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Filing of IT returns by salaried class may go
AP out to lure IT industry away from Bangalore
Nod to duty-free fuel for SEZ units
Govt to speed up Karcham Wangtoo |
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SBI rakes in profit of Rs 1,215 cr
Maruti unveils Wagon-R variant
Reliance Industries net up at Rs 2,481 crore
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Filing of IT returns by salaried class may go
New Delhi October 27 “We are considering the proposal,” Finance Minister said, adding that it would depend upon how soon the tax department put in place the fully online Tax Information Network (TIN). “The department had been mandated to move towards paperless filing of tax deduction at source (TDS) from this year, but this has been put off by a year as TIN has not become fully operational,” he added. At the moment, both hard copies and soft copies are filed, and the ultimate plan is to do away with hard TDS, he said. Mr Chidambaram said for the next four days the focus would be to encourage nearly 2.5 crore income tax
assesses to file returns and help centres would be set up to facilitate people to file returns on their own without going to chartered accountants. The help centres would function next Saturday and Sunday as well and work much beyond office hours, he said, adding more counters would also be opened so that everybody can file returns carefully without any last minute pressure. Warning strict action against those not filing IT returns by October 31, Mr Chidambaram said the Income Tax Department has adequate information of all nature of transactions which would help it track tax evaders. He said the department has abundant data relating to 1,72,511 parties or individual entities with transaction in cash deposits of Rs 10 lakh or more in the fiscal, 3,23,563 credit card holders with expenditure of Rs 2 lakh or more a year, data pertaining to 4,96,600 parties with investment of Rs 2 lakh or more in mutual funds and transactions in immovable properties. “The department has more information than people think it has. It has a huge volume of information relating to transactions in the economy,” Mr Chidambaram said, adding that he was only giving some parameters of the information that the tax department has. The Finance Minister said the last date for filing of Annual Information Return (AIR) was August 31, 2005. The last day of filing AIR was extended to November 30 but those who do not file return by the due date would have to pay a penalty. He said instructions have been issued to various IT commissioners to call up credit card companies, CMDs and Executive Director of the banks, mutual fund chiefs and Registrars of parties to ask the entities concerned to file AIR.
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AP out to lure IT industry away from Bangalore
Bangalore, October 27 Come and see for yourself the infrastructure in place in Hyderabad and other two cities like Vishakapatnam and Vijaywada was the slogan of the AP delegation which has come the attend the IT.in fair. Andhra Pradesh has a significant presence in the fair and is also hosting a networking dinner today. Speaking to The Tribune about the initiatives being taken by the AP Government, its Advisor, IT and CEO, AP Invest, Dr C.S.Rao disclosed that Andhra was the first state in the country to form a separate infrastructure and development department. Besides this, the AP Invest Department had been formed which was working as a society in close collaboration with the industry and the government. Contrary to Bangalore, where a controversy has been created over the allotment of land to Infosys with alliance partner H.D. Deve Gowda demanding jobs reserved for those dispossessed of their land, the AP Government is open to allotting land for mega IT projects, private IT parks and IT campuses. Dr Rao said the AP Government was following a two- pronged approach to make the state more investor- friendly for the IT sector.” We have earmarked campuses, SEZs and even incubation centres for the IT industry , besides preparing the population for the IT boom.” Teaching in engineering colleges was being
tailor made to the requirements of the IT sector with due emphasis on
English. IT was also being taken to the rural masses with the laying of broad- band connection right down to the village level. Speaking about the IT industry in the state, IT Secretary K. Ratna Prabha disclosed that IT exports from Andhra Pradesh were increasing at the rate of 45 to 50 per cent each year. She said 152 new software -exporting companies had started operations in AP during
2004-05. The government was setting up a 1200- acre SEZ near the new International Airport. Mrs Prabha said IT Parks were being created in 1,000 acres of land. IT majors like HSBC, Satyam, Wipro and TCS had already identified Vishakapatnam as their tier- two IT location.
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Nod to duty-free fuel for SEZ units
New Delhi, October 27 As per the amended procedures, the SEZ units can import duty-free fuels like motor spirit, superior kerosene, high-speed diesel, light diesel oil and fuel oil. According to Mr L.B. Singhal, Director-General of the Export Promotion Council for EOUs and SEZ Units, the facility of duty-free fuels for SEZ units has been restored after repeated pleas by the council. It was discontinued by the Department of Revenue in September, 2004. The import of fuels will be permitted only through state trading enterprises like the Indian Oil Corporation, HPCL and BPCL.
— UNI
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Govt to speed up Karcham Wangtoo project in HP
New Delhi, October 27 Chairing a meeting of independent power producers and ministry officials, Union Power Minister P.M. Sayeed called for taking up this 1000- MW power project in Himachal on a priority basis. “The monthly coordination meeting of Power Secretary and Secretary, Environment and Forests should look into issues relating to environmental clearance for the 1000- MW Karcham Wangtoo project in HP,” said the Power Minister. The Wangtoo project was being developed by Jaiprakash Industries Ltd in Kinnaur district of
HP. It is targeted to be commissioned by December, 2011. However, they said, power purchasing agreement, equity tieup, transmission scheme and environment clearance for the project were pending. The project has an annual generation of 4301.77 MUs. The project has a peaking capability of four hours and could provide peaking benefit for about eight months a year. Statutory approvals are in an advanced stage of processing and are expected to be available soon, said sources in the ministry. Northern states, including Punjab, Haryana and Delhi, are likely to be the final beneficiaries of power from this project and discussions in
this regard have already been initiated.
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SBI rakes in profit of Rs 1,215 cr
Mumbai, October 27 The bank said its total income has increased to Rs 9,856.04 crore for the September quarter, from Rs 9,737.43 crore in the same quarter last year. The consolidated results show that the bank has posted 29.58 per cent rise in net profit after minority interest to Rs 1,590.75 crore for the second quarter.
— PTI
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Maruti unveils Wagon-R variant
New Delhi, October 27 The special edition ‘Wagon-R Primea’, priced at Rs 3.89 lakh (ex-showroom Delhi), carries many new features over the existing models. “In the interiors, the Primea comes with a 2-tone colour plan and colour co-ordinated beige upholstery. It carries premium fabric, two-tone leather steering wheel and provides keyless entry,” the company said. The new model comes with alloy wheels, front fog lamps, chrome muffler cap, stylish body graphics and body-coloured door-handles, apart from a new-design speedometer.
— PTI
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Reliance Industries net up at Rs 2,481 crore
Mumbai, October 27 Total income has increased 27.21 per cent to Rs 20,939 crore for the quarter ended September 30, 2005 from Rs 16,460 crore in the year-ago period, the company informed the Bombay Stock Exchange. The company’s turnover for the half-year ended September 30, of Rs 42,777 crore and net profit of Rs 4,791 crore were the highest in the private sector. Operating profit has increased to Rs 7,694 crore, up by 16 per cent, as against Rs 6,618 crores for the corresponding period in the previous year. The total paid-up equity share capital stood at Rs 1,394 crore, the Earnings Per Share (EPS) for Rs 34.4 and Cash Earnings Per Share (CEPS) Rs 48.3. Exports, including deemed exports were Rs 15,176 crore against Rs 10,036 crore in the previous year, an increase of 51 per cent.
Bharti Tele profits
Bharti Televentures has posted a 43 per cent increase in its net profit at Rs 521 crore for the second quarter ended September 30, 2005, over the same period in previous fiscal. The company’s consolidated revenues for the quarter was up 46 per cent year-on-year at Rs 2,709 crore, the company said here. EBITDA (Earnings before interest, taxation, depreciation in amortisation) during the second quarter grew 47 per cent year-on-year at Rs 1,021 crore. Revenues and net profit for the first half ended September 30, 2005, propped up Rs 5,000 crore and 1,000 crore, respectively.
SAIL net dips
The Steel Authority of India Ltd (SAIL) has reported 25.53 per cent decline in net profit at Rs 1,126.76 crore for the quarter ended September 30, 2005 as compared to Rs 1,513.15 crore in the same period last fiscal. Total income however, increased 5.11 per cent to Rs 7,156.27 crore for the quarter ended September 30, 2005, from Rs 6,808.26 crore in the year-ago period.
Moser Baer
Rising input costs and falling prices of some of its products pulled down margins of Moser Baer India Limited which recorded 82 per cent decline in net profit for the quarter ended September at Rs 3.08 crore as compared to Rs 17.50 crore in the same quarter last fiscal. The gross sales of the company were up 56 per cent to Rs 397.8 crore. The earning of the company before interest, depreciation and taxes was down to Rs 110.52 crore in the September quarter from Rs 116.9 crore in the same period last year. The company has planned capital expenditure of $105 million this fiscal. The company will float a wholly owned subsidiary for entering the photovoltaic business.
Indian Rayon gains
Aditya Birla Group company Indian Rayon and Industries Ltd has reported 56.42 per cent rise in net profit of Rs 38.59 crore for the quarter ended September 30, 2005, as compared to Rs 24.67 crore in the same period last fiscal. Total income has increased 21.16 per cent to Rs 569.94 crore for the quarter ended September 30, 2005, from Rs 470.39 crore in the year-ago period, the company informed the Bombay Stock Exchange. The group has posted a net profit of Rs 37.56 crore for the quarter ended September 30, 2005, as compared to Rs 6.94 crore in the corresponding period in 2004-05.
Finolex profit down
Finolex Industries Ltd today reported a 66.27 per cent decline in net profit at Rs 9.57 crore for the quarter ended September 30, 2005, as compared to Rs 28.38 crore in the year-ago period. Total income has decreased 7 per cent to Rs 183.40 crore for the quarter ended September 30, 2005 from Rs 197.51 crore in the same period last fiscal.
GAIL net jumps
GAIL has announced a 70 per cent jump in net profits to Rs774 crore for the July-September quarter of the current fiscal. During the first half of the current fiscal, the company’s turnover increased to Rs.6889 crore from Rs5955 crore in the corresponding period in 2004-05, thereby registering 16 per cent growth, the company said. Its net profit during the July-September quarter was Rs456 crore. “The net profit for the first half year was Rs1258 crore against Rs795 crore in the pervious year period, an impressive growth of 58 per cent,” the company said. ‘This increase in net profits have been achieved by the company despite the fact that it continues to bear the subsidy burden towards under-recoveries on LPG and PDS kerosene.
— Agencies, TNS
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