Taxation
Panel set up to simplify Income Tax Act

Delhi High Court's former judge Justice RV Easwar is chairman of the panel

 

The government on Tuesday set up a 10-member committee to simplify provisions of the Income Tax Act for enabling ease of doing business.
 
"The committee will identify provisions in the IT Act which are impacting the ease of doing business and leading to litigation due to different interpretations," an official statement said.
 
Delhi High Court's former judge Justice R.V. Easwar is chairman of the panel.
 
"The panel will also suggest alternatives and modifications to bring about predictability and certainty in tax laws without impacting the tax base and revenue collection," the statement said.
 
The committee has been given one year to submit its report from the date of its constitution.
 
The other nine members are former law secretary V.K. Bhasin, chartered accountants Vinod Jain and Mukesh Patel, consultants Rajiv Memani and Ajay Bahl, senior advocate Ravi Gupta, investment adviser Pradip P. Shah and Indian Revenue Service officers Arvind Modi and Vinay Kumar Singh.
 
"The committee will put its draft recommendations in the public domain and formalize them after consultations with stakeholders. The first set of recommendations will be submitted by January 31, 2016."
 

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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Finance minister launches 'e-Sahyog' project

The project aims to reduce the need for the taxpayer to physically appear before tax authorities

 

Union Finance Minister Arun Jaitley on Tuesday launched the 'e-Sahyog' pilot project of income tax department which aims to reduce the need for the taxpayer to physically appear before tax authorities, an official statement said.
 
"The 'e-Sahyog' project launched on a pilot basis is aimed at reducing compliance cost, especially for small taxpayers. The objective of the project is to provide an online mechanism to resolve mismatches in income tax returns of those assesses whose returns have been selected for scrutiny, without visiting the income tax office," said a finance ministry statement.
 
Under this initiative, the department will provide an end to end e-service using SMS, e-mails to inform the tax assesses of the mismatch.
 
"The taxpayers will simply need to visit the e-filing portal and log in with their user ID and password to view mismatch related information and submit online response on the issue," it said.
 
"The responses submitted online by the taxpayers will be processed and if the response and other information are found satisfactory as per automated closure rules, the issue will be treated as closed. The taxpayers can check the updated status by logging in to the e-filing portal," the statement added.
 
The finance minister also inaugurated a drive to provide public service at peoples' door step by holding special PAN camps in remote areas.
 
Under this campaign, special PAN camps will be held over two days at 43 remote, semi urban and rural locations across India in the first instance to facilitate obtaining of PAN card by persons residing in such areas.
 
Jaitley also interacted with applicants and officials at seven of these camps through a video conference.
 
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 headed lower – Tuesday closing report

Nifty may be headed for 8,100 over the next few days

 

We had mentioned in Monday’s closing report that Nifty, Sensex may be headed lower and that a close below 8,220 may mean a few days of decline for Nifty. The major indices in the Indian stock markets were range-bound and closed less than 0.50% (down) at the end of the day.  The trends of the major indices in Tuesday’s trading are given in the table below:
 
 
The indices were in a tight band, with little scope of immediate upswing. Trading volumes were also on the lower side in the Indian stock markets. Foreign funds were net sellers of shares worth $118.21 million.
 
Finance Minister Arun Jaitley on Tuesday exuded confidence that the government will achieve the fiscal deficit target of 3.9% in the current financial year. "I have consciously kept this year a very modest target of 3.9%. The manner in which tax revenues and expenditure are moving, I don't think this will be difficult to meet," Jaitley said at the five-day India-Africa Forum Summit (IAFS).
 
He said there was a better collection of revenues during the first six months of the current fiscal, and that he hoped the same for the remaining two quarters of 2015-16. Jaitley ruled out any possibility to slash expenditure either of state governments or that of various central ministries. "I don't think this year we have to cut down expenditure of either state government or public expenditure of the central ministries as it is moving ahead of our target as far as indirect taxes are concerned," the minister said.
 
Axis Bank on Tuesday said it closed the second quarter of the current fiscal with 19% growth in net profit. Axis posted a net profit of Rs1,915.64 crore for the quarter ended 30 September 2015 -- up from Rs1,610.71 crore posted during the corresponding period of the previous year. The bank's total income increased to Rs12,001 crore for the quarter ended 30 September 2015 from Rs10,549.97 crore for the quarter ended 30 September 2014. Axis Bank shares rose 0.03% in Tuesday’s trading to close at Rs521.30 on the BSE.
 
Lupin, one of India's top five drugmakers by sales, reported second-quarter net profit much below market estimates, due to lower revenue from its largest market, the United States. Net profit for the July-September quarter slumped 35% to Rs409 crore ($62.97 million). It was much below the Rs568 crore analysts on average estimated. The company had posted a net profit of Rs630 crore during the same period the previous fiscal. Net sales of the company rose to Rs3,178.3 crore during the second quarter compared with Rs3,116.8 crore during the same period of previous fiscal, Lupin said in a statement. US sales, however, fell about 9% to Rs1,155 crore. Lupin's performance has been hurt in recent quarters by lower number of generic drug approvals by the US Food and Drug Administration. Lupin shares fell 5.25% in Tuesday’s trading on the BSE.
 
Two- and three-wheeler maker TVS Motor Company Ltd. on Tuesday said it closed the second quarter with 23% growth in net profit. The logged a net profit of Rs116 crore for the quarter ended 30 September 2015, as against Rs95 crore earned during the previous year's corresponding quarter. The company posted a revenue of Rs2,881 crore during the period under review, up from Rs2,667 crore posted during the previous year's corresponding period. TVS shares rose 13.15% in Tuesday’s trading to close at Rs276.15 on the BSE.
 
Selling pressure was seen in consumer durables, metal and oil and gas sectors. On the BSE, consumer durables index dropped by 1.43%, capital goods index slipped by 0.70% and oil and gas index went down by 0.66%. The 100-scrip and 200-scrip indices were both down by 0.25% and 0.19%, respectively. Mid-cap index ended lower by around 0.16% and small-cap stocks fell 0.15%.
 
The top gainers and top losers of the major indices in the Indian stock markets are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 

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