Chennai: The Centre today ruled out any further change in the scheduled implementation of Direct Taxes Code (DTC) from 1 April 2012 and said suggestions on the related bill, pending with a Parliamentary panel, could still be given, reports PTI.
"It will be implemented on 1 April 2012. There is no change in that...", Union minister of state for finance S Palanimanickam told reporters. He said the bill was currently discussed at various levels.
The parliamentary standing committee would give its report and the Government would take a decision on the implementation, Mr Palanimanickam said.
Earlier, at a seminar on DTC, organised by All India Tax Payers' Association and Periyar Maniammai University, he appealed to the participants to make suggestions for modifications to the proposals.
"There is still time for you to express any issues on the code." he said, adding that any modifications on the DTC could also be sought.
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.
In August, the government decided to delay the implementation of DTC by a year from 1 April 2012. Earlier, DTC was supposed to be implemented from 1 April 2011.
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.
Income Tax chief commissioner (I and CCA region) Prema Malini Vasan said through this move any body can understand on the terms used in the DTC. "Earlier, if a lawyer needs to know about the DTC, then he should either learn chartered accountancy or approach a CA. But by making modifications, even a common man can understand it..," she said.
The delayed implementation of the DTC, which is a replacement of Income Tax Act 1961, would give corporates and individuals enough time to set themselves on the right foot for the switchover.
As per the Bill, income of Rs2-5 lakh would be taxed at 10%; Rs5-10 lakh at 20% and above Rs 10lakh at 30%.
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) today said it is still investigating the issue of SKS Microfinance sacking its CEO Suresh Gurumani - which raised the hackles of investors - shortly after a successful Rs1,600 crore public offer, reports PTI.
"The investigation is still on..," SEBI chief CB Bhave told reporters here.
After raising Rs1,600 crore through an initial public offer (IPO) in August, the Hyderabad-based company on 4th October terminated the services of Mr Gurumani four years ahead of the expiry of contract and named M R Rao as his successor.
Mr Gurumani had a five-year contract starting from 1 April 2009.
A few days later on 14th October SEBI in a communiqué to the company had asked whether the termination of Mr Gurumani was planned when SKS had filed the draft prospectus in March for the IPO.
The company replied to the SEBI questionnaire the following day, but declined to make public the details.
Mr Gurumani was earlier director at consumer banking at Barclays. After his sacking SKS founder Vikram Akula has become the executive chairman.
The matter reached the Andhra Pradesh High Court later which allowed him to continue as a director on board till final orders.
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) today doubled the investment limit for retail investors in an initial share sale offer to Rs2 lakh, reports PTI.
The board approved categorising all investors putting in up to Rs2 lakh to buy shares through a public offer as retail investors, SEBI chief CB Bhave told reporters here.
SEBI, in its draft guidelines in August, had proposed to raise the ceiling for retail investors to Rs2 lakh in public issues. Way back in 2005, the limit for retail investors was raised from Rs50,000 to Rs1,00,000 in public issues.
The market watchdog allows price discount for retail investors and company discount participating in initial public offers (IPOs) and follow-on public offers (FPOs).
This discount is offered to attract retail investors into the market.
In another related development, the market regulator has deferred a decision to amend the takeover code as it said that it needs “additional time” to look into the finer aspects of the same.