Taxation
Corporates have pending tax of Rs4.18 lakh crore

The top 50 defaulting companies account for Rs.22,903 crore of the total amount due for recovery

 

A total of Rs.4.18 lakh crore of taxes are pending from corporate defaulters as on January this year, parliament was told on Tuesday.
 
"The total amount of corporate tax demand pending for collection at the end of January 2016 is Rs.4,18,399 crore," Minister of State for Finance Jayant Sinha told the Rajya Sabha in a written reply.
 
The top 50 defaulting companies account for Rs.22,903 crore of the total amount due for recovery, he added.
 
The minister said focused action by field formations especially on high-demand cases is one of the strategies for effecting recoveries.
 
"Guidelines for tax recovery officers on recovery and dealing with stay petitions have been issued. Efforts for early disposal of appeals are also undertaken, especially in high-demand cases," Sinha said.
 
Moreover, efforts of the assessing officer to recover the outstanding demand are regularly reviewed and monitored by their superiors, he added.
 
Databases like individual transaction statement and 360-degree profile generated by the department and those maintained by third party agencies like Financial Intelligence Unit (FIU-IND) have been made available for identification of assets for recovery, Sinha 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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Mukesh Ambani again tops 84 Indian billionaires in Forbes list

Mukesh Ambani with a net worth of $19.3 billion was ranked 36th among world's 1,810 billionaires with an aggregate net worth of $6.48 trillion, down from $7.05 trillion last year

 

Reliance Industries chairman Mukesh Ambani again topped 84 Indian billionaires in Forbes 2016 list of the world's richest people once again headed by Bill Gates with a net worth of $75 billion.
 
Mukesh Ambani with a net worth of $19.3 billion was ranked 36th among world's 1,810 billionaires with an aggregate net worth of $6.48 trillion, down from $7.05 trillion last year.
 
Technology guru Gates, who has topped the list for 17 of the last 22 years was followed by Spanish clothing retailer Amancio Ortega, best known for the Zara fashion chain, with Warren Buffett remaining in the third spot.
 
The US led with the greatest number of billionaires, with 540, followed by China with 251, Germany with 120, India with 84 and Russia with 77.
 
China had the most of 198 newcomer billionaires, adding 70 to the list. Thirty-three newcomers were from the US, 8 from India and 28 from Germany.
 
Notable newcomers included Flipkart cofounders Sachin Bansal and Binny Bansal (No. 1476) of India.
 
India's top ten: 1 (world ranking 36) Mukesh Ambani $19.3 bn; 2 (44) Dilip Shanghvi $16.7 bn; 3 (55) Azim Premji $15 bn; 4 (88) Shiv Nadar $11.1 bn; 5 (133) Cyrus Poonawalla $8.5 bn; 6 (135) Lakshmi Mittal $8.4 bn; 7 (184) Uday Kotak $6.3 bn; 8 (196) Kumar Birla $6.1 bn; 9 (219) Sunil Mittal $5.7 bn; 10 (233)Desh Bandhu Gupta $5.5 bn.
 
Telecom mogul Carlos Slim Helu (No. 4) dropped two spots, and his net worth decreased to $50 billion from $77.1 billion last year.
 
Amazon's Jeff Bezos (No. 5) moved up to the fifth from the fifteenth spot last year; his net worth increased to $45.2 billion.
 
Facebook's Mark Zuckerberg (No. 6) moved into the top 10 for the first time. He was the biggest gainer with his fortune going up by $11.2 billion for a total net worth of $44.6 billion. He is the sixth richest in the world.
 
The biggest loser was Helu.
 
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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Nifty, Sensex to rally – Tuesday closing report
Nifty will be headed higher if it closes above 7,100
 
We had mentioned in Monday’s closing report that Nifty, Sensex may try to rise and that while the trend is down, Nifty can rally if it closes above 7,050. The major indices of the Indian markets advanced sharply. The trends of the major indices during Tuesday’s trading are given in the table below:
 
 
 
Expectations of a rate cut, coupled with budgetary announcements and positive Asian cues, buoyed the Indian equity markets during the late-afternoon trade session on Tuesday. The BSE market breadth was heavily tilted in favour of bulls -- with 1,903 advances and 573 declines. Initially, the key indices of the Indian equity markets opened on a positive note, in-sync with their Asian peers and expectations of a future rate cut. Short-coverings were triggered by heightened chances of a future rate cut by the Reserve Bank of India (RBI).  This pushed prices higher, as investors expect the Union Budget's fiscal prudence measures will give room to the RBI to further ease its monetary policy. Presenting the Union Budget, Finance Minister Arun Jaitley on Monday announced that the government will adhere to a 3.9% fiscal deficit target. He also set a 3.5% target for the next fiscal. 
 
Buying in large caps like ITC, ICICI Bank, Hero MotoCorp and Maruti Suzuki lifted equity markets higher. Even positive macro-data that showed acceleration in India's manufacturing activity in February supported the equity markets upward movement. The monthly Nikkei's Purchasing Managers Index (PMI) data reported a 51.1 uptrend in February. An index reading above 50 indicates an overall increase on the index. Besides, investors' confidence was restored after the central government announced increase in capital expenditure on rural sector, infrastructure development, crop insurance, agricultural credit, skill enhancement and start-up initiative. In addition, bullish crude oil prices which rose by 1.2% to $34 per barrel, led investors from chasing stock prices higher. Moreover, a strengthening rupee cheered investors’ sentiments. It opened at 68.27 to a US dollar from its previous close of 68.42 to a greenback.
 
The industrial output index for India's eight core industries registered growth in January, pushed up by higher coal, refinery products, fertilisers, cement and electricity output, an official statement said. The index representing major infrastructure sectors had also recorded growth in December 2015. The index showed a rise of 2.9% in January 2016 on a month-on-month basis, compared to the 0.9% marginal growth in December 2015, official data showed on Monday. The core industries fell by 1.3% in November last year. The select factory output index for January is more than the growth of 2.3% achieved during the corresponding month in 2015, a commerce ministry release said. This index comprises 38% of the total weightage of items included in the Index of Industrial Production (IIP). Its cumulative growth from April to January 2015-16 stood at 2%, as compared to 5.3% during the corresponding period of 2014-15. Out of the eight core industries, coal and cement reported healthy output numbers. However, production of oil, natural gas, and steel dipped in the period under review. Electricity recorded 6% change in January 2016 as compared with 3.3% in January 2015. Its cumulative index during April to December 2015-16 rose by 7.6% over the corresponding period of previous year. Distilling of refinery products (which is the third most important component as per weightage) increased by 4.8% in January. Extraction of crude oil, which has a 5.21% weightage in IIP, fell by 4.6% during the month under review in comparison with 2.3% decline of January 2015. Coal mining, with a 4.38% weightage, increased by 9.1%. The sub-index for natural gas output, with a weightage of 1.71%, slipped by 15.3% in the month under consideration. The fertilisers manufacturing with a weightage of only 1.25% rose by 6.2%. Steel declined by 2.8% in January 2016.
 
Two-wheeler-maker Eicher Motors Ltd. on Tuesday said it closed last month with 63% growth in volume. In a statement the company said it sold 49,156 units last month as against 30,240 units sold during February 2015. Eicher shares closed at Rs19,183.00, up 1.53% on the BSE.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 

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