Taxation
CBDT processes 6.53 lakh online tax returns' correction requests

CBDT said a detailed user manual for filing online rectification is available on the e-filing portal, on which taxpayers can also monitor the status of disposal of their requests

 

India's tax department has processed over 6.53 lakh online rectification applications in the last fiscal and asked assessees to make use of the e-filing portal for correcting mistakes in tax returns, an official statement said on Friday.
 
"Taxpayers who are not satisfied with the outcome of processing of their Income Tax Return by the Centralised Processing Centre (CPC), Bengaluru, can avail of the facility of online filing and tracking of rectification requests on https://incometaxindiaefiling.gov.in," the Central Board of Direct Taxes (CBDT) said in a statement here.
 
Its CPC has already processed 6,53,763 online rectification requests in 2015-16 till February 29, 2016, the statement added.
 
CBDT said a detailed user manual for filing online rectification is available on the e-filing portal, on which taxpayers can also monitor the status of disposal of their requests.
 
It said that in case of any mistake in data entry of tax payment or tax deduction at source (TDS) details, taxpayer can use the "Rectification Request Type - Taxpayer is correcting data for Tax Credit mismatch only" option on the website for entering the correct details.
 
In case of a data entry mistake in any other schedule, or omission of any details, the taxpayer can select the option "Taxpayer is correcting Data in Rectification" and the reason for seeking rectification.
 
In any other case, the taxpayer can select the option "No further Data Correction Required, Reprocess the case" where the mistake in processing may have occurred due to non-reporting of TDS by the deductor.
 
"CBDT is committed to ensuring accuracy in processing of returns and determination of refunds and seeks the active cooperation of taxpayers in ensuring correctness of data while submitting the return or rectification request," it said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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CEO, CFO and COO of Ricoh India have been sent on leave
Independent agency to probe serious governance issues 
 
Ricoh India has informed the exchanges that an independent agency has been appointed to assist the Audit Committee to better understand certain areas where the auditors had emphasized further review. This agency is conducting a review, which will be completed soon. It comprises of an independent law firm and accountants. Interestingly, some  members of the top management including the CEO and CFO, have been asked to be on leave during the said review process. These include:
 
1) Mr. Manoj Kumar, the Managing Director and Chief Executive Officer;
 
2)  Mr. Arvind Singhal, the Chief Financial Officer; and
 
3)  Mr. Anil Saini, the Senior Vice President and Chief Operating Officer
 
Other officers will discharge functions on behalf of the officers sent on leave. 
 
Earlier, it had sent a communication to the exchanges on 18 February 2015 stating that 'The Company has not yet received the signed limited review report from the auditors and the audit committee would take up again the matter with the Statutory Auditors to submit their limited review report on an immediate basis.' Further, the filing stated, 'In order to assist the audit committee, the audit committee has sought the opinion of an Independent Agency in this regard.'
 
The company has not yet filed the quarterly results for September 2015 and December 2015 quarters. Earlier, a Securities and Exchange Board of India (SEBI) circular stated that Ricoh India will be shifted to ‘Z’ group with effect from 28 March, 2016. 
 
The stock has been on a downward spiral in the last 9 months, falling more than 60% from a high of Rs1072 in July 2015. It is currently trading at Rs413. 

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COMMENTS

Krishnan B S

11 months ago

This is really very unfortunate. Ricoh is a huge company and if things happen like this even in Japanese companies, then it is unbelievable.
As this is a Japanese company, many investors like me have bought these shares. Now we will have to sell it at a loss or become Share Market Abhimanyu's, as I guess exit is going to be long time.

Maruti Suzuki's March sales up 16%

The company's passenger car segment comprises of brands like Alto, WagonR, Swift, Ritz, Celerio, Baleno, Dzire, Dzire Tour, and Ciaz

 

Passenger automobile manufacturer Maruti Suzuki on Friday reported a 15.9% growth in total sales for March.
 
The company's total sales stood at 129,345 units during the month -- up from an off-take of 111,555 units during the corresponding period of 2015.
 
According to the automobile manufacturer, its total sales in the last fiscal grew by 10.6% to 1,429,248 units.
 
"With this the company ended 2015-16 with its highest ever sales of 1,429,248 units, a growth of 10.6%. This comprises the highest ever domestic sales of 1,305,351 units and 123,897 units of exports," the company said in a statement.
 
"For the fourth year in a row, the top four best-selling models in India are from Maruti Suzuki: Alto, Dzire, Swift and WagonR." 
 
The statement added that introduction of new models including S-Cross, Baleno and Vitara Brezza, new technologies, expansion of existing network and launch of company’s premium retail channel -- NEXA brought in the incremental numbers.
 
For last month, the company's domestic sales surged by 14.6% to 118,895 units, from 103,719 units sold during the corresponding period of 2015.
 
In addition, exports augmented by 33.4% with 10,450 units shipped out -- from 7,836 units sold abroad in March last year.
 
Segment-wise, sales of passenger cars rose by 7.4% to 92,105 units - from 85,733 units sold in the like month of 2015.
 
The company's passenger car segment comprises of brands like Alto, WagonR, Swift, Ritz, Celerio, Baleno, Dzire, Dzire Tour, and Ciaz.
 
Besides, sales of utility vehicles which comprises of brands like Gypsy, Ertiga, S-Cross and the new addition Vitara Brizza augmented by 123.4%.
 
The utility vehicle sales during last month stood at 13,894 units from 6,218 units sold during March 2015.
 
Off-take in the van segment, which includes brands like Omni and Eeco, grew by 9.6% to 12,896 units from 11,768 units sold in the corresponding month of last year.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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