by rakesh | Jul 3, 2008 | Business
This was stated by Shri V N Kaila, Controller General of Accounts, Ministry of Finance, while addressing a Conference organized to mark the 60th year of the Institute of Chartered Accountants of India, here today. He said that there are definite benefits of accrual accounting that cannot be ignored. The decision makers can know the full cost of services they are providing, and this would result in better resource allocation, better management of assets and liabilities. Overall, it would create a desirable measure of the complete financial health of the Government, Shri Kaila added.
Speaking about the issues involved in transitioning to the accrual system of accounting, Shri Kaila said that there are various factors that have created a demand for a transition to accrual system of accounting, such as the changing information needs of the decision makers, the implications of the FRBM Act, outcome oriented budgeting, etc. Stating that the Government at present follows the cash basis of accounting, he added that the developments in information technology and the accounting profession have brought about changes that may assist in this transition.
The CGA is the principal advisor to Government of India on all accounting matters, and is responsible for maintaining the Chart of Accounts used by the Union and State Governments, as also the administration of Receipt and Payment Rules, and maintaining the exchequer control through the Officials of the Indian Civil Accounts Organisation. Since its creation over three decades ago, the Civil Accounts Organisation has achieved prompt payments and settlements of claims, timely rendition of all accounting information to the stakeholders. This has resulted in greater transparency, accountability and thus a greater confidence in the public.
[size=small]PIB[/size]
by rakesh | Jun 19, 2008 | Business
Brazil, Russia, India and China-collectively known as BRIC — represent the next great growth curve for both the mobile and interactive marketing industries. Home to over 40% of the world’s population, the BRIC countries form the core of an emergent global middle class that will number over 1 billion people by 2015. eMarketer projects that the BRIC countries will account for over 1.7 billion mobile phone subscribers by 2012 and expects over 680 million subscribers to access the mobile Internet.
Mobile Usage Metrics for BRIC, 2012 (millions and % penetration)
http://www.emarketer.com/images/chart_gifs/095001-096000/095344.gif
Mobile will be the primary interactive screen for this new generation of consumers, and no major advertising agency can pitch a global brand without referencing its BRIC assets and capabilities, especially those in China and India. Likewise, the largest global telecommunications companies have bet a large amount of their future growth on sales to BRIC-based mobile operators.
“Mobile is the Internet for an increasingly large and attractive consumer segment — an important distinction for marketers to keep in mind,” said John du Pre Gauntt, senior analyst and author of the new report, “Mobile BRIC: Extreme Growth Ahead.”
“As these huge populations within BRIC accumulate disposable income, they are poised to form interactive relationships with local and global brands primarily through the mobile phone,” he added. “With PC and broadband penetration far below that of mobile, marketers and mobile operators find themselves in uncharted territory.”
Five of the world’s 10 largest cities are located in BRIC, along with four of the five top markets for new mobile subscribers. Rapid growth in entertainment and media consumption in the BRIC countries is important for marketers looking to interact with mobile consumers.
BRIC countries also have extremely high levels of prepaid mobile service — often more than 75% of the entire mobile customer base. As a result, there are far more opportunities for marketers to subsidize or sponsor part of basic mobile services such as voice minutes, text messages and even some mobile Internet access.
Even in 2008, the rate of mobile Internet use in the BRIC countries is either comparable to or above that of the US and Western Europe. For many of these markets, debates over whether mobile is an extension of or a substitute for the Web have little relevance — the mobile phone is the Web for millions, and soon hundreds of millions, of people.
by rakesh | Mar 30, 2008 | Business
(i) ITR-1 – For Individuals having salary and interest income and no other income.
(ii) ITR-2 – For Individuals and HUFs, having income from any source except from business or profession.
(iii) ITR-3 – For Individuals and HUFs being partners in firms and not having proprietory business or profession.
(iv) ITR-4 – For Individuals and HUFs having proprietory business or profession.
(v) ITR-5 – Combined Form For return of income and fringe benefits for Firms/AOP/BOI.
(vi) ITR-6 – Combined Form for return of income and fringe benefits for Companies.
(vii) ITR-7 – Combined Form for return of income and fringe benefits for Charitable / religious trusts, political parties and other non- profit organizations.
(viii) ITR-8 – Stand alone form for return of fringe benefits for persons who are not liable to file return of income but are liable to file return of fringe benefits
The return of income has to be filed by using the applicable form without any annexure (except for Form ITR-7) so as to facilitate electronic filing.
E-filing initiative of the Department has been received well and for Assessment Year 2007-08 over 20 lakh E- Returns have been filed, out of which more than 64% E-
Returns have been filed voluntarily by the tax payers. In terms of the taxes paid, these returns account for over 65% of total taxes collected.
Electronic filing of returns for assessment year 2008-09 is compulsory for corporate tax-payers and for firms liable to tax audit u/s 44AB. These tax-payers may either file their return electronically under digital signature or may transmit the data of the return electronically and thereafter submit a one page verification Form which contains a summary of the return transmitted electronically.
All other categories of taxpayers (other than charitable trusts, institutions, etc.) will have the option to file the return in a paper form or electronically, as mentioned above, or in a bar-coded return form.
The new forms will be available on the Income Tax Department’s website http://www.incometaxindiaefiling.gov.in .The Government would urge taxpayers to use the e-filing option, since it will help the Department to serve them better.
SK/LK/30.3.08
by rakesh | Feb 15, 2008 | Business
NTPC Limited and Bihar State Electricity Board (BSEB) signed a bipartite JV Agreement to promote a Joint Venture Company to establish, operate and maintain a 1980 MW (3X660MW) coal based power station at Nabinagar, Distt. Aurangabad, Bihar. NTPC and BSEB shall have equal shareholding of 50:50 in the JV.
The JV agreement was signed by Shri T. Sankaralingam, CMD, NTPC Limited and Shri Swapan Mukherjee, Chairman, BSEB in the presence of Shri Nitish Kumar, Chief Minister of Bihar.
NTPC presently has an installed capacity of 28644 MW (including 1794 MW JVs). It is diversifying into hydro power, coal mining, power distribution, power trading, power equipment manufacturing, EPC etc. The Navratna Company plans to be a 75000 MW company by the year 2017.
by rakesh | Sep 22, 2007 | Business
The popular and endearing brand, Hutch, will be transitioned to Vodafone across India. This marks a significant chapter in the evolution of Vodafone as a dynamic and ever-growing brand. The brand change over the next few weeks will be unveiled nationally through a high profile campaign covering all important media.
Vodafone, the world’s leading mobile telecommunication company, completed the acquisition of Hutchison Essar in May 2007 and the company was formally renamed Vodafone Essar in July 2007.
Asim Ghosh, Managing Director, Vodafone Essar, said “We’ve had a great innings as Hutch in India and today marks a new beginning for us. Not as a departure from the fundamentals that created Hutch, but an acceleration into the future with Vodafone’s global expertise.”
Harit Nagpal, Marketing and New Business Director, Vodafone Essar, said, “This transition is probably the largest brand change ever undertaken in this country and arguably as big as any in the world. It is even larger than our own previous brand transitions as it touches over 35 million customers, across 400,000 shops and thousands of our own and our business associates’ employees.”
The Vodafone mission is to be the communications leader in an increasingly connected world – enriching customers’ lives, helping individuals, businesses and communities be more connected by delivering their total communication needs.
About Vodafone Essar Limited
Vodafone Essar in India is a subsidiary of Vodafone Group Plc and commenced operations in 1994 when its predecessor Hutchison Telecom acquired the cellular licence for Mumbai. Vodafone Essar now has operations in 16 circles covering 86% of India’s mobile customer base, with over 34.1 million customers*.
Over the years, Vodafone Essar, under the Hutch brand, has been named the ‘Most Respected Telecom Company’, the ‘Best Mobile Service in the country’ and the ‘Most Creative and Most Effective Advertiser of the Year’.
Vodafone is the world’s leading international mobile communications company. It now has operations in 25 countries across 5 continents and 40 partner networks with over 200 million customers worldwide. Vodafone has partnered with the Essar Group as its principal joint venture partner for the Indian market.
The Essar Group is a diversified business corporation with interests spanning the manufacturing and service sectors like Steel, Energy, Power, Communications, Shipping & Logistics and Construction. The Group has an asset base of over Rs.400 billion (US$ 10 billion) and employs over 20,000 people.
*Figures from Cellular Operators Association of India, August 31, 2007.
by rakesh | Sep 22, 2007 | Business
The Exchange (NSE), in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.
Reply is awaited from Reliance Natural Resources Limited. (NSE, India)
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