Corporate Governance and Ethics Brueckner and Mamun

Questions: 1. a) Conflict of interests arising between various stakeholders in a company?b) Discussing how a threat that is created by controlling shareholders in the companies hinder good practices of corporate governance? 2) Discussing the relationship between the boards of directors of the company along with the shareholders? Answer: Introduction According to Brueckner and Mamun (2010) ethics is essential for the organization in order to maintain a good corporate image within the organization as well as outside the organization among all the stakeholders. So, the organization while operating, need to maintain the ethics to the maximum extent for maintain a long term relationship with all the stakeholders. This assignment deals with the interest levels of various stakeholders along with the threats that are created in order to maintain good practices within the organization. In addition to this, the relationship between the boards of directors along with the shareholders is also discussed vividly. 1. a) Conflict of interests arising between various stakeholders in a company Liket and Simaens (2013) commented on the fact that each of the stakeholders has their own interest that overlaps with that of the other stakeholders. It is the main concern of the stakeholders to see the interest of the company that gives a balance between their interest and interest of the organization. The shareholders comprises of minority, majority as well as institutional shareholders. According to Shaukat et al. (2015) these shareholders take up the decisions of the companies and appoint and remove directors. Directors- Directors are of 3 types-executive, independent and non-executive representing the whole management of the organization. Manner (2010) had an opinion that the directors according to their category have are responsible for successful operations within the organization. These directors are responsible enough to take decisions regarding the welfare of the company. According to Zimmerli et al. (2007) they are sole responsible for making up the policies based on which the management of the company will be operating. So, a strong policy by undertaking the ethical moves will surely bring success and satisfaction to all the shareholders of the company. Employees- Heenetigala et al. (2014) had a view that employees are other stakeholders that are in need of a job for getting salary. The directors dont owe any kind of duties to the employees. A company can even slash their jobs that may occur due to firm cash flows as well as huge loss. According to Li and Zhang (2010) the employees are the integral part of the organization, so more the company will be focused on their ethical approach, the more they will retain their employees. Greater employee retention will obviously bring success to the organization. Creditors as well as debenture holders- The directors dont hold any kind of ethical relationship with the of the company hold some ethics and norms to the companys creditors and if a company fails the creditors cannot blame the directors for it. To the contrary, Painter-Morland (2010) had an opinion that the directors hold some interest and norms to the companys creditors at the time when the company is at the brim of insolvency. Customers, suppliers and consumers- According to Barnea and Rubin (2010) the customers are also the companys stakeholders since they expect services as well as goods at a fair and a reasonable price. There re companies that are so unethical that they only aim for profit and for that they adopt unethical and illegal business practices. To give these companies a good response because of their unethical workings, from the opinion of Brink (2009) the customers in return need to boycott the goods and services of these companies. Moreover, the suppliers also live up to the expectation that the company will be paying them in time and fairly for the goods that are been supplied. So, Berenbeim (1992) had a view that in order to operate ethically and systematically, the company needs to be ethical in their approach and towards their customers as well as suppliers. The better the customers and suppliers will be satisfies, the better the company will gain respect for its ethical approach. Society as well as general public- Vranceanu (2013) commented that the public expect to receive the services at time without any delay. On the other hand, the companies also need to be responsible business enough for providing the services to the public and accomplish their trading in a socially conscientious way. In addition to this, Manner (2010) had a view that the companies that are involved in manufacturing business are expected to be environmental friendly. For that they need to treat the waste materials before disposal for minimizing the pollution. Moreover these companies also need to minimize the sound pollution and other environmental pollutions. According to Zimmerli et al. (2007) the companies that are involved in extracting natural resources also need to integrate the sustainable principles that will help them in conducting fair business practices. In contrast to this, Barnea and Rubin (2010) also mentioned that there are companies who due to maximize the profits disrega rd the interest of the public and environment. As a result these companies continue working unethically by adding more pollution to the society and environment. Government- Liket and Simaens (2013) had a view that there are government are holding shares of the government aided companies. The expectations of the Government are just the same as the normal shareholders that is getting or receiving utmost returns from the investments it has done. From the view point of Barnea and Rubin (2010) this arise conflicts in the interest level of the government. This is because; the government is also bounded by laws, rules, norms and regulations that help in keeping a balance between the interests and the ethics. It is essential for the government to receive interest to the maximum extent but it also have to keep in mind the norms, rules, regulations of both the parties that is government as well as company is well maintained. Heenetigala et al. (2014) commented that by doing this, both the company as well as the Government stays on the safe side. Fund managers as well as instructional investors- According to Brink (2009) the fund managers along with the instructional investors influence the companys management to a great level. The fund managers are answerable to the depositors as well as clients that are expecting attractive as well as a handsome return from the investments that are done. Painter-Morland (2010) commented on the fact that by doing this, sometimes the interests of the minority shareholders are disregarded. It is always to be remembered that the all the stakeholders want to fulfill their interests and for that the company need to work ethically for satisfying all the stakeholders as well as maintain the rules and norms for it. b) Discussing how a threat that is created by controlling shareholders in the companies hinder good practices of corporate governance Manner (2010) commented on the very fact that the shareholders make the rules, norms, regulations and policies that are totally concerned with the practices that the corporate governance undertakes. When the shareholder invests the money in an organization, they expect a good return from the organization. So, according to Heenetigala et al. (2014) for hindering good practices within the organizations the shareholders need to create threats. It is obvious the employees who need job in exchange of salary will be terrifies and will try to be more productive in their approach that will help in higher production as well as higher revenues from the company. From the view point of Liket and Simaens (2013) the legal as well as the governance principles are so made that helps the organization as well as the stakeholders to follow the way of ethics and operate ethically. 2) Discussing the relationship between the boards of directors of the company along with the shareholders According to the Companies Act 1965, all the activities of the business and the happenings within the company are well managed by the directors. The board of directors supervises and well manages the company affairs and is associated with the company. Barnea and Rubin (2010) commented on the facts that since the directors are the main operating body, the shareholders cannot interfere with the directors decision regarding the powers that are exercised. In Malaysia, the Bursa Malaysia Listing Requirements and Companies Act possess the residual powers of the general meetings. Vranceanu (2013) commented on the fact that stakeholders and directors may have stakes from the same company. These both parties are work together for a common goal. The stakeholders as well as the directors are having conflicting interests that are accountable to the possessor of the company. Conclusion To conclude this assignment, it can e said that the shareholders are the inseparable part of the organization. They are the sole policy makers within the organization and they make the policies and rules keeping in mind the ethical approaches. This is because, the organization if is ethical in their approach, then the company will be pursuing high up in the eyes of the rest of the stakeholders. In addition this, the threats that are been created by shareholders for maintaining a good practice within the organization is also discussed. The relationship between the shareholders with that of the board of directors is also explained. References Barnea, A. and Rubin, A. (2010). Corporate Social Responsibility as a Conflict Between Shareholders. Journal of Business Ethics, 97(1), pp.71-86. Berenbeim, R. (1992). Corporate ethics practices. New York, NY: Conference Board. Brink, A. (2009). Enlightened Corporate Governance: Specific Investments by Employees as Legitimation for Residual Claims. Journal of Business Ethics, 93(4), pp.641-651. Brueckner, M. and Mamun, M. (2010). Living downwind from corporate social responsibility: a community perspective on corporate practice. Business Ethics: A European Review, 19(4), pp.326-348. Heenetigala, K., Armstrong, A. and Clarke, A. (2014). Corporate Regulation and Corporate Governance of Small Businesses in Australia. Journal of Business Systems, Governance Ethics, 6(3). Li, W. and Zhang, R. (2010). Corporate Social Responsibility, Ownership Structure, and Political Interference: Evidence from China. Journal of Business Ethics, 96(4), pp.631-645. Liket, K. and Simaens, A. (2013). Battling the Devolution in the Research on Corporate Philanthropy. Journal of Business Ethics, 126(2), pp.285-308. Manner, M. (2010). The Impact of CEO Characteristics on Corporate Social Performance. Journal of Business Ethics, 93(S1), pp.53-72. Painter-Morland, M. (2010). Questioning corporate codes of ethics. Business Ethics: A European Review, 19(3), pp.265-279. Shaukat, A., Qiu, Y. and Trojanowski, G. (2015). Board Attributes, Corporate Social Responsibility Strategy, and Corporate Environmental and Social Performance. Journal of Business Ethics. Vranceanu, R. (2013). Corporate profit, entrepreneurship theory and business ethics. Business Ethics: A European Review, 23(1), pp.50-68. Zimmerli, W., Richter, K. and Holzinger, M. (2007). Corporate ethics and corporate governance. Berlin: Springer.

Can Give Rise To Psychological Issues †Myassignmenthelp.Com

Question: Explain Can Give Rise To Psychological Issues? Answer: Introducation Withholding of the truth about Amy can give rise to psychological issues and have an impact on her quality of life. Her physical inabilities as difficulty to find words and repetition during a conversation and lack of concentration are contributing to her psychological distress, as she is unable to understand the reason of her sudden change in behaviour and memory. Withholding the information can have a negative impact on the patients attitude. It would reduce her coping ability, cause mood disturbances and anxiety and reduces her ability to prepare for the future(Kelley Morrison, 2015). The withholding of life limiting illness about Amy also has serious negative impact on her family. Her mother is in her 80s and witnessing such a change in behaviour and mood in Amy can have psychological impact and extremely painful. Her son Erik finds it difficult to conceal the truth of her life limiting illness from Amy and that might affect her end-of-life care and her compliance with the treatment and medication. This puts her family members in a hard situation and her family members face ethical dilemma whether to inform her or not. This situation raises ethical dilemma for me. Although, Amy and her family members wants to withhold her life limiting illness as posed by the family, the primary concern is to disclose the illness to her in culturally sensitive manner. This ethical dilemma can affect her end-of-life care and response to treatment. As she has limited English speaking ability, it is important to convey through family members or interpreters. The considerations include using of plain language, addressing of one piece of information at a time and ask about Amys worries, thoughts and understandings after illness disclosure through culture centred communication (Katz Johnson, 2013). The care provided to Amy should include her cultural practices and spiritual needs and directed towards culture-centred care. It is important for the staffs to learn about her beliefs, cultural attitudes meanings of illness, health and symptoms. As she is diagnosed with life-limiting illness, it is important to recognize the unique cultural aspects of the care provision at the end-of-life (Wittenberg, et al., 2015). Knowing about cultural values of Amy would help the staffs to understand, grapple and navigate through the limiting illness. Integration of Amys cultural needs would help staffs in delivering her end-of-life care. Staffs need to understand that cultural factors and their integration into healthcare would influence her healthcare seeking behaviour, medical and clinical decision-making and finally health outcomes. Therefore, culture-centred end-of-life care act as driving factor in delivering culturally competent healthcare to Amy. By providing culture-centred, care to Amy would help her and family to respond to the end-of-life care and have a positive impact on their psychological well-being. The cultural consideration and specific spiritual needs of Amy would be fulfilled in her terminal diagnosis, as the staffs would provide culturally appropriate care that improves her and family situation. As a graduate health professional, I would like to spend time to develop an understanding of her feelings and specific needs to address anxiety and point of disagreement in providing end-of-life care. I will try to develop an empathetic relationship with Amy and her family in providing culture-centred care. For this culture-centred communication, principles are important through interpreters to understand Amys true preferences for receiving illness information. As she has limited English speaking ability, it is important to be cognizant about how her cultural factors and beliefs might affect her end-of-life care. This sensitivity to Amys individual and cultural preferences would help to avoid stereotyping and in making incorrect assessments in providing her end-of-life care (Moir, Roberts, Martz, Perry, Tivis, 2015). References Katz, R. S., Johnson, T. G. (2013). When professionals weep: Emotional and countertransference responses in end-of-life care. Routledge. Kelley, A. S., Morrison, R. S. (2015). Palliative care for the seriously ill . New England Journal of Medicine,373(8), , 747-755. Moir, C., Roberts, R., Martz, K., Perry, J., Tivis, L. J. (2015). Communicating with Patients and their Families about Palliative and End of Life: Comfort and Educational Needs of Staff RNs. International journal of palliative nursing,21(3), , 109. Wittenberg, E., Ferrell, B., Goldsmith, J., Smith, T., Glajchen, M., Handzo, G., Ragan, S. L. (2015). Textbook of Palliative Care Communicaiton. Oxford University Press.

Monet Painting And Impressionism Essays - Visual Arts, French Art

Monet Painting And Impressionism The comments about Monet's painting, Impression: Sunrise, gives an insight to the artistic vision in Waugh's Vile Bodies and Greene's Brighton Rock. Monet's Impression: Sunrise is a famous and prime example of Impressionism. The impressionist style of painting is characterized by "concentration on the general impression produced by a scene as an object and the use of unmixed primary colors and small strokes to simulate actual reflected light." (WebMuseum) Impressionist paintings use light and color to imitate a certain setting or reality. In both novels, Vile Bodies and Brighton Rock, there is an impressionistic feel to them. There is a sense of darkness and unclearness as one reads along, but have an element of ?light' that is present throughout. The ?light' in these novels are represented through characters. In Vile Bodies, the story is one of nothingness, meaninglessness. None of the characters have an objective reality, it's all subjective. The reality is different to each character. There are concessions to nothing outside the self. Their lives are portrayed as wasted, as if there is no other purpose to them than to be part of a society that emphasizes the importance of money and social gatherings, in other words, a social satire. One source of light in this novel is Mrs. Ape and her angels. They serve as a religious element in a world that is existentialism at its' best. Brighton Rock is a detective story, a ?who done it'. Naturally, being that it is a detective story, there is a dark quality to it. Detective films fall into the film noire genre, because of the dark element. Rose is the ?light', it is present with her. Throughout the novel, along with the murders and crime solving, Rose is the balance, the light. Her good balances with her husband's , Pinkie's, evil. Pinkie seems to be incomplete without Rose. Monet's painting seems to be incomplete, or unfinished. And like the painting, Rose is the stroke of color, that reflects light in the novel. Being that they are married, which is a holy institution, makes her different from the unmarried characters, i.e. Ida, Charles, etc. Rose is the bonding element in her marriage to Pinkie. The comment made by Castagnary, in the test booklet, "They are impressionists in that they do not render a landscape, but the sensation produced by the landscape...There they take leave of reality and enter the realms of idealism", has a connection to the life portrayed in Vile Bodies. The landscape sensation, which is the world and lives of the characters, is produced by the meaningless conversation, relationships, and subjective mentality of the characters. In the essay by Paul Tillich, "The Meaning of Meaninglessness", it states that, "He(man) has sacrificed himself to his own productions... He who is in the grip of doubt and meaninglessness cannot liberate himself from this grip, but he asks for an answer which is valid and not outside the situation of his despair." This is the case for Adam. He is searching for something that is not outside of the satirical world that he is trapped in, created by Waugh, constructed as an example of what the world has become or what the world is soon to become. The author's, as like Monet and other Impressionist painters, have an artistic vision that is expressed through strokes and color and a reality, or lack thereof. In the novels, the strokes are the characters, and the color is the role that the character plays in the world created by the author. All the elements come together to form a world, created by the artist, either with paint or words.

Narrowing of the Gap between the Rich and the Poor in the Society

Narrowing of the Gap between the Rich and the Poor in the Society Introduction Part of the millennium development goals focus on poverty eradication, population stabilization, and supplying of all people of the world with adequate food. This aims at ensuring that living standards of the people rise and alleviate deaths related with food shortage and poverty. Advertising We will write a custom essay sample on Narrowing of the Gap between the Rich and the Poor in the Society specifically for you for only $16.05 $11/page Learn More Although economic crises limit the efforts of many countries in their quest to eradicate poverty, countries like China have moved a step forward and recorded great success in poverty reduction. In addition, in the pursuit of feeding citizens of many nations of the world, application of diverse measures such as increase in land productivity, proper water utilization schemes, and population stabilization to ensure food security becomes inevitable. The most Important Points and personal feelings The m illennium development goal on poverty reduction entails the reduction of people going hungry, provision of universal primary education, reducing the number of people who cannot access clean drinking water, combating the spread of infectious diseases, and provision of healthcare services to the needy in the society. All these factors help to narrow the gap between the rich and the poor in the society. Accessible education for all lowers poverty levels to insignificant levels. I regret the fact that, children with little or no formal education normally start life at a crippled economic state and this would mean they continue in abject poverty for the rest of their lives thus widening the gap between the rich and the poor. The World Bank supports countries with good education plans to achieve their universal primary education for all. In the developing countries, health sector combats diseases such as diarrhea, respiratory illness, malaria, measles, and HIV AIDS, which affect many peop le and lead to increase in mortality rate. Prevention of these diseases would mean good health to the people and therefore, high economic productivity. A nation with high percentage of unhealthy people is prone to suffering from poverty as sick people are less productive than healthy people are. The provision of clean drinking water, adequate food, and good waste disposal helps to alleviate disease outbreaks in the society. Prevention of infectious disease such as HIV AIDs ensures healthy life and high economic productive by all hence poverty reduction. Falling fertility and increasing mortality rates help to shrink populations and helps to stabilize populations. Family planning methods assist in regulating women fertility whereas HIV and hunger increases mortality rates in many countries. Direct health care intervention helps in raising the literacy level of many women on family planning matters to help in regulating population sizes in many nations. Small sized populations ensure good provision of basic requirements hence reduction in poverty and hunger.Advertising Looking for essay on environmental studies? Let's see if we can help you! Get your first paper with 15% OFF Learn More Food insecurity poses a threat to many nations of the world; however, I believe that use of different approaches has alleviated the food insecurity problem in many nations. Increase in land productivity by acquisition of more land for agricultural production and application of new farming techniques improves the land productivity for sustainable food supply. From the readings, it is clear water, as a major resource in food production, remains a great challenge in many countries. Water shortage reduces food production and this risks food insecurity in the affected countries. To prevent this problem, I think that adoption of irrigation skills, which help to reduce water usage as drip irrigation and sprinkler irrigations over flooding and furrowing irrigatio n methods would save the unbecoming problem of water shortage. From the insights raised in the readings, I feel that the need to sustain food security in the future calls the elevation of responsibility of food production from the ministry of agriculture to the office of the head of state. Effects of other ministries affect food production for instance ministry of energy emit carbon dioxide in the air affecting crop production; therefore, all ministries need regulation to achieve food security. Conclusion Although economic crises affecting many nations of the world cause poverty increment and food insecurity, the pursuit to achieve the millennium development goals helps to alleviate the problem of poverty and food insecurity by the application of different approaches such as education for all, population stabilization through birth controls and increment in food production. The achievement of food security and reduced poverty levels remains justified by the appropriate application o f these approaches.

Consequences of Immoral Behaviors Assignment Example | Topics and Well Written Essays - 500 words

Consequences of Immoral Behaviors - Assignment Example According to Donner (2007), American Psychological Association ethical principles of psychologists and code of conduct requires all information given to a psychologist in the cause of his or her professional work be kept in private. As a professional, a forensic psychologist should be able to protect information provided in a professional relationship. It is wrong for a psychologist to allow private information relayed to them to be disclosed to a legal system. A forensic psychologist would have to weigh their decision and consider whether this would harm the prisoner. The inmate gives much trust to the psychologist by admitting to him that he took the blame for his son’s assault to a 17 year old friend. Under no circumstances should the psychologist give this information to a third party. The plaintiff did not protest against the father’s decision to own up his son’s mistake. The process of decision-making is to a large extent based on ethics. A psychologist sho uld be aware of ethics related concerns in a given situation. An informed decision can be arrived at only if there is a clear understanding of these concerns. The psychologist should be able to determine ethics based priorities. Self-honesty is fundamental for the purposes of decision-making. Priorities should be determined on the best interest of the inmate, professional code of ethics and the benefit to society. For example, in a case Tarasoff v. Regents of the University of California, the court held that the protection privileges ends where public peril begins (Buckner & Firestone, 2000). Period of deliberation also comes in hand when dealing with the question on ethics and confidentiality since they are not easily answered. A forensic psychologist should be able to make any ethical decision and take responsibility for that choice. There may be consequences likely to occur as a result of the verdict taken. In this case, the person who committed

An Urban Tourism Experience Essay Example | Topics and Well Written Essays - 3000 words

An Urban Tourism Experience - Essay Example Through the development of a narrative of the experience of being out in the field, the study uses thematic descriptions in order to define the way in which the experience of Rome can be brought into context with the modern experience. The themes that emerge in the development of the case are defined by the overall Roman culture through which an understanding leads to a sense of pride in the Italian lifestyle. A definition of urban tourism can simply be made by stating that it is tourism that has a city or cities as a destination for holiday. A more complex version of the definition, however, involves the desire to seek out other cultures and explore social meaning and context through first hand experiences. While urban tourism needs an additional amount of information in order to have real meaning, the ability to go to an urban center and taste the nature of the culture through experience can expand the understanding that one has about that locale. The culture of a city comes from the incidental and unintentional things that are encountered. The development of an urban tourism encounter is based upon the development of a conglomeration of disciplines so that the holiday creates a sense of the environment, not just the concept of the outsider who is looking in on a culture as if it were a zoo. Many travellers see the world as if it is a zoo for their observation, but not a place in which to immerse oneself in the culture of a city is to discover something more than just what can be observed. Urban tourism types of travel have the ability to create a connection to the observed culture that is based upon seeing their world through eyes that have been taught to look. Through information from outside sources, through learning a bit of the language of the city that is the focus of the travel, and through looking for aspects of the city that are not intended for the eyes of the traveller, the culture begins to emerge. 1.1 Research Questions The following research questions have been developed in order to frame the inquiry that this study has endeavoured to create: What is the cultural experience that defines the urban tourism event in Rome? What appears to be the hidden culture that the facade created for tourists has tried to dissuade tourists from observing? What are the cultural meanings that the urban tourist can readily observe within the experience of the city of Rome? What experiences in the city of Rome can become part of a profile of its identity? 2. Literature Review 2.1 Urban Tourism Buhalis and Darcy (2011, p. 123) discuss the nature of tourism by writing that â€Å"Travel involves the movement away from home with its gendered responsibilities and expectations, as well as the movement towards other worlds and possible selves experienced within a relation to difference†. The experience of immersing oneself into another culture is defined both by the lived experiences of the indigenous population, combined with the public identity of the locale that has been created through carefully cult ivated perceptions about the regions.

Management of Direct and Indirect Taxes

Management of Direct and Indirect Taxes Neha Kathuria The assignment attempts to bring out various dimensions of the Indian Tax structure. Three articles were reviewed along with the relevant case laws. All the three articles are based on one theme, the fact that the Indian Tax Structure needs reforms. The first article regarding the Direct Tax Code proposes changes in the Income Tax Act,1961 to be in line with the modern day changes and other economies. The next two articles bring to the notice that there are increasing incidences of the Tax Avoidance and Tax evasion. This is attributed to various factors discussed in the summary of the articles. There have been increase in the tax burden over the middle and lower income slab people and as a result they feel burdened. Also, there has been seen that the growth rate of tax rates for these two groups has went up speedily as compared to for the third group. For these reasons tax administration require changes so that such incidences can be reduced. Article 1: An Appraisal of New Direct Tax Code in India A New Challenge in Direct Taxation by Sarbapriya Ray This Article attempts to study about the new direct tax code which got introduced from the financial year 2012-2013, having replaced the five-decade old system. Further, the article move over to discuss the pros and cons of this new code. The article was written in the year 2011, so all the amendments are in comparison to the Income Tax Act,1961. It has been written by Sarbapriya Ray, Assistant professor at Calcutta University. Although, Direct tax code was introduced to bring about positive changes it was criticized and was considered to be confusing, and So, there have been certain other amendments after that as well, which is given after the summary of the article. The aim of the new tax code was to make the system of direct taxation more equitable and straight-forward. The direct tax rates were henceforth not supposed to be part of the Budget. The modern tax system and provisions were required to come in line with the constantly changing economy. The objective was to end unnecessary exemptions, widen tax bases, increase the ratio of Tax-GDP, minimize disputes and litigation to bring about a more effective and equitable tax system. The reduction in the tax exemptions and deductions which have been increasing were to be reduced or amended because they helped in Tax evasion or Tax avoidance. In the process of providing exemptions and deductions, the amount foregone is termed as the total expenditure and the amount has been increasing from one financial year to another. For instance, the figure for the year 2008-09 has been Rs.27389 crores. General Concepts: 298 sections and 14 schedules were to be replaced by 319 sections and 22 schedules. A unified concept of Financial Year replaced concept of Assessment year and Previous year, doing away with the confusions that arose. Changes in terms of the income tax return filing date were: For corporates, due date proposed was August 31st ever FY. For individuals 30th June was proposed. Income to be divided into two parts: Income from special Sources: Income to be taxed at special rates in case of winning from lotteries, income of non-residents, etc. Income from ordinary sources: Income from salary, Income from capital gains, Income from house property, etc. Features of the new tax code: Tax Rates: The following table shows the income tax slabs till FY 2010-11 and the amended tax slabs that would be applicable from the FY 2012-13 with the implementation of the new direct tax code.   Ã‚   Income Tax Slabs for others and Men Women S.NO Tax Percentage FY 10-11 FY 12-13 1 No Tax/ Exempt Upto 1,60,000 Upto 2,00,000 2 10% 1,60,001 5,00,000 2,00,001 5,00,000 3 20% 5,00,001 8,00,000 5,00,001-10, 00, 000 4 30% Above 8,00,000 Above 10,00,000 The proposed changes were estimated to bring down the tax liability of an individual having income greater than 10 lakhs by Rs.41040 annually. The following table shows the changes in the corporate tax rates with the implementation of the new direct tax code (DTC). Particulars Income Tax Act, 1961 Original DTC Revised DTC Domestic Company 33.22% 25% 30% Foreign Company 42.23% 25% 30% Branch Profits Tax 15% 15% MAT 19.93% on Book Profit 0.25% / 2% of Gross Assets 0.25% / 2% of Gross Assets Dividend Distribution Tax 16.61% 15% 15% Wealth Tax 1% on Net wealth exceeding Rs. 3mn 0.25% on Net Wealth exceeding Rs. 5 mn 1% on Net wealth exceeding Rs10 mn Corporate tax rate was reduced from 33 to 30%. Residential Status: Companies incorporated in India are domestic companies and resident. Only those foreign companies are to be treated resident whose place of effective management is partially or wholly in India. Income from Employment: Another change in the new Direct tax code is in terms of replacing EEE (Exempt-Exempt-Exempt) to EET (Exempt- Exempt-Taxed). These changes mean that till accumulation of income, withdrawal will be exempt otherwise it is taxed. The following table shows a comparison of the EEE and proposed EET system: EEE under Income Tax Act, 1961 EET under DTC Providing incentive in the investment year Incentive in the form of deductions from gross taxable income in the investment year No tax on income from this investment No tax on income on the investment No Tax on the maturity of the investment Tax is levied on the amount withdrawn EET was proposed to deal with the shortage of resources with India. Also, In India since savings form a major part of the earnings, taxation would help in solving the problem of dealing with the debt accumulated with the government. MAT: The amendments led to capital intensive industries to pay MAT even in case of book losses. The changes will lead to increased efficiency and utilization of the assets. Wealth Tax Benefits The new direct tax code also proposed changes related to wealth tax calculations. Particulars Income Tax Act,1961 New Direct Tax Code Threshold Limit Rs. 30 lakhs Rs. 50 Crore Tax Rate 0.25% 1% Wealth Tax includes calculation of financial assets fixed deposits, corporate bonds, shares, which are done at cost or at market price, whichever is lower. Companies are not supposed to pay wealth tax anymore. Capital Gains: The following are the changes according to the new direct tax code: The structure of long-term capital gain and short-term capital gain tax is replaced with the uniform system as capital gains were now to be taxed at the marginal tax rate as per that applicable to the assesse. The period of holding has no bearing on the Tax liability of the assesse. Securities transaction tax concept is to be removed. Business loss and loss from capital gains can be carried forward for an indefinite time period as per this new DTC. Loss under capital gain can also be adjusted against income from capital gains. Conclusion: New DTC introduced a stable and effective system for the FIIs. However, there were two opposite view points about it. DTC was criticised on accounts of the fact that the new amendments may not be beneficial to the investors and FIIs, for whom primarily they were proposed. On the other hand, the concessions or relaxations would lead to loss of revenue. India still needs the Direct Tax Code Nov 01 2015 This article is from MINT and was published on Nove,01,2015. In 2015 budget, DTC was removed giving the explanation that a lot of provisions have already been considered or merged in the Income Tax Act, 1961.The finance minister, gave up the provision of reducing the corporate tax to 25% in the years to come. But further cuts on tax rate would require the Direct Tax Code. The requirement of direct tax code if felt today because a simpler version of tax structure is required in India as it leads to the growth of the economy. A tax consultant feels that an efficient tax system reduces tax avoidance and evasion. An article from the economic times mention that when Direct Tax code was proposed in 2011 to be implemented from the FY 2012-2013. Some of the provisions of the DTC as mentioned in the summary of article were not accepted by the government, which were as follows: Widening of Tax slabs. Increase in basic exemption limit. Securities transaction Tax not to be abolished. Direct Taxes Code: Revised bill makes avoiding tax tougher for foreign companies Wed, Apr 02 2014 This is another article from the newspaper MINT. This is a case of Vodafone group versus the supreme court and happened because of the original provisions of the proposed DTC and hence after this certain provisions were revised. The revised provision could help in reducing the incidences in which the foreign companies avoid taxes. This case happened when Vodafone group decided to acquire Hutchison to become Vodafone India. Original DTC Revised DTC 50% of total assets in India, then income from such a transaction would be taxed 20% of total assets in India, then income from such a transaction would be taxed In a case, previously of Vodafone, the supreme court gave the judgement that if the shares are transferred by a foreign company having a subsidiary in India, from one non-resident person to another, is not considered a transfer of a capital asset and hence and so any income from such transaction would not attract tax. However, when Vodafone International Holdings (British Company) acquired Hutchinsons (again a foreign company) Indian subsidiary. The government intervened on the ruling of the supreme court that the transactions which derives its value substantially from the assets located in India[1] are to be taxed. At present, section 9 of the income tax Act does not provide any threshold as to what is the meaning of substantially deriving value from assets located in India. Though this now brings in clarity, lowering the threshold from 50% to 20% will lead to many more indirect transfer cases coming under the tax ambit.[2] Due to the need of a variety of changes to be required in the original DTC, revised DTC was proposed in 2013: KEY CHANGES IN THE REVISED DIRECT TAXES CODE 2013: An indirect share transaction will be liable to be taxed in India if 20% of the assets are based in India. New tax slab introduced; individuals earning more than Rs10 crore a year to be taxed at 35%. No changes in other tax slabs for individuals; age for senior citizens relaxed to 60 years from 65 years. à ¢Ã¢â€š ¬Ã¢â‚¬ ¹ Levy an additional 10% tax on the recipient of dividend payments if the dividend income exceeds Rs1 crore. Financial assets included under the ambit of wealth tax as compared to only physical assets at present. Rationalization of provisions related to non-profit organizations. Ring-fencing of losses from business availing investment linked incentives. Provision of settlement commission removed.[3] One of the provisions of the new Direct Tax code is the abolishment of the securities Transaction Tax (STT). This will help companys in reduction of tax as STT was a tax paid while purchasing shares. Since this was a part of the amount paid to the broker that cost would also be lessened. Further, the reduction in the corporation tax rates from 30% to 25% would reduce the tax burden on the companies. The changes in the provision of MAT may have negative effect on the companies that are asset based companies. The investments by corporates would be reduced. The change of provisions in terms of Income from employment that is a change from EEE to EET is expected to increase costs. EET has an increase in the limit and the following are the two points related to it: Savings on the amount of Rs. 2lakhs invested. Income on this invested is exempted from tax. Further, DTC proposes the reduction in the tax rates for LTCG and STT. This would lead to an increase in the trades in securities market. Article 2: Personal Income Tax Structure in India An Evaluation by Dr. Radha Gupta The article is from January 2013. An attempt is made wherein the personal tax structure in India is reviewed and the issues and amendments required to lessen the tax burden on the lower income groups are highlighted. Research is carried out for the same by using descriptive and exploratory techniques of research. Tax slabs and the rates were higher during the period under study in this paper and the need for its rationalization was felt. The characteristics of a good tax system include a change in the national income corresponding to a high response in tax revenue. Further tax revenue has in total three components on which it depends tax rate, tax base and national income. There were three main objectives behind undertaking this study by Dr. Gupta and they are as follows: To see the trend of Indian personal tax structure To see the present situation and estimate the future trends Based on the study, finally suggesting ways to improve or rationalize the structure if need be. The study was undertaken with respect to the general tax payers. The time span under study is 12 financial years from 2000-01 to 2011-12. The study has five broad elements: Composition and comparative analysis of Income exempted from tax. Composition of Total Tax liability of general tax payer for period under review. Composition of growth rate of tax burden. Composition of tax liability on different income Slabs. Conclusion and Suggestions.[4] 1) Composition and Comparative Analysis of Income Exempted from Tax Tax free Income for Male, Female and Senior Citizen: Financial Year Male Female Senior Citizen 2000 01 Rs. 50,000 Rs. 50,000 Rs. 50,000 2001 02 Rs. 50,000 Rs. 50,000 Rs. 50,000 2002 03 Rs. 50,000 Rs. 50,000 Rs. 50,000 2003 04 Rs. 50,000 Rs. 50,000 Rs. 50,000 2004 05 Rs. 50,000 Rs. 50,000 Rs. 50,000 2005 06 Rs. 50,000 Rs. 50,000 Rs. 50,000 2006 07 Rs. 100,000 Rs. 135,000 Rs. 185,000 2007 08 Rs. 110,000 Rs. 145,000 Rs. 195,000 2008 09 Rs. 150,000 Rs. 180,000 Rs. 225,000 2009 10 Rs. 160,000 Rs. 190,000 Rs. 240,000 2010 11 Rs. 160,000 Rs. 190,000 Rs. 240,000 2011 12 Rs. 180,000 Rs. 190,000 Rs. 250,000 The table consists of the data from the highlights of budget in the newspaper. The table shows that despite increase in the cost of living, the tax exemption limit remained constant for fist six years. From the seventh year, there has been an increase in trend but that was found not to be in line with the increase in prices. Also, from the financial year 2011-12, a new head was introduced Very senior citizen citizens of more than 80 years of age. Tax exemption limit for this category is Rs. 500,000. One notable finding under the first head was that, the amount of tax exemption limit was directly proportional to the number of individuals falling under each category or age limit. 2) Composition of Tax Liability for General Tax Payers for Period under Review: As can be seen from the table showing trend of tax rates and tax liability, the trend for first and second slab category is increasing. Thus, it was indicated that those falling in these two slabs were paying higher taxes as compared to those in the third slab. And so, a need was felt to bring about changes in the prevailing structure. Furthermore, because of the inflationary trend in the country, people falling under these two tax slabs feel that their sustainability is being affected and on the other, affect their willingness to pay tax. The following table shows the trend of tax liability for 12 financial years under review: 4) Composition of growth rate of Tax burden The following table shows the growth in the tax liability of the different income groups. So, when it comes to the lower and middle income group to pay taxes, looking at the growth they feel burdened and so a reason requiring changes in the tax administration.   Ã‚   4) Composition of Tax Liability on Different Slabs Tax liability with respect to different slabs was calculated. It was found that the maximum amount of people, based on income, fall in the first two categories and they form the middle-income group. Also, the tax payers whose income fall in all slabs belong to the higher income group. Tax weight on General Tax Payer of Different Slabs: FY Tax burden on First Slab Tax burden on Second Slab Tax burden on Third Slab 2000 2005 Rs. 1,000 Rs. 18,000 Rs.225000 2005 2007 Rs. 5000 Rs. 20000 Rs. 195000 2007- 2008 Rs. 4000 Rs. 20000 Rs. 195000 2008 2009 Rs. 15000 Rs. 40000 Rs. 150000 2009 2010 Rs. 14000 Rs. 40000 Rs. 150000 2010 2011 Rs. 34000 Rs. 60000 Rs. 60000 2011 2012 Rs. 32000 Rs. 60000 Rs. 60000 There has been a growth in the tax rates and tax liability for those falling in the first slab and so they are increasingly being burdened. This comes to the point out lower income group is paying more tax liability as compared to other tax payers. Thus, a reform is required in the personal income tax structure. When it comes to the middle-income group tax payers, they are also bearing the tax liability burden as compared to the third slab group. The difference between the first slab group and second slab group is that the rate with which their tax liability is increasing is less as compared to the first slab bracket. Because of this difference, there is the violation of Equity Principle of taxation given by Adam Smith. So, another reason backing the requirement of the change in the tax structure and making it more equitable. This would also ensure that the practices of tax avoidance and tax evasion are lessened. 5) CONCLUSION AND SUGGESTIONS Dr. Gupta comes to the concluding points based on the research she did that despite of the fact that tax payers are aware that the tax collected by the government is used for the welfare of the people only, yet because of the findings and reasons found above, there have been increasing incidences of Tax avoidance and Tax evasion. This also affects the economic situation of the country. So, policies are to be changed and tax rates to be administered properly. A way to reduce the burden on the first two slabs is that the tax slabs can be fewer and should fair and equitable. Cairn India vs Government: There is a gap between what government has to say and the work the tax department does. One notable difference was highlighted in case of Cairn India, where despite of having said that there would be no retrospective amendments in tax laws, the government demanded company with the same. Retrospective demands are said to be there only in case of the need to increase revenues, as there could be an urgent requirement for some social cause or infrastructural development. Thus, revenue forecasts are to be realistic and desirable. The targets are to be completed and looked after by the transfer pricing officers and they have to ensure that there is no incidence of tax evasion. Article 3: Indian Tax Structure- An Analytical Perspective by Nishant Ravindra Ghuge and Dr Vivek Vasantrao Katdare India has a well-defined taxation structure and it is divided into three tiers. This paper attempts to bring out the changes that the Indian Tax structure has gone through in a move to becoming an ideal tax structure. Further, it highlights the issues and problems that prevail in the structure and still needs to undergo further changes to get rid of the problems. The problems prevailing are the tax avoidance, black money and reliance on indirect taxation system. The study is done based on the data collected from the sites of the government. It goes over to explain the various types of direct taxes and indirect taxes and the pros and cons of each. This paper is from September, 2015. The following are the three tiers: The main taxes that the union government levy Income Tax, Customs duty, sales tax, excise duty and service tax. The main taxes that the state government levy Intra- state tax on goods, stamp duty, land revenue, agricultural tax, Tax on professions and Duty on Entertainment. Local bodies levy taxes Octroi, Tax on properties and markets, tax on utilities. Due to the liberalization since 1991, the following are the changes noted that the tax structure in India had undergone: Rationalization of tax structure. Progressive reduction in peak rates of customs duty. Reduction in corporate tax rate. Customs duty aligned with ASEAN levels. Introduction of VAT Widening of tax base[5] There are two types of taxes direct and indirect taxes. Direct Taxes Taxes which are paid directly to the authority who imposes it by the tax payer and are levied on profits and income. The list includes the following Taxes on income, corporation tax, interest tax, gift tax, estate duty, wealth tax, agricultural tax, expenditure tax, land revenue, Hotel receipts tax. Indirect Taxes Taxes which are not paid directly to the authority who imposes it by the tax payer and are levied on goods and services. The list includes the following state excise duty, customs duty, Entertainment tax, service tax, taxes on purchase of sugarcane, General sales tax, Union excise duty, tax on electricity, Stamp and registration fees. In this study, certain research papers were reviewed and the results are presented thereof. Three papers were as follows: Taxation laws of India Overview and fiscal analysis written by Kumat in 2014. Tax structure in India and its effect on Corporate Individual written by Jha in 2013. Tax system reforms in India: achievement and challenges ahead written by Rao in 2005.[6] All the three papers mentioned above suggests the following: Coordinated tax consumption system. Focus on the decreasing the reliance on indirect taxes and levy direct taxes more on the upper income group tax payers. Transfer pricing to be abolished. Analysis of the Indian Tax Structure The following table shows the amount of direct taxes and indirect taxes collected by the government for period under review: Year 2010-11 2011 12 2012 13 2013 14 Revenue Receipt Direct Tax 45822.09 501394.92 574680.54 679297.56 Revenue Receipt Indirect Tax 820843.26 966495.51 1151867.99 1353191.51