Mar. 10 - When India adopts the International Financial Reporting Standards (IFRS) in 2011, many changes will need to be made including ensuring that company staff are properly trained to apply the new rules.
Financial assets defined as a financial asset of one entity and a financial liability or equity instrument of another entity including cash, equity shares and a contractual right to receive cash or another financial asset will be computed for differently under the new IFRS. Read the rest of this entry »
Mar. 9 - A proposal to implement a construction tax under the new services tax will invariably hike prices for real estate projects still under construction or pending approval from authorities.
The tax would apply to the construction of complex service or commercial or industrial construction services as well as services offering premium prices based on a flat’s location in a multi-storey building. Read the rest of this entry »
Mar. 9 - The Confederation of Indian Industries has ranked New Delhi as having the best quality of life for its residents among all cities in the India based on their latest “Liveability Index.”
After New Delhi, the next best cities to live in are Mumbai, Chennai and Bangalore. The survey looked at 37 Indian cities in over a decade to compute for a quality of life index. It also used hard data collected from reliable sources to eliminate the possibility of personal bias or a sampling error obscuring the reality. Read the rest of this entry »
Mar. 8 - The following are highlights of tax proposals submitted for the Karnataka State Budget 2010 -11 ranging from commercial taxes to luxury tax and entry tax.
Value added tax
- VAT exemption on paddy, rice, wheat, pulses and products of rice and wheat extended for one more year beginning January 4, 2010
- Tax on masala powder mixtures, macaroni, sports trophies, shields and medals, scrap metal, electric generators of less than 15 KVA, railway concrete sleepers, school bags costing up to Rs 200, reduced from 12.5Â percent to 5 percent Read the rest of this entry »
MUMBAI, Mar. 5 – India will soon adopt the International Financial Reporting Standards (IFRS) system with the government requiring that all companies shift to the new standards beginning April 1, 2011.
This is a radical change that companies will have to prepare for by making sure that their accountants are adequately trained with the new system. The system is expected to be adopted by India’s top listed companies by the set deadline and eventually by all companies in India by 2013. Read the rest of this entry »
Mar. 4 - Telecommunications companies with 3G services will no longer be allowed to avail of tax breaks found under Section 80 IA of the Income Tax Act.
The tax breaks under Section 80 IA are given to companies building infrastructure. In the telecommunications sector, companies can choose a 10 year period out of the first 15 years of operations to qualify for the tax benefits. Read the rest of this entry »
OP/Ed Commentary: Chris Devonshire-Ellis
Chris Devonshire-Ellis with Dhanendra Kumar
Mar. 4 - In discussions with Gajendra Haldea, the advisor to the Deputy Chairman of Infrastructure Planning Commission, and with Dhanendra Kumar, the Chairman of the Competition Commission of India, two things stood out as the mantras for the execution of public-private partnerships.
Firstly, that the Indian government knows full well the constraints it is operating under and that any arrangements must adhere on both government and private sectors to principals of being cost effective, commercially sustainable and affordable, and having time-bound deliverables. Read the rest of this entry »
Mar. 4 - The Indian Government is to spend US$400 million over the next three years to enable broadband to reach more than 265,000 rural Indian villages, making the country one of the most densely interconnected populations on the planet.
The formation of a Group of Ministers (GoM) to monitor and review the implementation of this broadband initiative is also being considered. Whether the GoM will invite the private sector to participate in the planning of this initiative and focus on wireless as a means of delivery remains to be seen. Read the rest of this entry »
Mar. 3 - Investor Mark Mobius of Templeton Asset Management recently expressed the opinion that Indian shares may “outpace” other emerging nations as the country continues to show strong economic progress.
“India’s macroeconomic fundamentals have significantly improved,” he said during a question and answer session on the company’s website while discussing the future of the world’s four largest developing countries – namely Brazil, Russia, India, and China; also known as the BRICs. Read the rest of this entry »
Mar. 2 - India will grow at the rate of 9 to 10 percent for the next 25 years, Prime Minister Manmohan Singh said in Riyadh on Monday.
“Despite the economic slowdown, we hope to achieve a growth rate of 7.5 percent in the current financial year,” the economist-turned-prime minister told the Majlis-ash-Shura, the Saudi parliament during his state visit. Read the rest of this entry »
