Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: TDS :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: list of goods taxed at 4% :: empanelment :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: VAT RATES :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« General »
 Why consumers should welcome GST
 Retailers need to file single GST return every month
 Aadhaar is must for income tax returns if you have one; Here's how you can file it online
 Will it be a tax haven above the law?
 Your mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
 Finally a goods and services tax. But what lies ahead?
 Tax May Rise On Outbound M&As, Indian Mncs’ Investments
 Filing income tax return? Do remember to claim benefits on your reimbursements
 Banks will have a hard slog ahead to get GST-ready
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956
 Introduce indemnity clauses with suppliers on tax compliance: Expert

ICAI may be roped in to finalise
September, 28th 2010

The government is understood to be considering roping in ICAI, the apex accounting body, to tighten the compensatory scheme for the people displaced by mining projects amid a furore over the proposal for 26 per cent profit-sharing in the new mining law.

"In the last GoM meet, it was discussed to send the 26 per cent profit sharing proposal to the Institute of Chartered Accountants of India (ICAI). The government aims to fine-tune the scheme to compensate the people displaced by mining projects," a senior Mines Ministry Official told reporter.

The development comes at a time when the industry has questioned the proposed compensatory scheme envisaged in the new mining bill. Industry bodies like CII and Ficci had also opposed the scheme earlier.

Differences within the government have also emerged of late, with Coal Minister Sriprakash Jaiswal brushing aside the Steel Ministry's suggestion for giving concessions to PSUs in the proposed law for 26 per cent profit-sharing with people displaced by mining projects.

There are differences between two of the PSUs concerned -- Coal India and SAIL -- as well on the issue.

"Amid opposition from the industry on the technicalities of such a plan, the government wants the scheme on profit-sharing to be fool-proof. ICAI's expertise on the subject would help in shaping up the scheme," the official added.

Earlier, Mines Minister B K Handique had said that a 10-member ministerial panel headed by Finance Minister Pranab Mukherjee had arrived at a consensus on the new Mining Bill, which, among other things, makes it mandatory for firms to share 26 per cent of the profit from mining with project-affected people. The panel is slated to meet soon to clear the final draft of the Bill.

Turning down Steel Minister Virbhadra Singh's demand for giving a "special consideration" to PSUs like SAIL and NMDC under the 26 per cent profit-sharing proposal, Coal Minister Sriprakash Jaiswal had said, "Definitely, it should be there," when asked whether there should be a level playing field for PSUs and private players under the profit-sharing regime.

Jaiswal had added that there is no proposal before the Group of Ministers to give concessions to PSUs.

Virbhadra Singh had said the PSUs deserve differential treatment, as they have been continuously committed to fulfilling their social responsibility obligation.

"Some special consideration has to be given to PSUs for the historical role (in social obligations) being undertaken in different parts of the country," he had said. Singh had supported the demand by the SAIL for differential treatment.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions