Taxation
Roadmap for corporate tax reduction coming soon: Official
"The road map for phasing out of exemptions will be unveiled soon," Adhia told reporters here
 
The government is likely to unveil a roadmap by next month for doing away with corporate tax exemptions along with a phased reduction of this tax rate to 25 percent over four years, Revenue secretary Hasmukh Adhia said on Monday.
 
"The road map for phasing out of exemptions will be unveiled soon," Adhia told reporters here.
 
On whether the plan could be out by the end of this calendar year, the secretary said: "It should come out."
 
Presenting the current fiscal's budget in February, Finance Minister Arun Jaitley had said the government would gradually reduce the corporate tax by five percent during the next four years from the current 30 percent and phase out various tax exemptions.
 
Asked whether the government is open to the idea of an out-of-court settlement in the Vodafone tax case, Adhia said: "They had invoked arbitration and we have responded to it. And if there is offer for out-of-court, the government will consider it."
 
In the case involving British telecom major Vodafone, the Bombay High Court had recently ruled that there was no case for the government to raise a Rs.3,200 crore ($500 million) additional tax demand, thereby setting aside an earlier verdict by a tribunal.
 
Following this, the government decided not to challenge the verdict in the Supreme Court.
 
The income tax department had asked the company to pay additional income tax, alleging it had undervalued its shares in its subsidiary Vodafone India Services while transferring them to the parent company.
 
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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CID probe against GP Goenka over closed Bengal tea estates
The West Bengal Criminal Investigation Department (CID) has initiated investigation against Duncan Group of Industries chairman G.P. Goenka and his son over non-payment of wages to workers of their tea estate in north Bengal, an officer said on Monday.
 
The moves come in the wake of nearly a dozen alleged malnutrition deaths at the company's Bagrakote Tea Estate in Jalpaiguri estate.
 
The family members of the victims and trade unions have claimed the deaths were due to starvation and malnutrition, but the state administration has rejected the assertions attributing illness as the reason of death.
 
"The dues to the workers including certain allowances and wages have not been paid for past few months. A police case was initiated earlier on the matter and now CID has taken up the investigation of the case," said Inspector General (II) CID Vineet Kumar Goyal. 
 
"We have registered a case against G.P. Goenka and his son under sections 406 (criminal breach of trust) and 420 (cheating) of the Indian Penal Code," he added.
 
In pursuance of the investigation, the CID had summoned Goenka and his son for questioning.
 
The duo though could not appear and had sent a representative to the CID headquarters in the city.
 
"There were some outstanding payments. We showed to them (CID) what was outstanding," said company whole-time director M.H. Chinoy after meeting the CID officers.
 
In September, Right to Food and Work Campaign (RFWC)- a network of organisations and activists - had submitted a report to Chief Minister Mamata Banerjee claiming that the closed and abandoned tea estates of the company could trigger a major humanitarian crisis with a population of over 75,000 dependent of the tea gardens "forced to live in near starvation".
 
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 may put in a small bounce – Monday closing report
If today’s lows hold, Nifty may be headed for 8,150
 
We had mentioned in Friday’s closing report that Nifty, Sensex are weak and that while Nifty may bounce back during the week, the rallies will be met by selling until Nifty reclaims 8,200. The major indices in the Indian stock markets closed lower than Friday’s close. The trends in the major indices are given in the table below:
 
A slowdown in manufacturing activity, uncertainty over Bihar election results and heightened chances of a US rate hike depressed the Indian stock markets and the major indices closed lower than last week. Furthermore, falling Asian markets on the back of weak Chinese factory data caused the Indian indices to a downward trend. 
 
The latest Nikkei India Manufacturing PMI (Purchasing Manufacturers Index) for the last month showed a contraction due to a slower increase in new orders. The PMI was at a 22-month low of 50.7 in October 2015. China's PMI came in at 49.8 in October, unchanged from September, signalling stagnation in manufacturing.
 
Reliance Capital Ltd on Monday reported a rise of 15% in its consolidated net profit for the second quarter of the current fiscal. It had posted a consolidated net profit of Rs250 crore for the quarter ended 30 September 2015, up from Rs217 crore posted during the corresponding quarter of last year. The company's consolidated total income went up by 13% at Rs2,361 crore for the period under review as against Rs2,084 crore in the corresponding previous period. The earnings per share logged an 11% increase at Rs9.9During the quarter under review, Reliance Capital's subsidiaries Reliance Life Insurance and Reliance General Insurance posted a net profit of Rs15 crore and Rs30 crore respectively. 
 
Indian Bank reported that it has earned Rs1,207.56 crore from treasury operations the last quarter and posted a net profit of Rs369.31 crore. The bank's profit for the second quarter rose to Rs359.31 crore this fiscal - up from Rs314.33 crore posted during the corresponding period the previous year. According to him, the bank made a conscious decision of not growing its loan book size while the focus was on quality advances and lowering high-cost deposits. The Indian rupee weakened in the day's trade. It ended lower by 32 paise at 65.59 to a US dollar from its previous close of 65.27 to a greenback.
 
The foreign institutional investors (FIIs) were net sellers in the day's trade, whereas the domestic institutional investors (DIIs) were net buyers. According to data with stock exchanges, the FIIs sold stocks worth Rs272.67 crore, while the DIIs picked up stocks worth Rs145.38 crore.
 
Sector-wise, S&P BSE capital goods index plunged by 157.34 points, healthcare index receded by 130.52 points and metal index plummeted by 93.15 points.
 
On the other hand, the S&P BSE consumer goods index surged by 62.75 points, oil and gas index gained by 27.37 points and information technology (IT) index rose by 26.57 points.
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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