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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
General »
 How much tax do you pay on your bond investments?
 Companies rush to reconcile financial results with state wise audit, seek extension of deadline
 Interim budget may include income tax announcements, says report
 All you need to know about tax benefits for senior, super senior citizens
 Where to invest money for the short term
 Statistics ministry seeks GST data to improve national accounts
 Country of residence may tax you on global income
 Country of residence may tax you on global income
 SC denies income tax exemption to local authority
 Composition Dealers need not furnish data in serial number 4A of Table 4 of FORM GSTR-4
 I-T Dept may probe tax evasion through F&O trades

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 2018 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