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The Government on Friday said there was “near unanimity” among all stakeholders to raise the ceiling of payment on gratuity for private sector employees from Rs 3.5 lakh to Rs 10 lakh and hoped a decision in this regard will be taken before the forthcoming Budget session. “We have already prepared legislation and it remains to be approved by the Cabinet,” Labour Minister Mallikarjun Kharge said. Full Article

The Ministry of Micro, Small & Medium Enterprises has been implementing a plan scheme of "Assistance to Training Institutions" , commonly known as the EDI scheme since 1993-94. Under the scheme assistance is provided to existing and new training Institutions for establishment of Entrepreneurship Development Institute (EDI) and strengthening of their training infrastructure on a matching basis, not exceeding 50 percent of the project cost or Rs. 150 lakh whichever is les.. Full Article

Industry body Assocham today asked the government to raise the tax exemption limit on personal income from Rs 1.6 lakh per annum to Rs 4 lakh per annum and for senior citizens up to Rs 5 lakh per annum. The industry body was giving its proposals on the draft direct taxes code which has been put in public domain by the government for comments. Full Article

SMEs, which depend on expensive loans and stocks and raise money from the public. As part of its efforts to encourage SMEs to go public, the Securities and Exchange Board of India (Sebi) on Monday exempted them from the usual eligibility norms applicable for initial public offerings (IPOs) and follow-on public offerings. These norms include a minimum pre-issue networth and profit-making track record. Full Article

What is Annual Information Return (AIR)? As per the amendment to Section 285BA of the Income Tax Act, 1961, specified entities (Filers) are required to furnish an Annual Information Return (AIR) in respect of specified financial transactions registered/recorded by them during the financial year (beginning on or after April 1, 2004) to the income tax [...] Full Article

The Finance Minister announced a slew of amendments on both income-tax and service tax fronts to achieve the objective of “generating economic activity in the present environment of economic slowdown.” The Lok Sabha later passed the Finance Bill (No 2) 2009, completing the third and final stage of the Budget exercise for 2009-10. Full Article

The Lok Sabha has passed the Finance Bill for 2009-10 by a voice vote on Monday, Finance Minister Pranab Mukherjee has said that economic recovery has begun and India would achieve 8-9 pc economic growth by the end of 2010. Finance Minister Pranab Mukherjee has announced a slew of concessions, including one pc interest subsidy for [...] Full Article