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Jindal Drilling & Industries standalone net profit declines 3.66% in the June 2016 quarter

Jindal Drilling & Industries standalone net profit declines 3.66% in the June 2016 quarter

Sep 14,2016

Net profit of Jindal Drilling & Industries declined 3.66% to Rs 9.48 crore in the quarter ended June 2016 as against Rs 9.84 crore during the previous quarter ended June 2015. Sales rose 11.24% to Rs 92.66 crore in the quarter ended June 2016 as against Rs 83.30 crore during the previous quarter ended June 2015.

ParticularsQuarter Ended
n++Jun. 2016Jun. 2015% Var.
Sales92.6683.3011
OPM %9.8912.74-
PBDT14.5518.68-22
PBT12.0915.01-19
NP9.489.84-4

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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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Jagran Prakashans subsidiary Music Broadcast files DRHP with SEBI
Nov 28,2016

Jagran Prakashan announced that the Companys subsidiary, Music Broadcast (MBL) has filed its draft red herring prospectus with the Securities and Exchange Board of India on 28 November 2016 in order to undertake an initial public offering (the IPO). The IPO will comprise of a fresh issue aggregating upto Rs. 400 crore and an offer for sale of upto 2,658,518 equity shares by certain existing shareholders of MBL. JPL is not selling any of its shareholding in MBL under the offer for sale portion.

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CyberTech Systems & Software receives refund of Rs 6.97 crore
Nov 28,2016

CyberTech Systems & Software announced that the Company has received Refund of Rs.6.97 crore on 28 November 2016 from the Income Tax Department towards refund of penalty earlier paid by the Company.

This refund money includes Interest on Refund of Income tax to the tune of Rs. 1.85 crore.

In this connection, the above refund and the interest on refund is on account of interim relief which is subject to the pending order of the High Court while passing the Final Assessment Order.

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Board of Banco Products (India) to consider buyback of equity shares
Nov 28,2016

Banco Products (India) announced that the Meeting of the Board of Directors is scheduled to be held on 08 December 2016, to consider a proposal for Buyback of the Companys Equity Shares, constitution of Buyback Committee and appointment of Intermediaries and matters incidental thereto, in accordance with all applicable Rules and Regulations and other provisions of various laws.

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Board of Shilpa Medicare to consider preferential issue of equity shares
Nov 28,2016

Shilpa Medicare announced that a meeting of Board of Directors will be held on 01 December 2016, inter alia, to consider the issue of Equity Shares or Convertible Securities on Preferential basis under SEBI (ICDR) Regulations, 2009.

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Board of Sai Capital approves change in registered office
Nov 28,2016

Sai Capital announced that the Board of Directors of the Company at its meeting held on 25 November 2015 approved the shifting of registered office of the Company to E-10A, Kailash Colony, Greater Kailash - I, New Delhi 110048.

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Rupee drifts
Nov 28,2016

Month-end dollar demand from the importers led to rupee weakness on Monday (28 November 2016). Rupee closed lower at 68.7079/7200 per dollar, versus its previous close of 68.4799/4900 per dollar last Friday.

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Six Rivers of Goa to be developed as National Waterways
Nov 28,2016

Total 106 new waterways have been declared as National Waterways (NWs) under the National Waterways Act, 2016, in addition to the five existing NWs notified earlier. Specific stretches of six rivers of Goa viz. Chapora (NW-25), Cumberjua Canal (NW-27), Mandovi (NW-68), Mapusa (NW-71), Sal (NW-88) and Zuari (NW-111) have been included in the declared NWs.

Detailed Project Reports have been prepared for the rivers Mandovi, Zuari and Cumberjua. For the remaining three NWs, two-stage DPR studies (Stage-I - Feasibility study) and (Stage-II-DPR) have been awarded. The requirement of land and civil structural interventions and the requirement of funds for the development of the six NWs in Goa would be known after the finalization of the DPRs.

For development of NWs in Goa, a Memorandum of Understanding (MoU) has been signed by Inland Waterways Authority of India (IWAI) with Mormugao Port Trust (MPT). Expenditure to develop these waterways will be met from Government Budgetary Support (GBS), extra budgetary resources such as bonds, MPT and Government of Goa.

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NESCO appoints CEO as KMP
Nov 28,2016

NESCO announced that Dibakar Chatterjee, Chief Executive Officer has been appointed as the Key Managerial Personnel (KMP) of the Company with effect from 08 November 2016.

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Board of Glance Finance appoints directors
Nov 28,2016

The Board of Directors of Glance Finance at its meeting held on 28 November 2016 has approved appointment of Shripal Choudhari as an Independent Director of the Company with effect from 28 November 2016.

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TCS recognised as a Leader in Worldwide IoT Consulting and Systems Integration Services
Nov 28,2016

Tata Consultancy Services announced that it has been recognised as a Leader in IDC MarketScape, Worldwide Internet of Things Consulting and Systems Integration Services, report.

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