The Tribune, Chandigarh, India

Now, share your email-id, cell number in tax return forms
Tribune News Service

New Delhi, July 4
Taxpayers filing their income tax (I-T) returns this year will now have to share their email-ids and mobile phone numbers with the tax department.

The Central Board of Direct Taxes (CBDT), the administrative authority of the Income Tax Department, has introduced a new column in the I-T return forms, asking for the tax filers' personal email-id and mobile number. For those filing returns online, it will have to be registered on the website.

Till now, the taxpayers had to mention similar details of their chartered accountants (CAs) or tax filing helpers in the existing column asking for personal details of the filer.

In case, a taxpayer changes his CA or is not in touch with him, it was found, any communication made by the I-T to the taxpayer used to languish without reaching the desired person.

The department, which is facing issues of pending refunds and ensuring other tax related information to the taxpayer, has designed the new I-T forms so that in case of emergency, a tax officer could directly get in touch with the individual tax filer. The new measures have been implemented both for e-filers and manual filers of I-T returns.

The department will send separate One Time Passwords (OTPs), also referred as PIN, on the mobile and email provided by the taxpayer. The OTPs have to be entered by the taxpayer after logging into their e-filing account to authenticate the same. The OTPs will remain valid for 24 hours within which the taxpayer has to complete the process.

Validation of email and mobile numbers has been introduced to facilitate taxpayers as in many cases incorrect emails and mobile numbers have been provided and taxpayers did not receive important communication from the department.

Further, in many cases taxpayers are not able to reset their password since the new temporary password from the department may be sent to their registered email which may be different from the taxpayer's personal email, for instance email of their intermediary.

Mandatory for all

* The new measures have been implemented both for e-filers and manual filers of income tax returns

* Till now, taxpayers had to mention similar details of their chartered accountants or tax filing helpers in forms

Air India to deploy another Dreamliner on Singapore route

Singapore, July 4
Celebrating its 60th year of flying to Singapore, Air India is adding another Boeing 787 'Dreamliner' aircraft on its Singapore-Chennai-Mumbai sector from the next month.

“The Indian national carrier has seen a big increase in passengers on its latest aircrafts from Singapore to India,” Country Manager Nirbhik Narang told PTI today. “In June, we had more than 90 per cent passengers on our daily flights from Singapore to India,” said Narang, underlining the increase in travellers flying by Air India.

Air India's 125-aircraft fleet includes brand new Boeing and Airbus planes, including B777, A321, A320 and A319.

Air India had launched 'Dreamliner' on its Singapore-Delhi daily flight on March 20, 2014, and would be upgrading the aircraft to 'Dreamliner' on Singapore-Chennai-Mumbai daily flight next month, he said.

Air India would further expand its routes, offering passengers on the Singapore-India sector seamless onward connections to Europe, America, Gulf Countries as well as popular South Asian destinations such as Kathmandu in Nepal.

Narang said Air India was also offering connections to major destinations within India, including Amritsar, Ahmedabad, Bangalore, Lucknow, Pune and Vishakapatnam. — PTI

AI puts up 5 more Dreamliners for leaseback

Air India will sell and lease back five of its new Dreamliners as part of cost-cutting measures and save substantial sums to pay off the bridge loans it has taken against these aircraft, official sources said. The national carrier has issued a tender inviting bids for the sale and leaseback of five Boeing 787-8 Dreamliners, which were delivered between August 26 last year and January 28 this year, the bid document said. — PTI

Sensex hits record high on optimism ahead of Budget

Mumbai, July 4
The benchmark Sensex today jumped over 138 points to end at new closing peak of 25,962.06, led by oil and gas shares, on buying by overseas investors on hopes of continued economic reforms and a growth-oriented Budget.

The 30-share Sensex was supported by gains in Reliance Industries and HDFC Bank shares, traders said, adding that receding fears of the impact of a delayed monsoon on prices and strong global cues after upbeat US data and easing oil prices boosted market sentiments.

The BSE benchmark opened higher at 25,844.80 and firmed up further to a high of 25,981.51. It settled at new closing high of 25,962.06 — a gain of 138.31 points or 0.54 %. It surpassed previous closing peak of 25,841.2 (July 2). For the week, Sensex gained 862.14 points — the first rise in four.

Oil and gas sector stocks attracted brisk buying support after reports that the Oil Ministry is likely to move the Cabinet Committee on Political Affairs soon with an expert panel's recommendations of raising kerosene and cooking gas rates.

The NSE 50-share Nifty also moved up 36.80 points, to end at its all-time closing high of 7,751.60 after hitting 7,758.00. It previous closing peak of 7,725.15 was also reached on July 2. —PTI

Rs ends flat at 59.72
The rupee today ended a mere one paisa higher at 59.72 against the US dollar on alternate bouts of demand and supply, wrapping up its best weekly performance since the period ended May 16. It gained 36 paise against the Greenback in the week ended on Friday on hopes of a growth-oriented Budget on July 10.

Adani Ports in pact with French firm to expand Mundra port

New Delhi, July 4
Adani Ports & SEZ Ltd today signed a pact with France’s CMA CGM Group to develop a container terminal at Mundra Port that entails an estimated investment of Rs 2,100 crore.

“This will be the fourth container terminal at Mundra capable of handling 1.3 million TEUs (twenty-foot equivalent unit) annually,” Adani Ports & SEZ today said in a statement. Sources said the total investment for setting up this terminal was estimated to be Rs 2,100 crore in 50:50 joint venture partnership.

The construction phase will be initiated immediately and completion will be in 24 months, the statement said.

The project comprises design and construction of a 650-m terminal along with 27 hectares of back area with a water depth of 16.5 m.

This terminal will initially have four units of 65 tonne capacity of handling 18,000 TEU vessels and Ultra Large Container Vessels.

“We are pleased with this joint venture partnership that will help put our continued expansion at the Mundra port on an even steeper trajectory," said Gautam Adani, chairman of Adani Group.

“With this investment, CMA CGM and Adani Ports will develop infrastructure that will play a key role for the development of the country's industry," said Farid T Salem, executive officer of CMA CGM Group. — PTI

SpiceJet to resume flights to Dubai from Mumbai

Mumbai, July 4
Budget carrier SpiceJet today said it would resume flights to Dubai, from Mumbai and Madurai, from July 21. These services, launched in June 2012 and November 2013, respectively, were suspended in May on account of the runway refurbishment at Dubai International Airport, SpiceJet said.

The 80-day refurbishment work is completing as per the schedule, so SpiceJet is now resuming its flights, it said. The airline has offered promotional fares on these new flights for bookings made till July 10 for travel between July 21 and July 31. While for the Mumbai-Dubai flight, the all-inclusive promotional fares start at Rs 5,499, for Madurai-Dubai flight the special fares are pegged at Rs 5,999. — PTI

Norms on delivery instruction slips postponed till Oct: SEBI

Mumbai, July 4
Market regulator SEBI today said its new framework to strengthen the supervisory and monitoring role of depositories and their participants for issuance and processing of Delivery Instruction Slips would come into force from October.

As per the earlier plan, the new norms were to take effect from July 7.

A DIS is used by sellers of securities to instruct their depository participants to debit their demat account.

SEBI, which issued the norms on issuance and processing of the DIS on January 7, had said the new framework would come into effect after six months - July 7.

In a circular issued today, SEBI said: "In light of the difficulties expressed by the depositories and the depository participants (DPs) and considering their request, it has been decided to make the circular effective from October 01, 2014."

Further, SEBI said a period of one month might be given for the receipt of DIS by the Beneficial Owners (BO). “The DPs may accept old DIS during this transit period. Further, while issuing new DIS, the DPs shall intimate the BO that old DIS cannot be used after the new DIS is received,” SEBI said. — PTI

SEBI chief meets FM

SEBI chief UK Sinha on Thursday held discussions with Finance Minister Arun Jaitley, days ahead of the Union Budget. Details about the meeting could not be immediately ascertained. SEBI had earlier presented its wish list for the upcoming Budget.

BRIEFLY

RBI to issue guidelines for bank licences this year
Mumbai: The Reserve Bank of India will issue the guidelines that will be used to grant on-tap and differentiated banking licences later this year, deputy governor R. Gandhi told reporters on the sidelines of an event on Friday. Gandhi also said
the assessment of the monsoon rains on the economy would not be carried out until later. — Reuters

US Exim Bank weighs loan to Indian coal project
Washington: The US Export-Import (EXIM) Bank is considering financing a massive coal-fired power plant in India despite the fact the Obama administration has called on domestic and global public lenders to stop funding coal-plants in his climate change strategy. —Reuters

Honda launches affordable bike in India at Rs 41,100
New Delhi: Honda Motorcycle & Scooter India (HMSI) on Friday launched its most affordable bike in the country, priced at Rs 41,100 (ex-showroom Delhi) as it aims at strengthening its position in the mass segment and rural areas. The company, which is in the process of setting up its fourth manufacturing facility in Gujarat, is also looking to invest another Rs 1,000 crore on various activities, including capacity expansion in the current fiscal. — PTI

Hyundai delivers 1 lakh units of ‘Grand’ in 10 months
New Delhi: Hyundai Motor India Ltd has delivered 1 lakh units of its car 'Grand' within 10 months of its launch, the company said on Friday. "The Grand is the only product to achieve an outstanding sales mark in the industry, consolidating Hyundai's position as a trend setter and leader in the compact car segment," the company said. — PTI

Tata Motors to launch models regularly till 2020
Gurgaon: Tata Motors is looking at launching a couple of models each year till 2020 as the company looks to ramp up its portfolio in the competitive Indian car market. "We are working on a product strategy that started last year. The plan is to bring a couple of new vehicles every year," said Ranjit Yadav, Tata Motors president, passenger vehicles. — PTI