Rs 5,800 CRORE HIDDEN INCOME IN MSME SECTOR

MSME means Micro, Small and Medium Enterprises. The Income Tax Department of India has detected that MSME has hidden income of Rs 5,800 crores in Fiscal year 2010-11.
Generally Income tax department carries out a number of searches for high income sectors but this time income tax department has put its scanner towards sector which contributes about 45 % of manufacturing output of the country.

Income tax department has carried out 3911 raids and after that they came to know about the hidden income of Rs 5,800 crore in MSME sector.

So from now onwards every one will be under the scanner of […] Read more

REASONS FOR RUPEE BEING AMONG WEAKEST CURRENCIES

Indian Rupee is one of the weakest currencies in Asia and other emerging markets. In this post I will be discussing few reasons for this:

1. India imports more that exports: In March 2012, Indian exports fell an annual 5.7% and imports rose 24.3%. High imports mean more demand for foreign money and this puts pressure on Indian Rupee.

2. Less Foreign Investments: Foreign investments into Indian stocks have went to negative with $545 million outflow in April 2012 from a mere $7.2 million inflow. Foreign Direct investment fell to 2.2 % in February 2012 from 5.7% in May 2011.

3. Fall in […] Read more

INCOME TAX REFUND AT RECORD HIGH

Many of us don’t know the benefits of filing income tax return electronically. If return is filed electronically then one will get his refund within 3 months of filing the return.
This will also save time to go to income tax department as after filing return electronically one has to send the printed acknowledgement on the address mentioned.

As more of people are becoming aware of efiling, refunds given by income tax department of India hit record high in financial year 2011-12. Refunds given were approximately Rs 1lakh crores which is 32.4% more than financial year 2010-11.
This amount is expected to increase […] Read more

TOP GAINERS AND LOSERS IN BSE, NSE

Top Gainers in NSE
1. Reliance Power
2. TCS
3. Jindal Steel
4. Power Grid Corp
5. DLF Ltd

Top Gainers in BSE
1. TCS
2. Jindal Steel
3. DLF Ltd
4. ONGC
5. Infosys Ltd

Top Losers in NSE
1. BHEL
2. Maruti Suzuki
3. Axis Bank
4. Dr. REDDY’S
5. M&M

Top Losers in BSE
1. BHEL
2. Maruti Suzuki
3. M&M
4. ITC Ltd
5. HDFC

[…] Read more

DILUTION OF GAAR

In my earlier post I have discussed about GAAR, and now Indian government is trying to dilute it. As many countries are opposing it and due to its implication Foreign Direct Investment (FDI) in India can be hampered.

According to new discussion India could introduce new capital gain tax liabiliteis for foreign investors who invest in India through Mauritius. India and Mauritius have a tax treaty to avoid double taxation but new foreign companies might not get the treaty’s protection under the new regulation if Indian officials feel that those investments are routed through Mauritius only to get tax benefits.

The […] Read more

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