New Delhi, Oct 25 The Government has approved easing of labour laws to exempt establishments employing up to 40 workers from maintaining mandatory registers and submitting returns.The Government proposes to introduce a simplified form, which will give relief to employers of such establishments, who are currently required to maintain registers and submit returns under various labour laws, the Information and Broadcasting Minister, Mr Priyaranjan Dasmunsi, told presspersons after a Cabinet meeting here.
Does the FBT law intend to cover securities under SCRA? I don’t think so. We have to look at the rationale of levy of FBT. In a booming economy, accompanied with a vibrant stock market, corporates have figured out a creative way to compensate their employees through the ESOP scheme. It could be ESOP of a listed company or an unlisted company. Using the horizontal equity argument, a case was made out by the legislative to tax that portion of the gain, which an employee receives or accrues to him as a result of his employment. The basis of charge is the difference in the value of the security (as at the date of exercise) and price paid for such exercise, levy being on the vesting date.
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circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
M Damodaran, Chairman, Sebi, while addressing the new policy on P-notes said that this is not a board meeting to decide on a single issue. He said the stock exchanges would be mandated to onstitute a committee chaired by a non-executive member of a concerned exchange to focus on surveillance. This, he feels, would make the market a safer place for investors.He was speaking to mediapersons after the Sebi board meet today. The meet also saw new policy announcements like clearing of Sebi’s proposal to have an SME exchange.
Will the proposed review of foreign institutional investor (FII) regulations about issuance of ODIs (offshore derivative instruments) have any income-tax implications in India for the foreign investors? The answer appears to be in the affirmative.”The proposals may lead to tax cost for the overseas investors and these investors will have to take a re-look at their India investment strategy,” cautions Mr Naresh Makhijani, Executive Director, KPMG.
As you may be aware, the Finance Act, 2007 amended the provisions of the Income-tax Act, 1961 to provide that employers will be liable to pay FBT (fringe benefit tax) on the value of ESOPs granted to employees as and when the ESOPs were allotted or transferred to the employees. The value of ESOPs for the purposes of levy of FBT shall be the FMV (fair market value) of the ESOPs on the date of vesting of the options as reduced by the amount actually paid, or recovered from, the employee. On October 23, the Central Board of Direct Taxes (CBDT) notified the insertion of Rule 40C in the Income-tax Rules, 1962, specifying the computation of FMV.
In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes the following further addition with immediate effect at the end of Paragraph 2 of Notification No. 38(RE-2007)/2004-2009, dated 15.10.2007 (pertaining to prohibition on export of non-basmati rice) as amended.
RA, will calculate unfulfilled export obligation, as per prevailing norms. In case norms are not fixed, R.A. will take up with Norms Committee for its fixation. Such export performance would only be taken into account, as within valid export obligation period of Advance Authorization.
The above procedure shall be applicable only in respect of EDI enabled ports. However, in case of exports through non-EDI ports, separate application shall be filed consolidating all shipments for each port. Such application for non-EDI shipments shall not be treated as supplementary application even if periodicity (Apr-Sept or Oct- Mar periods) is repeated.
