Besides the DLF proposal, the BoA will consider requests for extension of time from 44 SEZ developers, including Mukesh Ambani-promoted Navi Mumbai SEZ and Raheja SEZ for implementing their projects
New Delhi: India's largest real estate firm DLF's proposal to sell its stake in IT/ITeS Special Economic Zone (SEZ) in Pune to foreign investors will come up for consideration of the high-level government panel on 19th September, reports PTI.
The proposal of DLF Ackruti Info Parks (Pune) for sale of shares to foreign investor will be "placed before the Board of Approval (BoA), headed by the commerce secretary," an official said.
Private equity major Blackstone is likely to buy the entire 100% stake in the 11.83 hectare SEZ in Pune, sources said.
DLF has 70% stake in DLF Ackruti Info Parks (Pune) and remaining stake is with Ackruti City.
Earlier, the Department of Revenue had opposed the proposal stating that the transaction would amount to sale of land, which is not permitted under the SEZ Act and rules.
The matter was referred to the law ministry which has given its nod to the proposal, contending that the "change in equity structure through transfer/sale/amalgamation and consequent change in the management cannot be treated as transfer or sale of land which will continue to vest in the company".
However, the decision has been left to the BoA which will meet next week. Presided over by commerce secretary Rahul Khullar, the BoA comprises senior officials from the Department of Revenue, law ministry and other concerned departments.
DLF plans to raise about Rs7,000 crore in next two-three years through sale of non-core assets to reduce its debt of over Rs20,000 crore.
Besides the DLF proposal, the BoA will consider requests for extension of time from 44 SEZ developers, including Mukesh Ambani-promoted Navi Mumbai SEZ and Raheja SEZ for implementing their projects.
The extension of time has been sought in the backdrop of slowdown in the real estate and problems relating to land acquisition.
Account holders complain banks do not give TDS certificates on time, tax deducted not credited to tax credit account
The Reserve Bank of India recently announced that banks must issue duly completed tax deduction at source (TDS) certificates for account holders and dispatch it to their mailing addresses. But, customers continue to face many problems on this account.
Many customers complain that they are not getting TDS certificates from the banks and often, such certificates do not match with the 26AS statement of the income-tax (I-T) department. Currently, the I-T department relies on TDS certificates issued by banks only if it matches with the information contained in form 26AS on the income-tax website. If there is a mismatch, the taxpayer may not get a refund of tax that's claimed.
One Moneylife reader says: "Banks issue TDS certificates on the interest earned on term deposits, but this has not been credited to the tax credit account of the depositors in most of the cases. This results in non-refund of tax claimed by the taxpayer through filing of returns with the TDS certificate issued by the deductor."
Moneylife has repeatedly pointed out that TDS has been nothing but harassment for bank customers and taxpayers.
"When the PAN (number) of an account holder is not available, tax is recovered at 20%. But when TDS is recovered at 10%, it means that the PAN of the account holder is available. The bank is duty bound to update your recovery, so that the same is visible in your AS26," another reader writes. "Usually this step is not taken care of, and a bank is bound to update this when it is brought to its notice by the account holder. However, the experience is that there is no misappropriation under TDS recovery in public sector banks."
According to a banking and financial consultant, though it is mandatory for banks to send the TDS certificates to depositors every quarter without their asking for it, barring a few banks, none of the major banks bother to send this. Another problem depositors' face is that different banks follow different systems for payment of interest and deduction of tax at source. Many banks just credit the net amount of interest after deducting tax, due to which the depositor will not know the amount of tax deducted till the TDS certificate is issued by the bank.
Another reader said that many banks deduct TDS on the accrued amount instead of the paid amount. "One of the problems in connection with TDS on bank deposits is TDS on accrued amount instead of paid amount. Kotak Mahindra Bank has been deducting TDS on the assumed accrued interest in case of sweep / Flexi fixed deposits, even when the net amount earned is below the TDS threshold. The sweep FD is generally utilised for a temporary period to earn little higher interest than on the savings account. The same amount may be withdrawn at any time based on the need. But the bank deducts TDS on the total amount calculated for the entire tenure of the deposit even though the amount may be withdrawn in full or part during the financial year. This is unjust and unfair on the part of the bank," he says.
Moneylife Foundation recently sent a memorandum on the TDS matter to the finance ministry and the Reserve Bank of India (RBI). The memorandum to the RBI highlights the TDS problem for bank depositors and suggests that income from fixed deposits should be exempt from tax. It also proposes that banks found to be deficient in services, like deducting tax wrongfully, not providing accurate tax certificates, or uploading inadequate or wrong information, should be awarded exemplary punishment, either by the banking ombudsman or the RBI. (Read, 'Moneylife Foundation sends memorandum on TDS to the FM, RBI'.)
A new team in Marg, with technical expertise in wagon fabrication, would execute the project as scheduled
Chennai-based conglomerate Marg Ltd has ventured into the business of fabrication of railway wagons, bagging a Rs37.66 crore project from Braithwaite and Company LTD (BCL).
The project involves fabricating and assembling 247 units of BTFLN Wagon (improved frameless bogie tanker wagon) in the workshop of the Kolkata-based BCL, Marg said in a statement.
The timeframe for the completion of this project is seven months, at the rate of 40 wagons per month, specified by BCL. A new team in Marg, with technical expertise in wagon fabrication, would execute the project as scheduled, the statement said.
The order marks the company's foray into the business of fabrication of railway wagons, Marg Ltd chairman and managing director GRK Reddy said.
On Monday, Marg ended 4.01% down at Rs81.40 on the Bombay Stock Exchange, while the benchmark Sensex declined 2.17% to 16,501.74