Author: root

CBDT Unveils Taxpayers’ Lounge To Facilitate Compliance With Income Tax Rules

Personal Finance

[ad_1]

Read More/Less


Taxes

oi-Vipul Das

|

The Income Tax Department has installed a Taxpayers’ Lounge in India International Trade Fair, 2021 at Pragati Maidan, New Delhi from November 14th to November 27th under the supervision of the Central Board of Direct Taxes and the Ministry of Finance and Department of Revenue. This lounge has been established to raise awareness of the Income Tax Department’s multiple services offered to taxpayers and to make compliance with the different Income Tax regulations and processes easier.

CBDT Unveils Taxpayers’ Lounge To Facilitate Compliance With Income Tax Rules

CBDT has said in an official announcement that “Shri J. B. Mohapatra, Chairman, Central Board of Direct Taxes, New Delhi inaugurated the Taxpayers’ Lounge at 14.11.2021 at Hall No. 12 in the presence of Members of the Central Board of Direct Taxes, the Principal Director General of Income Tax (Administration and Tax Payer Services), the Principal Chief Commissioner of Income Tax (CCA), New Delhi and other senior officers of the Income Tax Department.”

According to the Income Tax Department “The Taxpayers’ Lounge seeks to promote an environment of trust between the Department and the taxpayers as also to educate them about the initiatives taken by the Department in recent times. Keeping this objective in mind, various activities have been organised in the Taxpayers’ Lounge such as:”

i. Assistance in application for PAN/e-PAN, Aadhaar-PAN linking and PAN related queries.

ii. Assistance in e-Filing and Form 26AS (tax-credit) related queries.

iii. Providing Taxpayer Information Series brochures on various topics, available both in e-format and paper format.

iv. Virtual Reality Game and Video Car Game conveying the importance of paying Income Tax, to younger age-group visitors, in an engaging manner.

v. NukkadNatak, Quiz shows, Magic shows, live caricature drawing and drawing/painting competitions for children etc. on the themes of taxation and nation-building for the present and future taxpayers visiting the Trade Fair.

The Income Tax Department has also clarified that “The lounge will also be utilized for obtaining feedback about the problems being faced by the taxpayers. The lounge is, therefore, not only a focused outreach program but also a platform for exhibiting the service-oriented approach of the Department.”

However, taxpayers should be aware that during interactions in the Taxpayers’ Lounge, all COVID standards will be maintained strictly.

Story first published: Tuesday, November 16, 2021, 14:22 [IST]



[ad_2]

CLICK HERE TO APPLY

Leave a comment

This Mid Cap Forgings Company Has A Buy Call By HDFC Securities For 23% Gains

Personal Finance

[ad_1]

Read More/Less


Q2FY22 financials:

Q2 revenue, at Rs16 billion, was up a healthy 82% YoY,

17% QoQ, as shipment tonnage came in at 57k (+40% YoY, 4% QoQ). Exports contribution was higher at 59% of sales vs 52% YoY. Despite firm steel prices, the EBIDTA margin came as a positive price at 30.2 percent, increasing 170 bps QoQ.

Key highlights:

Key highlights:

(1) Chip shortage slated to impact exports in the next quarter:

There is abundant backlog of Class 8 trucks, nonetheless exports shall be weak owing to chip scarcity that would likely be met in CY22E.

(2) Revenue from oil and gas segment saw a quarterly growth:

The oil & gas segment revenue ramped up further to Rs. 2 billion (vs. Rs. 1.7bn in Q1FY22). There is a view that increased focus on natural gas would benefit Bharat Forge in the medium term.

(2) Defense segment:

In the defense sector, the company’s focus remains on artillery guns, armoured vehicles, and mounted guns. The company has received orders for the vehicles and in respect of the Garuda 155 mm gun and the mounted guns- these are in advanced stage of development. The company targets to mop up 10 percent of revenue from the sector in the next 2 years.

(4) DFC to impact domestic CV segment: Management stated that commissioning of

DFC is impacting medium-term demand for MHCVs in India. This is partially offset by higher demand for ICVs due to ecommerce-led demand.

Key triggers for future price performance of Bharat Forge:

Key triggers for future price performance of Bharat Forge:

(1) Recovery in India infra spends

(2) Passing of the USD 500bn+ trillion

infra spend bill, which will increase demand for heavy equipment such as construction equipment, trucks, etc.

(3) Rramp-up in India defense – targeted to reach 10% of turnover in the next two years.

Valuations: “We reiterate Bharat Forge as our

preferred pick in CVs due to its global OEM base. We maintain BUY with a TP of INR 1,000 on 35x Sep-23 EPS (we roll forward our TP timeframe to Sep)”, says the brokerage.

Disclaimer:

Disclaimer:

The stock is picked from the brokerage report of HDFC Securities. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Kotak Mahindra Bank, PVR Cinemas launch co-branded movie debit card

Banking & Finance

[ad_1]

Read More/Less


Kotak Mahindra Bank and PVR Cinemas on Tuesday launched a co-branded movie debit card.

“With the Kotak PVR Movie Debit Card, cardholders will receive joining vouchers and earn points on every transaction on the debit card at PVR and outside PVR as well, with no upper limit on the points earned,” they said in a statement, adding that points can be redeemed all year round on PVR movie tickets and on food and beverages at PVR.

Further, Kotak PVR debit cardholders will get automatically enrolled to the PVR Privilege Plus programme.

Puneet Kapoor, President – Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank said, “The first signs of recovery in the entertainment industry are visible with movie theatres reporting higher footfalls and eager audiences keen to experience big screen once again. We believe that this is just the right time to introduce the first-ever co-branded movie debit card in India, enabling us to serve a much larger segment of our customers who are avid movie-goers.”

“The launch of the card comes at the right time when the film exhibition sector is showing strong signals of revival with States relaxing restrictions and cinema enthusiasts resuming their movie going habits with the vibrant content pipeline being showcased at the cinemas,” said Gautam Dutta, CEO, PVR.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

This Stock To ‘Buy’ For 14.7% Upside, In 12 Months: HDFC Securities

Personal Finance

[ad_1]

Read More/Less


Target Price

The Current Market Price (CMP) of Dilip Buildcon is Rs. 629. The brokerage firm has estimated a Target Price for the stock at Rs. 722. Hence the stock is expected to give a 14.7% return, in a Target Period of 1 year.

Stock Outlook
Current Market Price (CMP) Rs. 629
Target Price Rs. 722
1 year return 14.70%

Company performance

Company performance

Dilip Buildcon reported a revenue of Rs. 21.5bn (+12%/0% YoY/QoQ, 28% miss); while its EBITDA margin stood at 10.6%, contracted sharply, on account of under-absorption of fixed overheads and elevated raw material prices. HDFC states, “NHAI restriction on bidding lifted; OI of Rs. 80-100bn in FY22: The order book (OB), as of Sep-21, stood at Rs. 231bn, with Rs. 80-100bn expected in FY22. 47.15% of the OB is now road projects and this is likely to increase, following the lifting of restriction from bidding NHAI projects.”

Comments by HDFC Securities

Comments by HDFC Securities

The company has shown weak financial performances, and missed estimates. The company had faced slow execution in large projects. According to HDFC, “High commodity price volatility has led to price escalation coverage reducing to 50-60% in EPC projects and 40% in EPC HAM. We maintain BUY, however, given the margin pressure and cut our EPS along with TP to Rs. 722/sh.”

About the company

About the company

As one of the fastest-growing Engineering, Procurement, and Construction (EPC) company in India, DBL is aligning with India’s infra-growth vision. According to the company, “DBL’s success is enabled by its powerful execution capability, a proprietary fleet of 12,903 machinery and vehicles and its 37,793 employees using cutting edge technology and innovation, such as Drone Monitoring, GPS Monitoring and Safety Management.”

Disclaimer

Disclaimer

The above stock has been picked from the brokerage report of HDFC Securities. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

ADB to provide USD 61 million loan for development projects in Agartala, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


The Central government has inked a pact with multilateral funding agency Asian Development Bank for USD 61 million (around Rs 454 crore) loan to fund development projects in Agartala, Tripura. The government and Asian Development Bank (ADB) have signed a USD 61 million loan to improve livability, harness technology and promote new developments to accommodate the expanding population in Agartala city while building the capacity of state agencies for improved service delivery, an official release said on Monday.

The loan agreement for the Agartala City Urban Development Project was signed by Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the government and Takeo Konishi, Country Director of ADB’s India Resident Mission.

The project is aligned to the vision of the government Smart City Mission to upgrade urban infrastructure services and will improve livability in Agartala with the provision of better road connectivity, flood resilient measures and making tourist places more attractive, Mishra said.

“Through this project, ADB will catalyse synergies with the smart city components being implemented in Agartala through an underground utility corridor with the shifting of electrical lines, incorporating elderly, women, children, and differently-abled responsive features, improving road geometry along with urban design interventions,” Konishi said

The provision of asset management and sustainability strategy, capacity-building of tourism operators and livelihood improvement of street vendors and artisans will serve as a model to other assets and tourist attractions in Agartala, and other cities in Tripura, he added.

The project will build and upgrade 48 kilometres of new or existing stormwater drainage and construct 23 km of climate-resilient urban roads.

It will also fund the renovation of open spaces and create water recreation and lakeside walkways in Maharaja Bir Bikram College Lake and Ujjayanta Palace — major tourist attractions in the city.

Developing Agartala’s central and north zones as models of area-based development following the principles of the smart city mission initiative is expected to have a ripple effect on other parts of the city and nearby cities and towns by making urban areas more livable, citizen-friendly, resilient, and sustainable, the release said.

(With PTI inputs)



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,

Ashwin Khorana joins Ujjivan Small Finance Bank as CIO, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Veteran CIO, Ashwin Khorana has joined Ujjivan Small Finance Bank as CIO. With over three decades of experience, most of which has been in the BFSI sector, he has been instrumental in designing and strategizing the technology roadmap of some of the leading banks in India.

Most recently Khorana was a technology advisor and consultant CIO before joining Ujjivan Small Finance Bank. Prior to that he served as the CIO of Jana Small Finance Bank.

Khorana sees himself as a generalist across the entire financial technology landscape and a master of core areas. Combining his strategy strength with deep technology as well as strong domain expertise in the BFSI sector has made him among the top technology thought leaders in the sector.

Among the leading companies where Khorana has worked in a technology leadership role include Janalakshmi Financial Services, ING Vysya Bank (now Kotak Mahindra Bank) and Standard Chartered Bank among others.

Through his career Khorana has been involved in various Core Banking implementations and has handled solution delivery for Securities Services, CRM, Basel II, Customer Analytics, Credit and Debit Cards, Credit Risk, Payments, Internet Banking, eCommerce & digital initiatives.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

HDFC Bank to hold 2,000 workshops to prevent financial frauds, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Largest private sector lender HDFC bank on Monday said it will be organising 2,000 workshops over the next four months for preventing financial frauds.

The campaign will tell the customers about ways to safeguard themselves against financial fraud, starting with not disclosing any information on banking details.

A special focus is being given to the youth segment, where the bank will be targeting Senior Secondary Schools and Colleges, so that the awareness is ingrained, as per an official statement.

“Digitalization offers customers unparalleled convenience and access to banking services. With these conveniences comes a lot of risks of cyber frauds as well. The fraudsters are constantly on the prowl looking out for gullible customers,” it’s managing director and chief executive Sashidhar Jagdishan said.

The second edition of the campaign titled ‘Mooh Band Rakho’ was launched by K. Rajeswara Rao, Special Secretary, NITI Aayog. Lt General Dr Rajesh Pant, National Cyber Security Co-ordinator, was also present.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

One more held in bank fraud case, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


THRISSUR: The crime branch team probing the fraud in the CPM-ruled Karuvannur cooperative bank arrested Pallath Kiran, the key accused in the case. Kiran, who hails from Mapranam in the district, was nabbed by the probe team from Kollamkode in Palakkad district, on Monday, the crime branch DSP V A Ullas said.

Kiran was a commission agent of the bank, and not a direct employee. However, nearly Rs 23 crore have flown into his account from the Karuvannur bank. Even though the police have not found any document establishing that Kiran has a membership in the bank, he was sanctioned a loan of Rs 45 lakh. He has also availed loans from another 41 benami accounts, several of them amounting above Rs 50 lakh each, the police sources said. Kiran, however, has said that he was not an employee of the bank and was not involved in the fraud.

Kiran had been absconding for the last several months. As per the information received by police, he had been hiding in several north Indian states as well as Tamil Nadu. He was arrested when he was on his way to Kollamkode by bus, the DSP said.

Kiran is the fourth accused in the case and now only two more accused are remaining to be nabbed in the case.

Row over min attending marriage reception

Meanwhile, minister for higher education R Bindu, has courted controversy by attending the marriage party of the daughter of one of the absconding accused. The marriage of the daughter of Ambili Mahesh was held on October 24, and Bindu, who is the wife of the acting CPM secretary Vijayaraghavan, had reportedly attended the reception at the house of the bridegroom at Muriyad.

Sources close to Bindu clarified that she had attended from the groom’s side. The groom’s mother is currently a district panchayat member. Bindu and the groom’s mother have worked for long periods in the CPM.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

RBI, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


Emission commitments pose medium-term risks to BRICS (Brazil, Russia, India, China & South Africa) nations and could engender energy shortages, technology gaps and thus pose risks to medium-term growth and inflation, RBI deputy governor Michael Patra has said.

The comment comes at a time when India has been under pressure globally to reduce dependency on coal-fired power plants and cut emissions. Patra said this in his keynote address in the conference on ‘Growth and development in the BRICS economies’ organised by the Delhi School of Economics (DSE) and Indian Statistical Institute (ISI), which was released by the RBI on Monday.

“Medium-term challenges for the BRICS arise in the context of climate risks and emission commitments, which may engender energy shortages, technology gaps and hence pose risks to medium-term growth and inflation, especially for countries with large total emissions,” said Patra. He added that the immediate challenge was from elevated commodity prices for net importers like India, although they confer terms of trade gains for net exporters like Brazil and Russia. “For all the BRICS, rising food prices on account of natural calamities and demandsupply imbalances caused by the pandemic involve elevated inflation risks,” said Patra.

Follow and connect with us on , Facebook, Linkedin



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

‘Buy’ This Stock For 17% Return, In 1 Year: ICICI Securities Recommends

Personal Finance

[ad_1]

Read More/Less


Target Price

The Current Market Price (CMP) of Tech Mahindra is Rs. 1585. The brokerage firm has estimated a Target Price for the stock at Rs. 1860. Hence the stock is expected to give a 17% return, in a Target Period of 1 year.

Stock Outlook
Current Market Price (CMP) Rs. 1585
Target Price Rs. 1860
1 year return 17.00%

Company performance

Company performance

Tech Mahindra is experiencing firm traction in the Health care and Life Science (HLS) vertical, which is on its way to reaching US$1bn revenues in two to three years from the current annual run rate of ~US$400 mn. ICICI comments, the company’s “BFSI is trending towards US$1 bn revenue in FY22 and US$1.5 bn revenue in next 2 to 3 years from ~US$850 mn currently.” The communication vertical, continued to be its key growth driver, led by 5G for telcos while 5G for enterprises would take some to pick up. 5G for business is a large opportunity of US$712 bn.

Comments by ICICI Securities

Comments by ICICI Securities

According to ICICI Securities, “Tech Mahindra’s share price has grown by ~4.2x over the past 5 years. We remain positive on the stock and maintain BUY rating.”

About the company

About the company

Tech Mahindra has over 1.2 lakh employees across 90 countries serving 1000+ clients with higher exposure to telecom, which generates 40% of their revenues. Apart from telecom Tech Mahindra caters to BFSI, manufacturing & retail. The company’s dollar revenue CAGR grew at 5.6% over the last 5 years.

Disclaimer

Disclaimer

The above stock has been picked from the brokerage report of ICICI Direct. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



[ad_2]

CLICK HERE TO APPLY

Leave a comment
1 … 79 80 81 82 83 … 16,278