"Since December last year, we started focusing on TDS and regular assessment to increase tax collections, and it has paid off," said a senior revenue department official. According to the latest data, TDS collections increased by 25 per cent to Rs 1,304.56 billion in fiscal 2009, compared to Rs 1,046.95 billion in the previous fiscal. However, advance tax collections under two major heads -- corporation tax and income tax -- dipped by 7 per cent to around Rs 1,680 billion.
The country's economy is expected to grow by around 6 per cent in the current fiscal, even in the worst-case scenario of global recession prevailing till March 2010, according to Arvind Virmani, chief economic adviser in the Ministry of Finance.
The company plans to leverage its tie-up with NTT DoComo to offer many value-added services.
India's information technology sector is likely to post a single-digit growth rate of 9 per cent in fiscal 2008-09, as measured in gross domestic product calculations, according to a senior government official. The IT sector, which constitutes 3.5-4 per cent of India's GDP, grew at an average rate of around 25 per cent in three years up to March 2008. Thus, the sharp fall in growth rate is cited as one reason for drop in growth rate of the Indian economy in fiscal 2009.
With the start of general elections as a source of revenue Bharti Airtel's direct-to-home arm is ready to launch its mobile DTH units for cars.
He went on to explain that it is standard practice for developers to have development agreements under which the land-owner cannot sell his land to any other entity or individual.
In the three months since the scam, Satyam's employee strength has reduced from 53,000 to 50,000, said a senior ministry of corporate affairs official. "Satyam continues to have strong revenues. The difference between its turnover and the next highest is around 10-15 per cent," he said. He did not disclose his idea of the revenue and net profit, saying it would interfere with the ongoing process for selling a strategic stake in Satyam.
India has bilateral tax agreements with more than 70 nations.
The telecom tower-transmission business is going to see a shake-up with cash-rich and independent companies moving in with aggressive plans.
The Mumbai-based company will take on Hero Honda, Bajaj Auto and HMSI and will have models in the 100cc, 125cc and 150cc mobike segments, and also in the ungeared low and high-powered scooter segments. Hero Honda has a 60 per cent share of the motorcycle segment, while HMSI commands a 58 per cent of the scooter market. Anand Mahindra said: "Our two-wheeler project is complete; we have already begun marketing the fleet in Bangalore."
This would bring between 20,000 and 25,000 firms under the ambit of cost audit. At present, only 44 industries and specific products within an industry come under cost audit. This covers around 6,000 firms but cost audits are conducted in only about 2,200 of these. The proposed change will have a major positive impact on the profession because more firms will have to mandatorily appoint a cost auditor and have cost accounting records audited on an annual basis.
Given the ongoing economic turmoil, the DEA has raised concerns that the government may not be able to get the right value for its stake. TCIL has been seeking an exit route for over two years. It first wanted to get the company listed so that it could exit. However, the proposal was turned down by Bharti Airtel, which has 70 per cent stake.
The Budget estimate of fiscal deficit for the next financial year has been underestimated by nearly 0.9 percentage point of Gross Domestic Product, or about Rs 51,000 crore. This is because the estimates for revenue collections in the Interim Budget for 2009-10 do not reflect the full impact of the duty concessions announced by the government since December 2008. The Budget estimate for fiscal deficit in 2009-10 put it at 5.5 per cent of GDP.
The second phase of reforms was expected to address areas like extending 'national treatment' to foreign banks, which means that foreign banks would be treated on a par with Indian ones under the World Trade Organisation agreement. Other items that are to be considered include permitting listing foreign banks' wholly-owned subsidiaries in India and the acquisition of sound Indian banks by foreign banks.
This is the first time the world's largest mobile operator in terms of the number of subscribers has expressed an interest in India. Chairman and CEO Wang Jianzhou declined to comment on whether they were already in talks with any Indian operator. He however said the approach would be cautious since the domestic market still presented huge potential for growth.
The government is planning to nominate full-time directors while inducting the remaining seven members in the reconstituted board of Satyam Computer Services Ltd, said a top corporate affairs ministry official. The ministry of Corporate Affairs (MCA), which got an interim order from the Company Law Board to supersede the existing board of the Hyderabad-based company, is planning to make the announcement within a week to ensure smooth functioning at Satyam.
Auctions for spectrum for 3G or third-generation telecom services could be delayed from an already rescheduled date of January 30 after the Department of Telecommunications sought legal opinion on whether it should send the finance ministry's suggestion on doubling the reserve price back to the Telecom Regulatory Authority of India for its endorsement.
Deficit-financed tax cuts could be a better option to revive the economy hit by global financial crisis as government spending is not effective due to leakages and delay in execution, economists feel.
Low commodity prices and a likely softening of interest rates have set the right business conditions, but the revival of demand - both in domestic and overseas markets - will be the key driver in 2009, experts said.
Interestingly, these recovery officers do not have the power to reduce the amount stated in the order issued by the presiding officer. The annual review was published "to point out irregularities or deficiencies which need the immediate attention of the Heads of Departments", S M Kumar, chief controller of accounts, said in the review for 2007-08.
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