India Blog for Indians

Industry-Academia Collaboration for Greater Employability

Posted on June 6, 2013 with No Comments

We are pleased to inform you that enthused by CII’s aggressive work in the area of industry-academia collaboration, the Union Ministry of Human Resource Development has entrusted to CII the task of increasing these linkages in academic institutes. Read More »

CII announces Certified Sustainability Assurance Practitioner Training Course, 22-26 July 2013, Delhi

Posted on May 17, 2013 with No Comments

The CII-ITC Centre of Excellence for Sustainable Development is pleased to announce Accountability* (UK) Accredited Certified Sustainability Assurance Practitioner (CSAP) Training Course at Delhi from 22-26 July 2013 , 5th year in its row.(course fee: Rs. 42000/- + 12.36% service tax per participant for non-members; Rs. 37800+ taxes for CII member organisations). It’s a five day non-residential course covering the fundamentals of four different modules Corporate Responsibility (ISO 26000), Stakeholder Engagement as per AA1000 Stakeholder Engagement Standard, Sustainability Reporting as per GRI-G3 Guidelines & Assurance as per AA1000 AccountAbility Principles Standard & Assurance Standard. The objective of the course is to help the participants in understanding the sustainability management & performance improvement in its business activities. Read More »

Seminar on “The Engagement of Contract Labour – Is it a Legal or an HR Issue?

Posted on March 20, 2013 with No Comments

Seminar on “The Engagement of Contract Labour –

Is it a Legal or an HR Issue? – Lessons Learnt”

5 April 2013, Chandigarh

In order to analyze the implications of the present provisions of law and the obligations of Principal Employer under the Contract Labour (Regulation & Abolition) Act and various other laws while engaging contract labour, PHD Chamber is organizing a one-day Seminar on “The Engagement of Contract Labour – Is it a Legal or an HR Issue? – Lessons Learnt” as per following schedule: Read More »

Special Session on BUSINESS OPPORTUNITIES IN SAIF ZONE

Posted on March 4, 2013 with No Comments

Confederation of Indian Industry is organising a Special Session on Business Opportunities in SAIF Zone (Sharjah) from 1900 hrs on Friday, 8 March 2013 at CII NR Headquarters, Section 31 – A, Chandigarh.

Delegation led by Mr Humaid Alkhatri, Commercial Director, SAIF Zone would be discussing the various business opportunities in SAIF Zone. The session would be followed by networking Dinner. Read More »

India Union Budget 2013-14: Important Highlights

Posted on February 28, 2013 with No Comments

India Union Budget 2013-14: Important Highlights
HIGHLIGHTS FROM THE BUDGET SPEECH OF THE FM AS ON 28.02.2013

• Global economy has slowed from 3.9% to 3.2%
• No solution but FDI, FII, ECB to bridge CAD
• National food security bill is a promise of the UPA: FM
• Invest allowance of 15% for investment in plant & machinery
• Infra debt funds are encouraged to promote investment in infrastructure: FM
• 4 IDF’s have been registered with SEBI, 2 will be launched soon: FM
• Some companies can issue tax free bonds up to Rs 50,000 cr for Infra: FM
• Expect to raise Rs 25,000 Cr via tax-free bonds in FY13: FM
• Home Loan up to 2500000/- taken after 01.04.2013 -2014 Additional Deduction of Rs.100000/- in account of Interest will be allowable.
• Home Loan up to 2500000/- taken after 01.04.2013 -2014 Additional Deduction of Rs.100000/- in account of Interest will be allowable.
• Rajiv Gandhi equity saving scheme to be liberalised: FM
• Income limit for RGESS raised to 12 lakh from Rs 10 lakh: FM
• CSR@2% shall be part of the Expenditure
• To increase refinancing of SIDBI to help MSME: FM
• Govt propose to setup a New Woman Bank as Public Sector bank
• To provide `1,000 cr initial capital to All-Women’s Bank: FM
• Insurance companies will be empowered to open branches in tier II cities without prior IRDA approval: FM
• SEBI to simply procedures for FIIs, unify categories of FIIs: FM
• Proposal to amend SEBI Act under consideration: FM
• 289 FM radio channels to be auctioned in FY14: FM
• 294 more cities to be connected by FM Radio: FM
• Govt to contribute 1000 cr for Nirbhaya fund: FM

Tax Proposals in Budget Speech 28.03.2013

• Dispute Resolution Method will be introduced for DT and IDT
• Minimum Exemption 2 to 2.20 Lacs
• Additional SC @10% whose taxable income exceed @1 Crore only for One Year Only called Super rich tax:
• Home Loan up to 2500000/- taken after 01.04.2013 -2014 .Additional Deduction of Rs.100000/- in account of Interest will be allowable.
• Eligibility conditions for disable person Insurance for 15% to 20%
• Tax credit of ‘2,000 for income up to ‘5 lakh:
• DDT Surcharge raised to 10% from 5%
• To continue with education cess at 3%
• 10% surcharge on companies with income over ‘10 crore
• Tax holiday for power plants extended to March 2014
• Extend 80IA by 1 year
• TDS @1% on the Capital Gain transaction Over to Rs.50 lacs property.
• 15% tax on dividend from overseas arms to continue.
• DTC in progress , as per best international practice
• To reduce STT on equity futures, MF Units
• To introduce CTT on non agri futures contracts at 0.1%
• Agri commodities to be exempt from CTT
• 20% final withholding tax on unlisted companies
• Modified provisions under GAAR effective April 1, 2016
• To incorporate decisions on GAAR

CUSTOMS

• SED on cigarettes hiked by 18%
• Custom duty on imported motor vehicles hiked
• To up import duty on luxury cars to 100% from 75%
• Increase excise duty on SUV’s from 27% to 30%

SERVICE TAX

• No change in standard rate of excise duty, service tax.
• Vocational Courses New Services added to negative List become exempted.
• Film Industry get exemption for copy rights added to negative List become exempted.
• Voluntarily Declaration Scheme in Service tax as One-time Amnesty Scheme for service tax due from 2007.
• To reduce abatement rates for luxury apartments as reduced from 75% to 70 % in Residential Complex Services.
• To impose service tax on all AC restaurants
• For GST need to be pass by Constitutional Amendment. To present Draft Bill on GST in parliament in next few months.

More
Commodity Transaction Tax at 0.01 percent imposed w.e.f. 01-06-2013 on sale of commodity derivatives other than agricultural products. STT reduced in some cases.

FM Clarifies: ITD to accept Tax Residency Certificate as proof of residential status of contracting state. For Mauritius, Circular 789 of 13.04.2000 applicable.

W.e.f. 01/03/2013- New composition schemes A and B for civil contractors notified u/s 16(12) DVAT Act with various tax rates% (3and6; 1and3; 2and3) and certain general conditions.

India initiates action to scrap VVIP chopper deal

Posted on February 15, 2013 with No Comments

Cracking the whip, India today initiated action to scrap the deal for purchase of 12 VVIP helicopters from Italian firm AgustaWestland in the wake of allegations that kickbacks to the tune of Rs 362 crore were paid to bag it. The Defence Ministry issued a show cause notice to AgustaWestland, asking it to explain within seven days the bribery allegations.

Introducing Rajiv Gandhi Equity Savings Scheme

Posted on February 15, 2013 with No Comments

Government has announced “Rajiv Gandhi Equity Savings Scheme - RGESS” with an objective of encouraging flow of savings of small investors in domestic capital market.

Eligible investors will get additional tax benefit of up to Rs.5,150 u/s.80-CCG by investing up to Rs.50,000/- in RGESS eligible securities/MF schemes. This benefit is over and above benefit u/s.80-C. Read More »

Triennial Elections to the Managing Committee of the Chandigarh Branch

Posted on February 6, 2013 with No Comments

The G8 has always endeavored to protect the interests of the profession in general and Chandigarh Branch in particular. We have regularly interacted with the professionals at the helm of the affairs of the Institute and also those professionals who have dedicated themselves for the cause of the profession.

To meet the tough challenges ahead and take the profession to new heights, we must elect the candidates who will work with hardwork, dedication and integrity towards the profession and professional colleagues
we will announce the List of Candidates for Chandigarh Branch election

Domestic Transfer Pricing & M&A and Tax Structuring of Closely held Indian Companies

Posted on January 31, 2013 with No Comments

Session on

Domestic Transfer Pricing &

M&A and Tax Structuring of Closely held Indian Companies

Wednesday, 6 February 2013 : CII NR Headquarters, Chandigarh

I am pleased to inform you that CII Chandigarh Council is organising a Session on Domestic Transfer Pricing & M&A and Tax Structuring of Closely held Indian Companies from 1515 (Registration) – 1730 hrs on Wednesday, 6 February 2013 at CII NR Headquarters, Sector 31-A, Chandigarh. The session would be conducted by eminent speakers from KPMG.

Read More »

IMF announces USD 18.4 million quick aid to Mali

Posted on January 29, 2013 with No Comments

The International Monetary Fund announced a USD 18.4 million quick financial aid to Mali as a support to maintain macroeconomic stability and growth during the next 12 months, as part of a broad-based support by its development partners.