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SBI ATM dispenses fake Rs 2,000 note with Children Bank of India instead of RBI

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SBI ATM dispenses fake Rs 2,000 note with Children Bank of India instead of RBI

Posted on 22 February 2017 by GGS News

New Delhi : At a time when many people are struggling to withdraw cash, a State Bank of India ATM in South Delhi’s Sangam Vihar dispensed fake Rs 2,000 notes. The notes, which could be passed off as genuine at first glance, are replete with errors and seem to be a prank at people’s expense.

The notes, dispensed on February 6, read ‘Children Bank of India’ in place of Reserve Bank of India and ‘Guaranteed by the Children’s Government’ in place of Guaranteed by the Central Government. ‘Churan lable’ in place of the latent image and a fake ‘PK’ logo instead of the bank’s seal, are among some of the other obvious deviations on the note.

SPOT THE DIFFERENCE
1. Bharatiya Manoranjan Bank instead of Bharatiya Reserve Bank
2. Serial number 000000
3. Rupee sign missing
4. Churan Lable instead of strip with leaf markings
5. P.K. logo instead of RBI seal
6. I promise to pay the barer two thousand coupens (sic) instead of I promise to pay the bearer the sum of two thousand rupees
7. Governor’s signature missing
8. Churan Lable instead of the Ashok emblem
9. Children Bank of India instead of Reserve Bank of India
10. Guaranteed by the Children Government instead of Gauranteed by the Central Government

Confirming the development, a senior police officer said that the ATM first dispensed four such Rs 2,000 notes to a customer. “We sent a sub-inspector to verify the allegations. He withdrew one Rs 2,000 note and that also turned out to be fake,” the officer said, adding that the other notes in the bundle were genuine.

The man left with the fake notes has been identified as Rohit, a customer care executive at a call centre located in South Delhi’s Chhattarpur. He had visited the SBI ATM at around 7.45pm on February 6 to withdraw Rs 8,000. “But all the four notes I withdrew were fake,” he alleged. Rohit noticed the deliberate mistakes on the notes like ‘promise to pay the bearer two thousand coupons’ and ’Serial number 000000’ and immediately brought it to police’s notice after which a sub-inspector was sent to the ATM located at the T-Point of Tigri in Sangam Vihar.
The policeman was unable to find any other customer with a similar complaint, so he withdrew a note from the ATM. The note that was dispensed confirmed Rohit’s allegations.

Police said they are yet to identify the people behind this. A case of manufacturing documents resembling currency notes, using forged or counterfeit notes and of cheating has been registered at Sangam Vihar police station under IPC sections 489-b, 489-e and 420. An SBI spokesman has said they will be sending a team to investigate the matter.HT

 

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N Chandrasekaran takes over as new Chairman today, says Tatas will lead, not follow

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N Chandrasekaran takes over as new Chairman today, says Tatas will lead, not follow

Posted on 21 February 2017 by GGS News

Mumbai : Tata veteran N Chandrasekaran on Tuesday took over as the chairman of Tata Sons, promising to deliver “industry leading” performance in all its businesses.
We will work together to deliver business performance which is industry leading in all our businesses, and lead …and not follow,” the 53-year-old Chandrasekaran told reporters outside the iconic headquarters of the $103-billion salt-to-software conglomerate- Bombay House.

“It is an honour and a privilege for me to assume this responsibility…I look forward to the opportunity to serve the group in this new role for the years to come and seek support from everyone so that we can collectively make it happen,” he said.The new Tata chief began his job chairing the Tata Sons Board meeting at Bombay House, sources said.

Chandrasekaran served TCS for three decades as it rose to become the largest IT company in the country and also the crown jewel for Tata Sons, the group holding company which is majority-owned by philanthropic trusts set up by the Tata family.

Chandra reached the group headquarters around 9:15 am and within a few minutes, Ratan Tata and other board members also arrived.

Yesterday, Chandra chaired the TCS Board meeting which declared the country’s largest share buyback worth Rs 16,000 crore.

Chandra succeeds 79-year-old Ratan Tata, who had come back as the interim chairman of the group after a surprise ouster of Cyrus Mistry as the chairman on October 24 last year.His removal led to a bitter corporate battle with Mistry coming out with not-so-palatable allegations about the functioning of the diversified group, including personal allegations against Ratan Tata himself.

The Tatas had rubbished all allegations and wrested control after removing Mistry from directorships at group companies and finally the holding company.

The group relies heavily on TCS and the acquired British automaker JLR, whereas other traditional businesses that made it a force to reckon with like steel, auto and hospitality, are not at the top of their mark, according to industry watchers.Marathon runner Chandrasekaran is the first non-family and non-Tata to lead the conglomerate.

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Reliance Jio’s tariff plan starts April 1; all domestic voice calls to be free: Mukesh Ambani

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Reliance Jio’s tariff plan starts April 1; all domestic voice calls to be free: Mukesh Ambani

Posted on 21 February 2017 by GGS News

New Delhi : Reliance Industries Chairman Mukesh Ambani made key announcements on his telecom venture Reliance Jio on Tuesday.
Reliance Jio, meanwhile, has crossed 100-million subscribers, in less than six months of its launch. Jio had crossed 50 million subscribers in just 83 days, adding at an average rate of 6 lakh subscribers per day and surpassing the subscriber addition rates of global giants like Facebook, WhatsApp and Skype.
Here are the live updates:
14:10 pm: Jio prime members can continue to enjoy unlimited benefits of New Year offer for another 12 months.
14:10 pm : Only Rs 303 per month or Rs 10 per day for another full year
14:09 pm : Enrollment will start from March 1 till 31 March 2017.
14:08 pm: Jio Prime membership for Rs 99 for 1 year from April 2017.
14:03 pm: In coming months, we will double data capacity. By 2017, Jio will be present in all villages of India covering 99% of population, says Ambani.
14:02 pm Lakhs of customers have done mobile no. portability in moving to Jio. I hope more customers will choose MNP and and make Jio their permanent home, says Ambani.
14:01 pm: From April 1, Reliance Jio will start its tariff plans. All domestic voice calls to remain free, no roaming charges, no hidden charges, says Ambani.
14:00 pm: 100 cr gigabytes of data was consumed on the Jio network.
13:56 pm: We have continued to build on our strengths for the last six months.
13:55 pm: India no. 1 country in world for mobile data usage. Before Jio India ranked 150 in mobile data usage
13:54 pm: 7 customers added per second to the network per day since Reliance Jio’s launch, says Ambani.
13:52 pm: Mukesh Ambani says Reliance Jio has crossed 100 mn customer mark in 170 days.


On December 2, 2016, RIL chairman Mukesh Ambani announced the extension of free services offer for customers till March 31, 2017.
The company is in the process of doubling the network, to four lakh digitally enabled outlets by March 2017. Jio has also introduced home delivery of Jio SIMs, Mukesh Ambani had said.
More recently, announcing its third quarter results, Reliance Industries had said that its telecom subsidiary Jio has garnered 72.4 million subscribers as of 31 December, 2016.
Aadhaar enabled us to acquire a million customer a day which is unheard of in the industry as a whole,” Mukesh Ambani said on February 16, 2017. Jio subscriber base is growing at a pace which it had itself had not expected at the time of launch.BT

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CFO severance package was Infy Board’s wrong judgement: Chairman

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CFO severance package was Infy Board’s wrong judgement: Chairman

Posted on 13 February 2017 by GGS News

Mumbai : The astronomical severance pay given to Infosys` former Chief Financial Officer (CFO) Rajiv Bansal was a “judgement” error made by the company board due to a subjective element that guided the drawing up of severance packages, Infosys Chairman R. Seshasayee on Monday said.
“In determining the severance package of Bansal when he left the company in October 2015, there was a business judgement by the Board and this amount was agreed to be paid,” Seshasayee told reporters here.

“In retrospect, I have no hesitation in saying that this compensation would have been different, had the judgement, made in the circumstances, been different. We had some subjectivity in making this judgement,” he said.

“It would serve everyone concerned much better, if that subjectivity element is taken away from severance packages,” the chairman added describing in euphemism what was clearly a major error in business judgement.

In fact, Seshasayee said that on the review of severance packages globally conducted with the help of a consultant, Infosys has removed this “subjective element” from the severance package contracts being applied since 2016.

“Business judgements can be wrong, perceptions can be different,” he said in defence of the decision to do away with the earlier practice that has led to the controversy over Bansal`s compensation package.

Seshasayee also told reporters that though a sum of Rs 17.30 crore, or equivalent to 24 months` salary was agreed to be paid to Bansal on his departure, he has “actually been paid Rs 5 crore something because the payment was suspended in April 2016”.

In this connection, Infosys founder-chairman N.R. Narayana Murthy said last week that the company had previously never paid such high compensation to any other executive in possession of “highly competitive (corporate) information”.

“Certain acts of the board`s corporate governance could have been better. Several people on the Board had highly competitive information. A former chairman said at the AGM that he had highly competitive information,” Narayana Murthy told the CNN-News 18 channel in an interview.

Nting that following a whistleblower`s complaint about payment of “hush money” to Bansal on his departure, Seshasayee clarified on Monday that two independent investigations had not revealed any wrongdoing on the part of the company or the former CFO.IANS

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RBI to declare ‘verified’ figure on post-demonetisation deposits

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RBI to declare ‘verified’ figure on post-demonetisation deposits

Posted on 11 February 2017 by GGS News

New Delhi : The Reserve Bank of India on Saturday said it needs to be careful on divulging the post-demonetisation deposit amount as the figure needs to be verified first and should not be just an estimate.
“The number that we should now divulge should be a verified number and congruent with the complex accounting,” Governor Urjit Patel said here post the RBI Board meet with Finance Minister Arun Jaitley.

“There are tens of thousands of bank branches and 4,000 currency chests. We need to be careful and try that this is a number which is not a mere estimate but a verified number both physically and in the accounting sense,” Patel added when asked about the estimated amount of old currency notes that have come back.

RBI had earlier said that notes worth Rs 12.44 lakh crore have been deposited till December 10, 2016.

 

There were 17,165 million pieces of Rs 500 notes and 6,858 million pieces of Rs 1,000 notes in circulation on November 8, 2016, the day Prime Minister Narendra Modi made the announcement of demonetising the two high denomination notes.

The total amount of high denomination currency circulating in the system on that day was, thus, Rs 15.44 lakh crore (Rs 8.58 lakh crore in Rs 500 notes and Rs 6.86 lakh crore in Rs 1,000).

Jaitley said the meeting with the RBI was to discuss the various Budget suggestions and the current economic situation.

When asked about RBI not going for a rate cut in its latest monetary policy review on February 8, he said: “All Finance Ministers have the perpetual desire, but at the end we all respect the decision that the RBI takes.” IANS

 

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Vijay Mallya sacked from United Breweries board

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Vijay Mallya sacked from United Breweries board

Posted on 09 February 2017 by GGS News

New Delhi : India`s United Breweries has fired indebted beer baron Vijay Mallya from his non-executive chairman role following an order from the country`s market regulator, it said in a stock exchange filing late Wednesday.
Exchange Board of India (SEBI) has barred Mallya from holding key managerial roles in any listed company.

Mallya, who made Kingfisher beer a global brand, was known for his flamboyant lifestyle and styled himself as the “King of Good Times”.

He owes banks at least $1 billion, fleeing to Britain last March as pressure grew from banks to pay back the loans.

Mallya has repeatedly failed to appear before investigators at the Enforcement Directorate, a financial crimes agency, who suspect him of misusing funds loaned by a state bank.

A UB representative did not immediately respond to an AFP email seeking comment.

The company`s decison follows Karnataka high court issuing a `winding-up` order on United Breweries Holdings Ltd (UBHL), the firm through which Mallya controlled his once-sprawling business empire, directing an official liquidator to take over all assets.

In January, an Indian court ordered a consortium of banks to start the process of recovering roughly $1 billion in loans from Mallya, who refuses to return home from exile.

Mallya, who remains a part-owner of the Force India Formula One team, has come to personify India`s problems with bad debts that are piling up on the balance sheets of banks.

The previous central bank governor, Raghuram Rajan, had made cleaning up the banking sector`s mountain of soured loans — defined as in default or close to it — a priority of his tenure.AFP

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RBI Monetary Policy : Weekly cash withdrawal limit from savings A/Cs enhanced to Rs 50,000 from Feb 20, no cap from Mar 13

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RBI Monetary Policy : Weekly cash withdrawal limit from savings A/Cs enhanced to Rs 50,000 from Feb 20, no cap from Mar 13

Posted on 08 February 2017 by GGS News

New Delhi : Indian shares fluctuated between gains and losses while sovereign bonds plummeted after the Monetary Policy Committee-steered Reserve Bank of India kept interest rates on hold contrary to consensus for a second straight meeting and its stance to neutral from accommodative.
The S&P BSE Sensex slid 0.1 percent to 28,289 after falling as much as 0.6 percent after the policy announcement. Meanwhile, the NSE Nifty closed little changed at 8,769. The market breadth was slightly skewed in favour of the buyers. About 781 stocks advanced, 706 declined and 60 remained unchanged on the NSE.

BREAKING: RBI KEEPS RATES UNCHANGED
The Reserve Bank of India has kept the short-term lending rate, or repo rate, unchanged at 6.25 percent contrary to consensus.
As many as 30 of 33 economists in a Bloomberg survey expected the monetary policy panel led by RBI Governor Urjit Patel to lower the benchmark repurchase rate to 6 percent from 6.25 percent, as inflation eases. That’s after authorities left rates unchanged at the December 7 meeting, while saying that the policy stance remains accommodative.
The Nifty 50 index dropped 0.5 percent to 8,723 while the Sensex fell over 160 points to 28,173. The Nifty Bank Index extended decline to over 1 percent post the RBI’s policy status quo. All 12 members of the index declined.The central bank said it has changed its policy stance to neutral from accommodative.
CPI inflation in Q4 is likely to below 5 percent
RBI’s next monetary policy committee meet on April 5-6NTPC Q3 Profit Top Estimates
Shares of the country’s largest power producer gained as much as 10.2 percent after it beat street estimates with its third quarter earnings. However, the stock soon gave up all of its gains to trade little changed.
Net income Rs 2,470 crore versus estimated Rs 2,390 crore
Revenue Rs 19,400 crore versus estimated Rs 19,000 crore
Total costs Rs 15,630 crore versus Rs 14,050 crore a year earlier
To pay Rs 2.6 per share as interim dividendBharat Forge Swings After Q3 Profit Falls 21 Percent
The automaker reported a 21.3 percent drop in its net profit for the October-December quarter at Rs 129 crore as compared to Rs 163 crore in the year ago period. The EBITDA margins for the company also contracted to 26.3 percent from 29.6 percent last year. Revenues declined 10.7 percent.
Shares of the company were trading little changed at Rs 981.15.Engineers India Spikes On Merger News
Shares of the India’s biggest state-run consultancy firm erased losses of as much as 1 percent to gain 1.9 percent after reports suggested that Government is mulling the merger of about half a dozen state-owned consultancy firms like Engineering Projects (India) Ltd with the company to create a mega consultancy firm that can take on the might of global giants like Bechtel.Shreyas Shipping To Acquire New Container Vessel
Shares of Shreyas Shipping Ltd jumped as much as 4.2 percent to Rs 239.30 after it entered into a pact to acquire a container vessel of 2,500 teus.
With this acquisition, the company has increased its vessel count to 10. The delivery of the vessel is expected towards the end of February 2017 and will be deployed on the west coast of India, the company said in a statement.Earnings Impact: City Union Bank
Shares of the private lender swung between gains and losses after it reported a net profit of Rs 126 crore during the October-December quarter as compared to Rs 113 crore during the year ago period. The number was in line with the Bloomberg consensus estimate of Rs 123 crore.
Gross Non-performing assets for the bank stood at 2.98 percent compared to 2.69 percent sequentially while net NPAs stood at 1.72 percent against 1.63 percent.
Shares were trading little changed at Rs 162.50 after giving up initial gains.Rupee Recoups
The rupee recovered 10 paise to trade at 67.31 against the US dollar in early trade today on fresh dollar selling by exporters and banks.
Forex dealers said weakness in the dollar against other currencies overseas supported the rupee.
A higher opening in the domestic equity market ahead of the RBI’s monetary policy review added to the upside, the said.
Yesterday, the rupee had lost 19 paise to close at 67.41 against the US currency amid fresh bouts of dollar demand ahead of RBI’s bi-monthly policy review.
PTIOpening Bell
Indian shares opened little changed as traders held back big bets ahead of the Reserve Bank of India meeting to decide on interest rates. At the same time, a gauge country’s top 10 consumer durables companies rose little over 2.7 percent, the most in nearly six weeks.
The S&P BSE Sensex gained 0.2 percent to 28,391 while the NSE Nifty advanced 0.1 percent to 8,780. The market breadth, however, was more encouraging with more buyers than sellers. About 951 stocks advanced, 472 declined and 463 remained unchanged on the NSE.Stocks To Watch
Axis Bank: To sell 10 percent of Experian India for Rs 64 crore cash
Hindalco Industries: Says unit Novalis Q3 net income $63 million, sales $2.31 billion
Jaiprakash Power: To consider share issue to lenders against debt on February 13
Muthoot Finance: To consider fund raising on Feb. 13
Jubilant Life Sciences: Approved acquisition of optionally convertible redeemable preference shares of Jubilant Biosys aggregating to Rs 186.62 crore
For a complete list of stocks to watch, click HERE
Earnings To Watch Today
Hero MotoCorp
NTPC
Cipla
Indraprastha Gas
Bharat Forge
Reliance Power
Sobha
Coffee Day Enterprises
City Union Bank
Igarashi Motors India
Jubilant Industries
RattanIndia Power
Ratnamani Metals And Tubes
Union Bank of India
Tata Chemicals
Shriram EPC
ThermaxUpdated
10:00:47 am
Created
08:55:37 am
Money Market Heads-Up

So the big day is here and the consensus view is that the RBI Monetary Policy Committee will cut the key policy rate by 25 basis points to 6 percent today.
But mind you, there are big voices that believe there is merit in central bank keeping rates unchanged. BNP Paribas, ranked number 1 by Bloomberg for predicting the RBI rate action over two years says it will be helpful to stay pat for the economy and for the rupee as there are rising upside risks to inflation.
There is also some nervousness in the market ahead of the decision with yield on the benchmark note rising three basis points this week. Market will stay around the current level and may tumble if the RBI goes against the consensus.
In the currency market, rupee, which snapped its longest streak of gains since 2011 in the last session, may open little changed. During the day, it is expected to take its cue from the local stocks.PTI

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Enforcement Directorate moves Supreme Court for attaching Sahara Group’s major foreign assets worth over Rs 3697 crore

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Enforcement Directorate moves Supreme Court for attaching Sahara Group’s major foreign assets worth over Rs 3697 crore

Posted on 07 February 2017 by GGS News

New Delhi : There is fresh trouble for Sahara Group Chairman, as the Enforcement Directorate has moved Supreme Court seeking permission to attach major foreign assets of Sahara Group worth over Rs 3,697 crore.
As per a TV channel report, The ED has alleged that out of Rs 25,000 crore, Rs 3, 697 were fraudently collected from investors

ED alleges that the money transferred abroad was used to acquire assets, and added that these assets foreign assets of the Group are proceeds of crime under Prevention of Money Laundering Act.

The investigating agency fears that under compulsion to pay off to investors, Sahara may try to sell or dispose off these properties.

In a severe blow to Sahara, the Supreme Court on Monday had ordered attachment of the Group’s prime Aamby Valley property in Pune, worth nearly Rs 40,000 crore, to make up the payment for the remaining Rs 14,779 crore the company owes investors with market regulator Sebi.

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1-crore bank accounts scanned under I-T department’s ‘Operation Clean Money’​ drive

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1-crore bank accounts scanned under I-T department’s ‘Operation Clean Money’​ drive

Posted on 05 February 2017 by GGS News

New Delhi : As part of the tax department’s Operation Clean Money initiative, it has scrutinised around 1-crore bank accounts, narrowed down to 18 lakh individuals to explain the source of large cash transactions they undertook in the weeks after demonetisation.
PTI quoting sources said that the I-T department is scrutinising all categories of accounts and will send out more SMS/emails for suspicious deposits under ‘Operation Clean Money’.

“We have initially matched 1-crore accounts with the profile in our database and identified 18 lakh people with suspicious deposits of over Rs 5 lakh. We will expand the scope of data analytics further and match the profiles with our data base,” the source told PTI.

In order to reduce harassment of taxpayers, the revenue department has mandated only officers in the rank of Assistant Commissioners and above to issue notices in case of unsatisfactory response received about bank deposits post demonetisation.

Under ‘Operation Clean Money’ launched by the Income Tax department on January 31, the department has sent SMS and emails to 18 lakh people who have made suspicious deposits of Rs 5 lakh and above between November 10 and December 30.

“If the department is convinced with the reply of the assessee, the case will be closed and that will be communicated by SMS and email. But, in case of unsatisfactory reply, the decision to issue notice will be taken by Assistant Commissioner and Commissioner rank officers,” the source said.

The department has used data analytics for comparison of deposits made after the November 8 decision to scrap high-value banknotes with information in its database to identify tax-payers whose cash transactions do not appear to be in line with the tax-paying profile.

It has also asked taxpayers to e-verify the deposits they made in their accounts post demonetisation and respond to queries of any mismatch on the tax e-filing portal.

PTI further added that people who have received queries from the tax department about their deposits while replying in the e-filing website can also offer their remarks if it was their cash in hand.”If the cash in hand is as per the balance sheet, no questions will be asked and the case would be closed. We have put enough safeguard to ensure that there is no harassment to tax-payers,” the source added.

As per I-T records, there are 3.65 crore individuals who filed income tax returns. Besides, there are over 7 lakh companies, 9.40 lakh Hindu Undivided Families (HUFs) and 9.18 lakh firms who filed ITRs during Assessment Year 2014-15.

Also, over 25 crore zero-balance Jan Dhan accounts were opened as part of the financial inclusion drive.PTI

 

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Budget 2017 LIVE: NO TAX ON INCOME UP TO RS 3 LAKH, 5% TAX ON INCOME UP TO RS 5 LAKH

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Budget 2017 LIVE: NO TAX ON INCOME UP TO RS 3 LAKH, 5% TAX ON INCOME UP TO RS 5 LAKH

Posted on 01 February 2017 by GGS News

New Delhi : In a major step, Finance Minister Arun Jaitley announced the reduction of the existing rate of taxation for individuals with income ranging between Rs 2.5 lakh to Rs 5 lakh to 5% instead of 10%. There will be a surcharge of 10% for those whose annual income is Rs 50 lakh to Rs 1 crore. Additionally, the 15% surcharge on Rs 1 crore or more remains unchanged. This is to make up for Rs 15,000 crore loss due to the cut in the personal income tax rate.This would reduce the tax liability of all persons below Rs 5 lakh income either to zero (with rebate) or 50% of their existing liability. In order not to have duplication of benefit, the existing benefit of rebate available to the same group of beneficiaries is being reduced to Rs 2500 available only to assessees upto income of Rs 3.5 lakhs. The combined effect of both these measures will mean that there would be zero tax liability for people getting income up to Rs 3 lakhs p.a. and the tax liability will only be Rs 2,500 for people with income between Rs 3 and Rs 3.5 lakhs,” the finance minister said in his budget.

“If the limit of Rs 1.5 lakh under Section 80C for investment is used fully, the tax would be zero for people with income of Rs 4.5 lakhs. While the taxation liability of people with income up to Rs 5 lakhs is being reduced to half, all the other categories of tax payers in the subsequent slabs will also get a uniform benefit of Rs 12,500 per person. The total amount of tax foregone on account of this measure is Rs 15,500 crores,” he said.Jaitley said only 1.74 crore individuals filed income tax returns as against 4.2 crore people working in the organised sector. The advance tax on personal Income tax was increased by 34.8 percent due to demonetisation, the finance minister added.Making a case for widening the tax net, Jaitley said the lower entry-level tax rate will expand the base in the coming year. He made a case for the same by explaining how the Direct Tax collection in India is not commensurate with spending. While 3.7 crore individuals filed returns, 99 lakh showed income below the exempt limit, 1.95 crore were between Rs 2.5 and Rs 5 lakh and only 24 lakh were above Rs 10 lakh. Out of 76 lakh individual assessee who declare over Rs 5 lakh income, a major chunk of 56 lakh are salaried. “India is a largely tax non-compliant society thanks to the presence of large cash economy which allows tax evasion,” the FM said.
Tax rates for small and medium-sized companies have also been cut. Companies with an annual turnover of up to Rs 50 crore will now pay 25% instead of the earlier 30%. The finance minister said this will benefit 96% of the companies in the country.
Abhishek Goenka, Partner Direct Tax PwC India for startups, said there was an expectation of an across the board reduction in the rate. Instead, a calibrated approach has been adopted and the reduction is only for companies with turnover of less than Rs 50 crores. “I expect that there will be some safeguards against unnecessary arbitrage opportunities by splitting businesses.”
He said the increased period for profit linked deduction for three years out of 7 years as against five years is welcome, as start-ups are not expected to make profits for the first few years. “The ask was for a 10-year period, but extension to 7 years is nevertheless welcome. The exemption from MAT has however, not been allowed, and an enhanced carry over period will not really help start ups from a cash flow perspective.”

__________IndiaExpress_________

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