The Delhi High Court Monday directed the Comptroller and Auditor General (CAG) to submit its audit report on 25 elite private schools that had complained of facing a financial burden because of having to pay teachers higher salaries recommended by the 6th Pay Commission. Justcice A.K. Sikri and Justice Siddharth Mridul said: ‘CAG will have to submit its audit report by March 18. The Delhi government grievance department should also give us the details of complaint they have received from parents regarding fee hike issue in a year or two.
Expressing disappointment over the proposal to levy five percent service tax on treatment at air-conditioned private hospitals, a leading industry lobby has asked Finance Minister Pranab Mukherjee to roll it back and extend infrastructure status to the healthcare sector. The Federation of Indian Chambers of Commerce and Industry (FICCI) has contended that the proposal will impact the quality and safety measures, as today air-conditioning is an essential need and not a luxury in any hospital.
A new set of rules are underway for an estimated $1-trillion wealth management industry and banking regulator the Reserve Bank of India (RBI) and capital market watchdog the Securities and Exchange Board of India (Sebi) may be made jointly responsible for implementing these regulations and keeping a watch for any violations.
In addition to seven Central Government Special Economic Zones (SEZs) and 12 State/Private Sector SEZs set up prior to the enactment of SEZ Act, 2005, formal approval has been accorded to 582 proposals out of which 374 SEZs have been notified. A total of 130 SEZs have commenced export. Statements containing state-wise and sector-wise distribution of SEZs are enclosed.
THE Malaysian Institute of Accountants wants the public and authorities to stop blaming auditors whenever a company collapses. Malaysian Institute of Accountants president Abdul Rahim Abdul Hamid said the trend right now is that when a company face financial problems, the public and authorities automatically point their fingers at some of the country’s 27,000 registered accountants.
Accounting regulator ICAI has formed an advisory committee of chartered accountants to help corporates identify social sector projects on which they would be required to spend two% of their net profit. The Public Advisory Committee, of the Institute of Chartered Accountants of India (ICAI), has been set up with the view to protect public interest, said the newly-appointed ICAI President G Ramaswamy.
As part of efforts to improve exchange of tax information, Paris-based grouping OECD will come out with over 50 peer review reports, mainly on taxation standards of countries by November this year. The Organisation for Economic Cooperation and Development (OECD) is leading initiatives on international tax norms and works closely with the G20 nations on cracking down on tax havens that allegedly help people to stash unaccounted money.
As Indian carriers protest the proposed hike in service tax on air travel, global airlines body IATA has said such taxes would compromise the industry’s ability to maintain margins in the wake of rising fuel prices. In the last few weeks, additional taxes have been proposed on air travel in India, South Africa and Iceland, while new and increased taxes of 3-5 per cent of ticket prices were imposed in the UK, Germany and Austria last year, the International Air Transport Association (IATA) has said.
Expressing distress over the proposed service tax on treatment in private hospitals and tests in diagnostics labs, Ficci today said the move would jeopardise preventive care and impact the rural population. Finance Minister Pranab Mukherjee in his budgetary proposals last Monday imposed 5 per cent service tax on treatment in private hospitals, paid either by individuals, insurance companies or firms.
The first meeting of the sub-committee of the Financial Stability Development Council (FSDC) was held at the Reserve Bank of India office in New Delhi on Friday, the central bank said in a release. The sub-committee reviewed the developments in the macro economy and the financial markets, it said.
