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Income Tax Department identifies 17.92 Lakh persons whose tax profiles were not in line with cash deposits made by them during demonetization period
Mar 10,2017

Income Tax Department (ITD) has initiated n++Operation Clean Moneyn++ on 31st January 2017 to leverage technology and data analytics for e-verification of cash deposits made during the demonetization period i.e. 9thNovember to 30th December 2016 to reduce compliance cost for the taxpayers and optimise Government resources.

ITD has identified 17.92 Lakh persons whose tax profiles were not in line with the cash deposits made by them during the demonetization period.

As part of the initial phase, the ITD has sought online response as per pre-defined parameters on source(s) of cash deposited by17.92 Lakh persons through its e-filing portal.

More than 12 lakh responses have been received from 8.38 lakh distinct PANs/persons which are under verification. In case explanation of source of cash is found justified, the verification is closed. The verification is also closed if the cash deposit is declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY).

Appropriate action in non-compliant cases is taken as per law, which includes searches, surveys, assessment of income, levy of taxes, penalties, etc. and filing of prosecution complaints in criminal courts, wherever applicable.

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RBL Bank gets ratings assigned for Basel III Tier II Bond programme
Mar 10,2017

RBL Bank announced that ICRA, vide its letter dated 07 March2017 has assigned the rating of [ICRA] A+ (pronounced as ICRA A Plus Hybrid) to BASEL III Tier II Bond programme of the Bank for an enhanced amount of Rs. 800 crore.

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Zensar Technologies allots 42,832 equity shares
Mar 10,2017

Zensar Technologies announced that the Nomination and Remuneration Committee of the Directors have on 10 March 2017 allotted fully paid up 42,832 Equity Shares of Rs. 10.00 each of the Company to its employees under Employee Stock Option Scheme.

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Board of Mega Fin (India) appoints directors
Mar 10,2017

Mega Fin (India) announced that the Board of Directors of the Company at its meeting held on 10 March 2017 has appointed Vinod Parekh and Pramod Raghavan, as an Independent Directors of the Company with immediate effect i.e. 10 March 2017

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ADCC Infocad allots 38,745 equity shares
Mar 10,2017

ADCC Infocad has allotted 38,745 equity shares pursuant to ADCC ESOP 2014 at the board meeting held on 10 March 2017. Consequently, the paid up equity shares has increased to 91,38,220 shares of Rs 10 each.

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Board of Mudunuru decides to sell non-core assets
Mar 10,2017

Mudunuru announced that the Board of Directors of the Company at its meeting held on 10 March 2017 examined the business of the Company and has decided to sell its non critical assets and to sell its stake in the below mentioned subsidiary companies and authorize the Whole-Time Director to take all necessary steps as may be required in this regard:- 1. Mudunuru Dreams 2. Mudunuru Software.

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Board of Infronics Systems decides to acquire three entities
Mar 10,2017

Infronics Systems announced that the Board of Directors of the Company at its meeting held on 10 March 2017 has reviewed the existing business and has decided to acquire small time Companies namely Mudunuru Software, Zoraly Solutions and Biomorf Systems which are engaged in the Information Technology related business in order to achieve in organic growth

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Roll out of GST-1st July 2017
Mar 10,2017

The GST Council in its 9th Meeting held on 16 January 2017 took note of the work to be completed for the rollout of GST and after deliberations, agreed to extend the date for rollout of GST from 1st April 2017 to 1st July 2017. Steps taken to ensure rollout of GST by 1st July 2017 include approval of the Draft GST Compensation Law by the GST Council in its 10th Meeting on 18 February 2017 held in Udaipur, Rajasthan. Subsequently, the Draft CGST Law and Draft IGST Law were approved in the 11th Council Meeting held on 4 March 2017 at New Delhi. The issues of dual control and cross empowerment were resolved in the 9th Meeting of the GST Council held on 16 January 2017 in which a broad agreement was reached on the issue of cross-empowerment to achieve single interface of taxpayer with the tax administration in the GST regime.

All the decisions taken by the GST Council so far have been based on consensus among the Centre and the States.

At the Central level, the following taxes are being subsumed in GST:

n++ Central Excise Duty,

n++ Additional Excise Duty,

n++ Service Tax,

n++ Additional Customs Duty commonly known as Countervailing Duty, and

n++ Special Additional Duty of Customs.

n++ Cesses and surcharges (Except Clean Energy Cess)

At the State level, the following taxes are being subsumed in GST:

n++ State Value Added Tax/Sales Tax,

n++ Central Sales Tax (levied by the Centre and collected by the States),

n++ Entertainment Tax (other than the tax levied by the local bodies),

n++ Octroi and Entry tax,

n++ Purchase Tax,

n++ Luxury tax, and

n++ Taxes on lottery, betting and gambling.

n++ State cesses and surcharges in so far as they relate to supply of goods and services.

GST will simplify and harmonise the indirect tax regime in the country. It is expected to reduce cost of production, thereby making the Indian trade industry more competitive, domestically as well as internationally. It is also expected that introduction of GST will foster a common or seamless Indian market and contribute significantly to the growth of the economy. Further, GST will broaden the tax base, and result in better tax compliance due to robust IT infrastructure.

GST Council is presently deliberating on various issues entrusted to it. All the decisions taken by the Council so far have been based on consensus. GST is going to be implemented soon in the country, therefore, simultaneous and concert efforts are also being made by the government in the form of IT readiness, rigorous consultations, workshops and training sessions for the industry and traders, and all other stake holders involved etc.

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Shilpi Cable Technologies allots NCDs aggregating Rs 10.8 crore
Mar 10,2017

Shilpi Cable Technologies announced that the Board of Directors of the company vide a resolution passed by circulation on 10 March 2017 have allotted 1080 Unlisted, Unsecured, Redeemable Non-Convertible Debentures of Rs. 100,000 each aggregating to Rs 10.8 crore on private placement basis.

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Simplex Mills Company director resigns
Mar 10,2017

Simplex Mills Company announced that Pradeep S Chonkar, Non-Executive Director of Company vide his letter 10 March 2017 tendered his resignation from the Board of the Company.

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Gayatri BioOrganics to hold board meeting
Mar 10,2017

Gayatri BioOrganics will hold a meeting of the Board of Directors of the Company on 16 March 2017, to consider inter alia the Unaudited Financial Results for the third quarter ended 31 December 2016.

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Oxides & Specialities to hold board meeting
Mar 10,2017

Oxides & Specialities will hold a meeting of the Board of Directors of the Company on 17 March 2017, to consider and adopt un-audited Financial Results for the quarter ended 31 December 2016.

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Maharashtra Polybutenes to hold board meeting
Mar 10,2017

Maharashtra Polybutenes will hold a meeting of the Board of Directors of the Company on 17 March 2017, to consider and adopt un-audited Financial Results for the quarter ended 31 December 2016.

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Chambal Breweries & Distilleries to hold board meeting
Mar 10,2017

Chambal Breweries & Distilleries will hold a meeting of the Board of Directors of the Company on 20 March 2017, to consider and appoint Women Director as an additional Director of the company

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Polaris Consulting & Services to hold board meeting
Mar 10,2017

Polaris Consulting & Services will hold a meeting of the Board of Directors of the Company on 15 May 2017.

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