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Indices end flat on the last day of Samvat 2074; PCJ tanks 12%

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New Delhi: Paring most of the morning gains, the domestic benchmark indices ended the last trading day of Samvat 2074 on a flat note on Tuesday amid selling in banking and FMCG counters. The S&P BSE Sensex slipped below the crucial 35,000-mark to settle at 34,992, up 41 points while NSE’s Nifty50 index gained just 6 points to close at 10,530.

For Samvat 2074, the S&P BSE Sensex recorded a gain of over 7 per cent.

Among individual stocks, Cipla hit a five-month low during the trade, extending its Monday’s 7 per cent decline on the BSE, due to a weak outlook for the second half of the current fiscal (H2FY19). The pharmaceutical major said there was pressure on the tender business, supply disruptions, commodity inflation and business impact from countries hit by sanctions. The stock ended at Rs 532 apiece on BSE, down nearly 6 per cent. PC Jeweller tanked 12 per cent to settle at Rs 83 levels.

 

In the sectoral universe, PSU banks ended the day lower with the Nifty PSU Bank index slipping 2.23 per cent. FMCG stocks were the second biggest losers, followed by auto pack.

Stock markets will remain closed on Wednesday and Thursday for ‘Diwali Laxmi Pujan’ and ‘Diwali Balipratipada’. The BSE and NSE will conduct a special ‘Muhurat’ trading session on Wednesday, November 7 between 5:00 pm and 6:30 pm, the stock exchanges had said on Friday.

Join us on www.business-standard.com at 4pm on November 7 as we cover Muhurat trades LIVE

Asian shares inched up on Tuesday, supported by Wall Street gains although momentum was tempered ahead of the US midterm elections, the first major electoral test of President Donald Trump’s big tax cuts and hostile trade policies.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.4 percent on a positive lead from Wall Street, but the gains were capped by falls in Chinese markets and regional technology shares.


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Income Tax return processing time to reduce from 63 days to just 1 day

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Mumbai:The Union Cabinet approved an integrated income-tax e-filing and centralised processing centre (CPC) portal, which will reduce the return processing time from 63 days to just one day. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers. However, one will have to wait for 18 months to see its launch.

“Earlier, taxpayers would face troubles because of delay in refund processing and the CBDT used to spend a lot of money every year as interest on pending refunds, which will be history now,” Union minister Piyush Goyal told reporters after the Cabinet meeting here.

Last month, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra had said a simplified return form and process would be put in place soon in which the department would process the self-declaration made by the taxpayer. The new Rs 4,241-crore project will incorporate these changes.

 

“This is a laudable initiative and will go a long way to ease tax compliance, and enhanced experience for taxpayers. However, the real success of this will be measured when it brings ease to a common man and is accompanied by changes in the culture of the tax authorities at the operational level,” said Neeru Ahuja, partner, Deloitte India.

Currently, the e-filing portal and the CPC work separately. While e-filing is being managed by Tata Consultancy Services (TCS), the CPC is run by Infosys.

In the bids invited by the government, Infosys emerged as the lowest bidder and it would develop the ITR-CPC 2.0 project in 18 months from now, Goyal said.

Under the new system, Infosys will handle end-to-end solution — from e-filing to return assessment to refund processing. The CBDT and Infosys would work in a revenue-sharing model, sources in the know said.

Goyal said ramping up scrutiny was not the mandate of the new portal. Currently, about 0.3 per cent of the I-T returns are scrutinised, he said. The system intends to resolve taxpayer grievances as well as tax demands from the CBDT faster and equitably, he said.

“The decision will ensure horizontal equity by processing returns filed by all categories of taxpayers across the country in a consistent, uniform, rule driven, identity blind manner. This will assure fairness in tax treatment to every taxpayer irrespective of their status,” a government release said.

But even under the new ecosystem, only those applications which are clean would have the chance of getting processed in a day, sources said.

About 23 crore I-T returns have been processed, along with Rs 2.62 trillion worth of refunds, till September 2018 cumulatively. Of this, refunds worth Rs 1.83 trillion have been processed in 2018-19, said Goyal.

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Lenders considering resolution plan for Jet Airways: SBI

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Mumbai: State Bank of India (SBI) on Thursday said lenders are considering a resolution plan for Jet Airways to ensure long-term viability of the debt-laden company.

The SBI statement comes a day after the crisis-hit airline said discussions were “progressing well” with stakeholders on a comprehensive resolution plan that also contemplates equity infusion and consequent changes in its board of directors.

There are rising concerns over financial health of Jet Airways, whose shares have also taken a beating at stock exchanges.

 

“We would like to state that lenders are considering a restructuring plan under the RBI framework for resolution of stressed assets that would ensure a long-term viability of the company,” SBI said in a statement.

It said the restructuring plan for the cash-strapped airline would need approval from boards of lenders.

“Any such plan would be subject to approval of boards of the lenders and subject to adherence and clearance, if required, from the RBI and/or Sebi (takeover code, ICDR regulations.) and Ministry of Civil Aviation and in compliance with all regulatory prescriptions,” the statement said.

Shares of the airline are trading 4.24 per cent lower at Rs 259.50 apiece on BSE.

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NGT slams Volkswagen for not depositing Rs 100 crore as per its 2018 order

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New Delhi: The National Green Tribunal (NGT) slammed German auto major Volkswagen for not depositing Rs 100 crore in accordance with its November 16, 2018 order and directed it to submit the amount within 24 hours.

A bench headed by NGT chairperson Adarsh Kumar Goel took strong exception to the non-compliance of its order by the automobile giant and asked it to give an undertaking that it will submit the amount by 5 PM Friday.

“Why have you not complied with our order when there is no stay. We will not give you any further time,” the bench, also comprising Justice S P Wangdi, said while asking Volkswagen to submit an affidavit of compliance after deposit.

 

The tribunal deferred the matter for hearing after it was informed that the Supreme Court is also seized of the issue.

On November 16 last year, the tribunal had said that the use of ”cheat device” by Volkswagen in diesel cars in India leads to inference of environmental damage and had asked the German auto major to deposit an interim amount of Rs 100 crore with the Central Pollution Control Board (CPCB).

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