Steel sector’s growth trend to continue’ PTI JAMSHEDPUR, AUGUCLE 2 PRINT A A A ‘Steel sector’s growth trend to continue’ ‘Auto, construction spurring demand’ Tata Steel Ltd. CEO and MD T.V. Narendran on Wednesday said the steel sector had been witnessing a positive growth and this trend would continue with improving economic activities across the world. Talking to reporters after hoisting the Tricolour on the occasion of the 72nd Independence Day at Tata Steel works here, he said the current demand for steel in the country was more than expected, buoyed by robust performance of the automobile and construction sectors. The demand for steel was projected to grow by 5-6%, but it had been 8%, Mr. Narendran said. He hailed the initiatives taken by the State and the Union government for the betterment of the steel sector. On the stock market consistently hitting new highs, Narendran said it was primarily because of the inflow of domestic savings through mutual funds. Post a Comment Sign up to receive our newsletter in your inbox every day! ENTER YOUR EMAIL ADDRESS GO Related Topics BusinessIndustryeconomy, business and finance SPONSORED CONTENT 3 Bars In Goa That Are Keeping Things Real 3 Bars In Goa That Are Keeping Things Real LIVEINSTYLE.COM Upto 70% Off On Top Watch Brands! Grab Your Dream Watch now! Upto 70% Off On Top Watch Brands! Grab Your Dream Watch now! WWW.SHINEVILLA.IN Toshiba committed to the “Clean India” initiative Toshiba committed to the “Clean India” initiative WWW.TOSHIBA-INDIA.COM Top 10 Watch Brands On Sale Top 10 Watch Brands On Sale WWW.SHINEVILLA.IN Rana Daggubati Reveals His Favourite Night Spot, Love For Hyderabadi Cuisine, And More In This Exclusive Interview Rana Daggubati Reveals His Favourite Night Spot, Love For Hyderabadi Cuisine, And More In This Exclusive Interview LIVEINSTYLE.COM “just Believe In Yourself Even If Nobody Else Does” – Huma Qureshi At The Signature Startup Masterclass Season 2 “just Believe In Yourself Even If Nobody Else Does” – Huma Qureshi At The Signature Startup Masterclass Season 2 LIVEINSTYLE One Powerful Platform Designed to Help you Make More Money in Stock Market. One Powerful Platform Designed to Help you Make More Money in Stock Market. MARKETSMITHINDIA.COM Get 1 Cr Life Cover @ Rs 680/Month* Get 1 Cr Life Cover @ Rs 680/Month* TERMLIFE.POLICYBAZAAR.COM 10 Greatest Achievements of the Narendra Modi Government 10 Greatest Achievements of the Narendra Modi Government CRITICSUNION MORE FROM THE HINDU Tata Motors Group’s wholesales take a hit Tata Motors Group’s wholesales take a hit BUSINESS Did someone say 1984? Did someone say 1984? THE HINDU Technology to be used to tackle corruption in Home Guards Technology to be used to tackle corruption in Home Guards NEWS Recommended by Comments will be moderated by The Hindu editorial team. Comments that are abusive, personal, incendiary or irrelevant cannot be published. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not ‘the’, n is not ‘and’). We may remove hyperlinks within comments. Please use a genuine email ID and provide your name, to avoid rejection.

Auto, construction spurring demand’ Tata Steel Ltd. CEO and MD T.V. Narendran on Wednesday said the steel sector had been witnessing a positive growth

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Stop misusing consent route for tax benefit, says SEBI panelThere have been instances wherein individuals and companies have managed to avail tax benefits from the Income Tax Department on the money paid to the Securities and Exchange Board of India (SEBI) to settle matters under the consent mechanism. Entities have shown the settlement amount paid to SEBI as a deductible business expense to lower their taxable income and thereby the tax liability. Now, a panel set up by SEBI under the chairmanship of Supreme Court former Justice A.R. Dave to review the consent mechanism has highlighted this regulatory loophole and recommended that the markets watchdog take up the matter with the government. “It may be appropriate for the [SEBI] Board to write to the Central Government to request appropriate changes in the Income Tax Act, 1961, on the lines of the U.S. IRC (Internal Revenue Code) and explore seeking an undertaking, to be reproduced in settlement orders, in respect of non-tax reimbursements,” the panel stated in its report. Non-deductible in U.S. Settlement amounts are non-deductible under U.S. laws, where the Securities Exchange Commission (SEC) has clearly laid down that applicants cannot seek any kind of indemnification, insurance coverage or reimbursement, including tax deduction or tax credit on such amount paid to the regulator. Interestingly, even the income tax authorities have accepted the reasoning given by the entities and allowed them to treat the settlement amount as an expense while calculating their taxable income. The premise put forth by the tax authorities is that the settlement amount is not a penalty and the money is paid without an admission of guilt. Anil Ambani’s appeal In February 2016, the Commissioner of Income Tax (Appeals) allowed Anil Ambani to treat ₹50 crore paid as settlement charges to SEBI as an expenditure that led to the industrialist declaring a net loss of ₹43.22 crore for the fiscal. The Income Tax Appellate Tribunal upheld the observation while stating that the settlement money was paid “without admitting or denying the charges” and hence there was no reason to believe that the consent application, without admitting guilt, amounted to evidence of an offence having been committed. There have been two other instances wherein Pranav Securities and Reliance Share & Stock Brokers claimed tax benefits on account of the settlement money paid to SEBI. “It is important to determine the crux of the settlement before any conclusion around allowance or disallowance under tax is drawn,” said Ravi Mehta, Partner, Grant Thornton India LLP. ‘Intent matters’ “If the intent of settlement is merely to avoid any undue hardships and buy peace, without the taxpayer being convicted for any offence/wrong-doing or criminal/civil violation, then such payment may not classify as a penalty. Deeming such payment as a penalty will deter the taxpayer from taking benefit of the settlement procedures prescribed by SEBI,” Mr. Mehta added. Between 2014-15 and 2017-18, SEBI disposed of 378 matters under the consent mechanism, which was introduced in 2007.

There have been instances wherein individuals and companies have managed to avail tax benefits from the Income Tax Department on the money paid to

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