New Delhi: The finance ministry today said it is hopeful of getting the Direct Taxes Code (DTC) bill approved by Parliament in the next fiscal to enable its implementation from 1 April 2012, reports PTI.
"The draft DTC is with the Parliamentary Standing Committee. It is likely that by February-March, we should receive their comment and by the middle of next year in the monsoon session, it should be voted and made law," revenue secretary Sunil Mitra told reporters on the sidelines of a Federation of Indian Chambers of Commerce and Industry (FICCI) conference here.
In August, the government decided to delay the implementation of DTC by a year to 1 April 2012.
The DTC, which seeks to replace the Income Tax Act 1961 and simplify direct tax laws, was originally proposed to be implemented from 1 April 2011.
"In the event of the Standing Committee giving its report, our effort will be to do it (get the bill passed) at the earliest. Until it is passed, we cannot bring the subordinate legislation," Mr Mitra said.
"Sooner it (the bill is passed) happens, the more time we will have for the sub-ordinate legislation...," he added.
After criticism by various quarters, the government had dropped its earlier proposals on taxing long-term savings like provident funds and imposing minimum alternate tax (MAT) on gross assets of companies.
The government would lose about Rs53,000 crore in tax revenue on account of the increase in exemption limits and tweaking of slabs in the Direct Taxes Code bill.
The delayed implementation of the DTC, which is a replacement of Income Tax Act 1961, would give corporates and individuals enough time to get ready for the switchover.
As per the bill, income of Rs 2-Rs5 lakh would be taxed at 10%; Rs 5-Rs10 lakh at 20% and above Rs 10 lakh at 30%.
Here’s yet another brand that tries to bank on Bachchan, makes an attempt to come up with a unique product promise, and then swiftly goes on to dilute it with more promises
Amitabh Bachchan is such a big misfit in ads these days (seen his embarrassing act in the Binani Cements commercial?), that there needs to be a blanket ban on all commercials starring the Big B. All that these ads do is further erode the man's hard-earned charisma, and dilute his appeal in the films too. Also, to be fair to the superstar, it's really not his fault. He WILL try to maximise his profits while the going is good… he's seen bad financial days in the past.
The problem lies with the creative directors. They just can't seem to find
a way to cast the man correctly. They get him on a platter, and then go do rubbish storyboards.
Well, makers of Zen Mobile phones, the new mobile kid on the block, have decided to join the Big B bandwagon. These phones are targeted at the smaller towns and villages. And the promise they offer is actually pretty unique: a longer lasting battery life. Yup, that's a new story in the cluttered mobile market, so one must appreciate their strategy. But after that, all goes downhill. The TV commercial features Bachchan as a film exhibitor. The sort playing movies in village squares using mobile vans. As a crowd of villagers wait for the cinema to get going, his projector conks out. The folks aren't amused and demand their money back. Big B then uses his Zen Mobile handset to play the same film. And the poor villagers fall for the trick and crowd around the phone. As some forced humour, Bachchan is shown flirting with some maidens too (ewwwwww!).
And he also finds time to explain things about the phone including multiple films storage and a long battery life.
What to say? Yet another brand that makes an attempt to come up with a unique product promise, and then swiftly goes on to dilute it with more promises. And then uses Bachchan to get some brand recall and bail it out of the mess. But then, as always, they miscast him so badly, one is left sniggering rather than recalling the brand and its features. Bachchan as a rural film projectionist isn't credible, isn't funny, and he isn't even watchable. Looks like a lot of money down the drain.
Maybe the brand manager should do a course in Zen & the Art of Meditation. Relax a bit. And begin the ad creative process all over again.
Hyderabad: The Andhra Pradesh government on Thursday constituted four working committees for effective implementation of an ordinance issued by it to regulate the functioning of microfinance institutions (MFIs), reports PTI.
"It was noticed that there are many queries from both MFIs and the district-level Registering Authorities (RA) about interpretation of provisions of the ordinance. Besides, there are many writ petitions filed before the high court challenging various provisions of the ordinance and the rules," a GO issued by the rural development department said.
"The government, after considering the above, with a view to respond quickly to the queries from the field on implementation of the MFI ordinance, to improve the credit flows to self-help groups (SHGs) and to put in place the IT system for efficient implementation of the ordinance, hereby constitute the following working committees with immediate effect," it said.
The committees, comprising senior officials, constituted by the government are: Implementation committee, legal committee, capacity building committee and IT committee.
The implementation committee will be responsible for receiving and clarifying queries from the RAs on a day-to-day basis, for reviewing the complaints received from the public about the MFI irregularities and ensure swift action and to guide all other committees among other responsibilities.
The legal committee would monitor the cases in the high court and Supreme Court and assist the counsel fighting the cases. The capacity building committee would prepare material for educating the SHG members about the provisions of the ordinance, the GO said.
The IT committee's responsibility is to create and maintain the website for MFIs integrating the databases of SHG bank linkage, ration cards and borrowers data being submitted by MFIs so as to arrive at an integrated database of rural and urban indebtedness, it said.
All committees would submit daily reports to CEO of Society for Elimination of Rural Poverty (SERP) and principal secretary of rural development on the work done and the work yet to be done in fulfilment of the mandate given to them.
The state government had issued an ordinance on 15th October to rein in the MFIs whose coercive methods allegedly led to suicides of a number of people in the state.