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- Complete draft of NRC bearing the names of over 2.89 cr citizens of Assam published
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- Frame charges against Dayanidhi Maran: SC directs trial court
- Paraguayan Romero's hat trick puts him among top 10 Corinthians scorers
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- Isner beats Harrison to win Atlanta Open for 5th time
- Wanted to produce film to change course of Pakistani cinema: Ali Zafar
- Media reports on suicides impact vulnerable people
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- Assam NRC: TMC, SP create uproar in RS over exclusion of 4 million people
- Crude oil futures rise 0.62 pc on firm global cues
- Crude oil prices went up by 0.62 per cent to Rs 4,743 per barrel in futures trade today as participants widened bets tracking a firm trend in the global markets.
- Turmeric futures rise 1.88 pc on firm demand
- Turmeric prices rose by 1.88 per cent to Rs 7,474 per quintal in futures trade today after participants built up fresh positions on the back of pick-up in domestic and exports demand.
- India u-16 pitted against Iraq, Japan at WAFF Championship
- The Indian U-16 football team will be locking horns with defending AFC U-16 champions Iraq, Asian powerhouse Japan, hosts Jordan and Yemen in the 5th WAFF U-16 Boys Championship slated to be held at the King Abdullah II International Stadium from August 1.
- Barley futures rise on positive spot demand
- Barley prices noted a rise of Rs 6.50 to Rs 1,639 per quintal in futures trade today increased holdings by traders, buoyed by strong physical markets demand.
- India key partner of US in Indo-Pacific region: Trump Admin
- India is a key partner in America's efforts to ensure peace, stability and prosperity in the strategic Indo-Pacific region, the Trump administration has said.
- Motherson Sumi Systems Ltd gains for fifth session
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- The Supreme Court on Monday dismissied former Telecom Minister Dayanidhi Maran's plea challenging a Madras High Court order directing he be tried in an illegal telephone exchange case.
- Dosti Realty Is Back With a Never-Before and Never-Again Dosti Realty Friendship Month Campaign Offer
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- 1.2 mn Syrians 'went back home' since 2015: Russia
- Journalists should take extra care while reporting suicides as providing details such as methods of suicides on the headlines can influence vulnerable people to take the extreme step, warns a study.
- Understanding Gandhi, as the dissenter (Book Review)
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- A British film festival programmer once asked Aseem Chhabra, known for penning the biography of Shashi Kapoor, whether actress Priyanka Chopra deserved a book. The answer has now arrived at the bookstores in the form of a full fledged biography that Chhabra has penned on the "Quantico" star, narrating her inspirational rise from a small town, middle-class family to the hearts of hundreds of thousands of her fans.
- Unwell Nawaz Sharif shifted to Pakistan medical institute
- Ousted Pakistan Prime Minister Nawaz Sharif was on Sunday shifted to Pakistan Institute of Medical Sciences (PIMS) after his health deteriorated in Adiala jail in Rawalpindi, the media reported.
- Nearly 50% of smartphones to have AI assistant in 2018: Report
- About half of smartphones sold globally this year will have an Artificial Intelligence (AI)-powered assistant, a report by an industry consulting firm showed Sunday.
- Paraguayan forward Angel Romero scored three of the goals for Corinthians in their 4-1 victory over Vasco da Gama and with 37 tallies, he now finds himself among the top 10 scorers for the Brazilian football club so far in this century.
- American tennis player John Isner beat compatriot Ryan Harrison 5-7,6-3, 6-4 in a two hour final to win the Atlanta Open.
- Didn’t Fear Being Judged on Fashion: Ranveer Singh
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- 7 daily habits you can adopt to make wellness a way...
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- Rafale deal: Taxpayers will pay Rs 1 lakh crore
- BRI a made in China, made for China initiative: US official
- Persistent Systems to invest in improving sales channels
- BRI is made in China & made for China: US official
- India's infrastructure deficit too large: S&P
- RBI's MPC goes into huddle: Why it should hike rate
- Recent GST rate cut credit negative: Moody's
- Air India gets default notices from banks, lessors
- पà¥à¤ फà¤à¤¡à¥à¤ मà¥à¤ बढ़ा à¤à¤¾à¤°à¤¤ à¤à¤¾ à¤à¤à¤°à¥à¤·à¤£, à¤à¥à¤à¤¾ रहॠहà¥à¤ $15.1 बिलियन
- Strength likely in banking, NBFC, pharma, FMCG
- Fudged your ITR? Here's how avoid trouble
- Ambani trains his gun on Flipkart, Amazon
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- Your visa hinges on your online profile too
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- The company announced its first quarter results on Saturday, reporting a 16.3% i...
- 01:14 PM | 30 Jul
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- Mitsui partners Kao Corporation to enter diapers market in India
- Historic Mughalsarai railway station to become a history from next week
- Equitas Holdings consolidated Q1 PAT up 126.9% at Rs 35.38 crore
- Share market update: Oil & Gas index in the green; ONGC, HPCL climb over 1%
- Australian shares drop as investors await direction; NZ declines 0.8%
- Stock market update: Idea Cellular, Bharti Airtel keep telecom index up
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- Afghanistan President Ashraf Ghani invites Imran Khan to visit Kabul
- Whale-dolphin hybrid species found off Hawaii
- Stuart Broad accepts England quicks could be rested during India series
- Artificial intelligence system can identify your personality from eye movements
- Iran's rial hits record-low 100,000 to the dollar
- HCL Tech should achieve 40% digital revenue in 2-3 years
- Data protection bill: Government can still access personal information
- Merries gnerates more than 1500 billion Yen in annual sales and is the leading premium brand in Japan in term of sales value share for tape and pants diapers.
- In a tribute to Jansangh leader Deen Dayal Upadhyaya, BJP's Yogi government had changed the name of Mughalsarai railway station as Deen Dayal Upadhyaya station
- Rosha, currently HSBC's Head of Financial Institutions Group (FIG) for Asia-Pacific, will succeed Jayant Rikhye, who is taking a leave for medical reasons.
- For the year ending March 31, 2018, consolidated profit after tax stood at Rs 31.35 crore.
- The BSE Oil & Gas index was trading 0.49 per cent up at 14,912 around 12:55 pm.
- Reliance Industries on Friday posted 3.85 per cent rise in profit at Rs 9,459 crore for the quarter ended June.
- General weakness in financial stocks weighed on the main board, with the sector index down 0.4 per cent.
- The BSE Telecom index was trading 1.14 per cent up at 1,169 around 12:50 pm.
- The BSE Metal index was trading 0.5 per cent up at 12,573 around 12:40 pm.
- The Belt and Road Initiative is a multi-billion-dollar initiative launched by Chinese President Xi Jinping when he came to power in 2013.
- England's experienced new-ball duo of James Anderson, the national all-time leading Test wicket-taker, and Broad both proved their fitness in the recent round of County Championship matches.
BRI is made in China & made for China: US officialThe Belt and Road Initiative is a multi-billion-dollar initiative launched by Chinese President Xi Jinping when he came to power in 2013. Strength likely in banking, NBFC, pharma, FMCG âOn the weekly chart, the index has formed a bullish Marubozu candle which indicates strong bullish trend ahead. Persistent Systems to invest in improving sales channels The company announced its first quarter results on Saturday, reporting a 16.3% increase in profit at Rs87.34cr and revenues of Rs 834.28 crore, up by 14.6%. BRI a made in China, made for China initiative: US official The Belt and Road Initiative is a multi-billion-dollar initiative launched by Chinese President Xi Jinping when he came to power in 2013. Fudged your ITR? Here's how to save yourself Ashish Kumar could not believe his ears when a friend told him about the huge income tax refund he got last year. âThe tax professional who had got him the refund charged him 15% of the amount as fees,â he says. This year, Kumar also tried his luck and sent his Form 16 and other details to the tax preparer. Sure enough, a few days later he got a confirmation from the tax department that his income tax return had been filed. In the return, Kumar had claimed a refund of over Rs 50,000.This is where the story becomes murky. The tax preparer had filed Kumarâs return by deflating his gross income by Rs 1.65 lakh, which resulted in the refund of over Rs 50,000. The âprofessionalâ claimed he had taken into account some allowances that are exempt under Section 10 but were not mentioned in Kumarâs Form 16. According to the Form 16, Kumarâs income for 2017-18 was Rs 14.85 lakh, but he declared only Rs 13.2 lakh in his tax return.Kumar was very excited at the prospect of getting a Rs 50,000 refund. But his delight turned to despair after he spoke to a few tax experts. âFrom this year, the tax forms require a taxpayer to give a break-up of the various exemptions claimed in the return,â says a Delhi-based chartered accountant. Kumarâs return will obviously falsify the exemptions. The discrepancy is likely to get noticed when his return is assessed by the tax department. The computer-aided scrutiny system (CASS) will immediately flag this as a case of under-reporting. âThe tax preparer has no skin in this game. It will be the taxpayer who will have to do the explaining when the tax department sends him a notice,â says the chartered accountant.Thousands of taxpayers like Kumar may have already filed faulty tax returns with incorrect information. Conmen masquerading as tax professionals falsify information in the tax return, resulting in hefty tax refunds ranging from Rs 50,000 to Rs 2 lakh. They do so by either understating the taxable income of the individual or claiming certain tax deductions and exemptions. No documents in online filingThis is easy because no documents have to be submitted to support the deductions or exemptions claimed at the time of ITR filing. âOne can claim exemption for house rent allowance and deduction for medical insurance, home loan, education loan or even disability without having to submit any evidence,â points out a Mumbai-based chartered accountant.However, tax experts warn that fraudulent claims of deductions and exemptions could have severe implications if the return is picked up for scrutiny. âIf a taxpayer has knowingly claimed a deduction or exemption and does not have the required documents to support that claim, it is tantamount to tax concealment. Under Section 270A, misreporting of income attracts a penalty of 200% of the tax sought to be evaded,â says Amit Maheshwari, Partner, Ashok Maheshwary & Associates.For its part, the tax department is now putting every claim under the scanner. âMost of the exemptions under Section 10, including LTA and medical allowance, can be claimed only by submitting proof of expense to the employer,â says Archit Gupta, Founder and CEO, Cleartax.in. Moreover, you cannot claim an allowance by yourself. âOne can claim exemption only if the allowance is given by the company and mentioned in the Form 16,â says chartered accountant Karan Batra. But the exemption for some allowances such as HRA can be claimed even at the tax filing stage. âIf the employee fails to submit proof by the deadline set by the company, he can claim HRA exemption in the ITR,â says Batra. However, the taxpayer has to submit the PAN of the landlord if the HRA exemption sought is more than Rs 1 lakh in a year. If a taxpayer claims a very high exemption for HRA, the department will also see whether the landlord (whose PAN has been mentioned) has paid tax on the rent received.Of course, a taxpayer who does not get HRA as part of the salary can claim exemption for the rent paid under Section 80GG. However, this benefit has certain preconditions and is capped at Rs 5,000 a month (Rs 60,000 a year).The assessment itself has become more stringent. Till recently, the TDS details in an individualâs Form 26AS used to be reconciled with the tax declared in the return at the time of assessment. âNow the tax department is also checking the Form 16 and reconciling it with the income declared in the return,â says Sudhir Kaushik, CFO and Co-founder of tax filing portal, Taxspanner.com.Claiming false deductionsThe Chapter VI-A deductions are a fecund area for fraudulent claims. Some taxpayers are not able to finish their tax planning by the 31 March deadline. Others donât have enough liquidity for tax-saving investment. But they can still claim the entire Rs 1.5 lakh under Section 80C and Rs 25,000-55,000 under Section 80D for medical insurance. Some deductions can be significant, such as Rs 1.25 lakh for severe disability of self (Section 80U) or dependant (Section 80DD).Tax experts warn that it has become easier for the department to detect fraudulent claims. âThe Aadhaar number of individuals is now in every financial transaction. So there are ways for the tax department to find out if you actually bought the medical insurance policy for which you have claimed deduction under Section 80D,â says Shubham Agarwal, Senior Taxation Adviser, Taxfile.in. India mulls single regulator for e-commerce sector MUMBAI: India is considering a single regulator and legislation to address all e-commerce-related issues in the country, in a bid to remove the legal fragmentation currently governing the sector, according to a draft policy document seen by Reuters.Some of the measures suggested in the Draft National Policy Framework include local data storage, mandating the use of home-grown card payment network RuPay for online transactions and enhancing the participation of micro, small and medium enterprises in online retail.India will also take steps to develop capacity for storing data and incentivise its domestic storage, the document said, adding that the e-commerce industry could be given time to "adjust before localisation becomes mandatory"."The government would have access to data stored in India for national security and public policy objectives subject to rules related to privacy, consent etc," the draft policy said.India's anti-trust regulator will consider changing thresholds so that mergers and acquisitions in the e-commerce sector that potentially distort competition are compulsorily examined, it said.Flipkart, currently in the process of being acquired by U.S. retail giant Walmart, Amazon.com Inc's local unit and Snapdeal, backed by Japan's SoftBank, are among India's key e-commerce firms. HSBC India appoints Surendra Rosha as CEO The Hongkong and Shanghai Banking Corporation today announced the appointment of Surendra Rosha as Chief Executive Officer for HSBC India, subject to regulatory approvals.Rosha, currently HSBC's Head of Financial Institutions Group (FIG) for Asia-Pacific, will succeed Jayant Rikhye, who is taking a leave of absence for medical reasons, a company statement said."His 27 years of experience in financial services makes him ideally suited to leading our bank in India and driving forward our strategy in one of HSBC's key markets," said Peter Wong, Deputy Chairman and Chief Executive of The Hongkong and Shanghai Banking Corporation.Rosha joined HSBC's Indian operations in 1991. He has worked in multiple roles in forex trading, corporate treasury sales, treasury and capital markets across a variety of countries.He has experience in global banking and markets - including in sales, treasury and capital markets in India during 1991 - 2005.He holds a bachelor's degree in commerce from Bombay University and a Master's Degree in Business from the Indian Institute of Management, Ahmedabad, the statement added. Four largecap funds that beat the benchmark in past two peaks After several weeks of consolidation, the Nifty touched a new closing high of 11,278 on July 27. The new peak also provides us with an opportunity to look at some mutual fund schemes which have done exceedingly well between the benchmarkâs previous and current peaks. The previous high for the Nifty was at 10,452, which it touched on November 3, 2017. It means the benchmark appreciated just by 7.9 per cent. In contrast, some large-cap funds have give much better returns during the same period. We bring to you four such mutual fund schemes and their investment strategies:Invesco Large Cap FundFund manager: Amit GanatraThe scheme largely focuses on business leaders across sectors. This gives it a large-cap bias. Ganatra selects companies based on their competitive advantage. For manufacturing companies, he focuses on return on capital employed or Return on Equity. For banks, it is net interest margin and for commodity companies it is about cost leadership. Keeping these factors in mind, Ganatra have created a portfolio of well-placed largeâ"sized companies which have delivered compounded annual growth rate of more than 15 per cent in the past 10 to 15 years. Since there has been high interest in large-sized companies in the year-to-date period, the scheme has benefited immensely from it. Companies such as HDFC Bank, TCS, Infosys, and Reliance Industries have boosted the schemeâs performance between the two peaks of the Nifty.Axis BluechipFund Manager: Shreyash DevalkarAfter a lacklustre performance for several years, Axis Bluechip is back in the reckoning in the past one year. There are a few reasons why the scheme has done well. First, the schemeâs fund manager Shreyash Devalkar who joined the scheme in November 2016 focused on quality and growth companies which was in sync with the flavour of the markets. Factors he kept in mind in selecting companies have been high Return on Equity, revenue and margin growth and penetration in market. Three sectors met these criteria. These are financials especially retail-focused banks, auto and auto-ancillaries and consumption. Besides, unlike his peer schemes, Devalkar reduced the schemeâs exposure to midcap to 6 per cent and enhanced to large-sized companies to over 90 per cent. Hence, in the past one year when mid-sized companies fell, Axis Bluechipâs returns did not fall as much as its peers.DSP Blackrock Top 100Fund Manager: Harrish ZaveriZaveri has been a stickler to quality. He hunts for stocks with strong cash flows, high ROE and secular growth. These factors have paid off quite well for the scheme. Zaveri has been bullish on private sector banks in which he has picked up HDFC Bank. In the BFSI sector, he picked NBFC like Bajaj Finance. The scheme also benefited from its exposure to insurance companies. Among the auto companies, which indicates Zaveriâs focus on consumption theme, he chose Maruti. Such diversified portfolio creation across sectors have helped the fund emerge as a winner in the past one year.Canara Robeco Bluechip EquityFund Manager: Shridatta BhandwaldarAs a fund house, Canara Robeco focuses that capture compounding stories which have visibility, sustainability, and longevity of earnings. In this, Bhanwaldar focussed largely on stories which fall under consumption theme. Due to this, the schemeâs portfolio had companies which are well-established, have strong competitive advantages in their respective sectors and entry barriers in those sectors will be high. Selecting companies based on these parameters has paid off and upped the schemeâs performance. Companies such as Maruti Suzuki, Bajaj Finance, Kotak Mahindra Bank, Britannia and L&T have enhance the schemeâs performance. Also Bhanwaldar stayed away from sectors which were draw-downs. He stayed away from sectors such as metals, telecom and PSU banks. Persistent Systems to invest in improving sales channels PUNE: Persistent Systems CEO Anand Deshpande said that going forward, the company would be investing more in improving sales channels as a means to grow business. âWe will be investing in improving our sales channels and in more sales driven partnerships this year. The market is starting to buy products, and we believe that we have the products to sell,â he told ET. Last week, the company invested in, and entered into a strategic partnership with US based big data as a service firm, Cazena. The partnership combines Cazenaâs Big data as a service platform with Persistentâs ShareInsights analytic solution and machine learning and artificial intelligence data solutions to create a self-service data lake.The company announced its first quarter results on Saturday, reporting a 16.3% increase in profit at Rs 87.34cr and revenues of Rs 834.28 crore, up by 14.6%. The companyâs European business grew well during the quarter, growing to over 12% of the total while the North American business went below 80% for the first time. âWe have been investing in Europe over the last few quarters and had a Europe-centric deal with IBM which has caused an increase in revenue,â said Deshpande. While services and digital revenue was marginally lower during the quarter (21.4% as against 24% in the previous quarter) , he said that this was primarily because a few projects in digital had been completed and new ones were a bit slow to start. However, the company had a healthy digital pipeline. The company is in the process of transitioning towards a more IP-led business and said that the business that used to come from building products for companies in the past would shrink over the next few quarters as transitioned into the next-generation of business focused on newer technologies. - The company announced its first quarter results on Saturday, reporting a 16.3% increase in profit at Rs87.34cr and revenues of Rs 834.28 crore, up by 14.6%.
- HCL Technologies, the $7.84-billion IT company, continues to bet big on its intellectual property (IP) driven business.
- Inside Anand Ahuja's birthday celebration
- Maharashtra, four other states close to eliminating mother-to-child HIV transmission
- National AIDS Control Organisation (NACO) officials told The Indian Express that in 2016-17, the HIV positivity rate among 21 million pregnant women was .08 per cent.
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- Assam NRC LIVE Updates: Is the govt trying to do forceful eviction, asks Mamata Banerjee
- ‘Thirsty’ Sauberâs Marcus Ericsson sheds 3 kilos at Hungarian GP
- (left to right) Jordan Pickford, Harry Maguire, David Luiz
- Premier League
- With less than two weeks to go until the English transfer window shuts, Jordan Pickford, Harry Maguire and David Luiz are among those in the news.
- Transfer news & football latest
- Kumaraswamy seeks officials to implement loan waiver scheme transparently
- MPs must have bigger say in deciding tourism, other centrally-sponsored schemes: RSP
- HSBC appoints Surendra Rosha as CEO India
- MH370 investigators "unable to confirm" cause of disappearance
- No new findings in MH370 probe report, families say
- Assam NRC final draft out; 40.07 lakh names excluded
- Guwahati, Jul 30
- The final draft of National Register of Citizens (NRC) for Assam was released today with names of over 2.89 crore applicants included and more than 40.07 lakh left out.
- Islamabad, Jul 30
- A Pakistani court on Monday adjourned till August 1 the hearing against former Prime Minister Nawaz Sharif in connection with the Al Azizia and Flagship corruption cases.
- Efforts being made to have special status for Goa: Francis Dzouza
- Social worker wounded in Andheri bridge collapse dies at Thane hospital
- Parliamentarians from WHO South-East Asia Region commit to health of women, children and adolescents
- Al Azizia case: Hearing against Nawaz adjourned till Aug 1
- Rupee falls by 5 paise against USD
- Mumbai, Jul 30 (UNI) The Rupee on Monday slipped by five paise to 68.70 against the USD Dollar in early trade on rising demand for US Dollars by banks and importers, dealers at the Forex Market said.
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Monday, July 30, 2018
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