Food Inflation

Combined food inflation was 6.20% for March 2015, compared to 6.76% recorded for February 2015. For rural and urban areas, food inflation was 5.85% and 6.72%, respectively, in March. Inflation in vegetable prices was at 11.26% in March, compared to 13% in February. Inflation in fruit prices was 7.41% in March, while pulses were dearer by 11.48% year-on-year. Inflation for cereals stood at 2.32% and inflation for milk products was 8.35%. Price rise on non-vegetarian items, such as meat and fish, was 5.11% in March compared to 4.95% in February 2015. 

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New income tax return forms to be modified: Jaitley

The Central Board of Direct Taxes had notified new norms and the attendant forms that, among other issues, requires an assessee to furnish all bank details, accounts opened or closed in the year with the closing balance, as also the sources of funds for expenses in an overseas travel

 

The government has decided to modify the new Income Tax Return (ITR) forms following concerns raised over them last month, Finance Minister Arun Jaitley told parliament on Tuesday.
 
"The government has received representation on the new return forms notified on April 15, 2015 and taking into account concerns raised, the government has decided to modify the return forms," Jaitley told the Rajya Sabha in a written reply.
 
The Central Board of Direct Taxes had notified new norms and the attendant forms that, among other issues, requires an assessee to furnish all bank details, accounts opened or closed in the year with the closing balance, as also the sources of funds for expenses in an overseas travel.
 
While in the US last month, Jaitley spoke to his officials and asked them to review the forms, and on his return, met industry representatives for their views on the matter.
 
The purpose of asking details relating to foreign travel was in order to tackle black money Jaitley said, adding that these details are not required in ITR-1 or ITR-4S which is filed by majority of individual taxpayers.
 
The finance minister also said the process of electronic filing had been made simpler over the years, while during the last fiscal, 3.41 crore returns were filed electronically which constituted 87 percent of the all the returns.
 
The government has also provided free ITR preparation software with the facility of pre-filled tax payment and tax deduction columns in the form to avoid data entry and mistakes.

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Ashok Leyland exits MPV segment, plans bus plants overseas

The company stopped selling MPV STILE that was being made in joint venture with Japanese Nissan Motor Company

 

Commercial vehicle maker Ashok Leyland Ltd has decided to stick to its core business and exit multi-purpose vehicle (MPV) segment, said a top company official here on Tuesday.
 
The company stopped selling MPV STILE that was being made in joint venture with Japanes Nissan Motor Company.
 
"We have stopped production of STILE. It was not doing well as expected. We may reenter the segment if we see prospects," managing director Vinod K. Dasari told reporters.
 
Ashok Leyland has decided to write down investment in the joint venture by around Rs.224 crore.
 
Dasari said there is no change in the equity holding pattern in the joint venture.
 
He said the joint venture with Nissan rolls out light commercial vehicle (LCV) Dost and variants.
 
Meanwhile in an effort to become a global bus maker Ashok Leyland has decided to put up bus assembly plants in Africa, Middle East and one in India.
 
According to Dasari, the company would be shipping out the bus kits to the assembly plants overseas so as to be near the market.
 
He said each assembly plant may involve an outlay of around Rs.20 crore and the overall capital expenditure for Ashok Leyland this fiscal would be around Rs.100 crore.
 
Looking forward Dasari said the company hopes to retain its market share and hopes that the LCV would pick up in the coming months.
 
Meanwhile the company closed last fiscal with a turnover of Rs.13,562 crore up from Rs.9,943 crore posted during 2013-14.
 
Ashok Leyland posted a net profit of Rs.334.80 crore last year as against a net profit of Rs.29.38 crore posted during 2013-14.
 
Dasari said the company's debt position is comfortable at Rs.2,600 crore down from Rs.4,600 crore at the end of last financial year.
 

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COMMENTS

PPM

2 years ago

Is Ashok Leyland entered the MPV market without doing proper field study? It takes time to be accepted by the market. No automobile product can be over night success.

What a colossal waste of IRS 224 crores of shareholders money!!!!

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