Page 2 - Fiscal Year Cycle
IT refunds of Rs 1.19 trillion issued so far this fiscal: IT department
Income Tax refunds of over Rs 1.19 lakh crore have been issued to over 1.02 crore taxpayers between April 1 to November 15, the I-T department said on Thursday. This includes 67.99 lakh refunds of AY 2021-22, amounting to Rs 13,140.94 crore. "CBDT (Central Board of Direct Taxes) issues refunds of over Rs 1,19,093 crore to more than 1.02 crore taxpayers from 1st April 2021 to 15th November 2021. Income tax refunds of Rs 38,034 crore have been issued in 1,00,42,619 cases & corporate tax refunds of Rs 81,059 crore have been issued in 1,80,407 cases," the I-T department tweeted.
 "IT refunds of Rs 1.19 trillion issued so far this fiscal: IT department")
Consumer demand may rebound in Q2 this fiscal: Trent Chairman Noel N Tata
Customer demand should rebound strongly, possibly from the second quarter onwards, said Trent Chairman Noel N Tata, though he remained "cautiously optimistic" on the medium-term outlook. With growth drivers such as favourable demographics, increasing per capita and disposable income, and growing consumption, India is expected to return to a strong growth trajectory, despite uncertainty over near-term outlook, he added. Trent will continue to focus on building out differentiated brands and accelerating its reach through stores and digital platforms, said Tata in the latest annual report of Trent Ltd - the Tata Group's retail arm. "While we cannot predict how quickly we will see the back of this crisis, there is a reason to believe that we will see a transition out of this pandemic phase. And when it does abate, customer demand should rebound strongly, possibly starting in the second quarter," he said. Tata further said he is "confident" that the business has the "expertise and ...
 "Consumer demand may rebound in Q2 this fiscal: Trent Chairman Noel N Tata")
Diamond sector to cap revenue loss at 20%; to clock $15 bn this fiscal
Recovery in key export markets and pent-up demand are likely to arrest the decline in revenue of the country's diamond industry
 "Diamond sector to cap revenue loss at 20%; to clock $15 bn this fiscal")
Businesses likely to face challenges in preparing financial reports in FY21
The spillover of compliance requirements from FY20 to FY21 makes experts wary of the ripple effect on business financials
 "Businesses likely to face challenges in preparing financial reports in FY21")
Current fiscal year will end as scheduled on March 31, no extension: Govt
PTI erroneously reported that the new financial year will start from July 1
 "Current fiscal year will end as scheduled on March 31, no extension: Govt")
Moily for change in fiscal year cycle
I am also for it, but don't hurry up. Take states' opinion: Moily
 "Moily for change in fiscal year cycle")
