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07/01/2017

Police said a lone gunman opened fire Friday at the Fort Lauderdale, Florida, international airport, killing five people and injuring eight others in a brief, bloody shooting rampage.

The attack at a quiet baggage claim area sent people scrambling through the terminals and across the airfield at one of the country's busiest airports, shutting down all flights while paramedics and federal and local law enforcement officers flooded the scene.

The suspected shooter is in custody, and it appears he acted alone, said Broward County Sheriff Scott Israel. In addition to the people slain, eight others were brought to area hospitals, all with apparent gunshot wounds.

"Right now, this scene is considered fluid and active," Israel said during a news briefing on Friday afternoon at the airport, which is operated by Broward County.

03/01/2017

NEW DELHI: Akhilesh Yadav met father Mulayam Singh Yadav at his home in Lucknow today, hours after the two reportedly spoke on the phone in the middle of a seething battle over who should control their Samajwadi Party. Akhilesh Yadav, who is Uttar Pradesh's Chief Minister, has, with the backing of thousands of party workers, replaced his father as party chief. Mulayam Singh, 77, has said that's a no-go and that his camp - considerably smaller than that of his son's - is what should be recognised as the legitimate Samajwadi Party. The Yadavs have plunged their party into a crisis just as Uttar Pradesh gets ready to vote.
Here are the 10 latest developments in this big story:
After this morning's phone call between father and son, Mulayam Singh Yadav took a chartered flight from Delhi to Lucknow, reportedly accompanied by a minister from Akhilesh Yadav's government. The phone call has triggered talk within the party of a new attempt at finding a truce. Mulayam Singh has so far not expelled the Chief Minister from their party.
The call was organised by senior Samajwadi Party leader Azam Khan, who also brokered a meeting over the weekend between Akhilesh Yadav and Mulayam Singh.
That meeting did not end the family feud. Mulayam Singh met the Election Commission yesterday to demand that the party symbol - the cycle - remain his property.
The symbol, familiar to voters for decades, is an incredibly valuable asset. Today, Akhilesh Yadav's mentor, Ram Gopal Yadav, meets with the Election Commission to present a counter-claim.
Team Akhilesh will argue that he has the support of as many as 220 of the party's 229 state legislators and that decisions taken -including the removal of Mulayam Singh as Samajwadi president - followed the party's playbook.
The Election Commission could choose to suspend or freeze the party symbol and not allot it to either side.
Ram Gopal is Mulayam Singh's cousin. He has sided with Akhilesh Yadav through months of a widening rift with Mulayam Singh.
Mulayam Singh's closest aides are Shivpal Yadav, his younger brother, and Amar Singh, who was welcomed back to the party after being expelled a few years ago.
Akhilesh Yadav has publicly declared he mistrusts them and accused them of inciting his father against him.
The young Chief Minister was unable to prevail upon his father to accept his list of candidates for the election, or to strike an alliance with the Congress.

02/01/2017

Bajaj Auto Shares Fall As December Sales Decline 22%
Motorcycle sales during the month decreased 18 per cent to 2,03,312 units, from 2,47,782 a year earlier, Bajaj Auto said in a regulatory filing.
Press Trust of India | Last Updated: January 02, 2017 13:23 (IST)
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Bajaj Auto Shares Fall As December Sales Decline 22%
New Delhi: Shares of Bajaj Auto slipped over 2 per cent after the company reported a 22 per cent decline in total sales at 2,25,529 units in December as against 2,89,003 in the same month a year ago.

On BSE, the stock opened at Rs 2,640 and hit a high of Rs 2,658.30. As of 1.20 p.m., it was trading 2.01 per cent down at Rs 2,581.

It opened on NSE at Rs 2,642.70 and hit a high of Rs 2,654.30. As of 1.20 p.m., it was trading 1.91 per cent lower at Rs 2,582.

Motorcycle sales during the month decreased 18 per cent to 2,03,312 units, from 2,47,782 a year earlier, Bajaj Auto said in a regulatory filing.

Its commercial vehicle sales stood at 22,217 units during the month under review compared with 41,221 in the year-ago period, down 46 per cent.

Story first published on: January 02, 2017 13:23 (IST)

02/01/2017

Arun Jaitley, P Chidambaram Spar Over Effects Of Demonetisation
The war of words was triggered by Mr Jaitley's assertion on Thursday that the country's economic indicators proved the critics wrong.
Written by Sandeep Phukan | Edited by Neeraj Thakur | Last Updated: December 30, 2016 20:35 (IST)
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Arun Jaitley, P Chidambaram Spar Over Effects Of Demonetisation
HIGHLIGHTS
Arun Jaitley claimed that economy has not been impacted by note ban
Former Finance Minister P Chidambaram countered Mr Jaitley's claim
He said that there is no correlation between GDP growth and revenues
New Delhi: As the deadline to deposit old Rs 500 and Rs 1,000 notes ended, Finance Minister Arun Jaitley and the former Finance Minister P Chidambaram got into a verbal duel over the impact of the note ban.

Responding to Mr Jaitley's claims that increased government revenues prove that the economy has not been as "adversely impacted as experts had predicted," Mr Chidambaram told NDTV that "there is no direct correlation between the growth in GDP and revenues."

"The Reserve Bank of India itself has revised the GDP forecast by 0.5 per cent...from 7.6 per cent earlier to 7.1 per cent now. The Finance Minister should pose his questions to the RBI," said Mr Chidambaram.

Almost immediately, Mr Jaitley hit back, saying "I would like to learn the kind of economics that leads to higher revenues from a lower GDP."

The war of words was triggered by Mr Jaitley's assertion on Thursday that the country's economic indicators proved the critics wrong.

"Of course there would be areas which would be adversely impacted, but what was predicted by the critics has to have rationale with the revenue collected. Assessment can be unreal but revenue is real," Mr Jaitley had said.

Listing out a number of areas that performed better than expected, Mr Jaitley said direct taxes had grown by over 14 per cent and the increase in indirect taxes was over 26 per cent. He claimed that though agriculture was an area of concern but latest sowing figures of Rabi crops had given the government reasons to cheer.

"Now the Rabi crop sowing has been higher than last year, life insurance businesses have increased , international tourism has increased, air passenger traffic has increased, petroleum consumption has increased, the flow into Mutual Funds has increased by 11 per cent," said Mr Jaitley.

But these claims are not being taken at face value by P Chidambaram, an ace lawyer like Mr Jaitley and also someone known to share a good rapport with the finance minister.

Mr Chidambaram said that though there have been various estimates about a drop in GDP - from RBI's 0.5 per cent to Dr Manmohan Singh's prediction of 2 per cent - the economy would certainly be hit.

"I can't say what would be the final figure but I think there is consensus that, at least, it would drop by one per cent i.e. Rs 1.5 lakh crores," said Mr Chidambaram at a press conference, and quickly added, "I hope that my wish for a happy new year indeed comes true."

Story first published on: December 30, 2016 20:13 (IST)

02/01/2017

Home | Tax Watch |
Budget 2017 May Provide Some Income Tax Relief: Experts
More money in the hands of consumers will help in spurring demand which has been hit badly due to demonetisation.
Edited by Surajit Dasgupta | Last Updated: January 02, 2017 14:33 (IST)
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Finance Minister Arun Jaitley has already spoken about the need for lower taxes in India.
Finance Minister Arun Jaitley has already spoken about the need for lower taxes in India.
Ahead of the Budget presentation on February 1, expectations are building up that Finance Minister Arun Jaitley will offer an income tax relief to both individual taxpayers and corporate India. More money in the hands of consumers will help in spurring demand which has been hit due to demonetisation.

The finance minister has already spoken about the need for lower taxes in India. "What you need is a broader base of economy for which you need a lower level of taxation. You need to manufacture products and provide services which are more competitive in character and therefore your taxes have to be globally compatible," Mr Jaitley said.

The government could announce income tax relief in the Budget "to create a feel good factor", said Manoj Nagpal, CEO of Outlook Asia Capital.

"There is an expectation that the Budget will move towards a lower tax regime, either in the form of lower tax rates or increasing the exemption limits. We believe that lower tax rates are a better form of passing the benefits rather than increasing the tax slabs," Mr Nagpal added.

Sandeep Sehgal, director for tax and regulatory at Ashok Maheshwary & Associates LLP, said the note ban will help the government increase its tax revenues as it will bring a large swathe of economy under the tax net. "It is anticipated that the government will have some cushion available to reduce the taxes and honest taxpayers could be rewarded with some increase in basic exemption limit. Accordingly, upward shuffling in tax slabs to reduce the overall tax liability also cannot be ruled out," he added.

Rahul Garg, direct tax leader at PwC, said it is not a "great idea" to lower the income tax exemption limit as a lot of taxpayers go out of the tax net. Instead, the tax rate should be lowered or the range of the tax bracket be increased, he added.

Mr Garg said the tax bands could be increased by Rs. 50,000 in the upcoming Budget. According to the current income tax laws, income up to Rs. 2.5 lakh is not taxed. Income between Rs. 2.5 lakh and Rs. 5 lakh is taxed at 10 cent; between Rs. 5 lakh and Rs. 10 lakh at 20 per cent, and beyond Rs. 10 lakh at 30 per cent.

IDFC Chief Economist Indranil Pan said that the government could also provide higher income tax exemptions on housing loans to boost the property sector.

On corporate tax, Mr Garg of PwC said he believes that the government could lay down a roadmap for reduction of corporate tax rate from the current level of 30 per cent to 25 per cent. The finance minister had in the Budget for 2015-16 announced a plan to lower the corporate tax rate from the existing 30 per cent to 25 per cent over a timeframe of four years along with a withdrawal of exemptions.

Mr Garg also believes the government could reduce corporate tax rate by 1 percentage point to 29 per cent in the February 1 Budget.