Name: CBDT sounds caution as tax collection falls short
Uploaded: 2019-03-28T05:16:09.fff+05:30
Duration: T00M19S
Channel: editorji
Description: The Central Board of Direct Taxes or CBDT on Thursday raised alarm, asking the Income Tax department to take 'all possible action urgently' as the stipulated tax collection target was short by 15%. The government had pegged the total direct tax collection target at ₹12 lakh crore, but has till date managed to mop up only ₹10 lakh crore.

The Central Board of Direct Taxes or CBDT on Thursday raised alarm, asking the Income Tax department to take 'all possible action urgently' as the stipulated tax collec

The Central Board of Direct Taxes or CBDT on Thursday raised alarm, asking the Income Tax department to take 'all possible action urgently' as the stipulated tax collection target was short by 15%. The government had pegged the total direct tax collection target at ₹12 lakh crore, but has till date managed to mop up only ₹10 lakh crore. 

Following in Google's footsteps, Facebook has said that it plans to invest $1 billion to "support the news industry” over the next three years. The social network

Following in Google's footsteps, Facebook has said that it plans to invest $1 billion to "support the news industry&rdquo; over the next three years. The social networking giant, which has been tussling with Australia over a law that would make social platforms pay news organisations, said it has invested $600 million since 2018 in news. Google said in October last year that it would pay publishers $1 billion over the next three years. News companies want Google and Facebook to pay for the news that appears on their platforms.

Digital platforms such as Facebook and Google will now as per law have to pay publishers when linking their content on news feeds or in search results on their

Digital platforms such as Facebook and Google will now as per law have to pay publishers when linking their content on news feeds or in search results on their platforms.&nbsp;
The News Media and Digital Platforms Mandatory Bargaining Code was finally passed through the Australian Parliament. This comes at a time when social media giants like Facebook and Google are already trying to tie up with news outlets across the world&nbsp;
Zuckerberg backed Facebook&nbsp;announced that it plans to spend at least $1 billion in the news industry over the next three years. Facebook commented that they have reached agreements with publishers in the U.S. similar to the deal stuck in UK.

The extradition fate of Nirav Modi, the diamond merchant accused in the ₹ 14,000 cr PNB money laundering scam will be decided by a UK court today. The 2 y

The extradition fate of Nirav Modi, the diamond merchant accused in the ₹&nbsp;14,000 cr PNB money laundering scam will be decided by a UK court today.
&nbsp;
 The 2 year long extradition battle will end in a few hours as the UK court rules. Nirav,&nbsp;meanwhile, has remained imprisoned in the Wandsworth Prison in south-west London.
 Nirav Modi is faced with two sets of criminal proceedings one with the CBI and the other the other with the Enforcement Directorate.&nbsp;
 The CBI case relating to $2 bn worth fraud where he is accused of producing fake loan agreements to get a loan from Punjab National Bank. Charges of evidence tampering and intimidating witnesses was later added as well . Meanwhile the ED is pursuing charges of laundering the money he fraudulently received from state run PNB.&nbsp;

ndia’s largest exchange has some explaining to do to the market regulator and the finance ministry. Reports indicate SEBI and Fin Min have sought a detailed from

India&rsquo;s largest exchange has some explaining to do to the market regulator and the finance ministry. Reports indicate SEBI and Fin Min have sought a detailed report from NSE on the technical glitch that halted trade for over 4 hours.&nbsp;
National Stock Exchange is expected to submit it&rsquo;s report before Friday but this may just be the preliminary submission. This is not a first for the&nbsp;NSE, the exchange halted trade for 3 hours in 2017 again due to a technical glitch.&nbsp;
 SEBI had slapped a Rs 50 lakh fine on NSE in 2019 when NSE NOW, a trading terminal for traders, was not working properly in Gujarat, Rajasthan and in some parts of Maharashtra.Infact&nbsp;SEBI in it&rsquo;s annual report last year had indicated the need of a plan to compensate investors for losses due to technical glitches.&nbsp;

“Government has no business to be in business” that was the clear and concise message from PM Modi as the govt batted aggressively for privatisation.

&ldquo;Government has no business to be in business&rdquo; that was the clear&nbsp; and concise message from PM Modi as the govt batted aggressively for privatisation. Putting the focus back onto development PM Modi reiterated that being in businesses distracts the govt from its main goals.
With over 100 assets identified in its asset monetisation pipeline the Prime Minister reminded India Inc that the Rs 2.5 lakh crore that they are hoping to raise via divestment will be dedicated to development goals. PM Modi added that the government will be&nbsp;having&nbsp;public sector companies only in key strategic sectors and that too only minimum companies. &nbsp;
 There were about 249 PSUs in 2018-19. Of these, 70 were loss-making, with combined losses to the tune of Rs 31,000 cr.&nbsp;

Not even an hour into trade at 10:06 am there was confusion across dealing rooms as the headline Index Nifty seemed to have been stuck at a single value and was not upd

Not even an hour into trade at 10:06 am there was confusion across dealing rooms as the headline Index Nifty seemed to have been stuck at a single value and was not updating. It was not long before traders realised there was a systemic problem as the none of the Indices listed across the NSE were updating.
 At 11:40 for the second time in the last 5 years the National Stock Exchange halted trade across segment cash and F&amp;O segment citing a technical glitch.&nbsp;
 What followed was just whispers of communication confusion with no official word from the bourse traders speculated what would happen to open positions just a day ahead of expiry.&nbsp;
 3 hours into the trading halt, India&rsquo;s largest brokerage Zerodha finally decided to layout a gameplan for its users as NSE had still not provided any clarity. The discount broker firm tweeted Plan of action: If NSE isn't back up by 2.45 pm, we will block all new MIS &amp; CO orders for the day and attempt to square off all equity MIS &amp; CO positions on BSE. Unfortunately, we will not be able to do anything with intraday F&amp;O positions if NSE isn't back up
 It was just minutes before close that NSE announced that trading hours would be extended by both exchanges from 3:45 upto 5 pm. The message was short and for many almost too late . Zerodha sent out a message to their clients - if NSE had informed brokers of a potential reopening or extension of trading hours, at least by 3 PM, we, along with many other brokers would not have had to take risk mitigation measures and square off positions on BSE. Unfortunately, because there were no updates given to brokers, we had no other choice. The last minute notification of the trading extension at 3:17 PM came a little too late.&nbsp;

Telecom giant Airtel stepped into the ad biz by launching an AdTech platform Airtel Ads. This allow brands to target customers with relevant advertisements and for cust

Telecom giant Airtel stepped into the ad biz by launching an AdTech platform Airtel Ads. This allow brands to target customers with relevant advertisements and for customers to get targeted offers as per consent.
Sunil Bharti backed Airtel Ads has been in beta testing for a while and has already had over 100 brands signed up on the platform. Airtel is hoping to leverage its 320 million customers across businesses especially the 190 mn users on its digital properties such as Wynk, Xstream and Thank for Airtel Ads
 On concerns of privacy and data sharing Airtel was quick to reassure that user data never leaves their ecosystem when the ads are delivered to it's users. Secondly, as the user and the brand is on the same platform the data is not shared with any intermediaries.
 The digital advertising pie is expected to increase to $8 bn by 2025, that is a four fold increase from the current spend of $2 billion across industries

The National Stock Exchange (NSE) has halted trading as it is facing a technical glitch. The benchmark Nifty 50 has not been updated since 10:08 am. The index is curren

The National Stock Exchange (NSE) has halted trading as it is facing a technical glitch. The benchmark Nifty 50 has not been updated since 10:08 am. The index is currently frozen at 14,820-level up 112 points or 0.77%.&nbsp;Meanwhile, the NSE&nbsp;said it was&nbsp;working on restoring the systems as soon as possible. However, there is no confirmation on reopening trade today. The Bombay Stock Exchange or the BSE&nbsp;continued to have normal trading in all segments.

The 50 stock Nifty will have a fresh line up for the new fiscal as it will add on Tata Consumer Products while dropping state run GAIL from it’s list. This

The 50 stock Nifty will have a fresh line up for the new fiscal as it will add on Tata Consumer Products while dropping state run GAIL from it&rsquo;s list.&nbsp;
This is will mark the debut of Tata Consumer Products previously called Tata Global beverages into Nifty as it joins in ranks with peers Hindustan Unilever, Nestle, Britannia. The weight of consumer stocks in the benchmark will rise to over 11.5% with the inclusion&nbsp;
 Tata Consumer holding key brands such as Tata Tea, Tetley, Tata Salt &amp; Himalayan water will be the 5th Tata Group company in the Nifty after TCS, Tata Steel, Tata Motors and Titan.

The Indian workforce can expect an average of 7.7% increment in 2021 as per the Aon India Salary Increase Survey . This marks a rise from 6.4% last year but ex 2020 it

The Indian workforce can expect an average of 7.7% increment in 2021 as per the Aon India Salary Increase Survey . This marks a rise from 6.4% last year but ex 2020 it is still the lowest salary increase since post financial crisis in 2009. (can we use the graph they have in their presentation on page 3). The rise in salaries is in co-relation with the fact the Indian economy is expected to get back on the growth track in the current year. GDP numbers due on Friday should indicate that India has exited the recession.
 No surprises that e-commerce and VC backed companies are likely to see salary hikes above the national average at 10.1% . Tech companies follow in close with an expectation of 9.7% hike. It will remain a struggle for those in Hospitality sector with a projected 5.5% rise as the industry continues to limp back into shape.
 Aon survey also indicates that average variable pay&nbsp; as a percentage the fixed pay will come down across sectors led by financial institutions.
 With 88% companies surveyed intending to give salary increases in 2021, as compared to 75% companies in 2020 the economic indicators are seemingly on the mend. Infant at 7.7% the pay hike will be better than most major economies, including Japan, the US, China, Singapore, Germany and the UK, where the average salary growth will be between 3.1% and 5.5%. (Last can also use a graphic with flags and % of hike anticipated from the presentation)

Kalyani family promoted Bharat Forge has received an order worth over Rs 177 cr from the Indian Ministry of Defence. This order which is placed as emerge

Kalyani&nbsp;family&nbsp;promoted Bharat Forge has received an order worth over Rs 177 cr from the Indian Ministry of Defence. This order which is&nbsp;placed as emergency procurement from the Army is for the supply of Kalyani M4 vehicles.
The vehicle had undergone trials in Ladakh, along with its competitors, in August 2020
This order comes just as the Pune based company ties up with &nbsp;global aerospace and technology company Paramount Group to manufacture armoured vehicles in India.

Joining the chorus of sceptics against the digital currency billionaire investor Rakesh Jhunjhunwala while speaking to an international business channel said he was not

Joining the chorus of sceptics against the digital currency billionaire investor Rakesh Jhunjhunwala while speaking to an international business channel said he was not interested in joining the highly speculative Bitcoin&nbsp;party as the hangover is likely to be much worse.&nbsp;
Talking to the hosts of Street Signs Asia ,&nbsp;Rakesh Jhunjhunwala backed the plan for regulators in India to ban Bitcoin and put the focus solely on the digital rupee. &nbsp;
 The big bull continued his denunciation of the digital token as he called it speculation of the highest order.&nbsp;Meanwhile global prices of Bitcoin have been crashing over the last 3 sessions, down over 18% in Tuesday&rsquo;s trade as well.&nbsp;

Home prices across the United States jumped 10.4% in December, traditionally as a slow month for realty. Case-Shiller Home Price Indices which measures

Home prices across the United States jumped 10.4% in December, traditionally as a slow month for realty.&nbsp;Case-Shiller Home Price Indices&nbsp;&nbsp;which measures average home prices in major metropolitan areas saw one of the largest annual gains in the 30-year history of the index.
Phoenix, Seattle, and San Diego continued to show the strongest price gains among the 19 cities surveyed.
Record low interest rates and pandemic forced work from home has led to a surge in home sales across the United States.&nbsp;Sales of previously owned homes, which make up the bulk of the housing market, rose in 2020 to their&nbsp;highest annual level since 2006.

Elon Musk is no longer the world’s richest person after Tesla shares slid 8.6% on Monday, wiping $15.2 billion from his net worth. Tesla’s biggest decline

Elon Musk is no longer the world&rsquo;s richest person after Tesla shares slid 8.6% on Monday, wiping $15.2 billion from his net worth.
Tesla&rsquo;s biggest decline since September was fueled in part by Musk&rsquo;s comments over the weekend that the prices of Bitcoin and smaller rival Ether &ldquo;do seem high.&rdquo;&nbsp;His tweet came two weeks after Tesla announced it added $1.5 billion in Bitcoin to its balance sheet.
Musk dropped to the second spot on the Bloomberg Billionaires Index of the world&rsquo;s 500 richest people with a net worth of $183.4 billion &mdash; down from a peak of $210 billion in January. 
Amazon.com Inc. founder Jeff Bezos reclaimed the top spot even as his fortune fell by $3.7 billion to $186.3 billion Monday.

It was a flat end to a volatile day of trade on Dalal Street. At close, the Sensex was up 7 points at 49,751, and the 50 stock Nifty clocked in just a 32 poin

It was a flat end to a volatile day of trade on Dalal&nbsp;Street.&nbsp;At close, the Sensex was up 7 points at 49,751, and the 50 stock Nifty clocked in just a 32 point gain ending the day at&nbsp;14,707.
The broader markets were more active with the advances outpacing the declines holding the market breadth steady at 3:2.&nbsp;Smallcap and Midcap Indices&nbsp;rung in gains of 1% each.&nbsp;
Metal Index remained firmly higher through the day&nbsp; hitting the highest level since April 2018&nbsp;but the sheen was dragged down by financial stocks which continued their downturn.&nbsp;
Bulls will take solace from the fact that the markets have broken the 5 day losing streak.&nbsp;

Here are the top 5 companies you need to know about today ONGC remained the stock of choice on Dalal Street in Tuesday’s trade as rising oil prices pushed the PS

Here are the top 5 companies you need to know about today
 ONGC remained the stock of choice on Dalal Street in Tuesday&rsquo;s trade as rising oil prices pushed the PSU stock to fresh 52 week high. ONGC stock is up over 64% in the last 4 months&nbsp;
Aditya Birla&rsquo;s Flagship metal company Hindalco in the spotlight as the company announced targets to lower its debt aggressively by nearly $3 billion over the next 5 years. Hindalco while detailing their capital allocation plans says they intend to spend 50% on growth&nbsp;Capex, 30% on deleveraging and 8%-10%&nbsp;on&nbsp;dividends
Mukesh Ambani led Reliance Industries detailed to investors the much awaited hive off the oil-to-chemicals business. RIL reiterated that they will retain management control on the new entity . Analysts believe this paves the way for a stake sale to Aramco in the business.&nbsp;
Tata Motors was rewarded by the stock market as the management sounded optimistic at the annual investor day with a medium term guidance of better profitability while targeting near zero debt by 2024
Bharti Airtel partners has connected with US chipmaker Qualcomm for 5G services in India. Airtel has debuted the 5G network commercially in Hyderabad already.&nbsp;

Mukesh Ambani-led Reliance Industries has announced a business rejig as it hives off its Oil-to-Chemicals (O2C) into a subsidiary that will be managed 100% by

Mukesh Ambani-led Reliance Industries has announced a business rejig as it hives off its&nbsp;Oil-to-Chemicals (O2C) into a&nbsp;subsidiary that will be managed 100% by RIL. The oil-to-chemicals segment contributed 60% to the company's revenue last fiscal.
The O2C company will be set up with a&nbsp;$25 billion loan from the parent and will house&nbsp;its refining, marketing, and petrochemical assets&nbsp;that amount close to $40 billion.&nbsp;RIL will retain New Energy and New Materials businesses.
Analysts believe hiving off this unit makes it easier for the proposed Aramco deal. Ambani in the&nbsp;annual report had said both RIL and Saudi Aramco were in talks of arriving at a deal that had been paused due to the pandemic.

Fuel prices were hiked again after a two-day break. Oil marketing companies on Tuesday raised petrol and diesel rates by roughly 35 paise each. In Delhi, pet

Fuel prices were hiked again&nbsp;after a two-day break.&nbsp;Oil marketing companies on Tuesday raised petrol and diesel rates by roughly 35 paise each.
In Delhi, petrol is retailing at ₹90.93 per litre, while it costs ₹97.34 in Mumbai. Diesel prices rose to ₹81.32 per litre in Delhi and ₹88.44 in Mumbai. Petrol price has already crossed the century-mark in some cities and towns in Madhya Pradesh and Rajasthan.
Diesel prices have risen and is a greater worry given it will&nbsp;impact prices of many other commodities&nbsp;that have to be transported.
The development comes on a day when international crude oil prices rose further, holding near a more than 13-month high.

Concerns of inflationary pressures from record-high fuel prices are taking rising, shows the minutes of the Monetary Policy Committee (MPC). RBI Governor batted for re

Concerns of inflationary pressures from record-high fuel prices are taking rising, shows the minutes of the Monetary Policy Committee (MPC).
RBI Governor batted for reduced taxation on the fuel bill, as per the minutes of the rate-setting committee. RBI Chief Shaktikanta Das noted, &ldquo;proactive supply-side measures, particularly in enabling a calibrated unwinding of high indirect taxes on petrol and diesel&mdash;in a coordinated manner by the Centre and states&mdash;are critical to contain a further build-up of cost pressures in the economy.&rdquo;
This worry is backed by troubling figures at the start of the year. Fuel inflation was 3.87% in January which has seen a sharp increase over the last three months.

Even as taxes remain the main culprit behind record-high fuel prices, India’s import bill for oil also is taking center stage. India imports over 80% of it&rsquo

Even as taxes remain the main culprit behind record-high fuel prices, India&rsquo;s import bill for oil also is taking center stage.
India imports over 80% of it&rsquo;s oil requirement and as per reports India&rsquo;s imports from the United States nearly doubled month over month to a record high 367,000 barrels per day in January, making the US India&rsquo;s fourth-largest supplier of crude oil.&nbsp;
This comes as OPEC producers continue to limit global supply. This is has led to a 60% drop in the share of the Middle East in India&rsquo;s oil import.&nbsp;
But as the import bill continues to swell unconfirmed reports indicate that India plans to resume import of cheaper energy from countries such as Iran and Venezuela.

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CBDT sounds caution as tax collection falls short

Mar 28, 2019 17:16 IST

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