However, the Corporate Affairs Ministry sources said the Government may not be able to get the Bill passed in Parliament in the monsoon session (scheduled to begin in July) itself because preparing a ‘revised proposal’, on the basis of the Committee’s recommendations, and then getting the Cabinet approval for the same, may take time.
The government will consider changes in rules to allow 100% foreign owned and well capitalised non-banking finance companies (NBFCs) to set up subsidiaries, removing the curbs introduced by the foreign direct investment guidelines issued last year. The Reserve Bank of India will work out the details of the changes, a government official told.
The Comptroller and Auditor General (CAG) has raised several concerns over some provisions of the proposed direct tax code (DTC), the draft of which was unveiled by the finance?ministry in 2009. The country’s statutory auditor pointed out in a communication in March that some key provisions of the code, such as the ones on international taxation, could prove problematic. Other concerns relate to changes in taxation for the voluntary sector.
Redrafting the Direct Taxes Code (DTC) is proving to be an uphill task for the finance ministry, bombarded with comments from various stakeholders. The Central Board of Direct Taxes (CBDT) has received about 10,000 suggestions on the code, which seeks to replace the Income Tax Act of 1961.
The Cabinet Committee on Economic Affairs today approved the appointment of Merchant Bankers and other intermediaries to disinvestment transactions involving offer for sale or fresh issue by the company in conjunction with offer for sale be advanced to an earlier stage in the process of disinvestment.
Chief Information Commissioner Wajahat Habibullah on Tuesday convened a meeting of all the Information Commissioners to discuss the Delhi High Court’s stand that the Central Information Commission had no powers to frame rules for its regulation.
The assessee, a time-share company having resorts at tourist places granted membership for a period of 33/25 years on payment of certain amount. During the currency of the membership, the member had the right to holiday for one week in a year at the place of his choice from amongst the resorts of the assessee. The membership fee was received either in lump sum or in installments to the prospective member.
Prime Minister Manmohan Singh has said the govt is working towards creating an atmosphere where trade and industry come forward to reserve jobs for the socially underprivileged – a practice in vogue in the public sector.
Prime Minister Manmohan Singh has said inflation would come down to 5-6 percent by December and projected an 8.5 percent economic growth for this fiscal.
Government of India has initiated collaborative process of formulation of Open Standards for e-Governance in India with the objective of enabling seamless interoperability of various e-governance solutions developed by multiple agencies, and to promote technology choice and avoid vendor lock-in,
