With a view to rationalize the present arrangements relating to portfolio investments by Foreign Institutional Investors (FIIs)/Non-Resident Indians (NRIs), Foreign Venture Capital Investor (FVCI) and Private Equity entities etc., the Government had set up a working group to look at various types of foreign fund flows, which take advantage of arbitrage across the respective stand-alone regulations and also make recommendations to the Government.
The Supreme Court will hear on September 10 the impleadment petition filed by the Forex Derivatives Consumers Forum along with the Special Leave Petition filed by Fixed Income Money Market and Derivatives Association of India (FIMMDA). Forex Derivatives Consumers Forum is a registered association of exporters from across the country, a majority of them from Tamil Nadu’s Tirpur district.
The Supreme Court has directed the Income Tax department to freshly decide the issue on whether telecom operators Bharti Airtel and Vodafone would have to deduct TDS while paying BSNL for sharing network of the state-owned firm. A bench comprising Chief Justice S H Kapadia and Justice K S Radhakrishnan directed the IT department to adjudicate freshly over the issue with the help of technical experts within four months.
DTC Billproposes to tax short-term capital gains arising from stocks and mutual funds at half the marginal rate.So, if your marginal tax rate is 30 per cent, you will pay a short-term capital gains tax at 15 per cent. As far as long-term capital gains tax goes, it has been kept out of the tax net, subject to the payment of securities transaction tax (STT).
The United States says it’s trying to understand the potential impact of a steep hike in US worker visa fees on Indian companies, but no new step has been taken yet to ease Indian concerns. I think we have been explaining to the Indian government the specifics in the legislation, and trying to understand the potential impact on Indian companies,
The government has proposed to exempt income of charitable and not-for-profit organisations up to R1 lakh from tax and levy a tax of 15 per cent on all income above that ceiling. The Direct Taxes Code (DTC) Bill introduced in Parliament on Monday said the provisions would not apply to specified organisations. Charitable activity does not include the carrying on of any activity in the nature of trade, commerce or business or any activity of rendering any service for a fee except where the gross receipts during the financial year from such activity exceed Rs. 10 lakhs.
The government on Monday proposed to raise minimum alternate tax (MAT) to 20 per cent on book profits but diluted the earlier proposal to impose it on gross assets that had drawn protests from firms. MAT was introduced in fiscal 1998 to address the inequity. Many companies, despite making book profits as per their profit and loss account, were hardly paying any tax because income computed as per provisions of the Income-Tax Act, was either nil, or insignificant.
India will soon implement the free trade agreement (FTA) in goods with two more Asean countries — Indonesia, Cambodia — by slashing duties on hundreds of products including seafood, chemicals, apparel and tyres. In turn the two countries will also slash import duties on hundreds of Indian goods.
Non-Resident Indians can hope to cast votes in their home country as the Rajya Sabha today passed a bill to provide them voting rights. “We are not doing them any charity,” law minister M Veerappa Moily said, while replying to a brief debate on a bill that seeks to amend the Representation of Peoples Act.
Co-operative societies are covered by the Minimum Wages Act, 1948, and the fact that they are exempted by a notification of 1979 “is not absolute”, the Madras High Court has held.
