Mar. 11 - Indian companies are expected to resume hiring from April to June with the organized sector forecast to create one million jobs by 2011 backed by the strength of the improving economy according to two global employment trend surveys.
According to the Employment Outlook Survey compiled by the human resources consulting firm Manpower, two in every five Indian companies plan to hire more people in the second quarter of the year. Another survey by human resources services provider Ma Foi Management Consultants said that polled companies were upbeat about their prospects for 2011 although most are still cautious about the coming second quarter. Read the rest of this entry »
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 »
Op/Ed Commentary: Chris Devonshire-Ellis
Mar. 8 - Over the past three years, India has seen something akin to a minor revolution in terms of its attractiveness to foreign investment. This has culminated in four current truths about the Indian market that were not so easily apparent five years ago.
Firstly, the Indian economy supported by a growing middle-class consumer base and as a direct result of sensible and pragmatic reform put in place over the past decade is now a huge and sustainable market economy for foreign investors to sell to. The banking system is stable, India possesses relatively little foreign debt, and none of the specific debt that has afflicted much of the global economy over the past 18 months. Indian exposure to the sub-prime mortgage crisis has been minimal. 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 12.5 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 »
Feb. 25 - India’s Central Board of Excise and Customs (CBEC) has proposed widening the scope for service tax to include the entertainment business for the upcoming Union Budget 2010-11.
Currently, entertainment is separately taxed by states and as a service tax by the central government with no prevailing uniformity on taxation since taxes are paid on a case-to-case basis. Read the rest of this entry »
Feb. 22 - India’s Central Board of Direct Taxes has amended the Income Tax Rules of 1962 applicable starting April 1, 2009.
Changes include a new Form 16, Form 16A, Form 16AA, Form 27D, and forms showing breakup of Tax Deducted at Source and Tax Collection at Source for financial year 2009-10.
Rules 30, 31 and 31A will be substituted with the time and mode of payment to government account of tax deducted at source or tax paid under sub-section (1A) of Section 192. Read the rest of this entry »
