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Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Sep 14,2016

Net profit of Future Enterprises rose 615.37% to Rs 315.48 crore in the quarter ended June 2016 as against Rs 44.10 crore during the previous quarter ended June 2015. Sales declined 67.64% to Rs 921.19 crore in the quarter ended June 2016 as against Rs 2846.84 crore during the previous quarter ended June 2015.

ParticularsQuarter Ended
n++Jun. 2016Jun. 2015% Var.
Sales921.192846.84-68
OPM %24.969.91-
PBDT295.07184.1360
PBT142.3249.92185
NP315.4844.10615

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Cipla appoints director
Nov 28,2016

Cipla announced that the Board of Directors of the Company through a circular resolution on 28 November 2016 has appointed Ireena Vittal as an Additional Director of the Company with effect from 01 December 2016 to hold office as an Independent Director of the Company.

Further, Vittal is not related to any Director of the Company.

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Board of Future Retail to consider September quarter and half year results
Nov 28,2016

Future Retail announced that a meeting of the Board of Directors of the Company is scheduled to be held on 06 December 2016, inter alia, to consider and approve the Unaudited Financial Results for the quarter and half year ended 30 September 2016.

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Board of Future Retail to consider September quarter and half year results
Nov 28,2016

Future Retail announced that a meeting of the Board of Directors of the Company is scheduled to be held on 06 December 2016, inter alia, to consider and approve the Unaudited Financial Results for the quarter and half year ended 30 September 2016.

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BS reports standalone net loss of Rs 64.44 crore in the September 2016 quarter
Nov 28,2016

Net loss of BS reported to Rs 64.44 crore in the quarter ended September 2016 as against net profit of Rs 16.18 crore during the previous quarter ended September 2015. Sales declined 62.76% to Rs 225.73 crore in the quarter ended September 2016 as against Rs 606.18 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales225.73606.18 -63 OPM %-1.9413.27 - PBDT-51.5340.60 PL PBT-64.4424.47 PL NP-64.4416.18 PL

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Triveni Engineering and Industries standalone net profit rises 119.37% in the September 2016 quarter
Nov 28,2016

Net profit of Triveni Engineering and Industries rose 119.37% to Rs 64.67 crore in the quarter ended September 2016 as against Rs 29.48 crore during the previous quarter ended September 2015. Sales rose 48.88% to Rs 639.51 crore in the quarter ended September 2016 as against Rs 429.55 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales639.51429.55 49 OPM %19.2113.50 - PBDT100.0835.38 183 PBT86.3221.32 305 NP64.6729.48 119

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Timken India standalone net profit rises 41.12% in the September 2016 quarter
Nov 28,2016

Net profit of Timken India rose 41.12% to Rs 29.86 crore in the quarter ended September 2016 as against Rs 21.16 crore during the previous quarter ended September 2015. Sales rose 7.70% to Rs 278.57 crore in the quarter ended September 2016 as against Rs 258.66 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales278.57258.66 8 OPM %17.0713.75 - PBDT49.0837.34 31 PBT42.1032.01 32 NP29.8621.16 41

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Sadbhav Engineering standalone net profit declines 33.32% in the September 2016 quarter
Nov 28,2016

Net profit of Sadbhav Engineering declined 33.32% to Rs 18.53 crore in the quarter ended September 2016 as against Rs 27.79 crore during the previous quarter ended September 2015. Sales declined 17.46% to Rs 615.64 crore in the quarter ended September 2016 as against Rs 745.91 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales615.64745.91 -17 OPM %10.6210.83 - PBDT44.0267.83 -35 PBT18.6846.39 -60 NP18.5327.79 -33

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Mahanagar Gas standalone net profit rises 40.88% in the September 2016 quarter
Nov 28,2016

Net profit of Mahanagar Gas rose 40.88% to Rs 102.24 crore in the quarter ended September 2016 as against Rs 72.57 crore during the previous quarter ended September 2015. Sales declined 3.45% to Rs 518.05 crore in the quarter ended September 2016 as against Rs 536.57 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales518.05536.57 -3 OPM %31.1822.31 - PBDT176.40130.53 35 PBT153.29109.64 40 NP102.2472.57 41

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Triveni Engineering and Industries consolidated net profit rises 205.53% in the September 2016 quarter
Nov 28,2016

Net profit of Triveni Engineering and Industries rose 205.53% to Rs 67.92 crore in the quarter ended September 2016 as against Rs 22.23 crore during the previous quarter ended September 2015. Sales rose 48.88% to Rs 639.51 crore in the quarter ended September 2016 as against Rs 429.55 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales639.51429.55 49 OPM %19.2113.50 - PBDT96.8431.05 212 PBT83.0816.99 389 NP67.9222.23 206

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ERP Soft Systems consolidated net profit rises 61.11% in the September 2016 quarter
Nov 28,2016

Net profit of ERP Soft Systems rose 61.11% to Rs 0.29 crore in the quarter ended September 2016 as against Rs 0.18 crore during the previous quarter ended September 2015. Sales rose 75.91% to Rs 9.20 crore in the quarter ended September 2016 as against Rs 5.23 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales9.205.23 76 OPM %4.574.97 - PBDT0.420.26 62 PBT0.410.25 64 NP0.290.18 61

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Aban Offshore reports consolidated net loss of Rs 274.74 crore in the September 2016 quarter
Nov 28,2016

Net loss of Aban Offshore reported to Rs 274.74 crore in the quarter ended September 2016 as against net profit of Rs 59.56 crore during the previous quarter ended September 2015. Sales declined 59.70% to Rs 399.01 crore in the quarter ended September 2016 as against Rs 990.11 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales399.01990.11 -60 OPM %53.4460.45 - PBDT-49.97352.83 PL PBT-227.05126.22 PL NP-274.7459.56 PL

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Aban Offshore reports consolidated net loss of Rs 274.74 crore in the September 2016 quarter
Nov 28,2016

Net loss of Aban Offshore reported to Rs 274.74 crore in the quarter ended September 2016 as against net profit of Rs 59.56 crore during the previous quarter ended September 2015. Sales declined 59.70% to Rs 399.01 crore in the quarter ended September 2016 as against Rs 990.11 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales399.01990.11 -60 OPM %53.4460.45 - PBDT-49.97352.83 PL PBT-227.05126.22 PL NP-274.7459.56 PL

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Surana Solar bags EPC and O&M contract for 10 MW solar power plant
Nov 28,2016

Surana Solar has been awarded an EPC contract for design, engineering, procurement and supply, construction and erection, testing, commissioning, associated transmission system and comprehensive operation and maintenance for 10 years of 10 MW solar power plant by Paradip Port Trust, Odisha.

The total EPC contract awarded is Rs 60.60 crore and for O&M works for ten years is Rs 4.75 crore which is more than 50% of turnover of the FY 2016-17.

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Surana Solar bags EPC and O&M contract for 10 MW solar power plant
Nov 28,2016

Surana Solar has been awarded an EPC contract for design, engineering, procurement and supply, construction and erection, testing, commissioning, associated transmission system and comprehensive operation and maintenance for 10 years of 10 MW solar power plant by Paradip Port Trust, Odisha.

The total EPC contract awarded is Rs 60.60 crore and for O&M works for ten years is Rs 4.75 crore which is more than 50% of turnover of the FY 2016-17.

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Taxation Laws (Second Amendment) Bill, 2016 introduced in Lok Sabha
Nov 28,2016

Evasion of taxes deprives the nation of critical resources which could enable the Government to undertake anti-poverty and development programmes. It also puts a disproportionate burden on the honest taxpayers who have to bear the brunt of higher taxes to make up for the revenue leakage. As a step forward to curb black money, bank notes of existing series of denomination of the value of Rs.500 and Rs.1000 [Specified Bank Notes(SBN)] have been recently withdrawn the Reserve Bank of India.

Concerns have been raised that some of the existing provisions of the Income-tax Act, 1961 (the Act) can possibly be used for concealing black money. The Taxation Laws (Second Amendment) Bill, 2016 (the Bill) has been introduced in the Parliament to amend the provisions of the Act to ensure that defaulting assessees are subjected to tax at a higher rate and stringent penalty provision.

Further, in the wake of declaring specified bank notes as not legal tender, there have been suggestions from experts that instead of allowing people to find illegal ways of converting their black money into black again, the Government should give them an opportunity to pay taxes with heavy penalty and allow them to come clean so that not only the Government gets additional revenue for undertaking activities for the welfare of the poor but also the remaining part of the declared income legitimately comes into the formal economy.

In this backdrop, an alternative Scheme namely, Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) has been proposed in the Bill. The declarant under this regime shall be required to pay tax @ 30% of the undisclosed income, and penalty @10% of the undisclosed income. Further, a surcharge to be called Pradhan Mantri Garib Kalyan Cess @33% of tax is also proposed to be levied. In addition to tax, surcharge and penalty (totaling to approximately 50%), the declarant shall have to deposit 25% of undisclosed income in a Deposit Scheme to be notified by the RBI under the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. This amount is proposed to be utilised for the schemes of irrigation, housing, toilets, infrastructure, primary education, primary health, livelihood, etc., so that there is justice and equality.

An overview of the amendments proposed in the Bill are placed below:

Overview of Amendments Proposed                                                        

PARTICULARS

EXISTING PROVISIONS

PROPOSED PROVISIONS

 

 

 

General provision for penalty

PENALTY (Section 270A)
Under-reporting - @50% of tax
Misreporting - @200% of tax

(Under-reporting/ Misreporting income is normally difference between returned income and assessed income)

No changes proposed

Provisions for taxation & penalty of unexplained credit, investment, cash and other assets

TAX  (Section 115BBE)

Flat rate of tax @30% + surcharge + cess
(No expense, deductions, set-off is allowed)

 

TAX  (Section 115BBE)

Flat rate of tax @60% + surcharge @25% of tax (i.e. 15% of such income). So total incidence of tax is 75% approx.
 (No expense, deductions, set-off is allowed)

PENALTY (Section 271AAC)

If Assessing Officer determines income referred to in section 115BBE, penalty @10% of tax payable in addition to tax (including surcharge) of 75%.

Penalty for search  seizure cases

Penalty (271AAB)

(i) 10% of income, if admitted, returned and taxes are paid

(ii) 20% of income, if not admitted but returned and taxes are paid

(iii) 60% of income in any other case

Penalty (271AAB)

(i) 30% of income, if admitted, returned and taxes are paid

(ii) 60% of income in any other case

Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY)

New Taxation and Investment Regime

Undisclosed income in the form of cash & bank deposit can be declared:

(A) Tax, Surcharge, Penalty payable

       Tax                   @30% of income declared

       Surcharge          @33% of tax

       Penalty              @10% of income declared

       Total                  @50% of income (approx.)

(B)  Deposit

     25% of declared income to be deposited in interest    

     free Deposit Scheme for four years. 

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