Currently, long term capital gain arising from sale of unlisted securities in the case of Foreign Institutional Investors is taxed at the rate of 10% while other non-resident investors, including Private Equity investors are taxed at the rate of 20%. In order to give parity to such investors, I propose to reduce the rate in their case from 20% to 10% on the same lines as applicable to FIIs.
I presented the Budget for the year 2012-13 on 16th of March, 2012. Since then I have received a large number of suggestions both from within the House and outside. Most of these pertain to tax proposals and range from seeking modification of some proposals to reconsideration or review of certain others. Requests have also been received for granting some fresh reliefs. I express my sincere gratitude to everyone for the interest they have shown in appraising my Budget proposals. I appreciate the valuable suggestions they have made and understand the concerns they have expressed.
The government today said accounting regulator ICAI has found irregularities in the operations of certain multinational audit firms in the country. The high-power committee appointed by the Institute of Chartered Accountants of India for examining the operation of Multinational Network Accounting Firms (MAFs) has found the irregularities, Minister of State for Corporate Affairs R P N Sigh said in a written reply to the Rajya Sabha.
It has been proposed in the Finance Bill that any consideration received by a closely held company in excess of the fair market value of its shares would be taxable. Considering the concerns raised by ‘angel’ investors who invest in start-up companies, I propose to provide an enabling provision in the Income Tax Act for exemption to a notified class of investors.
Surfing the Internet in trains without using a data card seems to be a distinct possibility now that the Railways have received the much-awaited clearance from space agency ISRO for using their satellite for the purpose.
M/s Sesa Goa Ltd (SGL) was ordered to be investigated by the SFIO on 23.10.2009 u/s 235 of the Companies Act, 1956. Based on the recommendations made by the SFIO in its investigation report prosecutions under Sections 147 and 395 of the Companies Act, 1956 have been filed in Court while prosecution for the violation u/s 211 is being filed. Further a reference is being made to the Institute of Chartered Accountants of India to initiate disciplinary action against the statutory auditors of the company for professional misconduct under schedule I and II of the Chartered Accountants Act, 1949.
Cut and polished diamonds sent abroad and re-imported after certification/ grading by the laboratories/ agencies as notified in the Foreign trade Policy have been exempted from two percent basic customs duty with effect from 9.3.2012. The exemption is a facilitation measure to ensure that the domestic cutting and polishing industry does not suffer additional duty […]
Enquires are being received as to whether the examination for the Paper – 4 of Professional Competence Examination (PCE) and Paper – 3 of Integrated Professional Competence Examination (IPCE) Cost Accounting and Financial Management which is scheduled to be held on 8th May, 2012 has been postponed or not.
The Union Finance Minister Shri Pranab Mukherjee said that the monetary authority in India has on 17th April 2012 reversed the policy rates for the first time, after a gap of nearly three years. He said that he hopes this will help in investment revival and contribute to strengthening of business sentiments. On the fiscal front, the Finance Minister said that we are committed to bring down the subsidy bill below 2% of GDP in 2012-13 and to 1.75% of GDP in next three years. Shri Mukherjee was making Introductory Remarks before addressing a Press Conference in Manila, Philippine today.
The Ministry of Corporate Affairs has set up a Committee to develop the roadmap for future implementation of Extensible Business Reporting Language (XBRL). This Committee comprises of XBRL experts and representatives from the corporate sector as well as the Institute of Chartered Accountants of India (ICAI). The terms of reference of the Committee are as under:
