2. Mahindra & Mahindra heads to US;
manufacturing unit to start operations soon.
Mahindra and Mahindra is set to open its maiden greenfield
auto manufacturing plant in Detroit this fiscal year--the first
Indian car company that will have one in the country--to make
off-road utility vehicles as the $19 billion conglomerate looks
to double its bets in one of the world’s most important
markets, said group chairman Anand Mahindra.
3. BRITANNIA SCOUTS FOR GROWTH
OPPORTUNITIES IN BAKERY SEGMENT
FMCG major Britannia is scouting for profitable growth
opportunities, especially in the bakery segment, to strengthen its
position as a leading food company in the country, according to
the company's annual report.
Last year, Britannia, whose main business segments are bakery
and dairy, had entered into a joint venture (JV) agreement with
Greeces Chipita S. A for manufacture and sale of ready-to-eat
filled croissants.
The company also expects to use its newly-launched research &
development (R&D) centre at Bidadi near Bengaluru for launch
of new products.
4. Transport ministry opposes NITI Aayog's plan to
let taxi aggregators rope in private cars
The transport ministry is not in favour of Niti Aayog’s suggestion
that taxi aggregators should be allowed to rope in private cars to
increase the availability of vehicles for passengers.
The ministry’s view is that vehicles used for commercial
operations are registered as such and there is no such provision
in the Motor Vehicles Act to allow private cars to run as app-
based taxis, including operations such as ride-sharing and
pooling.
5. Tax departments keep a close watch on prices
post GST rollout
Tax departments across the country are keeping a close watch
on prices following the July 1 rollout of the goods and services
tax (GST).
Makers of consumer goods and handsets, as well as some
restaurant chains, have all got calls from local tax authorities
seeking details of invoices before and after GST as part of the
exercise..
The government is keen to prevent any spike in inflation due to
GST as happened in some countries that implemented the levy.
India has opted for a two-pronged solution to make sure this
doesn’t happen — a multi-rate GST structure and a proposed
anti-profiteering agency.
6. ITC chokes on its own smoke! Set for steepest fall
since 1992
With a fall of over 12 per cent, ITC was among top losers in the
Nifty index. Shares of ITC plunged after the GST Council on
Monday raised the cess on cigarettes to take away an estimated
Rs 5,000 crore annual ‘windfall’ manufacturers could have
reaped from lower GST rates, Finance Minister Arun Jaitley
said.
The stock has lost over Rs 45,000 crore in market cap today. It
ended the session 12.63 per cent down at Rs 284.60.
7. Gujarat HC turns down Essar Steel's bad loan plea
in big win for banks
The Gujarat High Court dismissed Essar Steel’s plea against
the Reserve Bank of India directive asking lenders to initiate
bankruptcy proceedings against the debt-laden company,
observing that the regulator and banks are empowered to do
so, giving a boost to the government’s efforts to clean up the
country’s bad-loan mess.
8. ONGC-HPCL merger plan on ministry table;
Pradhan weighs in-principle nod
• ONGCBSE 2.30 % has sent a proposal to acquire HPCLBSE -
2.90 % and the Petroleum Ministry is working on in-principle
approval to the plan.
• It was earlier reported that the merger plan was on Union
Cabinet’s agenda for the day, following Pradhan’s recent
comments where he expected the merger to be completed
within FY18.
9. What you must check in your TDS certificates,
Form26AS & why they should match
1. TDS certificates should be downloaded only from TRACES
You should ensure that TDS certificates (Form 16/16A) issued to
you are downloaded only from TRACES (TDS Reconciliation
Analysis and Correction Enabling System of the Income tax
department). Certificates downloaded from TRACES are in a
specific format. A form downloaded from TRACES would bear a 7
character alphabet unique certificate number and it will also have
a TDS- CPS logo on the left side and a national emble on the right
side at the top. This certificate would provide the details of the
income paid to you and also the tax deducted from that income
by the payer and whether the same has been deposited by him
with the government.
10. • 2. Digital signature should be verified.
In case of digitally signed certificates check that the signature
is verified i.e. has a check mark across it. An unverified
signature will bear a question mark over the signature instead
of the check mark.
• 3. Must check details on the TDS certificate
Your name, PAN, Deductor's TAN, amount paid to you, TDS
amount should be correctly reflected on the TDS certificate.
11. 4. What is Form26AS and how to get it.
An annual tax credit statement is generated by the income tax
department for a person subjected to TDS (deductee) in Form
26AS. The statement provides details such as name of the
deductee, PAN of deductee, details of deductor, the TDS
amount, the amount of TDS deposited with the Government by
the deductor etc. The user can download the statement from
the income tax e-filing website. The downloaded statement is
password protected and the password to open the file is the
Date of birth of the user which he would have entered when
registering with the income tax e-filing site.
12. This statement is linked to your PAN and contains details of all
your TDS -by employers as well as others (e.g. banks etc). The
link to download Form 26AS from TRACES can be found after
logging into your account on the income tax e-filing site.
5. Cross check the TDS certificate figures with Form 26AS.
You can verify whether your TDS -as shown in the TDS
certificate received from the deductor --has actually been
received by the government or not by comparing with the Form
26AS. It is the duty of a taxpayer to verify whether the deductor
has deducted tax on each transaction on which it was supposed
to be deducted. He must also check that the TDS mentioned in
form 16/16A is reflecting in Form 26AS.
13. In case the TDS shown in your TDS certificate is not reflecting in
your Form 26AS it would imply that although the deductor has
deducted the tax on your behalf but the TDS has not been
deposited / has not reached the income tax department.
In case of any discrepancy between the TDS certificates and Form
26AS inform your deductor and ask for the reasons for this
discrepancy and get it corrected. A possible reason behind the
mismatch can be because your PAN has been incorrectly entered
in the records of the deductor. In case the deductor has not
deducted the tax on your behalf, then it is your responsibility to
remind the deductor to deduct tax on your behalf and deposit the
same with government.
14. Your form 26AS will also reflect any advance/regular/ self
assessment tax that you pay.
Following details would also be available in your Form 26AS in
case applicable:
Details of tax deducted on your behalf by deductors
Details of tax collected on your behalf by collectors
Details of tax deducted on sale of Immovable Property
Refund received during the financial year by you
Details of your transactions in Mutual Fund, Shares and Bonds,
etc. (as reported by AIR filer)
15. A person deducting tax on account of buying an immovable
property needs to submit TDS certificate to the seller in Form 16B.
Link to download Form 16B (Tutorial)
http://contents.tdscpc.gov.in/en/download-from16b-etutorial.html
According to practicing chartered accountants, the income tax
department normally cross checks the taxes claimed as TDS or as
paid by you in your return with those showing in Form 26AS.
"Therefore, in case certain taxes claimed as deducted or paid by you
in your return are not reflected in the Form 26AS then you may get
a notice from the tax department when it processes your return"
says Chartered Accountant Anil Kapur, Partner, AVAN & Associates.
16. 6. Why you need TDS certificates when Form 26AS provides all information
One can gather all information related to TDS in Form 26AS which is sufficient
to file one's return. This might make you doubt the importance of TDS
certificates but the rationale behind introducing Form 26AS is to enable the
taxpayer to cross check the details mentioned in his/her TDS certificates with
those mentioned in Form 26AS and create transparency. TDS certificates are
important because these certificates and the Form 26AS are a cross check for
each other-in case there is a mismatch you can try to get the relevant
document corrected. Without the TDS certificate you would not get to know if
there was a mismatch.
Further, if your return sails through the IT department's e-processing system
without a hitch then your TDS certificates may not be required to be
shown/submitted but in case your return gets picked up for scrutiny then you
are likely to need your TDS certificates to show to the IT department. Also, in
case a TDS is not reflecting in the Form 26AS then again you would need the
certificate to prove that tax was actually deducted.
17. 7. Why you must provide PAN to the deductor
It is the duty of the assessee/deductee to provide his PAN to the
deductor or else the deductor will deduct his tax at a higher rate
(generally 20%). Also, if PAN is not provided the TDS will not
reflect in your Form 26AS which is linked to your PAN. This is
because the deductor will not know which PAN to assign the TDS
to while uploading data in the income tax site.
"In case of salaried persons, Form 26AS in itself is not sufficient to
file the return since it does not show the breakup of your income
and details of deductions claimed under section 80C to 80U
which are available in Form 16"
18. •Three consortia led by multinational transportation giants
Alstom, Siemens and Stadler Bussnang AG are in the race to set
up an electric rail coach factory in West Bengal.
•The proposed rail coach factory that would produce coaches
with aircraft-type interiors is expected to come up on railway
land in Kanchrapara near Kolkata on a public-private partnership
basis and will involve a total investment of Rs 2,000 crore.
•This is the second-largest tranche of foreign direct investment
(FDI) in the rail sector under the government's 'Make in India'
initiative. The first major FDI in railways came in 2015 when
projects to set up two locomotive factories were awarded at a
total cost of Rs 3,300 crore.
Three consortia led by Alstom, Siemens and Stadler
Bussnang eye Rs 2,000 crore coach factory project
19. Under chief N Chandrasekaran, Tata group is
devising strategies to tap local opportunities
The $104-billion Tata Group, the standard-bearer for Indian
industry on the global stage, would increasingly focus on growth
at home where it had pioneered steel making, civil aviation, and
luxury hospitality during the colonial era.
Many of the Tata Group CEOs are now busy crafting strategies
for home consumers as Tata Sons chairman N Chandrasekaran is
concerned about missing the local growth story.