Direct Tax
Good news for taxpayers! I-T grievances like high-pitched assessments to be addressed in 2 months
Taxpayers
facing "high-pitched" assessments or unfair scrutiny by the Income Tax
Department can now attempt to get their grievances redressed in a short
time before undertaking the arduous litigation route of courts or other
appellate mechanisms. In a maiden initiative, the Finance Ministry,
through the Central Board of Direct Taxes (CBDT), has asked the
department to create "local committees" comprising senior officers in
each region, and has directed them to dispose such grie [….] Read
more at:
Indirect Tax
Hike in duty drawback rates won't help much, say exporters
Exporters
are not impressed by the Centres' decision to increase duty drawback
rates for merchandise exports of certain products. Terming the move a
'temporary measure', exporters have demanded the government should take
more concrete measures to stem the fall in exports. Exports stood at
$21.35 billion in October 2015 - a 17.53 per cent fall on a year-on-year
basis. On Monday,
the government had raised the duty drawback rates by two per cent for
many sectors including engineering, [….] Read more at:
SEBI
Weak European cues drag market; Sensex down over 300 points, Nifty slips below 7,750
Benchmark share indices extended losses in late noon trades, amid weak global cues following fresh developments in Paris, with financials and IT major leading the decline. At 2:25pm,
the Sensex was down 344 points at 25,520 and the Nifty was down 97
points at 7,741. "Markets are tracking weakness in European shares amid
fresh developments in Paris. Meanwhile, selling by foreign funds in the
previous sessions is also weighing on the markets. Overall, the
sentiment is weak," says Alex Mathew, He [….] Read more at:
RBI
RBI staff to go on mass leave today
About 16,700 employees of the Reserve Bank of India (RBI), including chief general managers, would go on mass casual leave on Thursday,
in protest, they say, against the Centre's intervention in the autonomy
of the central bank and to sort pension-related issues. While the mass
leave is not a strike, union leaders say they could go for longer
strikes if the government does not change its stance. The employees will
try not to inconvenience the markets, and the settlement system and
real-ti [….] Read more at:
Miscellaneous Laws
SBI sees credit growth from power, road sectors
State
Bank of India, which is seeing subdued growth in corporate credit,
expects it to pick up in the second half with investment opportunities
opening up in power and road sectors. Speaking after inaugurating its
Golden Jubilee Branch in the upmarket Banjara Hills here today, Rajnish
Kumar, managing director and group executive, SBI, said, "The corporate
credit growth had been subdued in the first half at 8.4 per cent but as
investment picks up in sectors like renewable energy, road and [….]
Read more at:
Air India to soon sell four flats in Mumbai to SBI for Rs 90 crore
Debt-laden
Air India will soon sell four residential flats in Mumbai to public
sector lender SBI for about Rs 90 crore as the airline looks to raise
funds by sale of certain assets. The proposal, which has been in the
works for some months, was recently approved by the Cabinet, sources
said. Air India would be selling four residential flats to SBI in Mumbai
soon and the sale is expected to fetch around Rs 90 crore, they added.
These flats are the Sterling Apartments on the upmarket Peddar Ro
[….] Read more at:
Maharashtra Government to Take Back Industrial Land if Not Used for 10 Years
The
Maharashtra Cabinet today decided that henceforth if entrepreneurs
acquire land to start an industry but fail to use it for the purpose
within ten years, then the government will take back the land and return
it to the farmers. This decision, however, will not be applicable to
the entrepreneurs, who have not acquired land, but have so far failed to
start an industry. "Henceforth, if entrepreneurs fail to start
industries even in ten years, the government will take away the land
from them and give it back [….] Read more at:
Economy & News
With moves like Coal India stake sale and exports subsidy, Modi sarkar sets the ball rolling on reforms
The government announced a spate of policy changes on Wednesday,
maintaining the pace of its hectic reform drive after the Bihar
elections. The Cabinet Committee on Economic Affairs (CCEA) approved a
10 per cent stake sale in Coal India Ltd, an initial public offering at
Cochin Shipyard and a five-year interest subsidy scheme to boost sagging
exports. CCEA also empowered the National Highways Authority of India
(NHAI) to revive 34 stalled projects by compensating developers [….]
Read more at:
Potato output to take a hit this season over bad weather, lack of interest among farmers
Potato
production is likely to fall in Uttar Pradesh, West Bengal and Punjab
in the current season due to lack of interest among farmers to sow the
crop as well as unfavourable weather conditions. Store gate prices have
already firmed up for the old stock of the crop and the new season crop
that will be available from January end is expected to be even costlier.
A glut in production last year had pushed down potato prices below the
cost of production, leading to a spurt in suicides [….] Read more
at:
India's growth to be consumption driven: Stanchart
India's
economic growth in FY'17 is expected to be driven by consumption growth
due to the impending pay revision of government employees. This would
reverse the trend of FY'16 in which growth has been largely investment
driven, said a report by British Bank Stanchart. "We expect consumption
to drive India's GDP growth in FY17 (year starting April 2016), taking
over from investment," say Saurav Anand and Anubhuti Sahay of South Asia
Research at Stanchart in their report. "Impending pay ri [….] Read
more at:
Karnataka aims for Rs 5 lakh crore investments at Global Investors Meet
The
Karnataka government is expecting investments worth Rs 5 lakh crore
during the 'Global Investors Meet (GIM)-2016' in February next year.
"The government is hopeful of attracting Rs 5 lakh crore investments
that would help the state to grow and create jobs," State Industries
Minister R V Deshpande said on the sidelines of 'Invest Karnataka 2016'
roadshow here. The global investors meet will be held between February 3-5 next year. The state plans to woo investors in various [….] Read more at:
Ease of doing business: A few positive developments but still long way to go, says entertainment industry
The
pain of getting 60 permits to shoot a Bollywood film at Madh Island in
Mumbai or bribing 'a room full of police officials' to get licences for
an event in Goa makes India's entertainment business bigwigs scoff at
the phrase "ease of doing business". It's no secret that Bollywood loves
its foreign outdoor shoots. And it's not just good lighting and crowd
control that makes Bollywood love foreign locales. There are fewer
licences required, the process is simpler and the costs are lower as
bribing [….] Read more at:
Centre's nod to enhanced cost for road-cum-rail bridge over Ganga
The
Centre today gave its nod to an enhanced cost estimate for construction
of a rail-cum-road bridge over river Ganga in Bihar with Rs 2774 crore,
asserting that it stands committed to the state's development despite
BJP's rout in assemly polls there. The Cabinet Committee on Economic
Affairs, chaired by Prime Minister Narendra Modi today gave its approval
for revised cost estimate amounting to Rs 2774 crore with Railway and
Ministry of Road Transport and Highways sharing Rs [….] Read more
at:
Thanks & Regards,
Meetesh Shiroya
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