Taxation
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!!!!

Imported gas to revive 10 idle power plants

The reverse e-auction for the gas-based plants stranded due to lack of feedstock was conducted under the newly-approved Scheme for Utilization of Stranded Gas Based Generation Capacity

 

The government on Tuesday announced the revival of 10 stranded gas-based power plants who bid through reverse e-auction for generating over 5 billion units of electricity to be supplied at below Rs.5 per unit during peak summer this year.
 
"The 10 stranded gas based power generation plants have succesfully bid through a transparent and competitive reverse e-auction process for generating 5.05 billion units of electricity which will be supplied at or below Rs.4.70 per unit to the purchaser discom (distribution company) during the peak summer months from June 1 to September 30, 2015," the power ministry said in a statement late on Tuesday.
 
"In the auction process, 14 plants with a cumulative installed capacity of 8,109 MW participated in the technical bid round and all were declared as technically qualified," it added.
 
The reverse e-auction for the gas-based plants stranded due to lack of feedstock was conducted under the newly-approved Scheme for Utilization of Stranded Gas Based Generation Capacity.
 
An official source told IANS that Lanco Infratech, GMR Energy, Torrent Power, GVK Power and Ratnagiri Thermal Power are among those that have applied for supply of imported gas for their power plants
 
NTPC-GAIL led Ratnagiri won the bid for gas for 30 percent plant load factor (PLF), or installed capacity, at Rs 1.45 per unit.
 
Torrent has also won 35 percent PLF gas supply for their 1200 MW plant and Lanco awarded gas supply for 35 percent PLF for its 1108 MW Kondapalli Plant.
 
As many as 31 power stations with a combined capacity of 14,305 MW were eligible to apply for Power System Development Fund (PSDF) to generate 30 percent of their installed capacity using imported LNG.
 
While Tuesday saw the reverse e-auction for stranded gas-based power plants, Wednesday will bring the reverse e-auction for plants receiving some domestic gas but running at sub-optimal levels.
 
The Cabinet Committee on Economic Affairs (CCEA) in March allowed gas imports by way of e-auctions for 31 gas-based power units, with a capacity of 14,000 MW, lying idle for lack of feed stock.

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