Chidambaram had expressed unhappiness over the manner in which the two major contributors to the subsidy bill, petroleum and fertilisers, were handled prior to his appointment.
One of the key concerns of foreign investors is how the general anti-avoidance rule would apply in case an investor is availing benefits under double taxation avoidance agreement.
Concerned over sluggish growth and poor investment climate, Assocham President Rajkumar Dhoot met Planning Commission Deputy Chairman Montek Singh Ahluwalia on Thursday and demanded the controversial tax proposal GAAR be put in 'cold storage'.
Says reverse climate of pessimism, fix problems on tax front, remove policy bottlenecks to ease capital flows.
He sought to know from the industry if it wanted India to become a no-tax country.
The panel, headed by former Central Board of Direct Taxes chairman N Rangachary, will be in addition to the one set up to review the General Anti-Avoidance Rules provisions to address the concerns of foreign investors.
Moving the Finance Bill, 2012 for consideration and passage in the Lok Sabha, Mukherjee halved the capital gains tax for private equity investors to 10 per cent and relaxed the norms for arrest of persons involved in violation of Customs Act.
Certain provisions of the code would delay the negotiation process, increase the tax liabilities and introduce uncertainties due to the General Anti-Avoidance rules.
Clarity on GAAR, IIP data & rupee movement to guide investors.
Confusion over India's new tax rules, slow rate cuts, and a weakening rupee could create a stock-picking environment.
FII investments made after Aug 2010 to come under GAAR even if these have been routed through DTAA.
The finance ministry is not in favour of a deferral beyond April 2014. A final decision will be taken by the Prime Minister.
The overall breadth is positive as 873 stocks are advancing while 425 are declining.
'Karur could still impact Jana Nayagan's box-office success if Vijay and the TVK do not get their act together,' points out N Sathiya Moorthy.
Foreign investors are preferring to access the Indian market through the sub-account route rather than coming in as foreign institutional investors (FIIs), thanks to stricter regulatory norms and tax-related concerns related to the proposed general anti-avoidance rules (GAAR).
The General Anti-Avoidance Rule (GAAR) may have been deferred for a year but many foreign institutional investors (FIIs) do not want to take chances. They are shifting their trading positions to Singapore, where derivatives of India's key equity index, the Nifty, are listed.
the government will introduce some of its key provisions, such as General Anti-Avoidance Rules, in Budget 2012-13.
The overall market breadth was positive as 1,440 stocks advanced against 1,270 declining ones, out of 2,846 stocks traded on the BSE.
As a protege of Shinzo Abe, Takaichi is expected to scale bilateral ties much higher. Trade and investment shall grow. People-to-people contacts shall be scaled up, points out Dr Rajaram Panda.
Foreign portfolio investors (FPIs) from Mauritius may face higher scrutiny after the amendment in the India-Mauritius tax treaty introduced a principle purpose test (PPT) to prevent treaty abuse by taxpayers. The Mauritius government had in February decided to amend the double taxation avoidance agreement (DTAA) with India to align with the Organisation for Economic Co-operation and Development's proposal on base erosion and profit shifting. Although the agreement between India and Mauritius was signed on March 7, the protocol of the amendment was made public for the first time on Wednesday, said legal experts.
Investors should be mindful of the high volatility in cryptos: Bitcoin has fallen more than 80 per cent in past corrections.
Prime Minister Shigeru Ishiba's sudden resignation after only a year in office has thrown Japan into political turmoil, raising doubts about how the country will handle economic and regional challenges, observes Dr Rajaram Panda.
Junior National team chief coach Ramesh Nagpuri was suspended by the National Anti Doping Agency for "complicity" in doping and seven athletes were in dock for "evading" tests after a slew of dope cases rocked Indian athletics.
While acknowledging that they needed strong allies for a chance in the assembly polls, AIADMK cadres seemingly prefer actor-politician Vijay's Tamilaga Vettri Kazhagam to the BJP, owing to the latter's 'communal agenda' and consequent hardline Hindutva image, explains N Sathiya Moorthy.
EPS' acceptance of Amit Shah's proposal for an electoral alliance with the BJP is being interpreted to mean how the AIADMK has signed up the NDA national leader as a junior partner. Not many have appreciated EPS for this strategic move that has now forced the BJP to play second fiddle to the AIADMK. This has meant that the BJP has buried its ambitions of capturing power in Tamil Nadu now, and is willing to wait until after the 2029 Lok Sabha polls, observes N Sathiya Moorthy.
GAAR will not override the recently revised double taxation avoidance agreements with Mauritius and Singapore.
Besides, dollar selling by banks and exporters amid euro strengthening the American currency overseas after the European union reaffirmed its commitment to use its bailout funds flexibility also supported the rupee.
'Fears in Washington began to intensify when it was realised that subsequent Pakistani and Indian attacks on major military facilities -- which were significant in terms of geographic scope and intensity -- could rapidly take both sides to where neither actually wanted to go.' 'The US objective was to stop the fighting as soon as possible. Everything else was secondary.'
Amid heightened security measures, more than two crore devotees took a dip in the Sangam till 6 pm on Wednesday on the occasion of Maghi Purnima during the ongoing Maha Kumbh Mela in Prayagraj.
As many as 44 shareholders of Flipkart sold their holdings to Walmart. The income tax law requires the buyer to withhold tax while making payment to the sellers, in case they are not exempted from levy of capital gains tax.
Foreign investors made a net investment of Rs 1.1 lakh crore in equities in 2014-15.
The previous United Progressive Alliance government had undertaken some decisions, like introduction of retrospective tax amendments and GAAR, which had dented investor sentiments.
Market participants attributed the robust inflows to positive investor sentiment
Analysts expect the inflows to accelerate further.
Sources said the opposition parties would look to avoid the prickly leadership question as of now and emphasise on building a common ground.
The panel's recommendations will be aimed at making a predictable and non-adversarial tax regime in the economy.
India can attract significant FDI, says experts.
Foreign Direct Investment inflows from Mauritius have almost halved during April-January period of last fiscal to $4.11 billion on fears of impact of GAAR and possible re-negotiation of the tax avoidance treaty.
On the telecom sector, he demanded auctioning of more spectrum.
Delhi faces a severe financial crunch and the deficit is largely due to numerous welfare schemes without adequate revenue flowing in. The success of welfare schemes and electoral promises will need careful financial planning and out of the box thinking to whip up additional revenue, notes Ramesh Menon.
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