|
|
|
|
|
PM’s panel says efforts on to restrict deficit to 5.3%
Infosys launches ‘India in a box’ for Japanese companies
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Tax Advice
Faulty brakes: Honda recalls 11,500 bikes
FinMin to decide on IKEA's FDI proposal today
Expedite free trade agreement in services and investment: CII
SEBI to get call data records in specific cases
Don't give loan for buying gold, RBI tells banks
Re recovers 10 paise to end at 55.06
|
|
PM’s panel says efforts on to restrict deficit to 5.3%
New Delhi, November 19 "I think our attempt will be to see that we remain as close as possible to revised fiscal deficit that has been indicated by the Finance Ministry. All efforts will be made to get to that number," Rangarajan said on the sidelines of an event organised by Export-Import Bank of India. Although the government had pegged fiscal deficit for the current financial year at 5.1% of the GDP in the budget, it has revised the target to 5.3% in view of subdued revenue collection and rising fuel and food subsidy bills. — C Rangarajan, Prime Minister's Economic Advisory Council (PMEAC) Chairman "I think still there are about 4-5 months more for the end of the year. There are many actions that are possible," he said when asked how the government will meet fiscal deficit target after lukewarm response to telecom spectrum auction. The PMEAC chief's comments come in the backdrop of lukewarm response to the 2G spectrum auction which could fetch the government only Rs 9,407 crore as against the target of Rs 40,000 crore. The government intends to go in for another round of spectrum auction before end of the current fiscal. On depreciation of the rupee, Rangarajan said: “I think the capital inflows during the current year will be adequate to cover the Current Account Deficit (CAD)...I believe the rupee will stay around this particular range (Rs 54-55 a dollar) even by the end of this year." The rupee had slipped below 55-level against dollar on last Friday, recording the largest fall among its major peers globally in the past 30 days. Recently, Finance Minister P Chidambaram had expressed confidence that CAD will come down to 3.7% of GDP in 2012-13. In 2011-12, CAD touched a 30-year high of 4.2% of the GDP or $78 billion. CAD occurs when the country's total imports and transfers are higher than its total exports and transfers. On key policy rates cut by the RBI, Rangarajan said: "We need to watch the behaviour of prices for some more time. Of course, the RBI will take all factors into account, but there is still some time for the RBI to take a decision.” The RBI will come out with the mid-quarter review of monetary policy on December 18.
— PTI |
||
|
Infosys launches ‘India in a box’ for Japanese companies
Bangalore, November 19 The key functionalities of the solution include financial management, supply chain management, production management, service, resource and project management, employee management and customer management. Tomoyuki Nakanishi, group senior manager, Dynamics Product Group, Microsoft Japan, said, “Japanese firms are looking to grow in India, which is why ‘India in a Box’ is such a valuable resource. What used to take years - learning how to navigate the often-complicated Indian marketplace - now has become a matter of weeks. Japanese companies can use this innovative product as an all-in-one business solution.” Infosys head (operations in Japan) V Sriram said, “With this new solution, Infosys has tried to address one of the biggest issues facing Japanese companies entering the Indian market. ‘India in a Box’ could help firms to establish the interface with the enterprise resource planning in the home office. Executives in Tokyo can manage the sales and production of their Indian operations on a daily basis without a hitch. ‘India in a Box’ is all about improving real time decision-making and governance.” Infosys set up its Japan operations in 1997. Today, it has offices in Tokyo and Nagoya with more than 200 employees. All in the box
|
||
|
Income from transfer of long-term capital asset tax-free
By S.C. Vasudeva Q: I am government employee and want to avail rebate of Rs 1 lakh on savings and Rs 22,000 interest rebate against a home building loan of Rs 8 lakh sanctioned in 2010. Which form, ITR-I or ITR-2, I need to file for the Assessment Year 2012-13? Which form is required to declare interest received from fixed deposit receipts of the bank? — Rajesh A: The deduction allowable in respect of the repayment towards a house building loan is covered within the overall limit of Rs 1 lakh specified in Section 80C of the Income Tax Act 1961. The total deduction allowable to you towards savings and repayment of the loan would therefore be Rs 1 lakh. In your case, Form SAHAJ (ITR-1) can be used for declaring the salary income as well as the received on fixed deposit receipts. The deduction under Section 80C of the Act can be claimed in such return. The interest paid on the amount borrowed for construction/acquisition of a house is allowable as deduction against the income from house property. In case you have an income from one house property, the applicable form would be same i.e. SAHAJ (ITR-1). Q: I am holding shares of a few companies for the past few years. If I sell these securities through a registered stock broker (paying STT), then shall I have to pay any long-term capital gain tax? — Ramesh Chand Jain A: As per Section 10(38) of the Act, any income arising from the transfer of a long-term capital asset being an equity share in a company or a unit of an equity-oriented fund would be exempt from tax provided the transaction of sale of such equity share or unit is entered into after coming into force of the Securities Transaction Tax leviable in terms of the provisions of the Finance Act 2004 and is chargeable to securities transaction tax under Chapter VII of the Finance (No. 2) Act 2004. You have mentioned that you are holding these shares for more than one year and therefore such shares would be eligible to be categorised as long-term capital asset. In case you comply with the aforesaid conditions, the income arising on the sale of such shares would be exempt from tax.
|
||
|
Faulty brakes: Honda recalls 11,500 bikes
New Delhi, November 19 The company's wholly-owned subsidiary, Honda Motorcycle & Scooter India, is recalling the bikes, which were produced from March 2011 to September 2012. "In accordance with its global commitment to provide maximum customer satisfaction and highest quality products, Honda Motorcycle & Scooter India (HMSI) is announcing the recall of CBR 250R Standard variant motorcycle," HMSI said. The company's exclusive authorised dealerships across the country have started informing the customers from today for this exercise, which will take less than an hour, it added. Elaborating on the problem, HMSI said: “There is a possibility of limited ineffectiveness in front brake application, though this concern doesn’t impact the overall braking functionality and effectiveness of front and rear brakes under normal riding conditions.” HMSI said it is recalling 11,500 units of the CBR 250R Standard variant, which were manufactured in India between March 2011 and September 2012. “Honda will rectify the problem free of cost, irrespective to the warranty status of the vehicle,” the company said. HMSI said: "This voluntary move, the first time by any two-wheeler manufacturer in India, is intrinsic
to Honda's pro-activeness as a responsible manufacturer.” — PTI |
||
|
FinMin to decide on IKEA's FDI proposal today
New Delhi, November 19 IKEA’s proposal to set up 25 stores in India is listed on the agenda of Foreign Investment Promotion Board , which will meet on Tuesday to consider 27 FDI proposals. The proposal has already been scrutinised by the Department of Industrial Policy and Promotion (DIPP) in the Commerce and Industry Ministry. After FIPB's nod, it will have to be cleared by the Cabinet Committee on Economic Affairs (CCEA) as the board can clear investment applications worth up to Rs 1,200 crore only. The FIPB in its last meeting had cleared three single brand FDI proposals. They were of British footwear retailer Pavers England to open fully-owned stores, a 51% joint venture of American luxury clothing retailer Brooks Brothers and Italian jewellery maker Damiani's plan to form a venture with Mehta's Pvt Ltd. The IKEA Group, which manufactures and sells home and office furnishing products, proposes to invest in single—brand retail trading in India through a 100 per cent subsidiary. This would be the largest investment in the single—brand retailing ever since the government has allowed foreign investment in this sector in January. With the government relaxing the mandatory 30% sourcing clause in September, IKEA which had earlier expressed concerns over the issues had filled its final application earlier this month. The other items on the agenda of the meeting include proposals of Bharat Electronics, Multi Commodity Exchange of India, Mahindra and Mahindra Ltd, OCS Group Singapore Pte Ltd, Singapore; and InterCall Asia Pacific Holdings, Singapore.
— PTI |
||
|
Expedite free trade agreement in services and investment: CII
New Delhi, November 19 Both sides can reap quick gains from implementation of such an agreement, added the CII. The CII said India and ASEAN countries are amongst the biggest beneficiaries of the shift in global economic equations and can jointly leverage their large markets and development endeavours. “Close economic and trade ties with 10-member ASEAN block forms the central part of India’s Look East Policy. On the eve of this 10th Indo-ASEAN Summit, the CII would like to urge the leaders of both regions to expedite the conclusion of trade and investment agreement being negotiated under the Indo-ASEAN FTA,” CII director general Chandrajit Banerjee said. According to the CII, huge benefits would arise from greater integration, especially in the sectors of infrastructure development, education and services. India-ASEAN FTA has opened up new areas of cooperation like trade and investment, agriculture, renewable energy science and technology, education, tourism, climate change, media. ASEAN has emerged as one of the most important trading partners of India accounting for bilateral trade of $79 billion (10% of India’s total trade) in 2011-12, crossing the target of $70 billion by 2012 set in 2009. |
||
|
SEBI to get call data records in specific cases
New Delhi, November 19 "... Some arrangement is being made that the call data records will be supplied through the agencies entitled to get them to SEBI," Chidambaram said. "They (SEBI) won't have the power to directly tap into the phone calls. Records can be made available to them by the authorities concerned. Some progress is being made," he said. He was replying to queries about SEBI seeking access to call data records of people being investigated by it in cases related to the stock markets. Asked about intelligence reports of some terror groups pumping in money in the stock market, Chidambaram said he was sure that SEBI would look into the matter if tainted money was flowing into the stock market. Observing that the matter falls into the jurisdiction of the Home Ministry, Chidambaram said: “I can’t conduct an enquiry into terror groups putting money into the stock market. If tainted money is flowing into the stock market, I’m sure SEBI will look into it.” SEBI chairman UK Sinha had last month said that the market regulator had asked the government to provide it access to call data records of those suspected to have violated insider trading and other norms in the securities market. Talking about comparison with insider trading cases in the US, such as the one involving Indian-origin banker Rajat Gupta, he had said that investigation tools available with the American regulators are much more
different. — PTI |
||
|
Don't give loan for buying gold, RBI tells banks
"...it is advised that no advances should be granted by banks for purchase of gold in any form, including primary gold, gold bullion, gold
jewellery, gold coins, units of gold Exchange Traded Funds and units of gold mutual funds," RBI said in a notification. No advances should be granted by banks against gold bullion to dealers or traders in gold if, in their assessment, such advances are likely to be utilised for purposes of financing gold purchase at auctions or speculative holding of stocks and bullion, it said. However, it said banks can provide finance for genuine working capital requirements of
jewellers. The decision was taken in view of significant rise in imports of gold in recent years putting pressure on current account deficit. In the 2011-12 fiscal, India's gold imports stood at $60 billion and the quantum of import was 1,067
tonnes. In the April-June quarter of the current fiscal, however, gold imports had contracted by 18.4% year-on-year to Rs 71,912
crore. The monetary policy statement of April 2012 announced the constitution of a working group to study issues relating to gold imports and gold loans by Non-Banking Financial Companies in
India. — PTI |
||
|
Re recovers 10 paise to end at 55.06
Mumbai, November 19 The dollar index, a gauge of six major global currencies, was down by 0.22% while New York crude oil was quoting below USD 88 a barrel in Europe today. It moved in a narrow range of 54.94 and 55.11 before settling at 55.06, a rise of 10 paise or
0.18%. — PTI |
||
|
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Letters | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | E-mail | |
New Delhi, November 19
IT services giant Infosys today announced the launch of India in a Box, a new solution for its Japanese clients. The solution is based on industry-standard Microsoft Dynamics
NAV. It enables Japanese companies to jumpstart their business operations in India by moving to an IT infrastructure in just eight weeks.
Q: I am government employee and want to avail rebate of Rs 1 lakh on savings and Rs 22,000 interest rebate against a home building loan of Rs 8 lakh sanctioned in 2010. Which form, ITR-I or ITR-2, I need to file for the Assessment Year 2012-13? Which form is required to declare interest received from fixed deposit receipts of the bank?
New Delhi, November 19
Mumbai, November 19