INDIAN DOMINION

Need for ZERO tolerance to fraud and misconduct  Corruption, Bribery and Corporate Frauds’ have emerged as the No. 1 risk affecting corporate India, primarily due to the unravelling of scams and frauds in both public and private sectors, according to the India Risk Survey 2014. It ranked at No. 4 in the last 2013 survey. In an era rife with globalization, transparent business practices and zero tolerance to fraud and misconduct are key concerns for companies doing business in India. The global risk scenario will continue to change, becoming increasingly complicated due to the growing interdependence of different industries and processes across markets and regions. Risk management is thus not a choice but a necessity for corporations the world over. An effective risk management denotes identifying potential risks based on reliable business intelligence. The survey results of 2014 indicate a conspicuous shift of top risks towards strategic risks as compared to operational issues....

Amidst wide anticipations of taxing the ‘super-rich’ of the country, Finance Minister P. Chidambaram said in his budget speech 2013-14 that an additional 10% surcharge would be levied on those whose taxable income is above Rs 1 crore per annum. While maintaining a status quo on the Income Tax slabs, Chidambaram announced his intention to widen the tax base. Chidambaram said, “India’s Tax GDP ratio is one of the lowest in the world.” “We should reclaim 11.9% Tax to GDP ratio in the short term,” he said.  There has been a raging debate in the country in the run-up to the budget on the desirability of a higher tax rate on the rich. While a number of economists and Wipro chairman Azim Premji have supported taxing the rich at a higher rate, there are some who have termed the move as counterproductive. The Government should a ddress the lack of progressive structure in the country’s tax system and raise the much needed additional resources for financing education, health care, an...