Page 524 - Business Finance
Govt extends deadline for GST sales return for March until Apr 23
The government has extended the last date for filing summary sales return, GSTR-3B, for March month by three days until April 23. "Due date for filing GSTR-3B for the tax period March 2019 has been extended to April 23, 2019," a ticker on GST portal gst.gov.in' said. The last date for filing summary sales return and payment of taxes for March is April 20, 2019. AMRG & Associates Partner Rajat Mohan said, Glitches in GSTN is leading to frequent extensions in the filing of tax returns. Tax filers also need to improve the habit of filing at the last date, leading to burden on the servers resulting in the collapse of the same.
Talks with IMF for bailout package to start soon: Advisor to Pak PM
Pakistan's newly appointed advisor to the prime minister on finance, Abdul Hafeez Shaikh said on Saturday that talks with the International Monetary Fund (IMF) to finalise a bailout package would be held soon. Shaikh was appointed as advisor on Friday following abrupt resignation of finance minister Asad Umar after returning from the US where he held talks with IMF for a crucial multi-billion dollar bailout package for the cash-strapped Pakistan. Islamabad is seeking USD 8 billion from the IMF to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy. Pakistan has so far received a total of USD 9.1 billion in financial aid packages from friendly countries like China, Saudi Arabia and the UAE during the current fiscal year. Shaikh, who took charge of the Ministry on Saturday, said in a brief talk that he would take forward the talks with the IMF. "Both parties want progress on the matter, and they have a commitment to us. I will be ...
Leading IT cos say beefed up security but no data breach
IT firms Infosys and Cognizant said they have not observed any data breach and they remain vigilant against cyber attacks that appear to be targeting technology players. Cybersecurity blog KrebsOnSecurity in its latest post KrebsOnSecurity said "the crooks responsible for launching phishing campaigns that netted dozens of employees and more than 100 computer systems last month at Wipro, India's third-largest IT outsourcing firm, also appear to have targeted a number of other competing providers, including Infosys and Cognizant, new evidence suggests". It further stated that the "fairly experienced crime group" is focused on perpetrating gift card fraud. Earlier this week, KrebsonSecurity had first reported that Wipro's systems had been breached and were being used to launch attacks against some of its clients. Wipro had then confirmed that it had been subjected to an "advanced phishing campaign" that affected a few of its employee accounts. When contacted, Infosys in an emailed ...
After failing to meet Rs 12 lakh cr target, I-T Dept sets eyes on cash transactions to increase tax collection
New Delhi [India], Apr 20 (ANI): Failing to meet direct tax collections target, the Income Tax (I-T) Department has started surgical strikes against cash transactions.The assessing officers have been directed to penalise those using cash while buying properties, luxury items like jewellery and cars or while paying bills at hospitals.According to a senior official, the I-T Dept missed the tax collection target of Rs 12 lakh crore. "We have been directed to focus on new areas from the beginning of the new financial year," said the official."We have found about 27,000 cases of cash transactions in the purchase of properties where I-T laws were violated. We need to recover about Rs 5,500 crore soon," he said.As per the law of the Central Board of Direct Taxes (CBDT) effective from June 1, 2015, any transaction in real estate -- including agricultural land -- is required to be made through account payee cheque or the real time gross settlement (RTGS) or electronic funds transfer if the ...
BJP questions Rahul Gandhi's citizenship
The BJP on Saturday sought to corner Congress President Rahul Gandhi over alleged discrepencies in his election affidavit involving his citizenship and educational qualification.
Not in violation of US sanctions: Reliance Industries
The Reliance Industries on Saturday said that reports suggesting its involvement in an arrangement that leads to cash payment for Venezuelan state oil company PDVSA via third parties and hence violating US sanctions are false.
Consumer confidence recovers in April: Study
Consumer confidence has recovered in April owing to cooling inflation and easing tensions between India and Pakistan after a war-like situation had developed, said a recent report.
Balanced approach essential on foreign currency debt (Column: Behind Infra Lines)
Recent news about an increase in Indian corporates and state entities issuing dollar bonds is welcome news, especially since it clearly shows investor appetite for lending to credible Indian business models. However, relatively easy liquidity and high investor appetite for lending in the international markets must be tempered by the fact that borrowing in foreign currencies is beneficial for businesses with certain specific balance sheet structures.
Reliance denies any cash payment deal to Venezuela's PDVSA for oil
Reliance Industries on Saturday denied involvement in any arrangements that lead to cash payments for oil supplies to Venezuelan government oil company PDVSA via third parties.Reports suggesting that Reliance is involved in an arrangement that leads to cash payment for oil supplies to PDVSA via third parties are 'false and reckless,' it said in a statement, adding the oil refining major is not in violation of any sanctions imposed by the United States.Reliance has purchased Venezuelan crude oil from companies like Russian energy giant Rosneft long before the imposition of US sanctions, as they do get title to Venezuelan oil in return for reduction in their prior debt.Since sanctions were imposed, Reliance has made such purchases with the full knowledge and approval of the US Department of State (USDOS), and it had informed USDOS of specific volumes and transactions."Such transactions do not lead to any consequent payment to PDVSA and do not violate US sanctions or policies," said ...
4 of 11 Tesla board members to step down by 2020
In a move that is likely to weaken the powers of Electric Vehicle (EV) maker Tesla Founder Elon Musk and cut some of his strongest allies from the board of directors, the company has said that four of its 11-member board would step down by 2020, thus shrinking the board's size by more than a third.
Airbnb's growth driving down lodging prices: Study
Global hospitality services provider Airbnb is shaking up the hotel industry by driving down the lodging prices and revenues for traditional hotels, a new study suggests.
Reliance says not violating US sanctions on Venezuela, bought oil with knowledge of US authorities
Reliance Industries Saturday said it is not in violation of the US sanctions on Venezuela and had purchased crude originating from the Latin American nation from companies such as Russia's Rosneft in full knowledge of US authorities. In a statement, Reliance said reports suggesting that it was involved in an arrangement that leads to cash payment for oil supplies to Venezuelan national oil company PDVSA via third parties are "false and reckless". "Reliance has purchased Venezuelan crude oil from companies such as (Russia's) Rosneft long before the imposition of the US sanctions, as they do get title to Venezuelan oil in return for reduction in their prior debt. "Since sanctions were imposed, Reliance has made such purchases with the full knowledge and approval of the US Department of State (USDOS), and Reliance has informed USDOS of specific volumes and transactions. Such transactions do not lead to any consequent payment to PDVSA and do not violate US sanctions or policies," it ...
Tata Coffee reports total income of Rs 757 crore in FY19
Tata Coffee, a subsidiary of Tata Global Beverages and Asia's largest integrated coffee company, has reported standalone total income of Rs 757 crore in April to March 2018-19 compared to Rs 762 crore in the previous financial year.The profit after tax was Rs 72 crore against Rs 63 crore in the same period due to an improved plantation and instant coffee performance as well as on the sale of its non-core fixed assets.For the quarter ended March 31, the company reported a total income at Rs 212 crore compared to Rs 207 crore during January to March 2018. Profit after tax was higher at Rs 12 crore compared to Rs 4 crore in the same period."The offtakes to Africa and European geographies continue to be strong and our focus on customer acquisition in new geographies has enabled a robust and healthy order book," said Tata Coffee's Managing Director Chacko Thomas."While volumes are high, the instant coffee business continues to be under margin pressure due to the current competitive ...
Brickwork revises credit ratings of Reliance Capital
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Reliance Capital gets revision in credit ratings from CARE
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Reliance Home Finance gets revision in credit ratings from CARE
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Reliance Home Finance gets revision in credit ratings
From Brickwork Ratings
Paytm Payments Bank appoints Sairee Chahal to board of directors
Paytm Payments Bank Ltd (PPB) Saturday said it has appointed entrepreneur Sairee Chahal to its board of directors. Chahal is the founder and CEO of SHEROES -- a community platform for women. "We are delighted to have Ms Sairee Chahal on our board. She has comprehensive experience of customer service ecosystem. We will benefit from her knowledge and expertise," PPB Managing Director and CEO Satish Gupta said in a statement. PPB, which was incorporated in August 2016, formally began its operations in 2017. Paytm Founder Vijay Shekhar Sharma holds 51 per cent stake in PPB, while the rest is held by One97 Communications. Gupta had recently stated that PPB has 4.4 crore savings bank accounts with deposits of over Rs 400 crore as well as 26 crore wallet accounts.
Wipro says recent cyber attack did not impact critical businesses
IT services major Wipro is collaborating with its partner ecosystem to collect and monitor advanced threat intelligence for enhancing the security posture.Earlier this week, it said that some of its employee accounts may have been hacked due to an advanced phishing campaign and an investigation has been launched to contain any potential impact."We continue to monitor our enterprise infrastructure at a heightened level of alertness." Wipro's Company Secretary Sanaulla Khan informed stock exchanges in regulatory filings. "We would like to clarify that the incident did not impact the company's ongoing critical business operations."Khan said the company became aware of potentially abnormal activity within its network about 10 days ago in respect of few of its employee accounts, who were subjected to an advanced phishing campaign."We began investigating the incident, identified and isolated the employee accounts which were impacted, took remedial steps to contain the incident and mitigate .
Jet pilot shoots tough questions at management
An old-timer and veteran Jet Airways pilot Sudhir Gaur has blamed the management for keeping 22,000 employees in the dark over the turn of events that led to complete suspension of the airline's operations leaving the staff in lurch.