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EPFO likely to allow PF trusts to utilise and tap their PF Trust reserves for payout

October 25th, 2010

In a move expected to benefit a large chunk of the 2,700-odd exempted trusts, the Employees’ Provident Fund Organisation (EPFO) will soon free these trusts to utilise and tap their Provident Fund Trust reserves to meet the statutory payout rate, according to Central Provident Fund Commissioner (CPFO) Samirendra Chatterjee.

The decision is significant since many exempted funds were running a deficit after EPFO increased the PF rate to 9.5% this year from 8.5% in the previous year. Since the funds could not use their reserves to meet any shortfall, they had a tough time meeting the deficit.

The EPFO managed to fund the additional 1% interest cost after it changed its accounting policy from cash based to accrual based, which resulted in a surplus of around over Rs. 1,731 crore.

When will GST rollout?

October 25th, 2010

India’s march towards an integrated Goods and Services Tax (GST) regime appears to have considerably slowed down since the Union government’s failed attempt to introduce in Parliament a Constitution amendment Bill needed to bring about the proposed reform in indirect taxes across the country.

The finance ministry, the chief architect of the proposed GST regime, is nowhere near finding a consensus on three critical issues – the powers that should vest with the Union finance minister, the status of the dispute settlement authority and the treatment of octroi and entry tax under the new system. Several states are not comfortable with the proposal of the Union finance minister enjoying a veto power in the GST Council that will determine the tax rates.

In spite of several assurances that the Union finance minister will exercise his veto powers only with regard to the central GST rates, the states are justifiably concerned over the potential loss of fiscal autonomy that they may suffer under the new system. The dispute settlement authority has become another area of controversy. The states

Empowered group of Ministers to fix the issue price of CIL

October 25th, 2010

The issue price of Coal India Ltd’s (CIL) initial share sale will be decided tomorrow by an Empowered Group of Ministers, paving the way for public trading of the company on the stock exchanges on November 4.

“The meeting of the Empowered Group of Ministers has been postponed to tomorrow because of the preoccupation of Finance Minister Pranab Mukherjee, who came back from South Korea today after attending a G-20 meeting,” a government official said.

Mukherjee heads the EGoM, which also comprises Coal Minister Sriprakash Jaiswal and Home Minister Pranab Mukherjee, among others.

The four-day initial public offer of CIL, which closed on October 21, made history by getting

RBI Reference Rate for US $ and Euro – 25th October 2010

October 25th, 2010

The Reserve Bank of India’s Reference Rate on October 25, 2010

for the US Dollar is Rs. 44.36

for Euro is Rs. 62.33

The corresponding rates for the previous day (October 22, 2010) were Rs. 44.46 and Rs. 62.07 respectively.

SEBI mulling over ways to curb the menace of overpriced IPOs

October 24th, 2010

Market watchdog SEBI is mulling over ways to rein in erring merchant bankers regarding overpricing of IPOs and hyping public issues through misleading advertisements and media reports outside the regulatory ambit.

The regulator is actively considering bringing out soon a discussion paper on the matter, wherein it would seek public comments on draft regulations to curb the menace of overpricing and hyping public offers, sources close to the development said.

The issue is likely to be discussed in the SEBI board meeting scheduled for tomorrow and thereafter the regulator might soon issue the draft guidelines for public comments, sources said.

Sources said that the SEBI could propose stringent actions against the erring bankers with regard to

Results of delay in filing income tax returns

October 24th, 2010

The penalty for late filing is actually not much. But it is important that the details are all there and without error

As we all know, the last date for filing the tax return is July 31. What if you were unable to file your return in time? Even then, there is no cause to panic – this year, though July 31 was the due date, one can still file one’s return till March 31, 2012. What is important is not this due date of July 31 but the fact that the return should be filed with accurate information, where neither the income is inadvertently under-reported nor any expense or deduction overlooked due to lack of time. If any tax is due, the tax payer should arrange this without delay; the return can then be filed in due course.

In terms of repercussions, an interest of one per cent per month will be levied on any tax due. Also, the tax

EPFO likely to allow PF trusts to utilise and tap their PF Trust reserves for payout

When will GST rollout?

Empowered group of Ministers to fix the issue price of CIL

RBI Reference Rate for US $ and Euro – 25th October 2010

The Reserve Bank of India’s Reference Rate on October 25, 2010

for the US Dollar is Rs. 44.36

for Euro is Rs. 62.33

SEBI mulling over ways to curb the menace of overpriced IPOs

Results of delay in filing income tax returns

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