Male tax payers to save Rs 2,060/yr; elderly biggest gainers

Finance Minister Pranab Mukherjee has given a saving of Rs 2,060 per annum to male income tax payers by raising the exemption limit from Rs 1.60 lakh to Rs 1.80 lakh.

For women, Mukherjee has not given any benefit by retaining the exemption limit at Rs 1.90 lakh per annum.

However, senior citizens, especially male, will be the gainers. First the eligibility criteria has been reduced from 65 years to 60 years of age and second, there is a major benefit for those above 80 years earning Rs 5 lakh per annum and above.

For 'Very Senior Citizens' (above 80 years of age) earning Rs 5 lakh and above the tax savings would be Rs 26,780 per annum.

However, those earning up to Rs 3 lakh in the above said category, would save Rs 6,018 in a year.


 PTI

No filling of Tax Returns if salary if only income

In a big relief from cumbersome tax filing process for the salaried class, finance minister Pranab Mukherjee on Monday proposed to exempt them from filing tax returns unless they have other sources of income. 
The government will be issuing a notification exempting 'classes of persons' from the requirement of furnishing  income tax returns, said the Memorandum to the Finance Bill 2011. 
The decision, which will come into effect from June 1, 2011, will reduce the compliance burden on small taxpayers, it added. 
Salaried taxpayers who do not have other sources of income and whose incomes are subject to Tax Deduction at Source (TDS) will be excluded from filing returns. 
"Therefore, in cases where there is no other source of income, filing of a return is duplication of existing information," the Memorandum said. 
Every person whose income exceeds the taxable limit is required to file return of income.

                                                           -PTI

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ICAI signs MOU for Insurance against Professional Indemnity for CAs.

CA. Amarjit Chopra, President, ICAI has signed an MOU with New India Assurance Co. Ltd. on 10th February 2011 extending facility for insurance against professional indemnity for members and CA Firms. Mr. Virander Kumar, Genral Manager, New India Assurance Co. Ltd. while signing the MOU on behalf of the Company stated that MOU provided cushioned insurance scheme for CAs being offered at heavily discounted rate for ICAI.

The scheme provides indemnity insurance for members covering risk of Rs. 10 lakhs with extension of allied professional colleagues and for CA Firms including partners coverage of Rs. 1 to 2 crores. This is a renewable scheme for 12 months applicable to all the members and CA Firms of ICAI. 

Source : http://www.icai.org/new_post.html?post_id=6967&c_id=219, http://www.icai.org/new_post.html?post_id=6967&c_id=219

CAG suspects new spectrum scam, bigger than 2G

Even before the 2G spectrum allocation scam gets unraveled in its entirety, the Comptroller and Auditor General (CAG) is said to be suspecting another, bigger than 2G, scam in the allocation of S-band spectrum.

According to a report published by a leading national daily Monday, the CAG is enquiring into a 2005 agreement between the Indian Space Research Organisation’s (ISRO) commercial arm Antrix Corporation Ltd and Devas Multimedia Private Ltd relating to the allocation of S-band broadband spectrum to the latter without the invitation of competitive bids.

Although, it is too early to decipher the exact figure, but the dubious allocation of spectrum is said to have caused a loss of Rs 2 lakh crore to the national exchequer, as compared to the Rs 1.76 lakh crore presumed loss due to the faulty allocation of 2G spectrum. 

SRO is under the Department of Science, which is directly in the Prime Minister's charge.

The company that allegedly benefited from the deal, Devas Multimedia, is headed by Dr M G Chandrashekhar, who was earlier scientific secretary at ISRO.

“Under the deal, Devas Multimedia is to get access to 70 Mhz of broadband spectrum in the 2500 Mhz band. This was once used by Doordarshan to deliver programmes by satellite to all parts of the country but is now considered to be of enormous commercial value for high-speed, terrestrial mobile communications. In 2010, the Union government got nearly Rs. 67,719 crore from the auction of just 15 Mhz of similar airwaves for 3G mobile services,” the report says.

The CAG suspects foul-play because unlike in earlier contracts, ISRO places no restrictions on Devas Multimedia for onward leasing of spectrum. That means the company could make huge amounts of money by sub-leasing its privileges.

This is said to be the first time that S-band, which ranges from 2500 to 2690 Mhz, has been opened up to the private sector.

The CAG is concerned that ISRO’s internal procedures were flouted, while the Prime Minister’s Office, the Cabinet, and the Space Commission were not fully informed about the contract, including the underestimation of ISRO’s costs, report claim

vacancies at iCISA on deputation basis

  International Centre for Information Systems and Audit requires the services of suitable officers for filling up

              the posts mentioned below on deputation basis: 

S No.	Post	Pay Band	No. of vacancies
1.	Audit Officers/ Sr.Audit Officers	P.B. 2- Rs.9,300-34,800 G.P. Rs. 5400 / P.B. 3- Rs. 15,600-39,100 G.P. Rs.5400	01
2.	Personal Secretary	P.B. 2- Rs.9,300-34,800 G.P. Rs. 5400 / P.B. 3- Rs.15,600 –39,100 G.P. Rs. 5400	01
3.	Assistant Audit Officers	P.B. 2-Rs. 9,300-34,800, G.P. Rs.4800	01
4.	Auditor / Sr. Auditor	P.B. 2- Rs.9,300 -34,800 G.P. Rs. 4200	01
5.	Staff Car Driver	P.B. 1- Rs.5,200- 20,200 G.P. Rs. 1900	02

The term of deputation will be initially for one year and would be extended suitably depending on the  performance. The age of the candidate shall not be more than 55 years as on 01.07.2010.  The selected candidate shall have the option to either draw the pay in the scale of pay of the post to which he/she is appointed or his/her existing pay plus deputation (Duty) allowance as per D.O.P.&T. OM No. 2/29/91- Estt (pay – II) dated 05.010.1994.

The names of interested candidates may be sent to Director, iCISA  along with copies of Confidential Report Dossiers for the last three years so as to reach the undersigned within 60 days from the date of issue of this circular.

                           Accommodation is  available in the campus.

India to get new medical colleges

Giving a boost to medical education in the country, the health ministry will open new colleges and create more seats in government-run institutes.

"An ambitious scheme costing Rs.1,350 crore will be implemented soon to strengthen the fabric of medical education. An additional 4,000 seats in medical colleges run by the central government have been created to produce more doctors every year," said Health Minister Ghulam Nabi Azad here on Friday.

"Besides, 269 new nursing colleges will be opened to consolidate the para-medical infrastructure. The government is doing all-out efforts to eradicate communicable diseases in the country," he added.

Azad was here to attend the 31st convocation of the Postgraduate Institute of Medical Education and Research (PGIMER).

Expressing concern over the World Health Organization (WHO) report that said India would become a real hub of cancer by 2020, Azad said, "We have launched a cancer-combat pilot project in hundred districts. Under this, each district will be given funds for early detection of cancer. And Rs.100,000 will be given per patient for chemotherapy treatment." IANS


edu

ICWAI urges Government for more regulatory powers

The Institute of Cost and Works Accountants of India (ICWAI) had urged the Government to empower the Institute through their members for more regulatory powers.

Mr. G.N. Venkataraman, President ICWAI urged the Ministry of Corporate Affairs to allow level playing field and strategic framework for the profession. He emphasized the urgent need to move from compliance governance to business governance.

While suggesting reforms to Mr. Salman Khurshid, Minister for Corporate Affairs, the Institute said that Cost Accountants must be allowed to attest and certify statement under Revised Schedule VI and the name of institute must be changed to the Institute of Cost & Management Accountants of India.

Mr. Khurshid expressed confidence that, "Under the present scenario, the Cost and Management Accounting professionals can play a major role in government initiative to control the inflation and make essential goods and services available to the public at a reasonable price".

Addressing the institute at ICWAI Bhawan, Khurshid said that the Expert Group constituted by the Ministry of Corporate Affairs to review Cost Accounting Records Rules, Cost Audit Report Rules and the Cost Accounting Standards in the present economic scenario has done excellent work.

"The Group has made valuable recommendations with the objectives of making the Indian industry more competitive while appreciating the need to position Cost Audit in the enterprise governance structure", he said.

In a bid to provide more visibility to the Institute and the profession of cost & management accounting, ICWAI suggested for acceptance and implementation of some of the recommendations of the Expert Group.

The Institute also suggested the following:

- Redraft the proposed provisions for cost accounting and cost audit to remove the anomalies under proposed clause 131 of the new Companies Bill, 2009 vis-à-vis Section 209 (1) (d) and 233 (b) of the Companies Act 1956

- Inclusion of ICWAI representative in the Expert Group for IFRS constituted by MCA.

- Inclusion of Cost Accountant in the audit of LLP Accounts.

- Inclusion of Cost Accountants within the definition of "Accountants" of the Direct Tax Code Bill 2009, Clause 284 (2).

'Bill to change ICWAI name to be introduced in Parliament'

 bill to change the name of Institute of Cost and Works Accountants of India (ICWAI) to Cost and Management Institute of India would soon be introduced in Parliament, ICWAI President G N Venkataraman said here on Friday.

He told reporters here that the minister concerned has given an assurance in this regard.


He said the name change would eliminate the disadvantage faced by Indian professional accountants, who despite being cost and management accountants, are treated as 'works' accountants abroad.

Earlier, he inaugurated the two-day All-Kerala Cost Convention, attended by nearly 300 delegates. 

Automatic shifting from CA Final(Old) to CA Final(New) Course

As announced earlier on the Institute’s website, the Final (Old) examination stands discontinued with the culmination of November, 2010 examination.

Consequent upon the discontinuance of Final (Old) Course, students registered under the Final (Old) Course will be shifted to Final (New) Course automatically and for the purpose a letter to this effect will be issued to all such students - a physical letter as well as through e-mail (if available on record). No conversion fee shall be charged from such students, but the Final (New) Study Materials be issued to them at a concessional price of Rs. 300/- per subject (including Practice Manual) on production of the said letter being issued by the concerned Decentralized Offices.

This decision shall come into force from February 2, 2011, and that the students of Final (Old) Course who have already filed the prescribed form along with a sum of Rs. 1,100/- to the concerned Decentralized Offices and have been issued the study material would be sent a letter as per the existing practice.

Since the process of sending physical letters may take 10-15 days and there may be chances of bouncing back of e-mails, students are advised, to save the time, if possible, to approach personally to receive the said letter so that they can purchase the Study Material on the same day at a concessional rate.

Please note that sale of Study Materials at concessional price is available upto May 15, 2011 and students are advised to utilize the facility at the earliest.

Students are also advised to submit their examination application forms in time even if they could not receive the above said letter so as to appear in the Final Examination to be held in May, 2011.

NIIT University announces MBA Admissions 2011-13; last date March 31

NIIT University has announced admission for its MBA program for the year 2011-13. The second batch of the two year MBA program will commence from July 2011. The application process is open now.

The last date of accepting the completed application forms for the first cycle is March 31, 2011. However, the selection process will start from Monday, February 14, 2011.

Eligibility
Candidates applying to the NIIT University MBA program should have a Bachelor’s Degree with at least 50 per cent marks in the aggregate. Final year graduation students can also apply.

Selection process
NIIT University accepts the scores of any of the MBA entrance exams, CAT, XAT, MAT, and GMAT. If the candidate has not taken any of these exams, he has to take the NIIT University Management Aptitude Test (NUMAT) which is conducted online.

Application Process
Candidates can download the application form from the NIIT University website or from the Admission Office of NIIT University. The application fee is Rs. 1,350.

IOB plans to launch financial services arm in FY12

 Indian Overseas Bank (IOB) is planning to launch a financial services subsidiary in FY12, besides setting up exclusive branches to give gold loans . Simultaneously, it also looks to raise resources through medium-term notes. 

Speaking to ET, M Narendra, chairman and managing director, Indian Overseas Bank, said, “We have an approval from the Reserve Bank of India to start an NBFC. We will use this to offer a bouquet of products, including wealth management and other capital market services such as asset management and online broking. We will tie up with brokers.” 

To strengthen its capital base, the bank has asked for capital infusion from the government, that currently holds 61% of the bank’s equity. Depending on the amount of capital support that the government will offer, the bank plans to raise more capital through QIP. “The whole idea is to maintain the government share in the bank’s equity capital at 61%,” said Mr Narendran. 

The bank has an approval to raise MYNs to fund its overseas business. Of this, it will raise $500 million by March 2011.

HDFC to raise home loan rates by 25 basis points

 Housing Development Finance Corp, India's top mortgage lender , said on Tuesday it would raise it lending rates by 25 percent with immediate effect. 

"This is in line with the interest rates in the economy, which have hardened due to an increase in policy rates, inflation and liquidity in the domestic market," the company said in a statement.