 17th September 2018 to 31st March 2019  and consequently no tax shall

E Form MR-2 (Application to CG for approval for Appointment/Reappointment and remuneration) has been temporarily withdrawn from MCA portal

Dear Reader, Consequent upon Amendment in Schedule V/Rules and commencement of Sections 66 to 70 of the Companies Amendment Act, 2017 (with effect from 12.09.2018), Form MR-2 has been temporarily withdrawn from MCA portal so as to make it applicable only for appointment or reappointment of Managerial Personnel. Revised Form MR-2 for seeking “approval of

Last date for filing form DIR-3 KYC without fee has expired with effect from 15th Sep, 2018

Dear Reader,  The last date for filing form DIR-3 KYC without fee for all DIN holders (including Disqualified Directors) has expired on 15th September 2018.  After 15th September, 2018, MCA-21 system will mark all approved DINs (allotted on or before 31st March, 2018) against which DIR-3 KYC form has not been filed as ‘Deactivated’ with a reason

GST Update | E-way bill clarifications

Governmet has issued circular No.64/38/2018 wherein relief is provided to taxpayers in case of following mistakes/ errors are found in e-way bills in the movement of goods In case of the above situations, penalty to the tune of Rs.1000/- should be imposed

GST Update | GSTR-1 & TRAN-1 | due date extended

    It has been observed by the Govt. that the number of taxpayers who have filed FORM GSTR- 3B is substantially higher than the number of taxpayers who have furnished FORM GSTR-1. Non-furnishing of FORM GSTR-1 is liable to late fee and penalty as per the provisions of the GST law. In this connection

GST Update | Recent Notifications

Dear All, It has been came to the notice of the Govt. that number of taxpayers were unable to file transitional forms i.e TRAN-1 & TRAN-2 due to technical errors on GST portal, hence the Govt. has re-opened window to furnish Transitional forms. This is very welcome step taken by Govt. benefiting numerous taxpayers, who

Sebi panel may ease investment rules for NRIs, foreign funds

Dear Reader, Foreign portfolio investors will breathe a sigh of relief after a Securities and Exchange Board of India (SEBI) appointed panel to recommend easing some of the restrictions the regulator had imposed on investments by non-resident Indians and some foreign funds. The committee suggested that NRIs should be allowed to manage funds and have

Government is set to rework disclosure requirements in reporting “significant beneficial ownership” in step-down subsidiaries

Dear Reader, The ministry of corporate affairs (MCA) recently defined holdings of 10% or more as “significant beneficial ownership” and sought disclosures to provide for complexities involved in reporting “significant beneficial ownership” in step-down subsidiaries, besides clarifying norms for trusts holding shares in companies, even as it is looking at amendments to the law to

UJA’s article Published in IFCCI’s Newsletter – “LA LETTRE”

Lucile Guéguen, Business Manager – France has contributed an article towards the IFCCI’s Newsletter – “LA LETTRE”. The article is about the Solar Energy in India and the contribution of both India and France in the International Solar Alliance. Below is the detailed article.

CBDT Releases APA Programme Annual Report (2017 – 2018)

The CBDT released the Advance Pricing Agreement (APA) Programme Annual Report (2017 – 2018). The APA Programme in India has completed six years. This Programme was a major initiative by the Government towards fostering a non – adversarial tax regime. The CBDT has concluded 219 agreements till 31st March 2018. Click Here for the APA Programme

Relaxation of additional fees and extension of last date of filing of Form BEN-2 under the Companies Act, 2013

Dear Reader, This mail is regarding MCA update on Companies (Significant Beneficial Owners) Rules, 2018. Ministry of Corporate Affairs vide a General Circular has fixed the due date for filing form BEN-2 (Return to the Registrar in respect of declaration under section 90 received by the company) within 30 days from the date of deployment of BEN-2

MCA issues ‘preliminary notices’ to 272 cos for non-compliance with CSR norms

The Ministry of Corporate Affairs (MCA) has issued “preliminary notices” to 272 companies for alleged non-compliance with CSR provisions under the Company law. Under the Companies Act, 2013, certain class of entities is required to spend at least two per cent of their three-year average net profit towards Corporate Social Responsibility (CSR) activities. The ministry

Disclosures regarding demonetized currencies not required for FY 2017-18 onwards

Dear All, After demonetization of Rs. 500 and Rs. 1,000 currency notes being Specified Bank Notes (SBNs), the Ministry of Corporate Affairs (MCA) introduced requirement for every company to disclose the details of SBNs held and transacted during the period from 8 November, 2016 to 30 December, 2016 as part of notes to account of

GST Update | Recent Notifications & Circulars

Dear All, We are providing brief update on recent Circulars and Notifications under CGST Act, 2017 issued by the Central Government.

GST Update | CGST Amendment Rules- GSTR 9 Format

Dear All, We have already discussed about GST Annual Return in our previous article. Click here to read the article. Further to this, Govt. has notified CGST (Eighth Amendment) Rules, 2018 wherein it has notified Form GSTR-9 of Annual return and Form GSTR9-A of Annual Return for composition taxpayers. Click here to read the notification

Introduction of 2nd phase of Reporting

Dear Reader, This is regarding introduction of new platform to make Foreign Direct Investment (FDI) reporting in two phases. The first phase was available for data entry till July 20, 2018. For those companies which could not register within the stipulated time may register for the first phase w.e.f. September 1, 2018 along with the reason

GST Update | GST Annual Return & GST Audit

GST Annual Return: As you all of aware that, now we are filing GST monthly returns such as GSTR-1, GSTR3B etc. In the GST law annual return is also prescribed (as per section 44 of CGST Act, 2017) GSTR 9, it is an annual return to be filed once in a year by the registered

GST Update | CGST & IGST Amendment Acts, 2018

Dear All, As communicated in our earlier mails (refer trailing mails), the CGST Act,2017 & IGST Act,2017 are proposed to be amended by GST Council in its 28th GST Council meeting. Subsequently the Parliament of India has passed respective amendment bills in the Monsoon session and yesterday the President of India has given his ascent for the

CBDT issues Final Rule 11UA for issue of Computation of FMV of Inventory converted to Capital Asset

The CBDT on 03rd May 2018 released the draft rule 11UA prescribing the manner of determination of Fair Market Value of inventory converted into Capital Asset. This was placed before stakeholders for their feedback & suggestions. The CBDT vide Notification dtd. 30th August 2018 released the final Rule 11UA for computing the FMV of Inventory converted into

RBI’s 180 days deadline for NPA accounts to go to NCLT for insolvency proceedings

RBI had set a 180-day timeline starting 1 March for resolving large corporate loan defaults, failing which banks have to refer these cases for insolvency proceedings. Essar Power, Reliance Naval and Jindal India Thermal are among the 20 NPA accounts (Non Performing Accounts) that banks will refer to NCLT for debt resolution under the Insolvency and Bankruptcy

Tax audit under presumptive taxation scheme not included in specified no. of tax audit assignments: ICAI

Dear All, The Institute of Chartered Accountant of India (ICAI) has informed that audits conducted under Section 44AD, 44ADA and 44AE of the Income-tax Act, 1961 shall not be taken into account for the purpose of reckoning the “specified number of tax audit assignments”

SEBI extends deadline for foreign portfolio investors (FPIs) to provide List of Beneficial Owners

In a relief to FPIs, markets regulator SEBI has extended the deadline by 2 Months till 31st December, 2018 for providing a list of Beneficial Owners and assured them that issues raised will be looked into by an expert panel. Beneficial Owner (BO) is a natural person, who ultimately owns or controls an FPI. The Regulators in April

New rules to deal firmly with Cheque bounce cases in online banking era

By Archana Dadhich Senior Corporate Lawyer The Parliament accorded its consent to the Negotiable Instruments (Amendment) Bill 2018 which amended the 1881 bill. The amended bill specifies the penalties in respect of bouncing of cheques, violations of such negotiable instruments. The amendment has been proposed to help trade and commerce, particularly the micro, small and medium

Government extended due date of filing GST returns for taxpayers registered in Kerala, Mahe & Kodagu

Govt. has extended the due date of filing various GST returns for taxpayers registered in the State of Kerala, Mahe (town in Union Territory Puducherry) and Kodagu (district in Karnataka). The due date of filing GSTR-3B for months of July, 2018 and August, 2018 has been extended to Oct. 5, 2018 and Oct. 10, 2018 respectively. Further,

MCA extends due date of DIR -3KYC / E-KYC of Directors

An amendment has been made in the Companies (Registration Offices and Fees) Rules 2014 vide Notification dtd. 21st August 2018. Vide this Notification, the MCA has extended the last date of filing of DIR – 3KYC without filing fees upto 15th September 2018 from 31st August 2018. The fees of INR 5,000/-  shall be payable on delayed filings

CBDT – Low Tax Effect Circular – Clarification

The CBDT has issued a directive dtd. 20th August 2018 by which it is carved out several exceptions to it’s Circular No. 3 of 2018 dtd. 11th July 2018 relating to withdrawal/non – filing of appeal by the Department in low-effect appeals. The CBDT has specified several instances where appeals have to be filled and the prosecuted

Foreign Direct Investment in India since the launch of the Make In India Initiative

India has witnessed a sudden surge in Foreign Direct Investments subsequent to the launch of the Make in India initiatives. Further, the relaxations which were granted by the Central Government & RBI to ensure smooth inflow of Foreign Investments have further contributed to this positive trend. A statistical report has been issued by the Government

Update on GTA Service

Under GST laws, the definition of Goods Transport Agency is provided in clause (ze) of notification no.12/2017-Central Tax (Rate) dated 28.06.2017. (ze) “goods transport agency” means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called; Thus, it can be seen that issuance of

MCA compliance on the declaration by significant beneficial owners

The Ministry of Corporate Affairs recently introduced the Companies (Significant Beneficial Owners) Rules, 2018 with the intention of identification of Significant Beneficial Owners who is required to comply with certain formalities.  As per these provisions, the “significant beneficial owner” holding ultimate beneficial interest of not less than 10% in the share capital of the Company but whose

Introduction of 2nd phase of SMF_wef 01.09.2018

This is regarding Introduction of 2nd phase of Single Master Form (SMF) with effect from 1st September, 2018 as per publication of RBI Circular A. P. Dir. Series Circular No. 30 dated June 07, 2018. With the objective of integrating the extant reporting structures of various types of foreign investment in India, Single Master Form

GST Update | Karnataka AAR | Taxability of Intermediary service

  By- Kiran Samleti UJA Research Team   We hereunder providing brief update to all of you regarding some recent updates in GST. Taxability of cost sharing between corporate office & it’s branches/ divisions in other states: An Advance ruling given by Karnataka AAR in the matter of “Columbia Asia Hospital” held that activities performed

Organ Donation Day

Who can be donor? All of us can be organ donors, irrespective of age, caste, religion, community, current or past medical condition. Children can also be organ donors after taking consent for organ donation from their parents. However active cancer, active HIV, active infection (for example, sepsis) or Intravenous (IV) drug use are some of

Hiroshima and Nagasaki Day

During the final stage of World War II, the United States detonated two nuclear weapons over the Japanese cities of Hiroshima and Nagasaki on August 6 and 9, 1945, respectively. The US dropped the bombs after obtaining the consent of UK, as required by the Quebec Agreement. The two bombings killed at least 129,000 people,

Interest on Deposits made out of share capital prior to commencement – Not Taxable

Dear All, In a recent decision, the Hon’ble Karnataka High Court has held that interest income earned by the assesse company on bank deposits made out of share capital prior to commencement of business operations was not liable to be taxed as same was eligible for deduction against public issue expenses incurred by the assesse. Click

DGFT | Export Promotion Schemes

The Govt of India has been keen to promote trade with other countries and has announced various schemes to give a fillip to exports. Companies should make use of these schemes that provide concessions/ exemption/ rebate/ refunds in Customs Duty/ GST to the export oriented companies. Click here to read the full article    

CBDT releases revised Form 3CD for FY 17-18| AY 2018-19

Tax audit is an examination/review of accounts of the business /profession from an income tax viewpoint such as income, deductions, compliance with income tax law etc. Tax audit makes the income computation for filing the return easy. The tax audit report is Income Tax Act compliant and applicable to specified category of assessees who fulfill

28th GST Council Meet: Now, Only 35 Goods In 28% Bracket; Simplified return format.

The GST Council in its 28th meeting held yesterday has approved the new return formats and associated changes in law. The formats and business process approved today were in line with the basic principles with one major change i.e the option of filing quarterly return with monthly payment of tax in a simplified return format

Monetary limits for filing of appeal by the income tax department

The CBDT had vide Circular No. 21/2015 dtd. 10th December 2015 prescribed monetary limits for filing of appeal by the income tax department before the Income Tax Appellate Tribunal (ITAT), High Courts (HC) and Special Leave Petition (SLP) before the Supreme Court (SC). In supersession of the above circular, the CBDT vide Circular No. 3/2018 dtd.

Focus on India for companies based in Friuli, Italy

Udine – A round table and personalized meetings for companies at Palazzo Torriani “India represents a market with significant potential, perhaps unique, on a global level, despite the presence of undoubted complexity. Italy is its fifth commercial partner among the EU countries, with an export around 3.576 billion dollars, in 2017, compared to an import

CBDT Press Release On Low Tax Effect Appeals: Limits For Filing Dept Appeals Raised Substantially

Major Steps taken for Reducing Tax Litigation In order to reduce the long pending grievances of taxpayers and to minimise litigations pertaining to tax matters and to facilitate the Ease of Doing Business, Government of India has decided to increase the threshold monetary limits for filing Departmental Appeals at various levels, be it Appellate Tribunals, High

India received $1.77 billion foreign direct investment in non-conventional energy sector from April 2014 to September 2016.

Around 4.32 lakh people were employed in the renewable energy sector in India in 2017, according to India Spend report that cited a recent analysis by the inter-governmental International Renewable Energy Agency (IRENA). The renewable energy sector created 47,000 new job in the previous year, accounting for over 20 percent of 5 lakh new green

Mandatory KYC of all Directors of all Companies by 31.03.2018

As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC to be notified and deployed shortly. Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatory required

Amendment in Rule 10CB of Income-tax Rules

Dear Reader, Amendment in Rule 10CB of Income-tax Rules, 1962 in respect of computation of interest income pursuant to secondary adjustment made under section 92CE of Income-tax Act, 1961. The CBDT has issued a draft notification dated 19th June 2018 by which it proposes to amend Rule 10CB of the Income-tax Rules, 1962 in respect

Decoding the changes in the Companies Act

Corporate rules and procedures have been simplified to facilitate ease-of-doing-business The Ministry of Company Affairs (MCA) issued a circular last month notifying certain sections of the Companies (Amendment) Act, 2017. The emphasis has been on simplifying rules and procedures to facilitate ease-of-doing-business, thereby removing certain practical difficulties faced by Corporate India. One of the key

World Bank earmarks India as fastest growing emerging economy with 7.3% growth

WASHINGTON: The World Bank has forecast a growth rate of 7.3 per cent for India this year and 7.5 per cent for the next two years, making it the fastest growing country among major emerging economies. A top World Bank official said India’s economy is robust, resilient and has potential to deliver sustained growth. Growth in

How industrial parks can help MSME sector reap benefits of ‘Make in India’?

The Indian MSME sector has been in the center of attention for economists, advisory council, the Ministry of MSME and multiple other stakeholders. This sector alone is responsible for contributing 8% to the nation’s GDP, adding 40% of the country’s total exports and has also witnessed consistent growth of 10% over the past few years

Early start of monsoon season bodes well for Indian economy

Vijay Mansukhani, the managing director of one of India’s biggest consumer electronics brands, is closely monitoring the progress of the monsoon rains, which hit the coast of Kerala in south India last week. The rain can have a major impact on his company’s sales of products, including televisions and washing machines, in rural India. “The

Unlisted companies to have demat shares

To Dematerialise Shares of Unlisted Corporates As part of its drive to lift the corporate veil and target benami entities, the government has decided to dematerialise shares of unlisted corporates, starting with 80,000-90,000 public companies. Separately, holdings above 10% in a company are also being classified as “significant beneficial ownership” with mandatory disclosures. MCA IS TO

QNet: “It is a chain where a person is fooled and then he is trained to fool others to earn money”

QNet Ltd, formerly known as QuestNet, GoldQuest, and QI Limited, is a Hong Kong-based multi-level marketing (MLM) company owned by the QI Group. The company markets a variety of products including energy, weight management, nutrition, personal care, home care, and fashion accessories on an e-commerce platform. It operates legally in some countries, but has also

Cultural Diversity in India

Indian Culture: Traditions, Religions, Festivals, Music, Dance, Clothing, Food, Movies Culture is defined as a people’s way of life. It also entails how they dress, how they speak, the type of food they eat, the manner in which they worship, and their art among many other things. Indian culture, therefore, is the Indians’ way of

Big data in Finance Industry

The Rapid Rise of Big Data and FinTech While some financial services organizations may be resistant to change, the fact remains that big data is here to stay. On a worldwide scale, more and more companies are purchasing big data and business analytics (BDA) solutions: IDC reports that worldwide revenues for big data and business

GST Update – GSTR-9

1. What is GSTR-9? GSTR 9 is an annual return to be filed once in a year by the registered taxpayers under GST including those registered under composition levy scheme. It consists of details regarding the supplies made and received during the year under different tax heads i.e. CGST, SGST and IGST. It consolidates the

No exemption for accounting of increase in liability due to recent enhancement of gratuity ceiling

FAQ on accounting treatment of increase in liability due to enhancement of the gratuity ceiling This FAQ on accounting treatment of increase in liability on account of enhancement of the gratuity ceiling from Rs. 10 lakhs to Rs. 20 Lakhs due to Payment of Gratuity (Amendment) Act 2018 (vide notification no. S.O. 1420 (E) dated

Financial reforms have given a push to services

Recent reforms such as the Goods and Services Tax (GST), ease of doing business and liberal foreign direct investment policies have greatly helped the Indian services sectors to grow, said President Ram Nath Kovind. The services sector contributes 61% to the gross value added, and India has set a target of reaching 4.2% in global

Investing in North East India: Incentives for Industries

  India is actively pushing for greater investments in its north-eastern states: Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, and Tripura. The region shares international borders with China, Tibet, Myanmar, Bangladesh, Nepal, and Bhutan, and is considered to be of vital geopolitical and economic importance. Bolstering the economic development and investment potential of the


Dear Reader, The Companies (Registration Offices and Fees) Second Amendment Rules 2018 has been notified on 7th May 2018. Accordingly, in case the due date of filings under Section 92 (Annual Return) or 137 (Annual Financial Statement) of the Companies Act, 2013 expires after 30/06/2018, the additional fee @Rs.100 per day shall become payable in respect of  MGT-7, AoC-4, AoC-4 XBRL

India doing extremely well on electrification: World Bank

All set to achieve the target of universal access to electricity before the 2030 target date WASHINGTON, MAY 4 India is doing “extremely well” on electrification with nearly 85 per cent of the country’s population having access to electricity, the World Bank has said. Between 2010 and 2016, India has been providing electricity to 30

India tops list of fastest growing economies for coming decade: Harvard study

NEW YORK: India tops the list of the fastest growing economies in the world for the coming decade and is projected to grow at 7.9 per cent annually, ahead of China and the US, according to a Harvard University report. The Centre for International Development (CID) at Harvard University said in new growth projections yesterday

India’s prowess in space

The Indian Space Research Organisation (ISRO) achieved a major milestone on Friday when it launched its 100th satellite – alongwith 30 others – into space. This was ISRO’s maiden launch of 2018, while also being the first launch after the unsuccessful launch of the IRNSS-1H satellite in August 2017, when the PSLV rocket’s heat shield

Foreign investors need to develop state specific strategies in India

British investors need to develop state specific strategy for investments in India as it is diverse and offer different investment opportunities, said Niti Aayog Vice Chairman Rajiv Kumar. Kumar further said that impediments in bringing British universities in India should be addressed. “Just as you can’t have single strategy for Europe, so you can’t have

RBI defers Ind AS implementation by banks to 1st April, 2019

Dear Reader, The Reserve Bank of India (RBI) has deferred implementation of Ind AS by commercial banks except regional rural banks, by one year, i.e. from April 1, 2018 to April 1, 2019 citing reasons of incompatible financial statements formats and unpreparedness of banks. As per the RBI, the financial statements as prescribed under Schedule

India can play major role in shaping global 4th industrial revolution: WEF president

  India is well positioned to play a key role in shaping the global fourth industrial revolution with a young labour force, a large English-speaking population and the second largest numbers of internet users, top WEF official said. But, the country will need access to infrastructure, electricity, and stability in monetary and fiscal policies, World

India ranks 130 in Index of Economic Freedom; up by 13 spots

India has jumped 13 places in the last one year to be earn 130th spot in the latest annual Index of Economic Freedom released by a top American think-tank. In 2017, India with a score of 52.6 points was ranked at 143 among 180 countries, two spots below neighbour Pakistan, according to the Index of

India to grow 7.3% this fiscal, fastest across Asia

India is expected to be the fastest growing economy in Asia and will reverse two years of declining growth to clock 7.3 per cent rise in GDP in the current fiscal and further accelerate to 7.6 per cent in FY20, the Asian Development Bank said in its forecast for the region. The dip in growth

Want to start business in Mumbai? Get BMC nod online with one form.

You can receive permissions for new businesses and factories by filling a single form online – new business application, which will provide access to applications for shops and establishment registration, health and trade license, factory permit among others. Earlier, an applicant had to fill separate forms for license and registration. A civic official said, “An

Is India a Goldilocks economy now?

This guidance of slowing inflation and accelerating growth given by the economy has initiated discussions that India may be entering the phase of a Goldilocks economy. Yesterday, the Reserve Bank of India (RBI) held its first monetary policy statement for the fiscal year 2018-19. It kept its interest rates steady, while pruning its inflation forecasts

Policy measures boosted confidence in Indian economy

The government on Friday said that global confidence in the Indian economy has increased on account of policy measures taken by the government and the Reserve Bank of India (RBI). Quoting the “World Economic Situation and Prospects 2018” report of the United Nations, Minister of State for Finance Pon Radhakrishnan said the Indian economy is

GDP growth to strengthen to 7.4% in FY19: RBI

MUMBAI: The Reserve Bank expects India’s economic growth rate to strengthen to 7.4 per cent in the current fiscal, from 6.6 per cent in 2017-18, on account of revival in investment activity. The growth will accelerate from 7.3-7.4 per cent in first half of 2018-19 to 7.3-7.6 per cent in the second of half of

Maritime Sector in India

  Introduction According to the Ministry of Shipping, around 95 per cent of India’s trading by volume and 70 per cent by value is done through maritime transport. India has 12 major and 200 notified minor and intermediate ports. Under the National Perspective Plan for Sagarmala, six new mega ports will be developed in the

Business with Thailand could grow faster

Thailand is not unfamiliar to most Indian businessmen. The Aditya Birla group was one of the first to discover the advantages of investing in Thailand. This group’s interests span chlor-alkali products, epichlorohydrin epoxy resins sodium phosphates, specialty phosphates sodium sulphite and sodium metabisulphite among others. Ditto for the Tata group, which in engaged in commercial vehicles, steel

The law that might flood the Indian market with international businesses – FEMA regulations

After much ado, India has finally permitted cross-border mergers, acquisitions, and amalgamations. The Reserve Bank of India released the structural framework for mergers and acquisitions between Indian and foreign companies. It notified the Foreign Exchange Management (Cross-Border Merger) Regulations 2018 regarding the same. Earlier, according to the Companies Act, business organisations were required to seek

Advance tax couldn’t be treated as tax paid under PMGKY: Delhi HC

Pradhan Mantri Garib Kalyan Yojna, 2016 (PMGKY) was notified in the Gazette of India dated 15-12-2016 vide Taxation Laws (Second Amendment) Act, 2016 as an aftermath and in wake of the demonetization of Rs.500 and Rs.1000 currency notes, which had ceased to be legal tenders post-midnight between 8th and 9th November, 2016. Any person could make

CBDT officials directed to use revise proforma to issue notice u/s 142(1)(ii) & (iii)

Dear All, Income-tax dept. has directed all the Assessing Officers (AOs) to use revised format for issue of notice under section 142(1)(ii) & (iii) for the cases in e-assessment proceedings. The concept of electronic assessment proceeding was introduced last year and its scope was gradually enlarged. The e-assessment proceeding is now facilitated through e-filing portal.

Stage set for E-Way Bill from April 1

With less than a week left for the implementation of the much-delayed E-Way Bill across the country, tax officials and businesses seem to be well prepared this time around. “The IT system is fully geared up for the E-Way Bill. It has been thoroughly checked and can handle a much higher load,” said Prakash Kumar,

Rajya Sabha passes The Payment of Gratuity (Amendment) Bill, 2017

The Parliament passed Payment of Gratuity (Amendment) Bill, 2017,paving the way for doubling the limit of tax free gratuity to Rs 20 lakh and empowering the government to fix the ceiling of the retirement benefit through an executive order. The Rajya Sabha passed the Bill, which was approved by the Lok Sabha last week, on

NFRA: Government’s new audit watchdog

Legal Framework: Section 132 of the Companies Act, 2013 (“the Act”) enables the Central Government (hereinafter referred as “CG”) to constitute a National Financial Reporting Authority (NFRA). As per section 132 (1), the CG may, by notification, constitute a NFRA to provide for matters relating to accounting and auditing standards under the Companies Act, 2013.

India and Hong Kong sign double taxation avoidance agreement

  India and Hong Kong on 19th march 2018 signed an agreement to avoid double taxation and prevent tax evasion. India’s Ambassador to China Gautam Bamabwale and Hong Kong’s Financial Secretary Paul Chan Mo signed the treaty. A former British colony, Hong Kong is a special administrative region of China which enjoys a high degree

Compliance Calendar for March 2018

                                                   Compliance Calendar for March 2018 Due dates for Compliances under GST 10-03-2018- Due date for filing GSTR -1 for the month of January 2018 – Applicable for taxpayers with Annual Aggregate turnover More than 1.50/- Crore(Rs. One Crore Fifty Lacs only) 20-03-2018- GSTR-3B for the Month of February 2018. 31-03-2018 – Due date of GSTR-6 (filed by an input service distributor)

CBDT Notifies ‘Centralised Communication Scheme’ for issuing e-notices

Dear All, The Central Board of Direct Taxes (CBDT) via Notification No 12/2018 dated 22nd February, 2018 notifies ‘Centralised Communication Scheme, 2018’ for centralised issuance of notices, in pursuance to Section 133C of the Income-tax Act, 1961 (Act). Under the Scheme, the notice shall be served through e-mail, or by placing a copy in the registered account on

Significant Economic Presence – FB-2018

Indian Union Budget 2018 Introduced another definition to constitute business connection in India Significant Economic Presence The BEPS Action Plan 1 focuses on solving the digital issue i.e. identifying appropriate tax rules for addressing the tax challenges presented by digital businesses. The final report on BEPS Action Plan recommended that nexus of an income should

PNB Fraud Case

Summary of how recent fraud being unearthed at PNB branch & understanding the Letter of Undertaking (LOU). There is a provision of bank guarantee known as a letter of undertaking (LOU) under which a bank can allow its customer to raise money from another Indian bank’s foreign branch in the form of a short term credit.

FAQs regarding taxation of long-term capital gains proposed in Finance Bill, 2018-reg.

Under the existing regime, long term capital gains arising from transfer of long term capital assets, being equity shares of a company or a unit of equity oriented fund or a unit of business trust, is exempt from income-tax under clause (38) of section 10 of the Act. However, transactions in such long-term capital assets

Grandfather Clause Introduced by Finance Minister

Dear Reader, What is Grandfather Clause provision that the finance minister introduced during Indian Union Budget 2018 Business Standard(1st Feb’ 2018) – In the run-up to Budget 2018, the market was worried about imposition of long term capital gains tax (LTCG) amid other things. However, the grandfathering provision that the finance minister introduced will make the

Bombay HC – GST regime is not tax friendly & GST Website must provide easy access to Taxpayer

Dear Reader,  Abicor and Binzel Technoweld Pvt. Ltd. V/s Union of India and Anr. (Bombay High Court) Bombay High Court has taken serious notice of the fact that GST Network is not working properly and not allowing Petitioner to file Tran-1 even though online profile of Petitioner on the GST Network was not working for

Union Budget 2018 – Key Highlights

-By CA Deepak Valecha – Sr. Manager Audit, UJA Introduction:  Today the finance minister delivered his fifth & last full budget speech amid the challenging economic conditions, agricultural distress and subdued economic growth. This budget comes in a more crucial time tan compared to previous keeping in mind the upcoming assembly elections in eight states

What’s in the name? – Well, in India, if you are buying a property, everything!

The Prohibition of the Benami Property Transactions Act, 2016                                                                                             

Recommendations made on 25th Meeting of the GST Council in New Delhi dated 18th Jan 2018

Dear Reader, Recommendations made on 25th Meeting of the GST Council in New Delhi dated 18th Jan 2018 The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of the GST Council in New Delhi dated 18th Jan 2018. The Council has recommended many relief measures regarding GST rates on goods and services covering many sectors

India At Davos, Business World At Davos

Timing is everything. And Prime Minister Narendra Modi seems to get it right very often. His presence and opening address at the World Economic Forum’s annual meeting in Davos coincided with cheery news about global and Indian economy. The International Monetary fund’s assessment about global growth returning is bringing cheer to investors gathered at Davos. IMF has

Clarifications regarding levy of GST on accommodation services, betting and gambling in casinos, horse racing, admission to cinema, homestays, printing, legal services etc.

Dear All, Ministry of Finance issue clarifications regarding levy of GST on accommodation services, betting and gambling in casinos, horse racing, admission to cinema, homestays, printing, legal services etc. Click Here for the update.

Set off of losses and UAD while computing MAT in companies facing corporate insolvency

Dear All, With a view to minimize the genuine hardship faced by companies against whom an application for corporate insolvency resolution process has been admitted by the Adjudicating Authority under Insolvency and Bankruptcy Code, 2016, the Central Board of Direct Taxes (CBDT) has issued a Press Release dated 6th January, 2018 stating that, in case of

GSTR Filling Updates

Dear Readers, GSTR-1 due dates has been further revised  as per the following table :- For turnover upto Rs 1.5 cr Period (Quarterly) Due dates July- Sept 10th Jan 2018 Oct- Dec 15th Feb 2018 Jan- Mar 30th April 2018 For turnover of more than Rs 1.5 cr Period Dates July to Nov 2017 10th

What is E-way bill under GST?

E-way bill is an electronic way bill for movement of goods which can be generated on the GSTN (common portal). A ‘movement’ of goods of more than Rs 50,000 in value cannot be made by a registered person without an e-way bill. E-way bill will also be allowed to be generated or canceled through SMS.

India, 5th largest economy in the world: French companies, let’s move

In this article Bernard Jomard, International Strategy and Intelligence Advisor, exhorts French firms to take more risk and to enter the Indian market to be competitive globally. Click here to read the Full article in French

Taxation of Non Resident – Relaxation from deduction of tax at higher rate under section 206AA.

  Taxation of Non Resident – Relaxation from deduction of tax at higher rate under section 206AA. 37BC. (1) In the case of a non-resident, not being a company, or a foreign company (hereafter referred to as ‘deductee’) and not having permanent account number the provisions of section 206AA shall not apply in respect of payments

CBDT notifies SEEPZ Special Economic Zone Authority under Sec 10(46)

The Central Government, on 22nd December 2017, notified that the receipts received by the SEEPZ Special Economic Zone Authority which is constituted under the Special Economic Zone Act, 2005 is exempt from Income Tax under Section 10(46) of the Income Tax Act, 1961. Notification is as follows: In exercise of the powers conferred by clause (46) of section 10 of

Understand GSTR 1 Filling

The GST Council took a slew of decisions during its 23rd meeting in Guwahati to benefit consumers and businesses alike. While consumers will stand to benefit from a number of rate cuts, including the tax on restaurants, businesses stand to benefit from a significant easing of compliance norms to do with filing returns. So what has changed

Indian economy to leapfrog UK and France in 2018 to become fifth-largest: Cebr

India looks set to leapfrog Britain and France next year to become the world’s fifth-largest economy in dollar terms, a report showed on Tuesday. The Centre for Economics and Business Research (Cebr) consultancy’s 2018 World Economic League Table painted an upbeat view of the global economy, boosted by cheap energy and technology prices. India’s ascent

CBDT extends date till 31.3.18 for linking of Aadhaar with PAN

  Dear Reader, CBDT extends date till 31.3.18 for linking of Aadhaar with PAN Press Information Bureau Government of India Ministry of Finance 08-December-2017 12:21 IST CBDT extends date till 31.3.18 for linking of Aadhaar with PAN Under the provisions of recently introduced section 139AA of the Income-tax Act, 1961 (the Act), with effect from 01.07.2017, all

Major Recommendations as per 23rd GST council Meeting

Major Recommendations as per 23rd GST council Meeting -By Ms. Pooja Salunke UJA Indirect Tax Team   Changes recommended in Composition Scheme   S.No. Remark EARLIER NOW (a) GST Composition Rate Trader Manufacturer Restaurant Service   1% 2% 5%   No change 1% No change (b) Taxpayer also providing Services with supply of Goods Composition

No GST Payments on Advances received for supplying goods

Dear Readers, The central government on Wednesday exempted businesses from paying goods and services tax (GST) on advances received for supplying goods in the future. The move would spare industry liquidity pain, confusion over tax liability on supplies that are yet to be made and help repair the disruption caused in the supply chain. The

Disqualification of Directors

The government has made a decision towards disqualifying over 100,000 individuals from taking up directorship at listed companies. This can disturb the functioning of the companies Earlier this month, the Ministry of Corporate Affairs (MCA) had decided to blacklist 300,000 individuals — allegedly associated with shell or non-compliant companies — from taking up board positions.

India clarifies indirect transfer tax for foreign private equity, venture capital funds

Dear Reader, Central Board of Direct Taxes (CBDT) on November 7 2017 issued new clarifications on applicability of the indirect transfer tax provisions to foreign investors such as private equity and venture capital funds investing in India. Click here to view the circular

Refund of IGST paid on export of goods under rule 96 of CGST Rules,2017

Dear Reader,   Refund of IGST paid on export of goods under rule 96 of CGST Rules,2017 The Central Board of Excise and Customs (CBEC) vide Circular No. 42/2017 – Customs dated November 7, 2017 has stated that refund of IGST paid on goods exported out of India in the month of July, 2017 has

Relief to Disqualified directors by Madras High Court

RoC had disqualified him on Sept 8 for being on the board of some other companies that hadn’t filed return continuously for three years: Madras HC stays RoC order disqualifying individual director: The Madras High Court has issued an interim stay against an order of the Registrar of Companies (RoC), Chennai, disqualifying an individual from being director under the Companies Act, 2013, for

Ease of Doing Business In India

Will India’s ranking in ‘ease of doing business’ improve? Government anticipates a “good news” It is clear from various initiatives taken up by the government ever since it came in power that they want to project India as one of the best countries to do business in and to do business with. Therefore the World Bank’s

GST – What you must know!

  1. Benefits of GST: 1. GST is a win-win situation for the entire country. It brings benefits to all the stakeholders of industry, government and the consumer. It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive. GST aims to make

Relaxation on bond/ letter of undertaking requirement for export of goods without payment of IGST

    Dear Reader,   Recent Update on Export of Goods or Services Under GST Regime   The Government relaxes bond/ letter of undertaking requirement for export of goods without payment of IGST   Rule 96A of Central Goods and Services Tax Rules, 2017 provides that in case of export of goods or services without

Import Export code(IEC) application under GST regime

Dear All, 1.IEC code means Import Export Code. As per the Foreign Trade Policy (FTP) in India, every importer and exporter is required to get IEC code to start Import export from India. Without IEC code, no importer and exporter are authorized to do import export business. 2. As per the trade circular, there are

All about GST

Dear Reader, Below are points regarding “All about GST”: 1) HSN Code to be mentioned For turnover below 1.5 Cr, no need to mention HSN code in invoice. From 1.5 Cr. – 5 Cr turnover, only mention 2 digit HSN code and above 5 Cr mention only 4 Digits of HSN code. *But, All the

FAQ’s for computing book profits under MAT for INDAS compliant

Dear All,   The Central Board of Direct Taxes (CBDT) vide Circular no. 24/2017 dated 25th July, 2017 issued a clarification by way of 14 FAQ’s with respect to determination of book profit for computing Minimum Alternate Tax (MAT) liability under section 115JB of the Income-tax Act, 1961 (Act) for INDAS compliant companies.   Following are the few important

CBDT Press Release I Optional reporting of details of one foreign bank account by the non-residents in refund cases

Dear Reader,   Optional reporting of details of one foreign bank account by the non-residents in refund cases Currently, refund generated on processing of return of income is directly credited to the bank accounts of the taxpayers. Availability of the detail of bank accounts in which the refundis to be credited is a precondition for direct credit of refund in the bank accounts. Various representations were received from the non-residents that they are facing difficulties in getting refund as they do not have bank account in India and there is no column in thenotified form of return of income for reporting details of foreign bank account by the non-residents for this purpose. Recently, the Central Board of Direct Taxes (CBDT) has issued a press release stating that a facility has been


  Dear Reader, Tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day (1)   Every registered person entitled to take credit of input tax under section 140 shall, within ninety days of the appointed day, submit a declaration electronically in FORM GST TRAN- 1, duly signed, on the Common Portal specifying therein, separately, the

GST: Freedom from maintaining too many records

  New GST regime gives Freedom from maintaining too many Accounts and Records. Under GST, One Accounts and Records is enough. Unique features of GST related to Accounts and Records to be maintained are as follows :- 1. Compliance verification in GST will be done through examination of accounts and records maintained, only if required. 2. One tax,

Welcome GST

  At the stroke of the midnight hour, when the world sleeps, India will awake to life and freedom.”   These words of our first Prime Minister, spoken at the midnight of 14th August, 1947 – as India prepared itself to welcome independence from the British rule – “ will hold true again 70 years later”, as the nation

GST Updates

Dear All,   New Notifications issued to implement GST in India w.e.f. 01st July 2017.   Highlights of GST Council issued new notification :   Reverse charge from unregistered to registered exempted upto5000 per day from all suppliers.Kindly note it is not per supplier, it is from all the unregistered suppliers.   8 digit coding system

DGH opens up entire unexplored area for hydrocarbon firms to search for fossil fuels

New Delhi: Upstream oil and gas regulator the Directorate General of Hydrocarbons (DGH) on Wednesday unveiled a national data repository of the entire unexplored area in the country for businesses to search for fossil fuels. The move is part of implementing the open acreage licensing policy approved in March, 2016. It allows hydrocarbon companies to express

GST Updates

Dear All,   Postponement of provision relating to TDS (Section 51) and TCS (Section 52) of the CGST / SGST Act 2017 With the objective of ensuring smooth rollout of GST and taking into account the feedback received from the trade and industry regarding the provisions of deduction of tax at Source under Section 51

India takes a leap ahead in granting ease of business

Simplified Proforma for Incorporating Company Electronically (SPICe)-Though sounds spicy but Government hidden initiative is to make the whole incorporation process Short and Sweet Growth and expansion are key goals for most business owners and entrepreneurs. Whenever any business owner wishes to establish its footprints in India, the first and the foremost thing required for him

Service Tax Due Date for FY 17-18 (April to June)

GOVERNMENT OF INDIA  MINISTRY OF FINANCE  (DEPARTMENT OF REVENUE)  New Delhi: 22.06.2017  NOTIFICATION No. 18/2017-Service Tax   In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax

Relaxation in return filing procedure for first two months of GST implementation

  Dear Reader, Following are the changes in the GST Return Filling           MINISTRY OF FINANCE 18-June-2017 Relaxation in return filing procedure for first two months of GST implementation

Recent amendments in the Companies Act , 2013

Dear Reader,   A brief summary of the recent amendments in the Companies Act , 2013 & some other useful links are listed below:   Amendments to the exemptions provided to private company & start up:

Two important Supreme Courts verdict on Aadhaar Card

Dear Reader, Honda Siel Cars India Ltd vs. CIT (Supreme Court) Technical know-how: Entire law explained on whether expenditure incurred under a Technical Collaboration Agreement for setting up of new plant for the first time to manufacture cars constitutes capital or revenue expenditure

Revised GST rates on Goods approved by GST Council on 11th June 2017

GST council has revised GST rate more than 66 items in its meeting held on 11th June 2017. In its meeting council has revised the rate downward on most of the items. Rates on most goods has come down from higher rate to comparatively lower rate. In some cases rate has come down from 28%

Key Features under Revised GST Transition Rules

  Dear All, Please find below the GST updates Persons entitled to take transition credit will have to submit a declaration within 90 days (upto 30th Sept) specifying the credit he wants to take on stocks lying with him on 30th June. Declaration will have to be submitted in from GST Tran-1. Commissioner can extend

24 States pass the State GST (SGST) Act While 7 States viz. Meghalaya, Punjab, Tamil Nadu, Kerala, Karnataka, Jammu & Kashmir and West Bengal have yet to pass the SGST Act.

Dear All,  24 States pass the State GST (SGST) Act While 7 States viz. Meghalaya, Punjab, Tamil Nadu, Kerala, Karnataka, Jammu & Kashmir and West Bengal have yet to pass the SGST Act. Twenty Four (24) States have passed the State GST (SGST) Act till today i.e. 5th June, 2017 while 7 States viz. Meghalaya,

New Composition Scheme for Builder and Developer

GOVERNMENT OF MAHARASHTRA OFFICE OF THE COMMISSIONER OF SALES TAX No. D.C.(A&R)-02/VAT/MISC/2017/2/ADM-08 Trade Cir. No. 18T of 2017 Mumbai: 31.05.2017   TRADE CIRCULAR Ref. (1) Finance Department Notification No. VAT-1510/C.R.65/Taxation-1 dated 9th July 2010. (2) Finance Department Notification No. VAT-1517 /C.R.-57/Taxation-1 dated 26th May 2017. (3) The Maharashtra Goods and Services Tax Bill, 2017 (Bill

Important information w.r.t. GST implementation

  ATTN IMPORTERS & EXPORTERS Declaration of valid GSTIN in Customs documents (BE/SB) would be mandatory w.e.f. 0000 hrs of 01-07-2017, the likely implementation date of GST, to avail IGST credit on Imports or GST refund on exports. The declared GSTIN would be validated for correct IEC/ PAN linkage. Accordingly, during GSTIN registration, please ensure

Dear All, CBDT has extended the due date of furnishing Statement of Financial Transactions for AY 2017-18 from 31st May 2017 to 30th June 2017. Please find the below herewith income tax circular for your reference.

GST Rate for Services

Dear Reader, (GST) “Goods and Services Tax” is comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the central and state governments. The introduction of Goods and Services Tax (GST) would be a significant step in the reform of indirect taxation in India and will

Basic overview of GST returns

(GST) “Goods and Services Tax” is comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the central and state governments. The introduction of Goods and Services Tax (GST) would be a significant step in the reform of indirect taxation in India and will be applicable

GST Transition – Goods Received/ Returned after Appointed Day

  Dear Reader, Understanding the transition provisions are of prime importance as the same would help in the smooth transition to the New GST Regime. Certain situations such as return of goods sold, receiving of the goods after appointed day, change in price of goods/ services can arise during the transition phase. Some of them

What is the change in cost after GST ? Find your answer With UJA!

  Dear Reader, Goods and Services Tax (GST) is an upcoming system of taxation in India which will merge many individually applied taxes into a single tax. It was introduced as The Constitution (One Hundred and First Amendment) Act 2016, following the passage of Constitution 122nd Amendment Bill. The GST is governed by GST Council

How to Prevent and Mitigate Ransomware Attacks?

  What is a Ransomware Attack? Attacks involve malware delivered through spear phishing emails that lock up valuable data assets and demand a ransom to release them. Hackers now check a victim’s social media accounts, and create a fake email address pretending to be a friend or contact in order to get them to click

Quoting of Aadhaar on PAN Application / ITR not apply to individual who does not possess Aadhaar number

  The Central Government vide notification dtd 11th May, 2017 has notified that the requirement of quoting of Aadhaar/Enrolment ID shall not apply to the following individuals if they do not possess the Aadhaar/Enrolment ID: An individual who is residing in the state of Assam, Jammu and Kashmir and Meghalaya. An individual who is a

Supreme Court Explains Entire Law On S. 14 A Dis allowance

Recent Supreme Court Judgment Explains Entire Law on Section 14A of the Income Tax Act 1961 Godrej & Boyce Manufacturing Co Ltd vs. DCIT (Supreme Court – 08 May 2017) – S. 14A disallowance has to be made also with respect to dividend on shares and units on which tax is payable by the payer

GST Updates

  Eight States’ Assemblies pass the State GST Act   Eight States have passed the State Goods and Services Tax (SGST) Act in their respective State Assembly in less than a month’s time. The Legislative Assembly of Telangana State passed the State GST Act on 9th April, 2017, that of Bihar State passed it on


1. Nagarjuna Fertilizers and Chemicals Limited vs. ACIT (ITAT Hyderabad) (Special Bench) – S. 206AA does not have an overriding effect over the other provisions of the Act. By virtue of s. 90(2), the provisions of the Treaty override s. 206AA to the extent they are beneficial to the assessee. Consequently, the payer cannot be

GST Council led by Arun Jaitley clears CGST, IGST bills as 1 July roll-out seen on Track

  The government moved a step closer towards the likely roll-out of the crucial indirect tax reform, the Goods and Services tax (GST), starting 1 July, as the GST Council today approved the draft central GST and integrated GST laws. The GST Council headed by finance minister Arun Jaitley approved the compensation, IGST (integrated GST)

Recent Case Laws AY2016 under Transfer Pricing

  I. Pass through costs to be excluded from operating costs while computing the Profit Level Indicator  The Income Tax Appellate Tribunal (‘ITAT’) held that collection of royalty/ franchise fees from the sub-licensees for onward transmission to the Associated Enterprise (‘AE’) does not create

Recent case Laws AY 2016 under International Taxation

  Case Law 1  Refund due and payable to Assessee is ‘debt-owed’ and payable by revenue. Consequently, interest arising on such refund is also a debt claim payable by revenue and, thus, it shall be exempt from tax in India by virtue of specific provisions contained in Indo-Italy Double Taxation Avoidance Agreement 

Indian family offices may look to rejig holdings after changes in FPI policy

    Many family offices of Indian promoters and businessmen that invest in the Indian stock markets or hold equity in Indian companies through holding companies registered outside India are now looking to restructure these, people in the know said. This comes a days after the government gave a leeway to most foreign portfolio investors

Tax Havens

  Sr. No. Particulars Page No. 1 Use of Tax Havens for Money Laundering 1 – 3 Tax Avoidance through Tax Havens. 3 Shifting Trading Profits = Transfer Pricing. 4 Shifting Capital Gains – SPVs. 5 – 8 Structuring Legal Systems to be Tax Haven. 8 – 10 Games Governments and International Bodies Play. 10

Obligation to avail DTAA benefits

    Section-206AA 1. This section override all other section of Income Tax Act, 2. Any person (resident or non-resident) receive any sum or income on which TDS is deductable, then

No limit on cash withdrawal from 13.03.2017; Rs.50000 per week from 20.02.2017

  Dear Reader, Removal of limits on withdrawal of cash from Saving Bank Accounts Please refer to our circular DCM (Plg) 2905/10.27.00/2016-17 dated January 30, 2017 on the captioned subject. 2. In the wake of withdrawal of Specified Bank Notes (SBNs) since November 09, 2016 Reserve Bank had placed certain limits on cash withdrawals from Savings /

Procedure for Winding Up of a Company by Tribunal

Dear Reader, By the virtue of a notification of the Ministry of Corporate Affairs, many sections of the Companies Act 2013 have been recently notified by the Central Government vide notification no. S.O. 3677(E) dated 07.12.2016 and were enforced from 15th December, 2016. Sections : 270 – 288, 290 – 303, 324, 326 – 365, which deal with the

Prohibition on Indian Party from making direct investment in countries identified by the Financial Action Task Force (FATF) as “Non Co-operative countries and territories”

Dear Reader, Attention of the Authorised Dealer Category – I (AD – Category I) banks is invited to Regulation 6 of FEMA Notification No. FEMA.120/RB-2004 dated July 07, 2004, as amended from time to time. 2. At present, there is no restriction on an Indian Party with regard to the countries, where it can undertake Overseas

The immense potential for FDI in the Indian Food Industry

There is immense foreign direct investment opportunity in the Indian food business in India • India is the largest food producer in the world • India is the world’s second largest producer of Fruit and Vegetables (F&V) with a total output of 227 million tons and accounts for 15% of the global production of fruits

Union Budget 2017-18 — Highlights of Tax Proposals

          —       The threshold limit for audit of business entities who opt for presumptive income scheme proposed to be increased from Rs. 1 crore to Rs. 2 crore. —       The threshold limit for maintenance of books for individuals and HUF proposed to be increased from turnover of Rs. 10 lakhs to Rs. 25 lakhs or income from Rs.1.2 lakhs to Rs.2.5 lakhs. —       The

Union Budget 2017-18 updates: Income tax relief, political funding, highlights of Arun Jaitley’s fourth budget

12. 55 pm: Arun Jaitley concludes his budget presentation 12. 52 pm: One page tax filing form for taxable income under Rs 5 lakh 12. 51 pm: Those individuals in the tax bracket of Rs 50 lakh will stand to benefit from a tax rebate of Rs 12,500. 12. 50 pm: Jaitley reduces existing rate of taxation

Companies (Incorporation) Amendment Rules, 2017

As a part of the MCA efforts towards promoting greater Ease of Doing Business to stakeholders, MCA has notified new version of Form SPICe (INC-32) w.e.f. 30th January, 2017.  This form includes the functionality of applying for Company PAN and first TAN (allotted by Income Tax Deptt) in the SPICe form itself. The Application for PAN




CIRCULAR INCOME-TAX ACT Finance Act, 2016 ─ Explanatory Notes to the Provisions of the Finance Act, 2016 CIRCULAR NO. – 3/2017, DATED 20th JANUARY, 2017 AMENDMENTS AT A GLANCE The Finance Act, 2016 (hereafter referred to as ‘the Act’) as passed by the Parliament, received the assent of the President on the 14th day of

M&A landscape in India witnesses big boost in 2016

Source – Forbes India Date – 27th Jan, 2017 Some hits and some misses – on one hand, while the mergers and acquisitions (M&A) market looked up in 2016 leaving the investor fraternity a happy lot, private equity (PE) and venture capital (VC) activity witnessed a slowdown, leaving fund managers gasping for more. The M&A landscape

FAQs on (Demonetization) withdrawal of Rs. 500 and Rs. 1000 Banknotes

1. Why was the Scheme of Withdrawal of Legal Tender Character of the old Bank Notes in the denominations of Rs 500 and Rs 1000 introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has

Impacts of decentralization of registration under GST

Background The Goods and Services Tax (GST) Council on 16-01-2017 broke a deadlock over issues of administrative control over assessees and broadly agreed to more realistic roll out the GST from July 1, 2017. As the dark cloud on GST is almost over and GST is likely to realty, we need to understand the impacts of GST well

Income Tax Scrutiny after digitization

The case is selected for scrutiny by CASS (Computer Aided Scrutiny Selection) for the Assessment Year 2017-18 and the officer sends notice of hearing to the Assessee to attend the office on a particular day with supporting documents such as Books of Account, vouchers, Bank Pass Books etc., in support of the Return of Income filed. The

Applying for PAN / TAN will be compulsory for all fresh incorporation applications filed in the new version of the SPICe form on or after 23 January 2017

Dear Reader, Revised SPICE Forms to be introduced by MCA towards incorporation of company: § As part of the Ministry’s efforts towards providing greater Ease of Doing Business to stakeholders, Form SPICe (INC-32) will be revised w.e.f 21 January 2017 so as to include the functionality of applying for Company PAN and first TAN (allotted

9th GST Council inks breakthrough on dual control over tax payers, rollout deferred to July 1, 2017

In an attempt to try and bridge differences on the contentious issues such as administrative control over taxpayers under the Goods and Services Tax (“GST”), the all-powerful GST Council headed by the Hon’ble Finance Minister, Mr. Arun Jaitley met for the ninth time in a row to clear all gathered clouds over the GST and

Legal Provisions relating to migration of existing tax payers

Source- Model GST Law : Sec 166. Migration of existing taxpayers to GST   (1) On the appointed day, every person registered under any of the earlier laws and having a valid PAN shall be issued a certificate of registration on a provisional basis in such form and manner as may be prescribed. (2)

Case Law under Companies Act 2013

Narayana Hrudayalaya (P.) Ltd., In re.   National Company Law Tribunal has power to permit compounding of offence of unintentional delay in approving inter-corporate loans by directors of company Where unsecured inter corporate loans requiring prior approval of the Board of directors are granted without such approval, though ratified later, unintentionally delaying approval, the National

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifteenth Amendment) Regulations, 2016

Source – Foreign Exchange Management (Transfer or Issue of Security by a Person  Resident outside India) (Fifteenth Amendment) Regulations, 2016 In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes

GST – Chapter XVI – Audit

Source – Taxguru, Webtel, CBEC   Dear Reader, The chapter states the provision relating to the audit to be undertaken by the GST authorities. It prescribes the rights and obligation of the GST authorities in the event of conducting an audit. Not much is proposed in the revised draft law.   One change that has


Source – FAQs on Secretarial Audit 1. What is Secretarial Audit? Secretarial Audit is an audit to check compliance of various legislations including the Companies Act and other corporate and economic laws applicable to the company. The Secretarial Auditor expresses an opinion as to whether there exist adequate systems and processes in the company commensurate

Role of Tax Information Exchange Agreements in Curbing Tax Evasion and Avoidance Introduction Over a long time, the relationship between the activation of financial resources for development and international tax cooperation have featured prominently in the outcomes of various reports of the bodies working at the international level to coordinate and harmonize the efforts of various countries to eliminate tax evasion and avoidance en masse. Tax

FICCI calls for FTAs with EU and UK

Source:EconomicTimes SINGAPORE: The Federation of Indian Chambers of Commerce and Industry (FICCI) has called for restarting of negotiations for India’s Free Trade Agreements with the UK and the European Union, citing the growing importance of the Indian economy to the world. India today is a very strong and important economy that other countries want to associate

How to account Income Tax Provision, TDS & Advance Tax

Source:TaxGuru The actual taxation entries are most important things as they clears the Balance sheet picture and gives real result. Before going to understand the taxation entries, we should clear the various heads relating to Income Tax. Provision for Income Tax : This provision is created from profit. This is below the line entry.

IMF retains India growth forecast at 7.5% for 2016-17

Source:TheTimesOfIndia SINGAPORE: The International Monetary Fund has retained its growth forecast for India this year at 7.5 per cent, largely driven by private consumption even as weak exports and sluggish credit growth weigh on the economy. India’s growth momentum is expected to be underpinned by private consumption, which has benefited from lower energy prices and

Germany’s Schaeuble in favor of lower income tax: newspaper

 German Finance Minister Wolfgang Schaeuble is in favor of lowering income tax for workers and raising a relatively modest tax on investment income after next year’s federal election, he said in an interview published on Saturday. Germany has a flat rate withholding tax of 25 percent on private income from capital and capital gains. It

Look forward to setting up more manufacturing firms: Japanese Ambassador Kenji Hiramatsu

Source:TheEconomicTimes CHENNAI: With focus on strengthening bilateral relations, Japan is looking forward to establishing more manufacturing companies in the country, Japanese Ambassador to India Kenji Hiramatsu said today. “Japan and India have been maintaining strong cultural and economic ties for centuries. Both the countries are largest and oldest democracies in Asia,” Hiramatsu who called on

Experts differ on how to claim additional NPS tax benefit under Sec 80CCD (1b)

Source:TheEconomicTimes Experts are divided over how taxpayers can claim the additional tax deduction for NPS contributions announced in last year’s Budget. Some tax experts claim that employees covered by NPS can claim deduction for their mandatory contributions under the new Sec 80CCD(1b). “An employee’s mandatory contribution to NPS is eligible for deduction under Section 80CCD

US think tank launches India-US trade initiative

Source:EconomicTimes WASHINGTON: A top US think-tank has launched an India-US trade initiative aimed to strengthen economic ties and meet the two countries’ bilateral trade target of $500 billion. Launched by Atlantic Council yesterday, the initiative has the support of two powerful Senators – John Corny of the Republican Party and Mark Warner of the Democratic

German SMEs to invest Rs 3,000 crore to set up projects in India

Source:EconomicTimes BERLIN: German Small and Medium Enterprises (SMEs) have pledged to invest over Rs 3,000 crore for the ‘Make in India’ initiative for setting up of new manufacturing plants and projects. The German SME’s (Mittelstand) have committed an investment of over Rs 3,000 crores for ‘Make In India’ under the Make in India Mittelstand (MIIM)

IT department notifies new Income Tax Returns norms

Source:BusinessToday People with an income of more than Rs 50 lakh per annum and having the pleasure of owning a yacht, aircraft or valuable jewellery will now have to disclose these costly assets with the IT department notifying a new set of Income Tax Return (ITR) forms for assessment year 2016-17. Filing for the new

Introduce equalisation levy as part of Income Tax Act: Assocham

Source:EconomicTimes NEW DELHI: Industry chamber Assocham today suggested the government to introduce the equalisation levy as part of Indian Income Tax Act itself and not as a separate chapter in the Finance Act as it would only increase cost of doing business. “Introducing equalisation levy separately under Finance Act and not incorporating it as a part

GAAR still remains an irritant for FIIs, doubts persist over FII structure

Source:EconomicTimes MUMBAI: Anxiety still prevails among foreign institutional investors (FIIs) with regard to General Anti Avoidance Rule (GAAR), which will come into effect from April 1, 2017. While the draft rules in GAAR may have cleared the air over retrospective taxation and treatment of Participatory Notes ( P-notes), experts say doubts still persist around issues

Subsidies counted for tax benefit

Source: Business Standard The Supreme Court has ruled that subsidies given as incentives to industries set up in backward areas are deductible under the Income Tax Act. In a large number of appeals moved by the commissioner of income tax against judgments of the Gauhati high court, the apex court rejected the contention of the tax officials

Govt’s retro tax settlement scheme to start from June 1

Source:Business Standard New rules require to pay principal tax and allow waiver of interest and penalty The government will open from June 1 its one-time offer to settle retrospective tax disputes, involving firms likeVodafone and Cairn Energy, after rules are framed for these to pay principal tax and get waiver from interest and penalty. The rules framed for

Indian Insurance Companies Foreign Investment Amendment Rules, 2016

Source:TaxGuru MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 16th March, 2016 G.S.R. 314(E).– In exercise of the powers conferred by clause (aaa) of sub-section (2) of section 114 of the Insurance Act, 1938 read with clause (b) of sub-section (7A) of section 2 of the Insurance Act, 1938 and section 24 of

Maharashtra Budget 2016: Changes in VAT, PT, Entry Tax, Amnesty Scheme

Source:TaxGuru Maharashtra Government has presented its Budget for 2016-17 on 18th March 2016. We are presenting proposed Changes in  Computerization in Sales Tax Department, Amendments to the Value Added Tax Act,  Entry Tax, Profession Tax, Sugarcane Purchase Tax, Motor Vehicle Tax, Lottery Tax, Composition Scheme,Changes to set off rules and Amnesty Scheme. HIGHLIGHTS OF THE BUDGET SPEECH DATED 18TH MARCH, 2016 BY HONOURABLE

Prove tax residency to avail of tax exemption in India

Source:Live Mint As a non-resident, you will be taxed only on income earned and received in India. Income earned and received outside India will not be taxable in India. I invested in the initial public offering (IPO) of an Indian company through my non-resident external (NRE) account last year. The stocks are at a good

CBDT issues rules under section 9A of the Income-tax Act

Source:AniNews New Delhi, Mar 16 (ANI): Section 9A of the Income-tax Act, 1961 (the Act) provides for special taxation regime with effect from April first to facilitate location of fund managers of off shore funds in India. Under this regime, the fund management activity carried out through an eligible fund manager in India by an

TAX Implications of Investing in Property

Source:TaxGuru CA Rohit R Sharma The latest buzz these days is investing in the Property Market/ Real Estate. Bhai Paisa hai to Property me laga, is very common to hear even from someone who knows nothing about the churn of events in the market nor about investments. But still every Tom, Dick & Harry will come

Whether Negative Control Amounts to Control under SEBI Takeover Code 2011

Source:TaxGuru CS Prem Pyara Tiwari As per the Takeover Regulations 2011 the term ‘control’ in regulation 2(1)(e) has been defined as the “right to appoint majority of directors or to control the management or policy decisions exercisable by a person or persons acting individually or in concert, directly or indirectly, including by virtue of their

Investors get tax relief on investment gains

Source:Business Standard Once the income has been classified as either business income or capital gains, be consistent In a move that is likely to reduce litigations between investors and the income-tax department, the Central Board of Direct Taxes recently allowed investors to decide whether income from sale of securities is to be treated asbusiness income or capital

‘Committed to Stable Tax Regime’

Source:The New Indian Express VISAKHAPATNAM:  The government is committed to providing a stable and predictable taxation regime by moving towards a lower tax regime with non-litigious approach, said principal commissioner of income tax BG Reddy. He further added that measures like refund proposals for the individuals and for the corporates in a time bound manner

Watch Union Budget 2016 changes in Service Tax & Excise Duty

Source:TaxGuru CA Bimal Jain The Hon’ble Finance Minister Shri. Arun Jaitley announced a host of changes in the Indirect tax structure in the Union Budget 2016-17 on February 29, 2016, that are expected to impact the Trade and Industry. Under Service tax, on one hand, the effective rate of Service tax would go up to

Budget 2016: ‘Taxation’ the buzz-word followed by ‘Income Tax’ and ‘Service Tax’, says Google

Source:EconomicTimes BENGALURU: According to a latest Google release, Budget 2016 garnered significantly more attention this year in comparison to the budget presented by Jaitley in 2015 (which was his first ‘full’ budget).‘Taxation’ was the buzz-word with ‘Income Tax’ and ‘Service Tax’ leading search interest. Interestingly queries on ‘excise’ were significantly higher than queries on Goods

No equity in taxation of Companies and Dividends

Source:TaxGuru CA. M. Lakshmanan In the budget it is proposed to tax dividends @ 10% in the hands of shareholders if the same exceeds Rs. 10 Lakhs. Already the companies are paying income tax @ 30% with Eduction Cess @ 2% Secondary & Higher Education Cess @ 1% on the tax and in addition Surcharge

Budget 2016- Tax Incentives for Start-ups

Manish Agarwal In his last Independence Day address, Prime Minister Mr. Narendra Modi (“PM”), had announced the ‘Start-up India, Standup India’ initiative. Further, on January 16, 2016, PM had launched the ‘Start-Up movement’ by unveiling the action plan to boost the start-up culture and encourage entrepreneurship in India. Apart from measures like simplification of registration process,

How Budget 2016 will impact your investments in stocks and mutual funds

The Budget often impacts the bottom lines of industries and companies — and can make a difference to your investments. Have you put your money in stocks and/or mutual funds? The Budget often impacts the bottom lines of industries and .. Read more at:

Budget 2016: Review the varying tax for CSR

Source:livemint Opinion is divided on whether companies should get tax benefits for activities conducted as per the requirements of the CSR rule. Moyna Manku It has been one of the key demands of the corporates that expenditure for CSR be included in the ambit of tax rebates allowed under income tax laws. New Delhi: In April,

Budget 2016: Finance Ministry seeks experts’ views on impact of security transaction tax removal

Source:Economic Times MUMBAI: The Finance Ministry has sought suggestions from leading tax experts and market participants on the implications of scrapping security transaction tax (STT)—a levy on transactions done on stock exchanges. Tax consultants said the government wants to understand the impact of doing away with STT as it mulls stretching the period for applicability of

Services having indirect nexus with business are Input services

Source:TaxGuru Inputs services also include services having some sort of indirect nexus with the assessee’s business activities Brief of the case: The CESTAT Mumbai in the case of Sudarshan Chemical Industries Ltd. vs. CCE (A) held that input services not only cover services of falling in the substantial part of Rule 2(l) of the Cenvat

What individual tax payers can expect in Budget 2016?

Source:EconomicTimes “It is expected that the government will raise the basic exemption limit to Rs 300,000 from its current level of Rs 250,000,” says Surabhi Marwah. The upcoming budget will be a very crucial one for the current government given that they have been in office for close to two years and are no longer

Expect structural reforms on tax administration The prime need is to draw up a framework of responsibility and accountability on the part of the tax administration As the finance minister rises to present the Budget 2016, tax payers, particularly businesses, will eagerly await the announcement of reform measures to ease tax administration. While foreign investments into India have improved recently, most investors

PM tells French investors retrospective tax is a thing of the past

Source:Business Today Prime Minister Narendra Modi assured investors on Sunday that the controversial retrospective taxation is a thing of the past as his government has put in place a stable and predictable tax regime. At the India-France Business Summit, Modi, in the presence of French President Francois Hollande, said, “I am for stable governance and a predictable taxation

High level panel suggests uniform tax treatment for CSR works

Source:EconomicsTimes NEW DELHI: The high level committee set up to suggest measures for monitoring of Corporate Social Responsibility (CSR) initiatives taken by India Inc has recommended leniency for companies not complying with CSR provisions of Companies Act 2013. The committee has also recommended a review of the provisions after three years and has asked for

Will tax simplification actually happen? The government has become used to accounting for TDS as its income even though it knows a significant portion needs to be returned as refund Imagine that you live in a large residential complex and you need to avail of services such as security, garbage clearance, maintenance of common areas, swimming pool, etc on

Implementation of Indian Accounting Standards (Ind AS)

Source:TaxGuru RBI/2015-16/315 DBR.BP.BC.No.76/21.07.001/2015-16 February 11, 2016 All Scheduled Commercial Banks (excluding Regional Rural Banks) Madam / Dear Sir, Implementation of Indian Accounting Standards (Ind AS) The Ministry of Corporate Affairs (MCA), Government of India has notified the Companies (Indian Accounting Standards) Rules, 2015 on February 16, 2015. A reference is also invited to the Press Release

CSR Obligation Under Companies Act, 2013

Source:TaxGuru Corporate Social Responsibility (CSR) Obligation Under Companies Act, 2013                                                                                            


ARTICLES: ACCOUNTINGStandardisation of Accounting Practices in Agriculture Sector in India b Dr. Sanjay Kaptan and CA. S. B. ZawareAccounting by Rate Regulated Entities b CA. Jiten Chopra and CA. Ashish Bansal AUDITINGStructuring Audit Skills on Restructured Advances b CA. A. Mony INTERNATIONAL TAXATIONTuning in the POEMb s Draft Guidelines b Committee on International Taxation TAXATIONTax on Income of Unit

Introduction to Service Tax in Brief

Source:TaxGuru -CA Surbhi Nahata Budget 2012 has ushered a new system of taxation of services, which is also popularly known as Negative list. The new changes are a paradigm shift from the existing system, where only services of specified descriptions were taxed. Old scheme (before 30.06.2012) levied tax on 119 prescribed services and every service

Have you responded to Income Tax notice under section 245?

Source:Money Control It makes a lot of sense to quickly respond to the notices as it saves a lot of time and efforts in the process of paying tax.   There are a lot of taxpayers who are receiving intimation from the Income Tax Department under Section 245 of the Income Tax Act but they

Income Tax department issues guidelines for e-communication to assesses

NEW DELHI: To ease communication with the Income-Tax department, the government has allowed tax payers to reply to notices using their registered email address.The Income-Tax Department has issued detailed guidelines for using electronic communication, or emails, for paperless assessment proceedings.As per the guidelines, the department will primarily issue notices or other communication through the email

India to remain fastest growing major economy for second straight quarter

Source: Economic Times For investors worried about the health of emerging economies, India’s gross domestic product data for April-June should supply some cheer on Monday – the country is expected to remain the fastest growing major economy for a second straight quarter. The median estimate from a Reuters poll of economists put GDP annual growth

RBI more likely to cut rates in September, GDP growth steady: Poll

Source: Economic Times There is a better than even chance that the Reserve Bank of India will cut interest rates at its policy meeting on Sept. 29 thanks to inflation striking a record low, according to a Reuters poll, marking a shift in expectations from earlier. The median from survey of 21 economists showed a

India, Scotland explore trade opportunities under Make in India

Source: Economic Times India has held a first-of-its-kind business summit in Scotland to strengthen bilateral trade ties and generate awareness among Scottish companies for doing business in the country under the ‘Make in India’ initiative. “The India-Scotland Business Summit is being organised at an opportune time when the economies of both India and UK are

8-10% growth rate achievable, says FM Arun Jaitley

Source: Economic Times Amidst global slowdown, Finance Minister Arun Jaitley today expressed confidence that 8-10 per cent growth rate is achievable on the back on increased investment and right mix of policies. “I do believe it is (8 per cent and above growth) achievable… if we take right steps in right direction and hopefully we

Indian economy can double in three years: Suresh Prabhu

Source: Economic Times The Indian economy can double in three years and has the potential of becoming a $20-trillion economy, Railways Minister Suresh Prabhu said on Friday. Prabhu also stressed the need for clarity in thought and a comprehensive plan to make a $20-trillion Indian economy. “Inflation is down, the economy is looking up, and

India inflation cooled in July; June factory output picked up

Source: Economic Times Retail inflation in India likely cooled in July as food price rises stayed in check, while factory output grew slightly faster in June, a Reuters poll found this week. Over the last 19 months, inflation in has halved from double-digit levels to below the Reserve Bank of India’s 6 per cent target,

Economy shows moderate signs of revival in Q1: CII Ascon

Source: Economic Times Indian industry has for the first time in recent months admitted to an improvement in the economy, coinciding with recent pickup in high-speed indicators such as the Purchasing Managers’ Index (PMI) and car sales. Findings of the CII ASCON Industry Survey for the first quarter of fiscal 2016 indicate a reversal in

India’s trade gap with China at $8 billion in April-May

Source: Economic Times India’s trade deficit with China touched $8 billion during April-May this fiscal, Parliament was informed today. The trade deficit has increased to $48.47 billion in 2014-15 from $36.2 billion in 2013-14. “Increasing trade deficit with China can primarily be attributed to the fact that Chinese exports to India rely strongly on manufactured

Services industry posts modest growth in July after two months of contraction

Source: Economic Times The services industry in India posted a modest growth in July, reversing two months of contraction, a private survey showed. The Nikkei Services Purchasing Managers’ Index (PMI) rose to 50.8 in July compared with 47.7 in June. A reading above 50 on this survey-based index indicates expansion. “While it was welcome news

India can always be part of our big ticket projects: Iran

Source: Economic Times As it prepares for billions of dollars of investments in the oil sector following the nuclear deal, Iran today said it will welcome India’s participation in various “big ticket projects” in diverse sectors including enhancing transport infrastructure in the region. Holding that India has emerged as an economic power, Iranian Ambassador Gholamreza

June core industries growth slows to 3% vs 4.4% in May

Source: Economic Times Country’s core industries growth slowed to 3 per cent in June, on the back of a sharp slowdown in electricity production, government data showed on Friday. Output had grown 4.4 per cent year-on-year in May. Electricity production expanded an annual 0.2 per cent last month, sharply slower than 5.5 per cent in

Government may allow FDI in white label ATM ops by automatic route

Source: Economic Times The government is likely to allow 100 per cent foreign direct investment (FDI) in white labelled ATM operations under automatic route to promote financial inclusion. A draft Cabinet note has already been circulated by the Commerce and Industry Ministry for inter-ministerial consultation, sources told PTI. The move is aimed at increasing the

Government extends deadline for comments on Companies Act

Source: Economic Times Stakeholders have been given more time to submit their suggestions to a high-level panel that has been set up for addressing issues related to the new companies law. The deadline, which was ending today, has now been extended till July 31. Set up by the Corporate Affairs Ministry last month, the Companies

ADB cuts Asia, China’s 2015, 2016 growth forecasts

Source: Economic Times The Asian Development Bank (ADB) has cut its 2015 and 2016 growth forecasts for China and the rest of Asia, largely as a result of the slower than expected growth in the region’s largest economy and in developed economies elsewhere. Developing Asia is now expected to grow 6.1 per cent and 6.2

Impact of Greek developments will be indirect: Finance Secretary Rajiv Mehrishi

Source: Economic Times Ongoing developments in Greece have only indirect implications for India and their impact, if any, is difficult to quantify, Finance Secretary Rajiv Mehrishi said today. “We are only indirectly affected by the Greek crisis. If there was any adverse impact (it) is difficult to quantify… Then there would be a positive impact

Manual scrutiny of Service Tax returns from August 1: CBEC

Source: Economic Times Seeking to strengthen compliance and verification, the CBEC has said that beginning August 1 it will start manual scrutiny of Service Tax returns of select assessees who have paid less than Rs 50 lakh of total tax during 2014-15. “The focus of the detailed manual scrutiny of the returns (of Service Tax)

Why BRICS countries can maintain an upward trend despite difficulties

Source: Economic Times Despite recent difficulties, BRICS, a bloc that groups some of the world’s largest emerging markets, still has enormous potential and will maintain the upward trend that it has enjoyed over the past decade. As the BRICS countries — Brazil, Russia, India, China and South Africa — are facing temporary difficulties in their

China, Japan among four nations ready to invest in Mumbai sea link project

Source: Economic Times A cash strapped Maharashtra government which was struggling to seek investment to execute the Rs. 11,000 crore 22 Km Mumbai Trans-harbour Sea Link from Mumbai to Navi Mumbai has suddenly received a shot in the arm as it has now four countries vying to finance and build the project. While Maharashtra had

India is now a $2-trillion economy

Source: The Hindu Gross per capita annual income swells to Rs. 1 lakh. India’s GDP crossed the $2-trillion mark in 2014, according to data released by the World Bank in Washington late on Wednesday. After taking 60 years to reach the $1-trillion mark, India added the next trillion in just seven years. The World Bank

India aims 8-10% growth, current rate not satisfactory: Finance Minister Arun Jaitley

Source: Economic Times Finance Minister Arun Jaitley said on Wednesday that India is looking to accelerate growth to ensure the uplift of the poorest. “India is no longer satisfied being in the 6-8% growth (category). It wants to transcend to another level and aim for 8-10% growth. We wish to grow faster because we have

Delhi Assembly passes budget for 2015-16

Source: Economic Times The Delhi Assembly today passed the Rs 41,129 crore budget for 2015-16 — the first by the AAP government — with a major focus on education, health and transport sectors. The budget was presented on June 25 by Deputy Chief Minister Manish Sisodia and it was passed by voice vote by the

Credit growth at tepid 3.7% in first 9 months of FY15: RBI

Source: Economic Times Bank credit grew at tepid 3.7 per cent rate during the first nine months of the past financial year at Rs 63,51,900 crore, according to the data released by the Reserve Bank of India today. The number of borrowal accounts increased by 3.7 per cent to 12.2 crore in December 2014 from

Madras, Busan commerce chambers ink pact to promote trade

Source: Economic Times he Madras Chamber of Commerce and Industry (MCCI) has signed an agreement with South Korea’s Busan Chamber of Commerce and Industry to foster economic development between the two regions. The agreement between the two chambers aim to strengthen the cooperation in promoting trade and investment between Tamil Nadu and Republic of Korea

India to be among top 3 economies globally by 2030: Report

Source: Emerging markets are expected to grow faster than developed economies, and India is likely to become the third largest economy by 2030 in the world after China and the United States, says a report. According to the Economist Intelligence Unit (EIU), emerging markets are expected to grow faster than developed economies, and as

India to ship 16.5 million tonnes of iron ore to Japan, South Korea

Source: Economic Times he government today approved the renewal of agreement for supplying up to 16.5 million tonnes (MT) of high grade iron ore to steel plants in Japan and South Korea over three years till March 2018. “The Cabinet, chaired by Prime Minister Narendra Modi, has given its approval to renew long term agreement

Madhya Pradesh to set up investment promotion desk in East Asian countries

Source: Economic Times The Madhya Pradesh government will establish Investment Promotion Desk in the East Asian nations with an aim to facilitate investment from those countries. Besides, to enhance export from the state, the government will also set up dry ports in MP in collaboration with the Centre. Chief Minister Shivraj Singh Chouhan gave instructions

Rafale deal: French defence minister to visit India again

Source: Firstpost French Defence Minister Jean-Yves Le Drian will visit India soon as the two countries work towards finalising the deal for 36 Rafale fighter jets. Rafale fighter jets. Image from Wikimedia Commons Rafale fighter jets. Image from Wikimedia Commons Defence sources said French defence minister is likely to arrive in India soon to carry

Economic growth potential higher than 7-7.5%: Arun Jaitley

Source: Economic Times Finance Minister Arun Jaitley said on Thursday that economic reforms in the legislative pipeline can push India’s growth rate above the 7 to 7.5 per cent range. India’s economy, Asia’s third largest, is expected to grow 7.5 per cent this year, according to the latest World Bank forecast, which would make it

SAARC connectivity: India inks landmark motor pact with Bhutan, Bangladesh and Nepal

Source: Economic Times India, Nepal, Bhutan and Bangladesh have inked a Motor Vehicles Agreement for the regulation of passenger, personnel and cargo vehicular traffic in Thimpu, Bhutan. The agreement, signed on Monday by transport minister Nitin Gadkari on behalf of India, will enable seamless movement of people and goods across the borders for the economic

US manufacturing sector appeals for ‘serious policy reforms’ in India

Source: Economic Times The US manufacturing industry today said it is ready to invest in India but for this it needs Prime Minister Narendra Modi to enact “serious policy reforms” that level the playing field for all and encourage and protect collaboration and innovation. “Now is not the time to simply not accept a reality

Trade deficit for May 2015 shrinks to $10.4 billion: Here are 6 takeaways

Source: Economic Times The trade deficit for May 2015 came at $10.4bn, slightly lower than Apr 2015. Exports and imports continued to contract, respectively, 20.2% and 16.5%. Low crude prices and poor global growth have shrunk exports, even as the lagging impact of low crude prices kept our import bill low. Import growth would be

Current account deficit narrows to $1.3 billion of GDP in March quarter

Source: Economic Times India’s external account remained sound with the current account deficit, the excess of spending overseas than earnings, at 0.2% of the GDP due to the slide in crude oil and commodity prices. A surge in capital flows led to the highest ever quarterly accrual to the foreign exchange reserves which are at

Government to bring in ordinance to amend Negotiable Instruments Act

Source: Economic Times The Cabinet today decided to bring in an ordinance to amend the Negotiable Instruments Act, which provides for filing of cheque bounce cases in place where the cheque was issued, a move that will benefit 18 lakh people. “As you are aware of the Negotiable Instrument Amendment Ordinance, the Supreme Court had

Ecommerce to grow at 10-15 per cent annually: Jayant Sinha

Source: Economic Times The ecommerce sector would grow at a rate of 10-15 per cent annually, higher than the GDP growth rate, in coming years, Minister of State for Finance Jayant Sinha said today. The minister also said that the economy will more than double to USD 4-5 trillion if it can achieve a sustainable

Bangladesh allows LIC to start operations in the country; offers SEZs for Indian firms

Source: Economic Times With an aim to boost bilateral trade, Bangladesh today offered to establish Special Economic Zones for Indian companies besides allowing Life Insurance Corporation to start operation in the country. After Prime Minister Narendra Modi’s talks with his counterpart Sheikh Hasina, both sides signed a number of pacts to spur economic engagement and

Two trade corridors to improve connectivity between India and neighbours

Source: Economic Times Two trade corridors, which will improve connectivity between Nepal, Bhutan, Bangladesh and India, are now in their pre-construction stage, West Bengal PWD minister Shankar Chakravorti told the Assembly today. During his budget speech in the House, he said that the two important trade corridors are in the pre-construction stage under the South

Infrastructure push from overseas: Companies from friendly nations like Malaysia and Japan may build highways in India

Source: Economic Times The Narendra Modi administration wants companies belonging to friendly foreign governments to build India’s highways. The road ministry has sought the finance ministry’s permission for a policy that will allow such investment. The government has received feelers from public sector undertakings in Malaysia and Japan for investment in upcoming highway projects. The

RBI set for third interest rate cut of the year on stable inflation

Source: Economic Times The Reserve Bank of India is expected to cut interest rates for a third time in five months when it meets this week, confident that inflation is stable enough to weather the summer monsoon. The Reserve Bank of India (RBI) has already lowered its benchmark repo rate, the level at which it

India can play major role in Asia: Singapore Prime Minister

Source: DNA India India can play a major role in Asia if it opens up its economy and encourages foreign investments while actively participating in regional summits, Singapore Prime Minister Lee Hsien Loong said today. “It (India) can make a big contribution if it opens up its economy, encourages foreign trade and investments, and participate

India, Japan to solve bilateral tax issues soon

Source: DNA India Indian and Japanese tax officials are expected to meet in Tokyo in June to sign agreements aimed at reportedly solving at least 15 transfer pricing disputes. The disputes relate to Japanese involvement in Indian automobile and auto ancillary sectors, and large trading houses, says a report in a well known business-related daily.

There are early signs of recovery: Arvind Subramanian

Source: Economic Times Chief economic advisor Arvind Subramanian says there are early signs of recovery . In a presentation, the day the government completed one year in office, he says fundamentals are stronger.

Make ties with Russia matter

Source: May 8, 1945, saw the end of World War II in Europe. The Great Patriotic War commemorated in Russia as Victory Day in its War of Liberation from the Nazi regime. A Mahabharat-like saga of national fortitude was projected to the Russians on the Victory Day parade of a strong Mother Russia who

First year of Modi government: Demand up, income growth flat, research reveals

Source: Economic Times One year is a small yardstick by which one can measure the performance of a new government. But as the Modi government braces the one year milestone, its report card from the consumption and consumer sentiment point of view reveals a mixed picture. Research undertaken by Nielsen shows that income, especially among

Government retains 51% FDI in multi-brand retail

Source: Economic times The Department of Industrial Policy and Promotion (DIPP) issued a consolidated foreign direct investment (FDI) policy document on Tuesday, retaining the policy on FDI in multi-brand retail that allows up to 51% foreign investment. Bharatiya Janata Party (BJP) government had opposed opening of multi-brand retail to foreign investment but has not reversed

Russia a dependable partner of India: President Pranab Mukherjee

Source: On Board Special Aircraft: Notwithstanding Russia’s plans to supply arms to Pakistan, President Pranab Mukherjee on Monday said Russia is India’s “dependable partner” in defence and energy sectors irrespective of Moscow’s growing ties with any other nation. “Our relationship stands apart. Russia is and will be a dependable partner in defence matter and

GST & You: One indirect tax at both center and state levels

Source: Economic times What is goods and services tax (GST)? The proposed levy will be a single tax that will cover all levies at the Centre and state level, including entry tax. It is a value-added tax, which means a levy at each stage of production, sale or consumption will be set off against taxes

Japan identifies 11 sites to set up industrial townships in India

Source: Economic Times Shinzo Abe’s government is firming up its promise to help Prime Minister Narendra Modi build India’s infrastructure and promote domestic manufacturing as it doubles its investment in the country. Japan has identified 11 sites to set up industrial townships in India, which would serve as hubs for investments into the country. These

CEPA: India, Korea start talks to cover more manufacturing sectors

Source: Economic Times Five years after the India-South Korea Comprehensive Economic Partnership Agreement (CEPA) was implemented, the two sides have begun talks to expand the deal to cover more manufacturing sectors despite New Delhi gaining little on the services front. Sources said India has pitched for easing restrictions on export of diamonds, textiles goods and

What GST is all about and why you should care.

Source: Economic Times The government is set to introduce a bill in parliament to amend the constitution to pave the way for the introduction of the goods and services tax ( GST), a levy that was to have been in place five years ago. ET takes a look at what this much-anticipated indirect tax reform

Boost for smart cities project as EU readies template for making Indian cities more sustainable

Source: Economic Times PM Narendra Modi’s project of building 100 smart cities could get a boost with a template readied by the European Union for making Indian cities more liveable, sustainable and energy efficient. Cooperation in the smart cities project between India and the 28-nation grouping, the country’s largest trading partner, is likely to be

Investment, tax reforms to take growth to 9-10%, says FM Jaitley

Source: Economic Times Initiatives being taken by the government to boost investments and introduce tax reforms will lead to 9-10 per cent economic growth in the coming years, Finance Minister Arun Jaitley said today. “The cumulative impact of these (initiatives), I believe, will increase our capacity to grow is more than 9 per cent, it

India and Japan sign action plan for investment and trade promotion

Source: Economic Times In a bid to strengthen economic ties, India and Japan on Thursday signed an action agenda for boosting investment and trade. Commerce Minister Nirmala Sitharaman and Japanese Minister of Economy, Trade and Industry Yoichi Miyazawa signed the action agenda for India-Japan investment and trade promotion and Asia-Pacific economic integration. Nirmala Sitharaman said

India may grow at 8% in FY18, says World Bank

Source: Economic Times The World Bank expects India’s economic growth to climb to 8% in 2017-18, on the back of a 7.5% expansion in the current fiscal year and 7.9% in the next, provided the rate of investment picks up to 11% during the 2016-18 period and industrial growth accelerates. The latest update has taken

Indian economy to grow 7.7% this fiscal year: Reports

Source: Economic Times India Ratings expects India’s economy to expand 7.7% this fiscal year, faster than the previous year’s estimated expansion of 7.4%, because of a pickup in private consumption. “A significant moderation in inflation and inflationary expectations is likely to boost consumer sentiments, albeit gradually,” the ratings firm said in a news release. India

Taxation policy has to be non-adversarial: Arun Jaitley

Source: Economic Times Promising a business friendly environment to woo foreign investments, Finance Minister Arun Jaitley today made it clear that retrospective tax will not be imposed and that taxation policy has to be “non-adversarial”. “Our Taxation process has to be simpler to increase tax buoyancy. Our taxation policy has to be non-adversarial. The government

India Inc’s overseas borrowings down 25 per cent in March

Source: Economic Times Indian firms raised over USD 2.66 billion from overseas markets through the external commercial borrowing (ECB) route last month, down 25 per cent, RBI data showed today. The domestic firms had raised USD 3.55 billion in ECBs in March last year. Of the total borrowings during the month, USD 722.26 million was

Labour ministry unveils single online common return facility in a bid to ease business norms

Source: Economic Times Moving towards Prime Minister Narendra Modi’s vision of improving the ease of doing business in the country, the labour ministry on April 24 unveiled a single online common return facility for firms under eight central laws. It is also gearing up to launch a single registration facility for five central labour laws.

Nokia-Aclatel-Lucent deal: Japan, India to account for 18% revenue

Source: Nokia’s acquisition of Alcatel-Lucent will create an entity with revenues of $28 billion (about Rs 1.75 lakh crore), with Asia-Pacific, Japan and India (APJ/India) contributing 18 percent. Last week, the Finnish company said it will acquire its Franco-American rival in an all-stock deal valued at 15.6 billion euros ($16.6 billion). This will create

India best performer among BRIC markets

Source: DNA India German companies have rated India as the highest performing country among the Bric markets, according to a recent report by EY Delphi. “India is assumed to be the highest performing country among the Bric (Brazil, Russia, India and China) markets. According to the 94% of the surveyed CEOs and CFOs from leading

India’s trade gains could unravel as deficit widens

Source: DNA India India’s trade deficit in March was the highest in four months, at $11.79 billion, as exports continued to fall, underscoring risks for growth prospects. A plunge in global prices of crude oil, by nearly half since last June, has slashed the import bill, making for a less worrisome trade deficit, despite a

French firm Thales eyeing Rs 3,300 crore smart city market in India

Source: Economic Times Bolstered by the success of the Rafale deal, French firm Thales, which is a major partner in the fighter aircraft project, has said the sentiment is positive in France on India’s ability to handle large military deals and that the company is eyeing a 500-million, or over Rs 3,300-crore market for smart

India, Belarus to enhance bilateral ties

Source: Economic Times India and Belarus today agreed to enhance their bilateral ties especially in the field of trade and economy. India also discussed regional and international issues of mutual interests with Belarus, a landlocked country in Eastern Europe bordering Russia during the meeting of Belarus Foreign Minister Vladimir Makei with External Affairs Minister Sushma

Ease of doing business in India needs to be improved: IGCC

Source: Economic Times India has a lot of potential of attracting international business but the ‘ease of doing’ business has to be improved, according to Indo-German Chamber of Commerce which pins hopes on Prime Minister Narendra Modi in this regard. Bernhard Steinruecke, Director General of the Chamber, hailed Modi’s ‘Make-in-India’ programme and said German companies

PM Narendra Modi’s France visit sees Areva’s nuclear plant agreement with NPCIL, L&T

Source: Economic Times Prime Minister Narendra Modi’s visit to France witnessed a landmark MoU for techno-commercial cooperation between ArevaBSE -0.26 % and Nuclear Power Corporation of India Ltd after years of negotiations and a key pact between the French nuclear giant with Larsen and Tourbo for making components in this country for setting up six

Credit outlook rating upgrade to help attract FDI, says FICCI

Source: Business Standard With rating agencies Fitch and Moody’s affirming India’s credit outlook as “stable” and “positive” respectively, Ficci today said the move will uplift investor sentiment and help attract foreign investments. “It reflects the improving outlook for Indian economy on the back of various reform measures taken by the government towards simplification of regulatory

Stalling French, German economies await PM Modi

Source: Economic Times As Prime Minister Narendra Modi touches down at the Charles de Gaulle airport on Friday evening, there is an air of anticipation among French and German policy-makers mainly because of their stalling economies and the vast potential a resurgent India offers. The level of anticipation is unlike that evident during previous Indian

Future of Chinese firms brighter in India – Indian Secy Industrial Policy and Promotion

Source: ndia made a strong pitch to woo Chinese investors last week, saying their future is not in China but in India which has liberalised 25 key sectors to make them cost-competitive, according to PTI. Several top Chinese companies attended a roundtable conference held by the Indian Embassy in Beijing during which presentations were

Services’ share in total exports to rise significantly: Commerce Ministry

Source: Economic Times The government expects significant increase in share of services in India’s total goods and services exports in the next five years, the target for which has been set at $900 billion in the recently announced Foreign Trade Policy. “We are hoping that (with) changes in the services architecture of incentives in the

Indirect tax collection exceeds target by Rs 4,000 crore in FY15

Source: Economic Times The collection of indirect taxes has surpassed the revised estimates by Rs 4,000 crore to reach Rs 5.46 lakh crore for the fiscal ended March 2015, despite a slowdown in the manufacturing sector. The total collection as on March 31 is Rs 5,46,479 crore, based on the provisional report as against revised

Make your resolution for the financial year ahead today

Source: DNA India Money grows throughout the year if invested at the start and you can weigh the options well based on taxation, lock-in period, expected returns and maturity taxability While January may be the time to call resolutions on personal front, April is a good time to resolve for healthy finances. Tax-planning at the

Capital spending in India to take 12 more months to recover: S&P

Source: Economic Times Capital spending in India is likely to take 12 more months to start recovering as private companies have adopted a ‘Wait-And-See’ approach, says a report by global ratings agency Standard and Poor’s. “We expect capital spending in India will continue to fall in fiscal 2016 despite its economy being one of the

Government creating environment conducive to investments: Arun Jaitley

Source: Economic Times Government is trying to create a conducive environment, both in terms of taxation and ease of doing business, as investments won’t come just by opening doors, Finance Minister Arun Jaitley said today. The new government has endeavoured to restore credibility of the Indian economy and the decision making process in order to

Five Things You Need to Know about Transfer Pricing

Source: Tax Guru Governments worldwide are concerned that multinationals are shifting profits offshore through inappropriate transfer pricing. Prices charged for goods, services, royalties, and loans across borders drive how much income tax a multinational pays by country. 1. Companies that do not charge “arm’s-length” prices are at risk of substantial additional income tax, interest, and

India’s exports up 0.88 per cent in April-February

Source: Economic Times India’s exports grew marginally by 0.88 per cent to USD 286.58 billion during the April- February period of the current fiscal, government said today. India’s merchandise exports was USD 284.07 billion in the same period in the previous year and “there has been a marginal increase of 0.88 per cent in exports

India’s GDP will be bigger than Japan, Germany combined in 4 years: IMF

Source: Economic Times The Indian economy, whose size is $2 trillion as of now, is poised to overtake the combined GDP of Japan and Germany in the next four years on the back of recent policy reforms and improved business confidence in the country, IMF chief Christine Lagarde said today. “Indeed, a brighter future is

Five Smart Things to Know about Subsidy

Source: Economic Times 1) A subsidy is the amount spent by the government to provide goods and services at prices that are lower than the market rates as a welfare measure. 2) Subsidies ensure equitable availability of essentials to low income groups and encourage higher consumption or production of certain products. 3) Subsidies represent a

World’s engagement with India at ‘new level’: PM Narendra Modi

Source: Economic Times  Prime Minister Narendra Modi has said global confidence in India has been restored and the world’s engagement with the country is at a “new level” even as he assured Sri Lanka that steps would be taken to address its concerns over the huge bilateral trade imbalance. Modi said this while asserting that

India, Spain Join Hands for Defence Cooperation

Source: Zee News India and Spain on Wednesday signed an agreement on ‘Mutual Protection of Classified Information’ to provide the framework for enhanced cooperation in the defence sector. The agreement was signed following an hour long meeting between visiting Spanish Defence Minister Pedro Moremes and his Indian counterpart Manohar Parrikar, defence sources said. The Spanish

Government, RBI sign pact to target consumer price inflation at 4 per cent

Source: Economic Times The Reserve Bank of India and finance ministry have agreed, in the biggest change to monetary policy since opening up its economy more than two decades ago, to introduce inflation targeting to rein in a long history of volatile price rises. In a document dated February 20, the two sides set a

Budget 2015: Top three measures that will boost non-banking & finance stocks

Source: Economic Times Putting emphasis on banking and finance sectors, Arun Jaitley in his Budget 2015-16 talked on the need for more clarity in these two sectore. The budget also highlighted that additional fiscal space will go to funding infrastructure investment. 1) Measure: Setting up of Micro Units Development Refinance Agency or Mudra Bank with

The Investment Quandary

Source: Financial Express The finance ministry is itself unsure of the amount it spends towards capital expenditure in the economy. There is a good reason for it. The Indian government has been far better at providing stimulus to the economy by propping up consumption than through investment, so it makes a hash of counting its

S&P raises India’s GDP forecasts to 7.9% for 2015-16, says it’s a bright spot in Asia

Source: Economic Times Standard & Poor’s sharply raised India’s growth forecasts for the next several years to reflect a recent change in how gross domestic product is calculated by the government, and said the economy should be a “bright spot” in Asia. The ratings agency S&P raised its India GDP growth forecast to 7.9 per

Government hopeful of Goods and Services Tax bill being passed during Budget Session

Source: Economic Times Government today said it was hopeful that the much-delayed Goods and Services Tax (GST) bill will be passed during the ongoing Budget Session. Government had introduced the Constitution Amendment Bill, 2014 in Lok Sabha in December last year to facilitate introduction of the new indirect tax regime in the country. Replying to

FDI doubles to $2.16 billion in December

Source: Economic Times Foreign direct investment (FDI) in India almost doubled to $ 2.16 billion in December 2014, compared to $ 1.10 billion in the same month of 2013. During the April-December period of current fiscal, FDI rose by 27 per cent to $ 21.04 billion as against $ 16.56 billion in the same period

India Urges UN for Decisive Action on Security Council Reform in 2015

Source: Economic Times India has told the UN that 2015 is a year for decisive action on the much-delayed reform of the Security Council, and called for negotiations to begin on a concise text to achieve meaningful progress. The 11th round of Intergovernmental Negotiations (IGN) should not be like the previous rounds where discussions were

FIPB to take up 36 FDI proposals on Tuesday

Source: Economic Times An inter-ministerial panel on February 17 will take up 36 foreign direct investment (FDI) proposals, including that of Quikjet Cargo Airlines and Holcim (India). The Finance Ministry said the Foreign Direct Investment Promotion Board (FIPB), headed by Finance Secretary Rajiv Mehrishi, will meet on Tuesday to take up the proposals. Other FDI

India Aims to Amend Arbitration Law to Lure Foreign Investors

Source: Euro News India plans to amend its arbitration law, setting time limits for courts and easing judicial rules to decide corporate disputes, as it seeks to attract more foreign investment, Law Minister Sadananda Gowda said on Tuesday. Many domestic and foreign companies, such as British telecoms major Vodafone <VOD.L>, prefer Singapore, Hong Kong and

Government to Start Ranking States on the Ease of Doing Business

Source: Economic Times The Centre will soon start ranking states on the ease of doing business and in getting clearances, quietly pushing ‘competitive federalism’ along with ‘cooperative federalism’ that Prime Minister Narendra Modi called for at the first NITI Aayog meet on Sunday The department of industrial policy and promotion (DIPP) has circulated 98 action

Government Eyes $2 Billion in Foreign Funds for Expansion of Major Ports

Source : Economic Times The government is planning to raise nearly $2 billion (about Rs 12,400 crore) in overseas funding for expansion of major ports in the country as well as to execute rail and road projects to connect them to the hinterland. The shipping ministry is likely to soon finalise the proposal for a

RBI’s Rajan for Raising Savings Limit Beyond Rs 1.5 lakh for Tax Benefits

Source: Economic Times Days ahead of the Budget, Reserve Bank Governor Raghuram Rajan today pitched for increasing the tax exemption limit on financial investments by individuals from Rs 1.5 lakh a year. Acknowledging that there was a Rs 50,000 increase in the limit in the last budget to Rs 1.5 lakh a year, he said

Ease of Doing Business: Exporters can Use Credit Cards to Pay Fee

Source: Economic Times To further improve the ease of doing business in India, the Commerce Ministry is taking steps that include allowing exporters and importers to make the payment of fee through debit or credit cards. Currently, traders can pay fees only manually or through net banking. “Efforts are underway to allow/enable payment of fee

Base Year Change: Per Capita Income Rises to Rs 6,699/month in FY14

Source: Economic Times India’s per capita income, a gauge for assessing standard of living, for 2013-14 is up at Rs 6,699 per month for 2013-14 as against the earlier estimate of Rs 6,198.33 after the government updated the base year for measuring national accounts. Government today made changes in the national accounts calculation methodology by

Significant Gains from Deepening Indo-US Ties

Source: Economic Times What are the real gains that we can expect from the visit of US President Barack Obama to India? Yes, Obama used his executive powers to remove intrusive US demands to inspect American-built nuclear facilities here; but Manmohan Singh and George W Bush had agreed that multilateral IAEA was best qualified to

India, US to Set up Task Force to Develop Three Smart Cities

Source: Economic Times India and the US today decided to set up a task force for jointly developing Allahabad, Ajmer and Vishakhapatnam as Smart Cities with a mandate of preparing the roadmap within three months. The decision was taken at a meeting between Urban Development Minister M Venkaiah Naidu and visiting Secretary of Commerce Penny

India will soon see surge in FDI inflows: Jayant Sinha

Source: Economic Times India will soon see a surge in foreign direct investment, including from the US, as the country strengthens manufacturing sector under the ‘Make in India’ programme, Minister of State for Finance Jayant Sinha said today. “FDI is linked to business, brick and mortar on the ground… Discussions that I am having with

Under Narendra Modi, India is readier to admit to a tilt towards America

Source: Economist ADMIRE Barack Obama’s endurance on January 26th, when he becomes the first American president to be guest of honour at India’s annual Republic Day parade in Delhi. For two long hours he will inhale the capital’s smog as he and India’s prime minister, Narendra Modi, review a procession of military hardware, trick-motorcycle riders

India, US may reach consensus on top priority areas, says Arun Jaitley

Source: Economic Times Ahead of US President Barack Obama’s India visit, Finance Minister Arun Jaitley said the two countries should be able to reach consensus on areas that are of top priority for cooperation between them. Without specifically mentioning the areas, Jaitley said the two countries share a mature relationship and there were many areas

World Bank wants india to target subsidies better

Source: Economic Times The World Bank has suggested India should target its subsidies better while focusing on universal healthcare and education to bring millions of people out of poverty in the country and ensure success of the ‘Make in India’ initiative. The advice has come at a time when the Modi government is working towards

Why does your business need a statutory compliance service?

Source: Tax Guru History of Businesses in India: In the yesteryears, businesses were relatively easy to operate. There was a controlled environment and a reasonable legal framework (Licensing and Permits) that governed and regulated the operations of each business. Regular audits and inspections took place and the media was a little suppressed and not very

Germany’s finance minister Wolfgang Schaeuble assures India on eurozone stability

Source: Economic Times Germany’s finance minister was looking to reassure India Tuesday that the eurozone is not about to lurch into a fresh crisis ahead of talks with his counterpart in New Delhi. Wolfgang Schaeuble was due to meet with Indian Finance Minister Arun Jaitley on the second day of a visit that has already

PM Narendra Modi posts on LinkedIn, lists 9 policies to promote growth

Source: DNA India Prime Minister Narendra Modi on Sunday in a post on LinkedIn listed nine policy decisions and said the government is moving fast in designing policies and laws to promote growth. In a post, Narendra Modi said, “On 16th January 2015, I got the opportunity to address the Global Business Summit organized by

India sitting at the cusp of a great IT revolution: Ravi Shankar Prasad at ET GBS

Source: Economic Times The government intends to ensure adequate availability of spectrum in the upcoming auction and beyond, as it is aware of the challenges that lack of the natural resource poses for the growth of the industry. “What was pending with defence for the last 7-8 years has been cleared,” Ravi Shankar Prasad, minister

How does RBI’s rate cut impact you?

Source: DNA India Reserve Bank of India has cut repo rate by 25 basis points. This will have a positive impact on the Indian economy as banks will lower their lending rates. You car and home loans are set to become cheaper. Raghuram Rajan, Governor, Reserve Bank of India (RBI) surprised everyone on Thursday with

Sharjah-India business round table concludes in UAE

Source: Economic Times A roundtable business conference was organised in the UAE to strengthen Sharjah’s trade relations with India and to promote the Gulf emirate as a leading business and investment hub in the region. The Sharjah Investment and Development Authority (Shurooq) in collaboration with the Indian Business and Professional Council (IBPC) and India Trade

India to become fastest-growing economy in PM Narendra Modi government’s 4th year: World Bank

Source: Economic Times India is set to become the fastest-growing big economy in the world in the fourth year of Narendra Modi’s government, edging past China. It’s set to clock a 7% rise in GDP in 2017 compared with 6.9% for bigger rival China, the World Bank said in its flagship publication, Global Economic Prospects,

India-Vietnam trade may rise to $20 billion by 2020: Thanh

Source: Economic Times The bilateral trade between India and Vietnam is likely to touch $20 billion by 2020, country’s ambassador to India Ton Sinh Thanh has said. “The two-way trade between Vietnam and India is expected to reach $8 billion this year and could rise to $10 billion in 2015 and $20 billion by 2020,”

India, US agree to restart talks on bilateral investment treaty

Source: Economic Times India and the US have reaffirmed commitment to the long-pending Bilateral Investment Treaty with PM Narendra Modi on Sunday conveying to visiting secretary of state John Kerry that New Delhi was prepared to hold early talks for the same. Kerry too said the US would like to see the treaty take shape

Role of private sector crucial in boosting growth rate: Venkaiah Naidu

Source: Economic Times The role of private sector is crucial in increasing the growth rate as it can provide new knowledge and technology for developing infrastructure, Union Urban Development Minister Venkaiah Naidu said today. He also said that the government has recently raised basic excise duty on petrol and diesel by Rs 2 per litre

Economy on right track; FY17 GDP could rise to 7 per cent: Macquarie

Source: Economic Times The Indian economy is moving on the right track with efforts to fast track reforms, raising prospects of pick up in growth from 5.4 per cent in FY15 to 7 per cent by fiscal year 2017, says a Macquarie report. According to the global financial services firm, FY16 would be a notable

Ease of doing research as vital as ease of doing business: PM Narendra Modi

Source: Economic Times The ease of doing research is as important as ease of doing business, Prime Minister Narendra Modi said today as he promised the scientific community that he will cut red tape and pitched for greater academic freedom and autonomy to universities. He also underscored the need for making investment in science and

Reserve Bank of India relaxes norms for external commercial borrowings

Source: Business Today The Reserve Bank of India (RBI) on Thursday introduced changes in external commercial borrowings (ECB) norms under which authorised money changing banks have been allowed to create a charge on securities. The decision was taken with a view to liberalising, expanding the options of securities and consolidating various provisions related to creation

RBI liberalised norms for Overseas Direct Investment by Indian companies

Source: Jagranjosh Reserve Bank of India (RBI) on 29 December 2014 liberalised norms for Indian companies investing abroad. The liberalization of norms was part of series of amendment done by RBI from time to time in the Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2004. Liberalised norms Bank may permit

PM Modi, Arun Jaitley & Raghuram Rajan to brainstorm with banking chiefs on new strategy for the sector

Source: Economic Times The top echelons of Indian banking will converge early in the New Year in a Gyan Sangam or ‘Confluence of Knowledge’ at the National Institute of Bank Management in Pune to hammer out a strategy to revive the ailing state-owned banking sector, which is bogged down by a mountain of bad debt,

Easier entry rules, competitive taxation key to boost manufacturing: FM Arun Jaitley

Source: Economic Times Blaming high cost of capital for slowdown in manufacturing sector, Finance Minister Arun Jaitley today pitched for removal of entry barriers and a globally competitive taxation regime to attract investments and boost growth. “We have to put house in order,” Jaitley said, to accelerate the growth, as the manufacturing sector was not

More Time for US Tax Pact

Source: Telegraph India India and some other countries have got one more month from the US to sign the Foreign Account Tax Compliance Act (Fatca), an agreement which seeks to facilitate the flow of financial information. “The US has given a month’s extension to India and some other counties to sign Fatca,” revenue secretary Shaktikanta

Top ten investment ideas by experts which can give up to 38% return in next 1 year

Source: Economic Times Benchmark indices managed to bounce back in trade on Thursday, snapping five days of continuous fall, as sentiment in global markets turned positive after the US Federal Reserve meet. The Cabinet nod to the GST Bill also raised hopes of reforms in the coming months. For the long-term investors, the recent fall

Trade with Asean to touch $100 billion next year

Source: Economic Times The two-way trade between India and Asean are expected to double from the current level of $ 80 billion by 2022 even as it is expected to touch $ 100 billion by next year on account of increasing commercial engagement between the two sides. “In 2009, FTA in goods was signed with

Statistics: A look into the largest economies of the past

Source: Economic Times Which will be the world’s largest economies in the future? Various studies suggest that it would be either China or India. But what about the largest economies in the past–1CE (Common Era), 1000CE, 1500CE and so on? Interestingly, even these periods were dominated by the Asian giants.For more than 1,700 years, India

FDI policy on the construction development sector stands revised

Source: Business Standard Foreign Direct Investment (FDI) on the Construction Development Sector stands revised as: Construction-development projects (which would include development of townships, construction of residential/commercial premises, roads or bridges, hotels, resorts, hospitals, educational institutions, recreational facilities, city and regional level infrastructure, townships): 100% of equity/FDI cap with automatic route. Investment will be subject to

India welcomes Saudi investment in infrastructure sectors

Source: Economic Times Saudi businessmen have a good opportunity to invest in India’s vital infrastructure sectors including oil, gas and petrochemicals under the new government’s ‘Make In India’ initiative, a top Indian diplomat here has said. The campaign launched by Prime Minister Narendra Modi in September aims at eliminating unnecessary laws and regulations, making bureaucratic

Ahead of Barack Obama visit: India, US to start discussion on defence technology, production from Monday

Source: Economic Times India and the United States will discuss defence technology transfer and joint defence production in Delhi from Monday, in the first major political-military dialogue in the run-up to US President Barack Obama’s visit to India as chief guest at Republic Day next month. Hoping to give a boost to Modi’s call to

Global firms in talks to invest in Indian real estate

Source: Business Standard International property players and equity firms from Malaysia, Singapore and other countries of Asia and West Asia are checking out the India market, following the government move to relax foreign investment norms in the real estate sector. Many developers have even started discussions with foreign firms for a possible venture, according to

Former PM Manmohan Singh chosen for top national award by Japan

Source: DNA India Former Prime Minister Manmohan Singh has been chosen for one of Japan’s top national awards for his contribution to India-Japan ties, becoming the first Indian to receive the rare honour. Singh will be awarded ‘The Grand Cordon of the Order of the Paulownia Flowers’ for his “significant contribution to the enhancement of

Narendra Modi government to notify relaxed norms on FDI in realty soon

Source: The Economic Times The government will notify in 2-3 days the relaxed norms for foreign direct investment in construction, Amitabh Kant, secretary, Department of Industrial Policy and Promotion, said on Thursday. “Notification on FDI in construction would be out in 2-3 days,” Kant said on the sidelines of the India Economic Summit. The Union

Business leaders raise bar of expectations from Modi government

Source: Post Jagran New Delhi: Business leaders, including Mahindra Group chief Anand Mahindra and Chairman of Japan’s Mitsubishi Corporation Yorihiko Kojima, on Wednesday raised the bar of expectations from the Narendra Modi-led government on reforms to boost India’s economic growth. Highlighting that deregulation, trade liberalisation and infrastructure development are key factors for attracting investments in India,

Its official, US is now partner country for Vibrant Gujarat 2015

Source: Business Standard The Gujarat government on Monday made it official that the United States will be one of the partner countries for the state government’s flagship investor meet the Vibrant Gujarat Summit to be held in January 2015. US will be the eight country to partner the event. Other partner countries include UK, Netherlands,

India assures Mauritius on bilateral tax treaty

Source: dnaindia India on Sunday told Mauritius that it will not take any decisions that will “adversely impact” bilateral relations while reassuring the country that amendments to the bilateral tax treaty would be made only after considering the legitimate interests of both sides. This was conveyed by External Affairs Minister Sushma Swaraj during her meetings

Improving ease of doing business ranking is an achievable task for India

Source: Times of India Indian business is sure to get a big boost if the plans of the department of industrial policy and promotion (DIPP) to improve India’s ranking in the World Bank’s ease of doing business index to among the top 50 countries comes anywhere close to the target.  Though it might not apparently

Vietnam PM’s visit will strengthen India-Vietnam relationship: President

Source: Zeenews Delighted to welcome Vietnam Prime Minister, Nguyen Tan Dung, on his second state visit to India, President Pranab Mukherjee said on Tuesday he is confident that this visit will further consolidate the special relationship shared by India and Vietnam. He said that it will open up new areas of mutual assistance, cooperation and

Doing business in India to get easy, registration in just a day

Source:Times of India NEW DELHI: In order to make India a better place to do business, the government is working to cut down the time for registering a business from 27 days to a single day. Towards this end, it has readied a raft of measures, such as, single registration for all labour laws, overhaul

Short-term trading will incur tax liability that can shave off gains

Source: Economic Times While investors in fixed deposits need to take into account the taxability of the income, even equity investors need to be careful about the tax implications. Long-term gains from stocks and equity funds are tax free. But if you sell before one year, there is a 15 per cent short-term capital gains

India committed to stable tax regime, says President Pranab Mukherjee

Source: Economic Times India has sought to reassure foreign investors of a business-friendly climate and “a stable tax regime” with Prime Minister Narendra Modi’s ambitious “Make in India” strategy, in the backdrop of the Nokia and Vodafone taxation cases continuing to cause widespread disquiet in the Nordic countries and elsewhere. “All political parties in India

What should ‘Make in India’ do in India

Source: What does Modi have in mind when he chants slogan ‘Make in India?’ Does he mean what people of Gujarat wanted from him, India wants the same? Create an investor-friendly geographic entity that would multiply wealth, create roads and flyovers, produce number of millionaires, and resolve many social problems like unemployment, poverty etc.?

Modi Rise & New Politics

Source: The Morung Express The rise of Indian politician Narendra Modi from Chief Minister of a State to Prime Minister of the country, and now the global recognition of his leadership, all point to a new kind of politics that is taking shape, one that has more to do with pragmatism and not just some

India sets up Japan Plus investment team to speed up proposals

Source: Economic Times India has set up a Japan Plus management team to facilitate and speed up investment proposals in a bid to augment economic ties between the two countries. The team set up by the Department Of Industrial Policy and Promotion (DIPP) is made up of officials from both governments. During the recent visit

Indo-US Relations: Classic Case of a One-Sided Affair

Source: DNA India I have been thinking a lot about national identity and self-image over the last few days. As a nation how do we tell ourselves who we are and how do we see ourselves? As the reader might rightly guess the provocation was the recently concluded first visit of the Indian Prime Minister

US Entrepreneurs To Invest USD 41bln In India

Source: The US industrialists have responded positively to Indian Prime Minister Narendra Modi’s call for investment in the South Asian country, as they are planning to invest USD 41 billion in India in the next three years. In New Delhi, a senior government official confirmed the news on Saturday, saying that the success of

PM’s US Visit: Narendra Modi, Barack Obama target $500 billion India-US trade

Source: Economic times Targeting a five-fold jump in Indo-US trade to $500 billion, Prime Minister Narendra Modi and US President Barack Obama today pledged to deepen economic cooperation and will set up a joint program to boost business investment. After two days of talks focused on ways to reinvigorate the US-India relationship through economic, energy

India and Japan decides to hold joint working group meeting on tourism

Source: Business Standard Huge potential for collaboration between the two countries in areas of tourism infrastructure and hotel industry Minister for Land, Infrastructure, Transport and Tourism (MLIT) of Japan Akihiro Ohta called on the Minister of State (Independent Charge) for Tourism and Culture Shripad Naik. During the meeting both sides discussed the matters related to

Paying Taxes To Become Simpler?

Source: The complex tax structure in India, which gives jitters to all, may soon become a thing of past. ASSOCHAM has urged the Central Board of Excise and Customs (CBEC) to simplify the existing tax structure in the country. The association stated that uncertainty in tax implications and the approach adopted by the tax

PM Narendra Modi yes to China invite

Source: In a joint statement issued on Friday, India and China decided that early settlement of the boundary question would be pursued as a “strategic objective”, even as Prime Minister Narendra Modi accepted Chinese President Xi Jinping’s invitation to visit China “at an early date”. The two sides also decided to “strengthen political communication”

Trade, investment high on agenda during Xi’s India visit

Source: Chinese President Xi Jinping arrives in India Wednesday on a three-day visit that would see trade and investment topping the agenda of talks between him and Prime Minister Narendra Modi besides other bilateral issues, including of the festering border question. Xi is arriving in Ahmedabad, the commercial capital of Gujarat state, Wednesday

Economy to grow at 5.6 per cent in current fiscal, says FICCI

India’s GDP will grow at 5.6 per cent during 2014-15 and economic activity is expected to continue with this momentum in the second half of the current fiscal, Ficci said on Sunday. “The new government guided by the objective of restoring growth and governance has given very positive policy signals in its first 100 days.

Japan Inc cautious on India despite premiers’ love-in

Source: Even as the friendship between Shinzo Abe and Narendra Modi blossomed during the new Indian leader’s first foreign trip, Japan Inc refused to get misty-eyed, wary of the pitfalls of doing business on the sub-continent. A five-day tour that began with a bear hug and a day of sightseeing in the ancient Japanese

US endorses India-Japan strategic partnership: Jen Psaki

Source : Economic Times The US has welcomed the just announced India-Japan Strategic Partnership and said it is looking forward to strengthen its trilateral co-operation with them. “The US strongly supports India’s collaboration and cooperation with its neighbours in the Asia Pacific. We actively support such collaboration through our trilateral dialogue and other activities with

Role of Marketing in Business

Marketing is a process by which a product or service is introduced and promoted to potential customers. As it has a direct effect on profitability and sales it is the important activity in a business. All most all aspects of your business depend on doing well marketing. Your potential customer will never know about your

Revision in tax pacts to push advance pricing agreements

Source : Business Standard India will renegotiate its tax treaties with Germany, France, Singapore, Italy and South Korea to pave the way for bilateral advance pricing agreements (APAs) with these countries. If renegotiation takes long, it might also consider unilaterally changing its position in the treaties to allow multinationals sign APAs in India and avoid

Narendra Modi to visit Japan Aug 31-Sep 3

Source :  Indo-Asian News Service @indiacom Civil nuclear energy and defence cooperation will come up for discussion during Prime Minister Narendra Modi’s Aug 31-Sep 3 visit to Japan, his first bilateral visit to a country outside India’s immediate neigbourhood. Modi will meet his Japanese counterpart Shinzo Abe for the annual summit between the two countries.

Rs 30,000 cr India-France Missile Project in Trouble

Source : An Indo-French proposed joint venture expected to be worth around Rs.30,000 crore to develop short range air defence missiles seems to have run into rough weather as Indian Air Force feels that its requirements could be met by indigenous Akash surface-to-air missile weapon system. The proposed joint venture is planned between DRDO

India to Become Single Market for First Time

Source : www. More than six decades after it achieved independence, India has yet to have a single internal market, with its economy divided up by state taxes on commerce. That may be about to change, following the reversal by one of the biggest foes of a national sales tax — Narendra Modi, the

Debt Funds Bought Last Year Can Attract Higher Tax

Source : Finance minister Arun Jaitley cleared the air around new taxation rules for debt funds that were announced in the budget earlier in July. Though there were fears of retrospective tax—and Jaitley did give some respite to debt funds—the respite isn’t much. If you purchased debt fund units before 1 April 2014 and

Tax Cuts Coming To India, Finance Minister Says

Source : Forbes, July 17, 2014 The new government of Narendra Modi is committed to deeper tax cuts, and reforming its tax structure. Top down investors take note. This is what you were hoping for from newly minted Finance Minister Arun Jaitley. In an interview with the Times of India, published on Tuesday, Jaitely said,

Luca Pacioli – Father of Accounting

Can world economy function well without Accounting? Well we all know the answer is no. The science of accounting in very essential for the world economy to run. There will be no way to understand the financial picture of a company without an accurate way to keep track of investments, expenditures, depreciation and more. Lack

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Udyen Jain & Associates is an Audit, Tax and Advisory Firm. An excellent financial consultant registered with The Institute of Chartered Accountants of India (ICAI), New Delhi. The firm is established in 1996, having its presence in India and partnerships in Spain, Vietnam and Japan. With a track record of over 18 years, the firm

Indian economy to reach $5 trillion by 2025

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Union Budget 2017 – Key Points from India’s Budget

   Agenda of this year’s budget is: “Transform, energise and clean India”  Allocation for infrastructure stands at a record ₹3,96,135 crore.  Total government expenditure is ₹21.47 lakh crore.

Proposed Amendments in International Tax By Union Budget 2017

Proposed Amendments in International Tax By Union Budget 2017— Synopsis Clarity relating to Indirect transfer provisions Explanation 5A has been proposed to be inserted in section 9(1)(i) to clarify that Explanation 5 shall not apply to any asset or capital assetmentioned therein being —      investment held by non-resident, directly or indirectly, —      in a Foreign Institutional Investor, as referred to in clause (a)


GST NEWS UPDATE Date: 12.01.2017 April 1 still the target for GST: FM Union Finance minister Arun Jaitley said the government was committed to implementing the Goods and Service Tax (GST) from April 1 this year and stressed that all contentious issues over which the Centre and the states are on disagreement will be resolved

German private sector growth slows in April to 11-month low: PMI

Source: TheEconomicTimes BERLIN: Growth in Germany’s private sector slowed in April to the lowest level in nearly a year, a survey showed on Wednesday, as an upturn in the manufacturing industry was not enough to compensate a slowdown in services. Markit’s final composite Purchasing Managers’ Index (PMI), tracking activity in manufacturing and services that together

Don’t underestimate French companies’ problems in India: Former President Nicolas Sarkozy

Source:EconomicTimes NEW DELHI: Difficulties faced by French firms wanting to invest in India must not be underestimated and its rules must be “fair and visible”, Nicolas Sarkozy, former French President and now Leader of Opposition, said today. Sarkozy, who is currently on a visit to India, is slated to meet Prime Minister Narendra Modi here

India & Maldives Sign Agreements with respect to Taxes

Source:TaxGuru Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 11th April, 2016 Sub: Signing of Agreements with respect to Taxes between India and Maldives­reg-. The Government of the Republic of India and the Government of the Republic of Maldives signed two Agreements – for the Exchange

Changes in Service Tax by Finance Bill 2016

Source:TaxGuru CA Kamlesh Singh Chauhan Prevailing Service Tax Rate: @14% Cenvat Available Swachchh Bharat Cess: @ 0.5% - Cenvat Not Available Krishi Kalyan Cess: @ 0.5% New Levy- Cenvat Available 1. CHANGES IN NEGATIVE LIST AS GIVEN U/S 66D OF CHAPTER-V OF FINANCE ACT, 1994 ♠ ENTRY RELATED TO EDUCATIONAL SERVICES PROPOSED TO BE REMOVED FROM NEGATIVE

Budget 2016: With 10% tax on dividend income rush of interim payouts likely

Source:EconomicTimes MUMBAI: No investor would welcome the proposed 10% tax on dividend income in excess of Rs 10 lakh in the hands of the receiver, but the market has begun to sniff a silver lining in it. Experts predict a flood of dividend announcements this month to beat the additional tax announced by finance minister

Budget 2016: Service tax proposed to be increased from 14.5% to 15%

Source:Economic Times Budget 2016 has proposed to impose a Cess, called the Krishi Kalyan Cess, @ 0.5% on all taxable services. The new effective service tax could henceforth be 15%. While presenting the Budget 2015, the FM had increased the Service Tax Rate from 12.36% to 14%. This new rate of Service Tax @ 14% was

Here are sectors that are likely to benefit from Budget 2016

Source:EconomicTimes The Union Budget 2016 has a distinct pro-farmer, pro-poor focus. The government has also continued with its massive infrastructure push that began last year. Additionally, the government’s commitment to fiscal consolidation, despite higher provisions for the social sector, has given a lot of confidence to stock market investors. Here’s a snapshot of industries and

Income tax benefits: for whom can you claim Tax benefits are available for saving or spending for your spouse, your children and dependent parents. Of course there are terms and conditions that govern these deductions. Balwant Jain (more) Company Secretary, Bombay Oxygen | Capital Expertise: Tax Balwant Jain Income tax laws allow you various benefits in respect of amounts spent or

Manufacturing sector growth improves in August: SBI Index

Source: Economic Times Country’s manufacturing sector growth improved both in terms of month-on-month as well as yearly basis in August, an SBI research report said, adding that mining and electricity are still acting as a drag on the economic activity. The yearly SBI Composite Index, an indicator for manufacturing activity in the country, for August

Iran asks India to clear $6.5 billion oil dues in 2 months

Source: Economic Times Iran has asked India to pay within two months $ 6.5 billion in past oil dues, partly in rupees and rest in dollars or euros, a top official said. “The payment will be in at least three installments. The modalities of installments and the route are being worked out,” he said. The

India, US to discuss trade issues tomorrow

Source: Economic Times Issues related to WTO, solar energy and visas are expected to figure at a meeting between senior trade officials of India and the US here tomorrow. US Under Secretary of Commerce for International Trade Stefan M Selig will meet Commerce Secretary Rita Teaotia and also discuss ways to further enhance bilateral trade

Union Cabinet clears arbitration amendment law

Source: Economic Times The Union Cabinet on Tuesday cleared a law making amendments to the Arbitration and Conciliation Act, 1996, almost mirroring an earlier ordinance making arbitration time-bound and fee-bound to ensure faster resolution of commercial disputes at a cheaper rate. The ordinance had run into problems —over the cap on fees and time to

RBI can cut rate if inflation stays below 6%, says Raghuram Rajan

Source: Economic Times RBI Governor Raghuram Rajan today said the central bank will cut interest rate provided it feels confident that inflation will remain below 6 per cent even after the reduction. “We will cut rate when we see that even after the rate cut, inflation will remain below 6 per cent,” Rajan said. RBI

RBI may cut interest rates before next policy review: Raghuram Rajan

Source: Economic Times RBI Governor Raghuram Rajan today hinted that the central bank may cut interest rates before the next policy announcement on September 29, depending upon macroeconomic indicators. “We are waiting information. There was more need to move fast in the early stages of the turnaround. We will take all information into account and

April-June fiscal deficit at 51.6% of Budget estimates

Source: Economic Times The fiscal deficit in the first three months of current fiscal stood at Rs 2.86 lakh crore or 51.6 per cent of Budget estimates for 2015-16. The fiscal situation during April-June 2015-16 showed some improvement over the corresponding period of last year as the deficit then was 56.1 per cent of the

Government clears seven FDI proposals worth Rs 981 crore

Source: Economic Times Government today said it has cleared seven foreign investment proposals, including that of Hathway Cable and Datacom, totalling over Rs 981 crore. The proposals worth Rs 981.15 crore have been cleared by the Finance Ministry following recommendations for the same by the Foreign Investment Promotion Board (FIPB). Hathway Cable and Data Com

RBI to keep key rate unchanged in August 4 meet: Report

Source: Economic Times Reserve Bank of India is likely to keep the benchmark repo rate unchanged at 7.25 per cent in its policy review meet next week, a DBS report says. According to the global financial services firm, besides the impact on markets, the Central Bank would take cues from the US Federal Reserve this

Department of Disinvestment wants EPFO to invest Rs 6,000 crore; fund commits Rs 1,000 crore

Source: Economic Times Facing an uphill target, the Department of Disinvestment (DoD) wants EPFO to invest Rs 6,000 crore in the country’s only exchange traded fund of PSU stocks, but the retirement fund body is now keen on investing only Rs 1,000 crore. The Employees Provident Fund Organisation (EPFO) had earlier committed to the Finance

GST: Government to promise states relief for five years; panel looking at 1% additional tax issue

Source: Economic Times The government is set to promise compensation to states for five years after rollout of the goods and services tax (GST) in the Constitution Amendment Bill when it comes up in the Rajya Sabha, while other recommendations of the select committee will be taken up before the indirect tax reform is implemented.

India’s business sentiment to remain subdued during July-September: Dun & Bradstreet

Source: Economic Times The underlying business sentiment in India during July-September quarter of calender 2015 is likely to remain subdued amid concerns of weak factory data and potential impact of deficient monsoon, a study said today. According to research firm Dun & Bradstreet, the Business Optimism Index, which measures the pulse of the business community,

India, Thailand to sign taxation treaty, MoU for Ayurveda Chair in Thai universities

Source: Economic Times India and Thailand will sign a double taxation treaty and an MoU for setting up an Ayurveda Chair in one of the Thai Universities during the three-day visit of External Affairs Minister Sushma Swaraj beginning today. The Minister will also tomorrow be the guest of honour at the inaugural ceremony of the

IIP growth likely to be 3.5-4% in May: Dun & Bradstreet

Source: Economic Times Growth rate of India’s industrial output for May is likely to be in the same range as the previous month, although with a downward bias owing to the base effect, says a Dun & Bradstreet report. According to the research firm, although some incipient signs of revival in domestic demand are visible,

India committed to improve trade relation with China: Minister of State VK Singh

Source: DNA India India on Saturday said it is committed to improve trade relation with China as it would be mutually beneficial and help further the ‘Make In India’ initiative that provides a golden opportunity for Chinese investors. Minister of State for External Affairs V K Singh, who led a 200-member business delegation to the

Forex reserves rise by $239.4 million to $352.71 billion in week up to June 5

Source: Economic Times ndia’s foreign exchange reserves rose marginally by $239.4 million to $352.71 billion in the week up to June 5, on account of increase in foreign currency assets, according to RBI data released today. In the previous week, the reserves had increased by $917.5 million to $352.474 billion. The forex kitty had touched

Britain’s Queen Elizabeth II seeks ‘enhanced partnership’ with India

Source: ueen Elizabeth II singled out India alongside China for an “enhanced partnership” as part of the foreign policy priorities for UK’s first Conservative-only government in nearly two decades. ”My government looks forward to an enhanced partnership with India and China,” the monarch said during the ceremonial Queen’s Speech which lays out the business

Tedious legal process top hurdle to ease of doing business in Modi government

Source: Economic Times The Narendra Modi administration’s focus on ease of doing business is expected to help India report significant gains when the new rankings are released but enforcing contracts is one area where the government seems to have run up against legal hurdles, resulting in fewer than- expected moves to simplify the cumbersome process.

Forex reserves hit new record high of $ 353.8 billion

Source: Economic Times Country’s foreign exchange reserves surged by $ 1.745 billion to touch a record high of $ 353.876 billion in the week to May 15, helped by the increase in foreign currency assets, according to RBI data. In the previous week, forex reserves had risen by $ 262.4 million to $ 352.131 billion.

Govt will consider repealing 51% FDI policy for retail

Source: Economic Times Government will consider repealing the 51 per cent FDI policy in multi-brand retail, while no proposal would be entertained for opening supermarkets in India by foreign players, Union Minister Nirmala Sitharaman said today. “I will go back to the Cabinet and say should we delete one document…I am not going to entertain

Taming prices a success story for Modi government

Source: economic Times When the NDA government assumed office last year, it was confronted with the challenge of taming raging price rise. Food inflation was touching double digits. The government took up the challenge head on and unveiled steps to check price rise. It got states on board for a crackdown on hoarders and steps

India’s economic growth to surpass China’s in 2015-16: UN report

Source: Economic Times India’s economic growth is projected to surpass that of China’s, with the GDP expected to zoom by 7.7 per cent in 2016, according to a UN report which said India will help accelerate economic growth in South Asia. The mid-year update of the UN World Economic Situation and Prospects ( WESP), released

Expectations from Modi government taper off on legacy issues: Crisil

Source: Economic Times Rating agency Crisil today said expectations from Prime Minister Narendra Modi-led government have moderated in its first year, as it was not able to push demand due to the issues it inherited. “There were two expectations that were formed as soon as the new government came to power. One was that economy

GST meet: Consensus on imports and registration

Source: Economic Times The Empowered Committee of state finance ministers on GST have reached a consensus on issues related to imports, registration and authorised GST network company to go ahead with preparation of IT platform for GST. The two-day meet which ended here today also agreed to share the cost of GSTN by the states

South Korea seeks expansion of free trade pact with India

Source: Economic Times South Korea, with which India has trade deficit of over USD 8 billion, has sought widening of the scope of free trade agreement by including more products under the pact. The issue came up for discussion during a meeting of Indian and Korean officials in Seoul last month. The talks over widening

India to lead investment inflow in emerging Asian economies: Ian C W Russell

Source: Economic Times India will be at forefront of strong investment flows into emerging Asian economies in next few years and more individual Indian investors will approach capital markets for financial advice, International Council of Securities Association chairman Ian C W Russell said today. Expressing the rationale for inflows ahead of the 28th AGM of

RBI’s first bi-monthly monetary policy for 2015-16: Highlights

Source: Economic Times Following are the highlights of RBI’s first bi-monthly monetary policy statement, 2015-16: * Short-term lending rate (repo) unchanged at 7.5 pc * Cash Reserve Ratio unchanged at 4 pc * Retains Statutory Liquidity Ratio at 21.5 pc * Estimates GDP growth at 7.8% in FY’16, up from 7.5% in FY’15 * Forecasts

What is due must be paid, India no tax haven: Arun Jaitley

Source: Economic Times In a strongly worded message, finance minister Arun Jaitley has said India is not a tax haven and levy of any legitimate taxes should be not be perceived as tax terrorism, countering charges levelled by a section of foreign investors after tax authorities raised thousands of crores in minimum alternate tax on

High wage costs in China offer India chance to be global manufacturing hub: FM Arun Jaitley

Source: Economic Times Finance Minister Arun Jaitley today said higher wage cost in China presents the best opportunity for India to turn into a global manufacturing hub. “Wages in China have gone up. That part of the world is now becoming costlier. Can we, therefore, create a world class infrastructure in India,” he said while

PM Narendra Modi to visit France, Germany and Canada from April 9-16

Source: Economic Times Prime Minister Narendra Modi will embark on a visit to France, Germany and Canada from April 9 which will be packed with high-intensity political, social and economic engagements besides a New York’s Madison Square-like event in Toronto. Aimed at enhancing investments from these countries as well as technology sharing, Modi will hold

India to grow at 7.8 per cent in 2015-16; surpass China: ADB

Source: Economic Times The Asian Development Bank has forecast that India’s growth rate could surpass that of China owing to the government’s pro-investment attitude, which, coupled with an improvement in macroeconomic indicators and forward movement in resolution of structural bottlenecks, has propelled the country back on foreign investors’ radar. India is set to expand 7.8

EU investment bank seeks RBI nod to fund infrastructure projects in Rupee

Source: Economic Times European Investment Bank (EIB), the world’s largest multilateral borrower and lender, has sought Reserve Bank of India’s approval to finance various infrastructure projects in the country in Indian rupee. The financial arm of the 28-member European Union has already decided to expand its operations in India considering its growth prospects and business-friendly

RBI, Sri Lankan central bank agree on $1.5 billion currency swap deal: PM Modi

Source: Economic Times Reserve Bank of India has agreed for a $1.5 billion currency swap agreement with the Sri Lankan central bank to help the island nation keep its currency stable, Prime Minister Narendra Modi said today. The agreement was announced after a meeting between Modi and Sri Lankan President Maithripala Sirisena here. “The Reserve

RCEP pact to boost India-ASEAN trade to $200 billion by 2022

Source: Economic Times Noting that the India-ASEAN trade was well below potential, a top government official today said the regional comprehensive economic partnership (RCEP) pact — expected to conclude later this year — will help boost trade to $200 billion by 2022. “The FTA in goods has helped us but now we have signed the

Government Mulls Panel to Resolve Exporters’ Issues, Boost Shipments

Source: Economic Times The government is planning to form a committee to tackle issues related to exporters as well as boosting outward shipments, Commerce and Industry Minister Nirmala Sitharaman has said. “We are planning to form a committee which will meet every six months to tackle the issues relating to exporters. “Apart from others, this

Direct FTP Export Incentives to 3 Nations for Better Results: Traders Body FIEO said

Source: Economic Times Incentives in the new foreign trade policy (FTP), to be unveiled by month-end or first week of April, should focus on only three nations for boosting exports, traders body FIEO said today. As the global economy is in a weak state, announcing incentives for a lot many countries may not help Indian

14th Finance Commission calls for autonomous and independent GST compensation fund

Source: Economic Times The 14th Finance Commission, headed by former RBI governor Y V Reddy, has endorsed the compensation road map for the goods and services tax finalised by the Centre, but has called for an autonomous and independent GST compensation fund. The commission felt this will give greater comfort to states when GST replaces

Budget 2015: Bimal Jalan endorses higher deficit to boost growth

Source: Economic Times Former RBI Governor Bimal Jalan said Prime Minister Narendra Modi should not shy away from loosening the deficit target to ramp up public investment. Jalan heads a panel tasked with suggesting measures to reduce subsidy bill and create space for capital spending without compromising fiscal discipline. His expenditure management panel last month

Budget 2015: Making Of A Start-up Nation

Source: Business World 2014 was a defining year for the Indian startup ecosystem. Compared to the rest of the decade, a number of significant events and activities have changed the very nature of the startup world in India. Companies like Flipkart, Snapdeal, Paytm, Zomato, etc have redefined ‘scale’ and investors are placing big bets on

Budget 2015 offers an opportunity to reduce physical cash in economy

Source: Economic Times India is one of the most paradoxical economies of the world. The world’s second most populous nation, 10th largest economy and the largest democracy, still uses paper cash to settle a majority of retail transactions. This presents a huge challenge for scaling up of the economy. Our bank notes in circulation to

Finance Ministry detects Rs 250 crore tax evasion through entry operators

Source: Economic Times Tightening noose around the illegal entry operators, the Finance Ministry has detected routing of about Rs 250 crore black money through fake entries via non-existent business entities. The modus operandi of providing ‘accommodation entries by entry operators’ was found by Central Economic Intelligence Bureau (CEIB). The bureau unearthed a nexus of certain

Opportunities for India-Australia Cooperation in Education: John Angley

Source: DNA India What are the growing trends in international collaborations? Since there are different types of universities in India, there is no standard model. Thus, universities in Australia and India are looking at different options. A collaboration which is popular among universities these days at the undergraduate and postgraduate level is allowing students to

India signs $8 million loan agreement with World Bank

Source: Economic Times India today signed a loan agreement worth USD 8 million with World Bank for sustainable livelihoods and adaption to climate change. “A grant agreement for World Bank assistance of USD 8 million for sustainable livelihoods and adaptation to Climate Change (SLACC) Project has been signed between the Government of India and the

Government Needs to Boost Infra for ‘Make in India’ Success: Rahul Bajaj

Source: Economic Times The country needs to improve basic infrastructure and ensure a favourable business environment for the success of Prime Minister Narendra Modi’s ambitious “Make in India” programme, noted industrialist Rahul Bajaj said today. Talking to mediapersons on the sidelines of an event here organised by Indore Management Association, he said government needs to

Indian, Israeli Officials to Meet Next Week on Free Trade Pact

Source: Economic Times Officials of India and Israel would discuss next week issues related to the proposed free trade agreement between the countries, which are aimed at further strengthening economic ties between the countries. Israel’s Director General of the Ministry of Economy Amit Lang will be visiting the national capital on February 9-10. He will

India, China Offer Big Opportunity for Surgical Device Industry

Source: Economic Times India and China present the largest emerging market growth opportunity for the medical device industry, according to a report. Both the countries are shifting towards enabling quality surgical care at an affordable cost, at a pace faster than many western healthcare systems, it said. The Indian surgical device market is valued at

India Explores Scope for Power Trade with Bangladesh, Bhutan, Nepal

Source: Economic Times Bangladesh, Bhutan, India and Nepal (BBIN) today discussed the scope for power trade and inter-grid connectivity between themselves and decided to explore the possibility of using multi-modal transport to meet commercial as well as tourist needs. Read more at: Bangladesh, Bhutan, India and Nepal (BBIN) today discussed the scope for power

Modi government clears FDI proposals worth Rs 1,827.24 crore

Source: Economic Times The Finance Ministry today said it has cleared 12 FDI applications, including that of Ratnakar Bank to raise foreign equity limit to 74 per cent, entailing total investment of Rs 1,827.24 crore. The Rs 10,000-crore capital raising proposal of HDFC Bank has been refered to the Cabinet Committee on Economic Affairs (CCEA),

Postal service has potential to drive economy: PM Narendra Modi

Source: Economic Times Prime Minister Narendra Modi Wednesday said India’s postal network has the potential to drive the economy with its huge assets across the country that must be explored to benefit the common man. Reflecting on the findings of a task force report on leveraging the post offices network, the prime minister said that

FEMA to get more power to tackle forex violations

Source: DNA India The Special Investigation Team (SIT) on black money has submitted a report to the government requesting it to amend the Foreign Exchange Management Act (FEMA) of 1999, and give it more teeth in order to tackle increasing cases of forex violations. The government may take up the amendment in the upcoming budget

Britain PM David Cameron accords “top priority” to India in 2014

Source: Economic Times India-UK ties touched a new high in 2014 with British Premier David Cameron according “top priority” to India in UK’s foreign policy and a series of high-level visits taking place to foster closer political and economic relations. Cameron held his first meeting with Prime Minister Narendra Modi in Australia ahead of the

Goods and Services Tax: How neutral is the revenue neutral rate?

Source: Financial Express The recommendation for an integrated goods and services tax (GST) in India may be traced back to the report of the Kelkar task force on the implementation of the Fiscal Responsibility and Budget Management Act, 2003, published in July 2004. The original proposition for an integrated GST was with the primary objective

Indian companies to comply with International Financial Reporting Standards

Source: Economic Times The Ministry of Corporate Affairs has accepted the recommendations of a panel on new accounting standards, which seek to align the reporting requirements of Indian companies with the International Financial Reporting Standards (IFRS). The new standards will initially be applicable for large companies that can voluntarily start adopting them in the next

Sharjah keen to attract Indian investments

Source: Economic Times Seeking to promote Sharjah as an investment hub, a business delegation from the emirate has held discussions with top Indian investors and industrialists. The Sharjah Investment and Development Authority (Shurooq) successfully concluded its participation in the Trade Mission to India from December 15-18. Shurooq’s participation comes in line with its strategy to

India signs 625 million euro loan agreement with Germany

Source: Economic Times India has signed a 625 million euro loan agreement with Germany for financial assistance to Green Energy Corridors (GEC) project under Indo-German bilateral development cooperation. “… the loan agreements were also signed for GEC project amounting to 625 million euro,” an official statement said. “Department of Economic Affairs Joint Secretary Rajesh Khullar

Govt considering six FDI proposals in single-brand retail

Source: Six proposals for foreign direct investment (FDI) in the single brand retail sector are under the process for approval, government said on Tuesday. In January 2012, India raised the FDI cap in single-brand retail to 100 per cent from 51 per cent. Around 18 proposals worth USD 173 million were approved between April

Over Rs 24 crore FDI received in defence sector

Source: Economic Times Foreign Direct Investment (FDI) worth Rs 24.36 crore has been received in the defence sector till September this year, government said today in the Rajya Sabha. “After opening up of the defence industry sector for FDI in 2001, 33 FDI proposals/joint ventures have been approved in the defence sector for manufacturing of

Make in India will revive manufacturing sector, growth

Source: Economic Times At a time when the country is focused on e-commerce and information technology (IT), Prime Minister Narendra Modi’s call for ‘Make In India’ has created ripples in Indian manufacturing circles. Indian manufacturers are getting ready for the big opportunity that may come their way and are adopting sustainable business practices that could

RBI, government to discuss timeline for 2-6% inflation target

Source: DNA India Governor Raghuram Rajan on Friday said the Reserve Bank of India (RBI) will start talks with the government for an “appropriate timeline” to ensure the economy is within a medium term inflation target of 2-6%. Rajan was addressing a memorial lecture with former Prime Minister Manmohan Singh called ‘India’s Growth Trajectory in

India can achieve 8-9 per cent growth rate: Manmohan Singh

Source: Economic Times India can achieve a growth rate of 8-9 per cent provided there is a “national consensus” on methods to take advantage of globalised world, said former Prime Minister Manmohan Singh, whose tenure saw the economy registering three years of 9-plus growth rate. “I think that even though many other emerging economies are

Putin-Modi Summit tomorrow; Nuclear energy, oil in focus

Source: Economic Times Expansion of ties in a range of crucial sectors like nuclear energy, hydrocarbons and defence will be in focus when Russian President Vladimir Putin and Prime Minister Narendra Modi deliberate at the annual summit here tomorrow with an aim to further strengthen the already close strategic partnership. In his talks with Modi,

Mauritius yet to agree on tax treaty revision: Arun Jaitley

Source: Economic Times Government today said Mauritius is yet to agree to certain proposals to the long pending revision of bilateral tax treaty. “India has made certain proposals for revision of DTAC to end round tripping and other aspects. Mauritius is yet to agree to such revision,” Finance Minister Arun Jaitley said in a written

Switzerland expects to sign Free Trade Agreement with India soon

Source: Economic Times Bullish about its companies making huge investments in India, Switzerland expects the long- delayed Free Trade Agreement between the two countries to be signed soon. “A lot of progress has been made since formation of new government under leadership of Prime Minister Narendra Modi in India and we are hopeful of signing

Nomura upbeat on India, sees FY15 GDP growth at 5.5 per cent

Source: Economic Times India is heading towards growth with macroeconomic stability and its economy is likely to expand at 5.5 per cent in the current fiscal, Japanese brokerage firm Nomura said today. “We are positive about India’s growth. Our medium term view is that macro policies – both the policies that RBI is likely to

India’s $3-billion investment might be gamechanger for Nepal

Source: Economic Times Within just six months at the helm, Indian Prime Minister Narendra Modi injected over $3 billion of investments into Nepal, a possible gamechanger in Nepal-India relations that may entirely change the economic landscape of the Himalayan nation. The two sides recently reached three agreements – two in the energy sector and one

This is best time for India to become superpower

Source: Economic Times Global consultancy firm KPMG India’s CEO Richard Rekhy today said that economic slowdown in many countries have provided a great opportunity for India to be at centre stage of world. Addressing management students at ‘Confluence-2014’, held at Indian Institute of Management, Ahmedabad (IIM-A) here, Rekhy also listed several challenges which India needs

North East has trade potential of upto Rs 1.8 lakh crore

Source: Economic Times North East India has a trade potential of anywhere between Rs 35,000 crore and Rs 180,000 crore and could well become a growth engine for the economy. Total trade between India and its immediate neighbours, Nepal, Bhutan, Bangladesh and Myanmar in 2013-14 was to the tune of Rs 80,303 crore and has

Narendra Modi has turned India into a magnet: McKinsey CEO Dominic Barton

Source: Economic Times Dominic Barton, the CEO of the world’s largest whiteshoe consulting firm, McKinsey, says that India is back on the priority list of CEOs after Narendra Modi’s ascension to power. “People had given up on India. They felt India is too complicated and it was difficult to get anything done. It had dropped

PE investments cross $10 billion mark: Thornton

Source: Economic Times Private equity investments in India amounted to $1.7 billion last month, taking the overall PE deal tally to $10.2 billion in the first 10 months of this year, says a Grant Thornton report. According to the assurance, tax and advisory firm, PE deal values and volumes in October surpassed levels seen during

Ahead of Trade Policy Forum meet, India and US officials discuss trade related issues

Source: Economic Times Ahead of the minister level meeting of the Trade Policy Forum (TPF) tomorrow, senior commerce ministry officials of India and the US today discussed various trade related issues here. “We had frank exchange of views. We will continue to work together and see how we can work towards a common goal… (several)

Mauritius Emerges As Biggest Investor In India

Source: Mauritius has emerged as the biggest investor in India. In its latest report, the Reserve Bank of India (RBI) said that the island nation in the Indian Ocean has strengthened trade ties with India in the last few years to become the largest investor. The UN Conference on Trade and Development’s (UNCTAD) FDI

More Indo-French science collaborations for northeast

Source: Business Standard Working with India’s leading research centres, the Indo-French Centre for the Promotion of Advanced Research (CEFIPRA) is seeking more scientific partnerships for the country’s remote areas, particularly the northeastern states, an official said here Thursday. CEFIPRA is India’s first and France’s only bilateral organisation, committed to promoting collaboration between the scientific communities

India wants to energise trade ties with European Union

Source: Economic Times Indian Ambassador to the European Union (EU) and Belgium Manjeev Singh Puri has called for energising EU-India trade and economic relations. “Please energise your constituents across the European Union because India has opportunities. The government is interested very much. The entire business of ‘Make in India’ encompasses this entire thing of ease

Russian Republic of Tatarstan wants to Forge Strong Trade Ties with Maharashtra

Source: Economic Times Russian Republic of Tatarstan today expressed keen desire to develop a strong partnership with Maharashtra in the areas of commerce, industry and cultural exchange. President of Tatarstan Rustam Minnikhanov, who is on a visit to India and accompanied by a high-level delegation, said cooperation with Maharashtra would benefit both sides. “Tatarstan wants

Heart of Opportunities

Source: DNA India BRICS’ growing influence: A panacea for Africa’s past developmental predicament Will the rise of emerging economies and the formation of BRICS herald any significant paradigm model for the sustainable development of Africa? Or it is the simple expansion of “great game” in Africa that western writers would want us to believe? The

NBFC governance and transparency: Reserve Bank takes a step forward

Source: Economic Times Three years after a panel headed by former Reserve Bank of India deputy governor Usha Thorat proposed stringent norms for non-banking financial companies, the RBI has finally acted. The central bank has implemented higher capital requirements, regulatory alignment with banks, enhanced disclosure requirements and tighter corporate governance norms — all measures that

India concludes bilateral agreement with US, agrees to an indefinite ‘peace clause’

Source: Economic Times After months of impasse, India finally agreed to relent on its opposition to allow progress on the post-Bali work programme of the World Trade Organization (WTO), after concluding a “bilateral agreement” with the United States. According to the terms of the agreement, a mechanism will be in place under which WTO Members

India ‘only major economy’ to see improved momentum: OECD

Source: Economic Times India is the “only major economy” that is projected to see a pick up in growth momentum whereas mixed trends are predicted for the developed world, Paris-based think tank OECD said today. Most of the major economies — developed and developing — including the United States, Brazil, China and Russia, are expected

Australia Keen on Inking FTA Deal with India: Tony Abbott

Source: Economic Times Asserting that it was time to commence work with India on a bilateral free trade agreement, Prime Minister Tony Abbott has said Australia is keen on inking the deal within a year. He said the immediate priority was to seal the free trade deal with China that has been under negotiation since

Clearing Runway

Source: DNA India Having placed proven performers in key economic ministries, the ground is prepared for the Modi government to embark on an aggressive reform agenda With the business community growing impatient at the NDA government’s delay in ushering in big ticket economic reforms, Sunday’s Cabinet reshuffle sends out a clear signal that their wait

Japanese firm to build houses in India in JV; to invest Rs 6k cr

Source: Zee News India In the first Japanese entry into the Indian property market, Tama Home on Wednesday announced construction of 12-18 projects at an investment of Rs 6,000 crore in partnership with another firm. Tama Home, listed on the Tokyo Stock Exchange, has an annual sales of Rs 10,000 crore and builds 10,000 homes

India, Russia agree to boost economic and trade ties

Source: Post Jagran New Delhi: Ahead of the bilateral summit between Prime Minister Narendra Modi and Russian President Vladimir Putin in December, both countries on Wednesday held the 20th India-Russia Inter-Governmental Commission Meeting here during which the entire gamut of bilateral ties, especially cooperation in areas including hydrocarbons, civil aviation and infrastructure, was discussed. The meeting

Doing business in India: The employee’s view

Source: The latest Doing Business report makes for sad reading from India’s point of view, especially if you were expecting acche din to have kicked in already. India has slid two places to rank 142 out of 200 countries, with countries like Tonga, Ghana and even Pakistan doing better. But how does it look

India’s economic growth expected to rise to 5.6% in FY15: WB

Source: Economic Times As economic reforms gain momentum, India’s growth is likely to accelerate towards its high long-run potential. Measures such as a national Goods and Services Tax (GST), accompanied by a dismantling of inter-state check posts, can be transformational and significantly improve the domestic and international competitiveness of Indian manufacturing firms, said the latest

President Pranab Mukherjee makes strong pitch for India as investment destination

Source: DNA India Promoting India as an attractive destination for FDI, President Pranab Mukherjee on Thursday asked Finnish investors to take optimum advantage of the ‘Make in India’ programme and promised a business-friendly environment which is “predictable, facilitatory and transparent”. Making a strong pitch for bringing in investments, Mukherjee said India is fourth most attractive

FDI Inflows to Hit All-Time High This Fiscal Year: Commerce Ministry

Source: India will attract the highest-ever inflow of foreign direct investment (FDI) in the current fiscal year (2014-15) on the back of a slew of policy reforms announced by the new government, a senior DIPP official has said. “I am sure we would achieve an all-time high in FDI inflows in FY15 given the

India’s Results Season: Modi Effect Yet To Kick In

Source: blogs. On Friday Indian companies will begin posting their results for the quarter ended in September – the first full three-month period under the country’s new, pro-business government. The latest macroeconomic indicators suggest the economy has picked up following this year’s general election, growing at 5.7 per cent in the three months to

China unhappy over India-US reference to South China Sea

Source: India Today China on Wednesday warned India and the United States against interfering in the South China Sea dispute. Both countries had during Prime Minister Narendra Modi’s recent visit to the US, expressed concern about rising maritime tensions in the region. The joint statement issued following talks between Modi and US President Barack Obama

Despite Cold Shoulder From Obama, India’s New Leader Takes US by Storm

Source: Despite a noticeably cool reception at the White House, everywhere else India’s new Prime Minister Narendra Modi went on his five day visit to the United States he was treated more like a pop star than the self-effacing 63-year old devout Hindu that he is. More than 19,000 adoring fans, many of whom

FDI in telecom sector jumps manifold to $2.33bn in April-July

Source: Times of India After registering a huge decline in the recent past, foreign direct investment in the telecom sector grew manifold to $2.33 billion in the first four months of 2014-15. During the entire 2013-14 fiscal, the sector had received a total FDI of $1.3 billion. FDI in the telecom sector, which includes radio

Narendra Modi woos American Corporates; Promises Tax Stability

Source: DNAIndia Making a strong pitch to attract investments into India, Prime Minister Narendra Modi today assured top American corporate honchos of tax stability and friendlier business environment in the country. Modi, who is on his maiden visit to the United States as Prime Minister, held meetings with a galaxy of American corporate executives, including

‘Rock star’ Narendra Modi makes a big splash in United States media

Source: Prime Minister Narendra Modi‘s rock star like reception by a rapturous Indian-American community at Madison Square Garden made quite a splash in the US media too ahead of his summit Monday with President Barack Obama. Modi “sold himself on Sunday as a onetime tea vendor who wanted to lift India to glory by

German Electronic Industry asked to Invest in India

Source: Communications and Information Technology Minister Ravi Shankar Prasad invited the electronic industry in German to invest in India as he conveyed Prime Minister Narendra Modi‘s vision of a “Digital India” to German business leaders during his week-long visit to the European powerhouse. The minister, in his address to the representatives of Zentralverband Elektrotechnik-

Modi kicks off ‘Make in India’ campaign

Source: Tribuneindia NEW DELHI: Launching his government’s ambitious project to make India a manufacturing hub, Prime Minister Narendra Modi today promised effective and easy governance to help achieve high growth and creation of jobs. Kicking off the “Make in India” campaign, he said his government’s focus will be on physical infrastructure creation as well as

What Does Modi’s CNN Interview Say About India’s Relationship With the U.S.?

India’s new prime minister, Narendra Modi, said in a television interview broadcast ahead of his trip to the U.S. this week that he expects relations between New Delhi and Washington to improve and become closer. “India and the United States are bound together, by history and culture,” Mr. Modi told CNN. “These ties will deepen

Why the World’s Most Powerful Leaders Really Love India

Source: Chinese President Xi Jinping’s visit to India highlights the geopolitical contest reshaping Asia Some of the world’s most important people are wooing India’s new Prime Minister Narendra Modi like teenage boys drooling over the homecoming queen. Less than a month ago, Modi was feted in Japan on his five-day official visit, during which

Border rows, railways likely topics of China-India talks

Source: Chinese President Xi Jinping arrived in India on Wednesday as the two Asian giants take steps to boost commercial ties. China has pledged to invest billions of dollars in Indian railways, industrial parks and roads, but ties between the nuclear-armed nations have long been held back by distrust, mostly over their contested border.

Indian-Americans from Across US to Attend Narendra Modi’s Event

Source: Zee News India New York: Indian-Americans from across the US would be attending the public reception in honour of Prime Minister Narendra Modi here on September 28, organisers of the event said on Friday. The recently-formed Indian-American Community Foundation (IACF), with support of more than 400 community organisations, is hosting the event at the

French Eye Business in Govt Desire to Develop Smart Cities

Source: Times of India When the government announced plans to make 100 smart cities in the country, France smelt a business opportunity in it. This European country plans to offer its expertise in urban development to build the new age cities. A team of officials led by French Counsel General Jean Raphael Peytregnet, is on

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Indian economy continues to gain growth momentum: OECD

Source: India’s economic growth continues to gain momentum while most major economies are seeing stable prospects, the Organisation for Economic Cooperation and Development (OECD) has said. OECD is a grouping of 34 countries.The readings are based on Composite Leading Indicators (CLIs), which indicate turning points in economic activity relative to trend, for the month

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Most of the time customer is not satisfied with a product or services. The main reason of dissatisfaction of customer is either the product or services are not meeting their needs or is not the quality he/she expected. This dissatisfaction makes customer unhappy. Dealing with a customer like this is crucial today. It is a

1st 100 Days: Acche Din For Tax Policy?

Source: Apparently, since the time Franklin Roosevelt introduced the idea of action agenda for a new government in its first 100 days, this practice seems to have become ‘de rigueur’ for any new government all over the world to unveil its progress card during the first 100 days of coming to power. On the

PM Modi: India offers essential 3Ds to Japan – democracy, demography & demand

Source: Economic times NEW DELHI: Inviting Japanese investors to ‘Make in India’, Prime Minister Narendra Modi on Tuesday said, “There is no better place than India for Japanese investors. India is one of the most competitive markets in the world.” Addressing Japan’s Nikkei Exchange, Modi said that India offers the three essential ‘Ds’ for businessmen

PM Narendra Modi invites Japanese investors to India

Source : Times Now Wooing Japanese investors with promise of speedy clearances, Prime Minister Narendra Modi on Monday (September 1) proposed co-opting two Japanese nominees in a decision-making team under PMO dedicated to facilitate investments. The Prime Minister also declared that legislative changes will be brought forward to give effect to “bold” decisions taken by

Strategies for Building Relationship

Today, building a relationship is a vital key to marketing success. All successful businesses regardless of what they do or sell have one thing in common they know how to build and maintain relationships. They not only communicate with clients for sales but also build relationship. It’s a terrific way to add value and position

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