People ask me, what exactly is jugaad? Global management experts attribute India’s rapid economic growth to jugaad. In a recent survey by the Legatum Institute, 81% of Indian businessmen said jugaad was the key reason for their success.
India is regarded as one of the fastest growing economies in the word and even the president of United States of America, Barrack Obama, frequently refers about the growth of nations like China and India. Many legal professionals have served this country starting from Mahatma Gandhi and the lawyers are better placed to serve the society or the country in view of their understanding of the system and enormous knowledge which they gain by nature of their job.
Taxable service… means any service provided or to be provided to any passenger, by an aircraft operator, in relation to scheduled or non-scheduled air transport of such passenger embarking in India for domestic or international journey [Section 65(105)(zzzo)].
Retail investors will now get to subscribe more in initial public offers (IPOs). The Securities and Exchange Board of India (SEBI) has proposed to raise the investment limit for retail investors from the current Rs 1 lakh to Rs 2 lakh. The move is seen as an intermediate step before increasing the limit to Rs5 lakh and is expected to help companies obtain more retail subscriptions in IPOs.
The finance ministry has asked government banks to shift to a system where non-performing assets (NPAs) are identified by technology. The aim is to avoid human interference. The ministry has told the government banks to put the system in place by March 2011.
After Bank of Rajasthan – ICICI Bank merger, while more old banks may fall prey to such inorganic growth hunger of banks wanting to become bigger in short run, another major development going to be in the banking space is the entry of new private sector players in the banking arena.
The Ministry of Home Affairs has recently issued another set of FAQs in relation to the type of visa to be issued to Foreign Nationals in relation to their work related visits. Such FAQs are in continuation of the earlier clarifications issued by it in October 2009 and subsequent Foreign National Worker Quota Guidelines (“FNWQ”) issued by Ministry of Labour and Employment and Training (“MLET”) in January 2010 and related press note released in May 2010.
We have also carefully examined the decision of Salvinder Singh 109 ITD 241 decided by respected co-ordinate bench wherein, the provisions of section 2(ea) of Wealth-tax Act were discussed and have noted that in that case the assessee had more than one commercial establishments or complexes at different places, so the assessee has owned more than one properly which was undisputedly in the nature of commercial establishments or complexes. Therefore, after ascertaining the very nature of the property as a commercial establishment the same was held as covered under the exception of
We heard the rival contentions. Before proceeding in this matter, we feel it is better to analyse the decision of Honb’le Madras ITAT decision in the case of Sivabala Devi, supra, as both the assessee and Ld. CIT(A) have placed their reliance on it. In that case, the appellant had furnished certain information regarding — her investments, sources thereof and the na
Accounting profession watchdog Institute of Chartered Accountants of India (ICAI) will seek an amendment to the Chartered Accountants Act to expand its regulatory powers to cover audit firms. Currently, the institute has powers to regulate only its members — chartered accountants — but does not have a specific mandate under law to oversee audit firms operating in the country.
