World
China's manufacturing activity declines
China's manufacturing business activity declined slightly in July from the previous month, barely avoiding a contraction last seen in February, official data showed on Saturday.
 
The manufacturing purchasing managers' index (PMI), a key measure of factory activity in China, posted 50.0 in July, down from 50.2 in June, according to data compiled by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing.
 
Factory activities remained in expansion territory for a four-month period extending from March to June. July's reading demarcates growth and contraction, Xinhua reported.
 
Zhao Qinghe, a senior NBS analyst, attributed the retreat to continued weakness in both domestic and overseas demand.
 
The production sub-index posted 52.4 last month, down from 52.9 in June. The sub-index for new orders came in at 49.9 in July, down 0.2 percentage points compared to June.
 
"The slight decrease was a normal fluctuation," said Chen Zhongtao, an analyst at the China Logistics Information Centre.
 
Chen, however, played down the decline saying the fundamentals of the Chinese economy remains in good shape as employment is stable and companies are generally positive on business prospects.
 
The analyst added that domestic demand would witness growth for the rest of the year, as a slew of infrastructure projects are slated to be rolled out.

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Black money abroad declaration form can be filed online
The government has notified the form for declaring income and assets abroad as well rules for their calculation under the Undisclosed Foreign Income and Assets Bill and these can also be filed online, parliament was told on Friday.
 
"A declaration under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) may be made before designated tax authority in Form 6 which may also be filed online," Minister of State for Finance Jayant Sinha told the Rajya Sabha in a written reply.
 
"Where the declaration is found to be in accordance with the provisions of section 71 (d) of the Act, the declarant is required to pay the requisite tax and penalty on the assets eligible for declaration latest by December 31, 2015 and intimate the designated tax authority," he said.
 
"After the intimation of payment by the declarant, the designated tax authority will issue an acknowledgement of the accepted declaration within 15 days of such intimation of payment of tax and penalty by the declarant," he added.
 
As per the Black Money Act, the declaration is not admissible in evidence against the declarant in any penalty or prosecution under the Foreign Exchange Management Act, the minister said.
 
The act providing for heavy penalties for stashing away black money in foreign accounts came into force earlier this month, and rules have been notified for calculating income and assets abroad under it.
 
The value of the overseas assets, including immovable property, jewellery and precious stones, archaeological collections and paintings, shares and securities and shares in unlisted firms abroad will be calculated at the fair market value, said the Central Board of Direct Taxes (CBDT)earlier this month.
 
The value of an overseas bank account will be the sum of all deposits made in the account since its opening, the notification said.
 
The Black Money Act for the first time allows levy of tax in India on assets kept abroad.
 
Unlawful, undisclosed income abroad has been taxed under this law at a rate of 30 percent with an additional 30 percent penalty on it.
 
The law provides a compliance window for declaring and paying penalty. Failure to meet it will attract an additional penalty of 90 percent for a total tax liability of 120 percent on the quantum of black money abroad.
 
The ministry has notified September 30 as the expiry date of the compliance window, while allowing those with undisclosed income and assets abroad time till December 31 to pay the levies.
 
Admitting that there was no official estimation of black money within India or stashed away abroad, Finance Minister Arun Jaitley told parliament during the budget session that the government was examining the reports of three institutes on the matter.
 
An unofficial estimate puts the sum somewhere between $466 billion and $1.4 trillion.
 

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145 companies being probed for chit fund scams

West Bengal tops the list of states with companies under investigation both in the last fiscal as well as the current one

 

In its crackdown on corporate fraud and chit fund scams, the government has, during the last three years and current year, ordered investigations of 145 companies allegedly involved in illegal deposit taking, parliament was told on Friday.
 
"'Fraud' has been defined as a substantive offence in the Companies Act, 2013 and its section 143(12) requires the auditor of a company to report any fraud to the board of directors or audit committee of that company or to the central government, depending on the amount of fraud," Corporate Affairs Minister Arun Jaitley told the Lok Sabha in a written reply.
 
West Bengal tops the list of states with companies under investigation both in the last fiscal as well as the current one.

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