Saturday, November 26, 2011

TDS accounted for 40% of the total revenue of Direct Taxes

The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) in association with The Andhra Pradesh Tax Bar Association organized a meeting on “TDS under Income Tax Act” (TDS under Sections 194c and 194i of Income Tax Act) on 26th November 2011 at Federation House, Red Hills, Hyderabad to understand the complexities of section 194C and 194I of the Income Tax Act. Though the definition of the work is inclusive in section 194C and definition of rent in 194I is exhaustive, it is often confusing in many contracts and agreements, whether it is covered by 194C or 194I or 194J.

Commissioner of Income Tax-TDS Ms. Subashree Anantakrishnan, IRS., was the chief guest for this meeting. Mr. Devendra Surana, Senior Vice President, FAPCCI, Mr. Srinivas Ayyadevara, Vice President, FAPCCI, Mr. Abhay Kumar Jain, Chairman, Direct taxes Committee, FAPCCI, Mr. M. Poorna Chander Rao, President- The Andhra Pradesh Tax Bar Association, Mr. Hanmandloo. K, Co-Chairman, Direct Taxes Committee, FAPCCI, Mr. Rajendra Prasad. T, Chartered Accountant, Mr. Aditya Bajoria, Manager-Taxation, E&Y, Mr. B. Venkateswara Rao, Mr. S. Moharana, Addl. Commissioner of Income Tax, Mr. Jeevanlal lavidiya, Deputy Commissioner of Income Tax, Mr. M.V. Rajeshwara rao, Secretary General, FAPCCI are the other speakers at the occasion.

Ms. Subashree Anantakrishnan, IRS., Commissioner of Income Tax-TDS, in her inaugural address stated that TDS has gained importance in recent years and has become a major tool of tax collection. She informed that, TDS accounted for 40% of the total revenue of Direct Taxes. The Department is totally computerized and all the information is available with us. Therefore, absolutely essential that all the stakeholders understand their obligations and ensure that at their respective end, accuracy is maintained in feeding the relevant data in the system. It is the responsible of the deductor to ensure accuracy and completeness of data relating to PAN/TAN and filing of returns in a stipulated time which enables the deductee to claim the credit. She expressed that this type of meetings are useful to interact with assessees and understand the difficulties/compliance faced by them.

Mr. Devendra Surana, Senior Vice President, FAPCCI, in his welcome address stated that we are facing problems from all areas whether it is the international situation of Europe, Greece, Italy and everything seems to be inundating us with all sorting news, we understanding that US is lot of trouble particularly with zero growth. In India, we have very high interest rates, which is indeed making difficult to industrial growth. Coming to the AP we had a situation which has unparallel for the last 14 to 16 months our economy seems to have be paralyzed with various political situations in the state. Now we are facing un-residential power cut problems. In this present scenario our industries are not getting continues power for at least three days or more.

Mr Abhay Kumar Jain, Chairman- Direct Taxes Committee, FAPCCI in his introductory remarks, stated that the endeavor of tax department to introduce paperless TDS Certificates are yet to achieve its desired goal, as there are mismatch of data between TDS Certificates issued by Deductors, TDS statements uploaded on TIN system and bank payment details, PAN Nos. of the deductees. In every mismatch case, PAN Wise deductee ledger does not show full TDS credits. In all such cases deductees are most sufferers, where the default lies in majority of the cases either in the hands of deductors or in the hands of bankers or in the TIN system itself.

He suggested to design TDS Challan in such a manner, that it should contain PAN numbers of Deductees and it must uploaded at the time of payment of challan so that it must be credited at the moment they pay the challan, so the deductee does not has to wait till deductors file proper returns. It will remove existing complete chaos in the system.

Mr. Rajendra Prasad. T, Chartered Accountant and Sri Aditya Bajoria, Manager-Taxation, E&Y, gave power point presentations on the implications of the provisions u/s 194C & 194I of Income Tax Act.

Mr. B. Venkateswara Rao, Mr. S. Moharana, Addl. Commissioner of Income Tax, Mr Jeevanlal lavidiya, Deputy Commissioner of Income Tax, and other Income Tax Officers attended the meeting.

The Commissioner of Income Tax and the team of officers clarified number of doubts raised by members.

Technical Session was concluded with Vote of Thanks by Mr. S.S. Satyanarayana, Secretary- The Andhra Pradesh Tax Bar Association.

The Inaugural Session was concluded with Vote of Thanks by Mr. Srinivas Ayyadevara, Vice President, FAPCCI.

Wednesday, November 23, 2011

Seminar & B-TO-B meetings by “Ras Al Khaimah Industrial Authority”

As part of the promotional campaign, Ras Al Khaimah Free Trade Zone representatives hold a seminar and B-to-B meetings with industrialists on “Ras Al Khaimah Free Trade Zone Industrial Policy & Business Opportunities” on 23rd November 2011 at Federation House, Red Hills, Hyderabad to attract Indian businessmen, entrepreneurs, investors to benefit from opportunities at RAK FTZ and expand their business in the region. Mr. Bissoon Surnam Regional Manager, India was the key speaker at the occasion. Mr. M.V. Rajeshwara Rao, Secretary General and nearly 200 industrialists from State of Andhra Pradesh has participated at the occasion.

Mr. Bissoon Surnam, said so far, 2000 investors from India have organizing various businesses in Ras Al Khaimah Industrial Authority and investors number still increasing. RAK FTZ could be a good hub for trading and products marketing in Gulf States with facilities of warehousing. Investors can set up facilities in RAK FTZ in logistics, industrial, academic, commercial, consultancy, general trading and media. With full ownership and a tax free jurisdiction, business environment is free zone is specifically designed to facilitate successful entry into emerging markets, particularly for small and medium enterprises.

Potential investors briefed on investment options at RAK FTZ through RAK FTZ Indian operations head Mr. Bissoon Surnam. He explained convenient set-up solutions and licenses options for various types of businesses.

Tuesday, November 22, 2011

FAPCCI delegation to IRAN to attract investments

The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) is taking business delegation to Iran from November 22-27, 2011.

A 16-member delegation to Iran will be led by FAPCCI president, Director and Chairman of the Audit Committee of JOCIL Ltd, Director, Andhra Sugars Ltd and Gangavaram Port Ltd, Mr. V.S. Raju.

FAPCCI in association with Embassy of India in Iran organizing this B to B interactive meetings with Iranian Industrialists and businessman in Iran. In this occasion FAPCCI delegates team participating many one-to-one business meetings; factory visits; interactive meetings with Chambers of Commerce of Iran and Embassy of India in Iran officials. With a strong representation from members of the Andhra Pradesh trade, commerce and industry, this visit would aim at promoting bilateral economic and industrial relations. Majorly the delegation team aimed to attract investments to the State of Andhra Pradesh, particularly in Aquaculture- fisheries, Tourism Industry, Bank and Insurance, Petrochemical Products, ICT- Telecommunication, Oil and Natural Gas, Transport and Infrastructure, Agricultural Industry and Mining Industries.

With a view to enhancing India-Iran Business relations, FAPCCI delegation team participating in International Seminar on “Foreign Investment in Iran” to be held on 23rd & 24th November, 2011 in Iran, organized by Ministry of Economic Affairs and Finance of Islamic Republic of Iran in co-operation with the Organization for Investment Economic and Technical Assistance of Iran.

Mr V.S. Raju, President, FAPCCI will Lead the delegation and Mr Shyam Sunder Pasari, Chairman, International Trade Committee will be the Co-Leader. Others members are Mr C.V. Hariharan, Co-Chairman, International Trade Committee, FAPCCI, Mr Hari Govind Prasad, Mr Lakshmikanth Inani, Mr Radha Krishan Agarwal, Mr P. Prem Kumar, Members from Trade and Commerce sector, Mr S.I.Khaleel, Vice President, MPR Refractories Ltd., Mr P.M.K. Rao, Managing Director, PMK Innovative Engineers Pvt.Ltd., Mr P. Srinivas Reddy, Advocate, Paduri Legal Consulting International, Mr T. Uday Bhaskara Rao, Proprietor, Anil Engineering Works, Mr Gayam Raja, Director-Marketing, Rahul Coach Builders Private Limited, Mr M. Sesha Sai, Managing Partner, Best Engineering Technologies, and Mr A.S. Kumar, Deputy Secretary General, FAPCCI.

Thursday, November 17, 2011

FAPCCI Invites nominations for “FAPCCI Excellence Awards 2010-11”

The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) invites nominations for its prestigious “FAPCCI Excellence Awards 2010-11” for the year 2010-11.

FAPCCI instituted Excellence Awards to foster and enhance excellence in Industrial and Commercial Organizations and encourage them to pay special attention to achieve in important national, economic and social areas that are particular relevance to the State of Andhra Pradesh. Every year FAPCCI honours industrial, commercial organizations, distinguished and eminent personalities, who have made outstanding contribution to the State of Andhra Pradesh. These Awards are presented at the Annual Function of FAPCCI by the Hon’ble Chief Minister of Andhra Pradesh.

There are 21 Excellence Awards to be given to Micro, Small, Medium and Large Industries, Scientists and Physically Challenged professionals and Women Entrepreneurs from Andhra Pradesh for which nominations are invited.

For details visit or contact Mr. R. Kulkarni, Deputy Secretary on 80085 79625 for registration or E-mail:

The last date for nominations is 15 December 2011.

Monday, November 14, 2011

Book Donation Camp

The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) and The Orange Leaf, student NGO organization jointly organized a ‘Book Donation Camp’ on 10th November 2011 at Federation House, Red Hills, Hyderabad.

Mr. V.S. Raju, President, FAPCCI, has donated the books to Kumari Varsha Gandikota, President, Orange Leaf on this occasion. Mr. M.V. Rajeshwara Rao, Secretary General, FAPCCI, Mr. A.S. Kumar, Deputy Secretary General have participated.

Monday, November 7, 2011

Valuation imposes high “Social Responsibility”

The Institution of Valuers, New Delhi and the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) organized a seminar on ‘Valuation of Assets – Present Scenario’ on 7th November 2011 at Federation House, Red Hills, Hyderabad. Mr. P.K. Thiagarajan, National President, Institute of Valuers, New Delhi was the chief guest for the seminar. Mr. V.S. Raju, President, FAPCCI, Mr. R.K. Patel, ME, FICWA, FIV, MIE, IFRS Speaker, Baroda, Mr. E Subba Rao, Chairman, Institute of Valuers, Hyd Branch, Mr. M.V. Rajeshwara Rao, Secretary General, FAPCCI, Mr. N.R. Rao, General Secretary, Institute of Valuers, Hyderabad Branch are other speakers for the occasion.

Mr. P.K. Thiagarajan said that the valuation itself is tough liability opinions expressed by valuation experts differ from person to person. As a matter of fact, valuation means, for a valuer, the procedure and technique of estimating the value of a specific property at a stated time and place. And further what is called the theory appraisal is a systematic treatment of two problems that arise in every valuation of property. The first problem is to secure a definition of ‘value’ acceptable for the purpose of particular enquiry. The second problem is to determinate the method by which quantum of the valus shall be estimated. None of these two aspects of valuation process is easy and need expertise professional valuers. Professional valuers should have clearer knowledge of the need for valuation, purpose of valuation, for whom the valuation is required, have to go about the profession of valuation, role of valuer, professional code / ethics, report writing based on the facts supported by documents. Valuation is a techno-legal subject and the valuation report should stand the test of security, audit and appeal. This can be achieved only with proper collection of data and adopting appropriate methods of valuation suiting to the various conditions.

Mr. Thiagarajan also said that under / over - valuation imposes high social responsibility on the valuers. While the client’s fair and just interest has to be kept upper most in mind as he is paying the professional fee of the valuer. While under valuation deprives the state of its legitimate revenue which is required to be spent for social cause, over valuation tends to misdirect available funds which would have otherwise been utilized more appropriately. This highlights the social role of valuers and has to guard against this sort of alterations not only because of the social responsibility but also for the prestige of the profession.

Mr. V.S. Raju appreciated the seminar and suggestion from Mr. P.K. Thiagarajan.

Mr. N.R. Rao has expressed many more such programs will be conducted in view of the importance of valuation.