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Showing posts from July 16, 2015

Govt looks to bring e-commerce companies under competition laws

The government is considering bringing e-commerce companies under the ambit of consumer protection and competition laws in an attempt to safeguard consumer interest and prohibit predatory pricing. Commerce and industry minister Nirmala Sitharaman discussed these and other issues related to e-commerce and so-called multi-brand retailing with state industry ministers on Wednesday. The meeting was part of the stakeholders’ consultation triggered by the order from the Delhi high court to the government asking to consider a representation by the Retailers Association of India (RAI). The industry lobby moved the high court in May seeking parity between online and offline retailers. RAI alleged that e-commerce companies were calling themselves marketplaces while still engaging in retail activity. India doesn’t allow foreign direct investment in online retailing but allows it in marketplaces. Sitharaman has also met banks, officials from other ministries, and executives from both brick-and-morta…

Not Hired Female Director Get Ready to Pay Fine

Stock exchanges earlier this week fined over 500 listed companies who had not complied and regulator to take action for any non-compliance beyond September 30 Market regulator Sebi may take action against companies who have not appointed women directors on their boards to meet the requirements of the new Companies Act. Earlier this week, stock exchanges fined over 500 listed companies who had not complied. “As per the provisions of the Sebi circular, BSE has till date issued advisory letters to 530 companies regarding levy of fines for non-compliance with the said provision within the prescribed timelines,“ said a statement from BSE. The NSE has fined 260 companies. However, both stock exchanges have not disclosed the names of the firms which were penalised. There are over 5,700 companies listed on BSE and nearly 3,000 on NSE. “I hardly believe that in a country like India, companies are not able to find women directors,“ said Sandeep Parekh, founder of Finsec Law Advisor. He added that t…

Avoid these mistakes while filing I T returns

Don’t forget to include interest earned on investments and also declare those exempt from tax You open a recurring deposit in your child’s name and invest Rs.5,000 every month. If the interest earned on it is not declared while filing tax returns, the authorities can send you a notice, as it would amount to tax evasion. Thats because the interest earned by a child below 18 years is clubbed with the income of the parent. There are several such instances when individuals don’t declare their income or assets because they do not realise these items are taxable. Another example: interest earned on the cash in your savings bank SB account. In a financial year, if a person receives over Rs.10,000 in interest in the SB account, he needs to pay tax on it. “Many people don’t include the interest earned on company deposits, fixed deposits, and postal saving schemes, as tax is deducted at source on these investments. However, they are supposed to declare and pay the applicable on it,” says Kuldip Ku…

Firms get more time to file returns with MCA

With relevant electronic forms still not ready, the corporate affairs ministry has given more time to companies for filing financial statements and annual returns under provisions of the new companies law. Now, firms can make such filings without any additional fee till October 31. Business Standard, New Delhi, 16th July 2015

Composite foreign investment caps in Cabinet today

The Cabinet is likely to consider a proposal on Thursday to merge limits of foreign direct and portfolio investments into composite caps to make foreign investment regime easier. The department of industrial policy and promotion (DIPP) had prepared a Cabinet note proposing a combined cap in most sectors where foreign direct investment (FDI) is allowed or where foreign institutional investors (FII) have a separate limit. Composite caps have been suggested for sectors like agriculture, tea plantations, petroleum and natural gas, manufacturing, airports, real estate, telecommunications, mining, non-banking financial companies and pharmaceuticals. In some sectors where only FDI and FII investments are allowed now, the department has proposed investments by non-resident Indians and foreign venture capital firms as well. These include up to 100 per cent foreign investment in asset reconstruction companies, 74 per cent in private banking, 20 per cent in public-sector banks and 49 per cent in po…

10 states seek to have their own land laws

This could help bypass central legislation and break the land Bill deadlock Ten big states, most of those ruled by the Bharatiya Janata Party (BJP) and its alliance partners, on Wednesday sought to unshackle themselves from the logjam over amendments to the contentious land acquisition Bill, 2013, by proposing to bring their own laws for boosting infrastructure development. At a NITI Aayog meeting to discuss the land Bill ( the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation, and Resettlement Bill, 2015), which Prime Minister Narendra Modi chaired, several chief ministers stressed that land was needed for development and to create jobs. The PM told the meeting that politics over the Bill was stalling rural development. He said the government would not compromise the country’s development but will keep farmers’ interest in mind. For this, it would consider all suggestions. Several state governments proposed they could enact their own land laws consistent wi…