853

Jet Airways India Ltd Seeks Approval Of Its Shareholders To Convert Loans Into Equity

New Delhi: Jet Airways India Ltd. is seeking approval of its shareholders to convert loans into equity as the ailing carrier saddled with $1.1 billion of debt negotiates a rescue deal with its lenders and partner Etihad Airways PJSC.

India’s biggest full-service carrier has called an extraordinary general meeting on February 21 in Mumbai, during which it will also seek consent for lenders to appoint company directors and boost its capital, according to a filing Monday. The airline, 24 percent owned by Etihad, didn’t say whether the three sides have reached an agreement over the terms of the rescue.

803

Indian-Origin Retail Brothers Ranked Britain’s 24th Highest Taxpayers With 25.6 Million pounds

New Delhi: Indian-origin retail brothers -- Simon, Bobby and Robin Arora -- have been ranked Britain’s 24th highest taxpayers. The Arora family, behind the B&M chain of discount stores, paid 25.6 million pounds towards their 2017-18 tax bill against wealth estimated at 2,300 million pounds.

The UK’s highest taxpayer was named as sportwear businessman Stephen Rubin, who paid 181.6 million pounds in tax in 2017-18 against a wealth estimate of 2,820 million pounds.

“These are the taxman’s best friends – those who make the inaugural ‘Sunday Times Tax List’ based on the taxes due on their business profits, share sales, dividend income, house purchases and, where known, personal income through their salaries,” the newspaper noted.

703

Union Finance Minister Piyush Goyal Says, Era Of High Taxes And Misuse Of Public Money Over

New Delhi:  Union finance minister Piyush Goyal said that while addressing the Investiture Ceremony and International Customs Day celebrations, that the era of high taxes and misuse of public money is over, and now every rupee received as tax is being put to good use in the interest of the nation. He appealed  to the business community to pay taxes and do business ethically.

The finance minister said the government had in the last few years made an honest attempt to make the administration more taxpayer friendly, continuously bringing down tax rates and making compliance easier and technology-driven.

643

Piyush Goyal Asks Tax Officers To Refrain From Being Overzealous In Tax Administration

New Delhi: Finance minister Piyush Goyal asked tax officers to refrain from being overzealous in tax administration, while appealing the industry to conduct business ethically.

Addressing the Central Board of Indirect Taxes (CBIC) officers on the occasion of International Customs Day, Goyal asked the tax officers to consider crowdsourcing of feedback from stakeholders as to what more could be done towards adopting a taxpayer friendly approach by the department.

Goyal, who was earlier this week given the additional charge of Finance Ministry, asked the taxmen to trust the customers with a great degree of intelligence, while adopting a customer friendly approach.

612

India’s Industrial Activity To Remain Subdued Owing To Muted Domestic Demand, Weak Global Economic Outlook

New Delhi: India’s industrial activity is expected to remain subdued in the near term, owing to muted domestic demand, weak global economic outlook and uncertainty among businesses over the outcome of Lok Sabha elections, 2019.

According to D&B Economy Forecast, concerns about the government curtailing its investment due to significant shortfall in tax collections against the target, are expected to keep the industrial activity subdued in the near term.

Dun & Bradstreet (D&B) expects Index of Industrial Production (IIP) to have moderated by 1.5-2 per cent during December 2018. As per data released by the Central Statistics Office (CSO), industrial output growth dropped to a 17-month low of 0.5 per cent in November on account of contraction in manufacturing sector, particularly consumer and capital goods.