Jul. 27 – The tax filing date for the financial year 2011-12 is July 31, 2012. Returns can be filed after July 31, 2012 but before the relevant assessment year (March 31, 2013), however it is advisable to file the tax returns by the due date.
The timelines for filing up of tax returns are as follow:
By Ian Bhullar
Jul. 26 – Pranab Mukherjee, until recently India’s sitting finance minister, has been elected president of India. Having garnered the requisite number of votes in an ongoing count on Sunday, he took office on Wednesday.
Some media outlets have lauded Mukherjee as Asia’s and the world’s best finance minister, while others have described him as the worst finance minister in India’s history. What role will Mukherjee play, and what is the outlook for his presidency? Continue reading
Jul. 23 – During an event covering corporate social responsibility (CSR) in India held by the Indo-French Chambers of Commerce on July 14, India Briefing (as a proud media partner for the event) conducted an interview with the head of CSR at Innovaid, Ms. Cristiana Peruzzo, on her views regarding CSR in the country. Below are her views.
Have you experienced or observed any differences between the CSR practices in Europe and India?
Peruzzo: I believe the main differences in CSR practices between Europe and India stem from a different approach to sustainability. While in many European countries, CSR is often used as a risk minimization tool to address consumers, shareholders and general societal expectations, in India a paternalistic approach prevails, which manifests through the creation of corporate foundations to fund social actions benefitting those communities in which the company operates. According to recent studies, 55 percent of large Indian companies have established foundations working mainly in the areas of education, health, and rural development. While this philanthropic approach may be judged disapprovingly in Europe, I feel it is essential in a country like India, where the government is struggling to meet the basic needs of the majority of its citizens. Continue reading
By Ian Bhullar
Jul. 18 – The strong performance of Tata Consultancy Services (TCS) in the three months up to June, reported last week, are an indication of the continued potential of Indian IT outsourcing services in spite of adverse market conditions in the United States and Europe.
TCS recorded a net profit of INR32.8 billion from March to June, and revenue of INR148.7 billion, up 37.7 percent from a year ago. Over the last four quarters, the company has recorded steady volume growth of 3.3, 3.2, 6.3 and 7.4 percent respectively. Continue reading
Jul. 17 – According to the latest figures from the Scotch Whiskey Association, there was an impressive 30 percent increase in the volume of Scotch whiskey exports to India in the year 2011, compared to 2010.
The government of India has shown signs that it is willing to decrease duties from 150 percent to 40 percent on whiskies priced more than US$7 per liter and wines above US$4 per liter if the European Union gives more access to the Indian services industry and labor-intensive goods. Continue reading
India may become the world’s first country to make corporate social responsibility mandatory
Jul. 10 – Paths have been cleared for reintroduction of the Companies Bill, 2011, in the monsoon session. If the bill is passed after endorsing all the propositions made by the Parliamentary Standing Committee on Finance, corporate social responsibility (CSR) would become mandatory for the first time in the world in any country.
The statement advocates that those companies with net worth above Rs. 500 crore, or an annual turnover of over Rs. 1,000 crore, shall earmark 2 percent of average net profits of three years towards CSR. In the draft Companies Bill, 2009, the CSR clause was voluntary, though it was mandatory for companies to disclose their CSR spending to shareholders. It also suggested that company boards should have at least one female member. Continue reading
Jul. 9 – The paramount indicator of a country’s economic status is measured by its GDP. India, the second-most populated country in the world with more than 1.1 billion people, has emerged as one of the fastest growing economies in recent years. It is a republic with a federal structure and well-developed self-governing judiciary with political consensus in reforms and stable democratic environment. With the projected average yearly compounded growth rate of 8.5 percent, India’s GDP is likely to be US$1.4 trillion by 2017 and US$2.8 trillion by 2027. The service sector contributes to 50 percent of India‘s GDP while the industry and agriculture sector account for 25 percent each. Continue reading
Jul. 9 – According to the 2012 World Investment Report released by the United Nation’s Conference on Trade and Development (UNCTAD), of 179 major global companies surveyed, India is considered to be the third most-preferred investment destination after China and the United States.
Foreign direct investment flows into India, after slowing down for two years in a row, grew by approximately 30 percent in 2011 to nearly US$32 billion. Furthermore, FDI flows could increase by more than 20 percent both this year and the next. Continue reading
