
Chartered Accountant ( 公認会計士) (공인 회계사 )(CONTABILISTAS) (CONTADORES PÚBLICOS) (ДИПЛОМИРОВАННЫЕ БУХГАЛТЕРЫ СЧЕТОВОДИТЕЛИ) (会计师事务所) (COMPTABLES CHARTERES) (WIRTSCHAFTSPRÜFER) (сметководители) (MUHASEBE MÜTEAHHİTLİĞİ) (محاسبون قانونيون) (CHARTERED AKUNTAN)(Geoktrooieerde Rekenmeesters)(registeraccountants)(RAGIONIERI REGISTRATI)חשבונות רואי חשבון) (This blog is non-commercial and is used here to put important news only for the educational purpose of Students doing CA and CS.
Tuesday, April 16, 2019
HFCL:-As Mr.Sukh Ram Sharma returns to Congress and his Son resigning as Power Minister of BJP Govt in Himachal Pradesh will it effect HFCL negatively
ALL THE RETAIL INVESTORS OF HFCL MUST TAKE IN CONSIDERATION THE LATEST POLITICAL DEVELOPMENTS IN HIMACHAL PRADESH.TAINTED MR.SUKHRAM NOWS RETURNS TO CONGRESS AND THAT TOO AT THE AGE OF 92.HIS SON MR.ANIL SHARMA RECENTLY RESIGNED AS POWER MINISTER IN BJP GOVT OF H.P.HIS SON IS NOW CONTESTING FROM MANDI SEAT IN H.P.
HOW FAR THESE HAPPENING WILL IMPACT FUTURE OF HFCL GROUP MAY BECOME A BIG QUESTION IN COMING MONTHS IF SOMETHING GOES WRONG IN POLITICAL CIRCLES.NOW THAT COMPANY IS EXPECTED TO SEE GOLDEN PERIOD AGAIN BUT THIS BIG QUESTION REMAINS??????
IN MY OPINION THIS MAY PROVE TO BE A BAD DECISION ON PART OF SHARMA FAMILY.
VINAASH KALE VIPREET BUDHI
Golden Cross may take Nifty all the way to 13,000 The golden cross indicates a shift in momentum towards the bulls from the bears.
MUMBAI: The Nifty has recorded a “golden cross” on technical charts, which reinforces positive view on the market, said ICICIdirect. The brokerage has revised its Nifty target upward to 12,800-13,000 for FY20.
Golden cross forms on a chart when a stock or an index’s 50-day short-term moving average crosses above its 200-day moving average. The golden cross indicates a bull market, when the crossover is accompanied by high trading volumes.
The Nifty’s 50-day moving average of 10,890 on March 15 saw a crossover above 200-day moving average of 10,889.
“Among the Nifty 50 constituents, 50 per cent stocks have already recorded golden crossover with a collective weightage of 73 per cent, signifying inherent strength of the market,” said ICICIdirect in a note on Monday.

The brokerage highlighted that in seven out of nine counts since June 2003, a golden cross on the Nifty has produced a minimum 15 per cent return in the following year.
The golden cross indicates a shift in momentum towards the bulls from the bears.“Additionally, the long-term moving average (200-day simple moving average is currently placed at 10,960) becomes the new support which we do not foresee to breach in the rising market,” said ICICIdirect.
The brokerage also analysed sectoral trends in previous three election years. All sectors performed and clocked double-digit returns in the seven months post general elections, the brokerage said. During all three general election years, pharma and BFSI have remained positive; whereas auto, capital goods, construction and infra sectors have relatively outperformed during a general election year, the brokerage said. “Among defensives, FMCG and pharma have relatively outperformed five months prior to the general elections. In contrast, consumer discretionary and IT have outperformed seven months post general elections,” said ICICIdirect.
A fire gutted parts of Notre Dame Cathedral and altered the Paris skyline By Eric Levenson, Melissa Bell and Emanuella Grinberg, CNN Updated 0306 GMT (1106 HKT) April 16, 2019
Paris (CNN)A catastrophic fire engulfed Notre Dame Cathedral in Paris on Monday, altering the city's skyline and threatening a potent symbol of Catholicism at the start of Holy Week.
The fire burned for several hours, destroying the 850-year-old cathedral's iconic spire and roof before firefighters contained the blaze early Tuesday morning.
A pair of bell towers immortalized in Victor Hugo's tale "The Hunchback of Notre Dame" survived, along with the cathedral's elaborate stonework facade. Officials said invaluable artifacts were saved, including the Crown of Thorns, believed to be a relic of the passion of Christ.
President Emmanuel Macron lamented the destruction of an awe-inspiring building that embodied the heart of Paris for more than 800 years. But he pledged to rebuild, starting with the launch of an international fundraising campaign.
"Notre Dame is our history, it's our literature, it's our imagery. It's the place where we live our greatest moments, from wars to pandemics to liberations," he said.
"This history is ours. And it burns. It burns and I know the sadness so many of our fellow French feel."
At least one firefighter injured
The Paris prosecutor opened an investigation into the fire, the cause of which is still unknown.
The initial call to emergency services notified authorities of a fire in the attic of the cathedral, Paris Fire Brigade Commander General Jean-Claude Gallet said. The site was undergoing renovations and was surrounded by scaffolding.
Hundreds of firefighters were deployed to the scene, snarled by rush hour traffic.
For much of the afternoon, flames and plumes of smoke billowed from the cathedral as firefighters in cranes sprayed water onto the structure.
One firefighter was seriously injured, Gallet said.

The cathedral was undergoing renovation work, the fire service said.
'Madness'
The fire, just days before Easter, was met with horror by Parisians and tourists.
As firefighters battled the blaze, Parisians gathered outside the church Monday night, raising their voices in prayer.


AP/GETTY IMAGES
Thibaud Binétruy, who lives in Paris, said he saw the smoke while walking home. He was gripped by the sight of the falling spire, he said.
People reacted with audible gasps, but "most of them were just shocked silently," he said.
"It's awful to see such a symbol disappearing in front of you. It's been there for so many years and in a few minutes half of it disappeared ... crazy.
"Paris without Notre Dame, madness."

Flames and smoke are seen billowing from the roof at Notre-Dame Cathedral.
American tourist Jason Hinman was visiting a garden when he saw smoke in the air.
"We planned to leave the area, but eventually all the roads were blocked. It was clear the city had just stopped," he said.
He said he walked toward the scene and stopped on a bridge in time to see the spire falling in a multicolored blaze.
"Several people covered their mouths. They couldn't believe what they were seeing."
He wandered the streets until he stumbled upon a group of people on their knees, singing and praying.

Notre-Dame was completed in the 13th century.
Another witness, Anne Marie, spoke with tears in her eyes: "Paris without the cathedral is not Paris anymore."
A symbol of France
Notre Dame's foundation stone was laid in 1163 by Pope Alexander III, and the cathedral was completed in the 13th century. Today, with its towers, spire, flying buttresses and stained glass, Notre Dame is considered a feat of architecture as well as a major religious and cultural symbol of France.

The Notre Dame cathedral in Paris as seen on December 20, 2015.
Located in Île de la Cité, a small island in the middle of the city, the cathedral is one of Paris' most popular attractions, drawing an estimated 13 million visitors a year.
Even as it fell into disrepair over the centuries, it was the site of Napoleon Bonaparte's coronation as emperor in 1804. The central spire was built in the 19th century amid a broad restoration effort, partly buoyed by the success of "The Hunchback of Notre-Dame" in 1831.

A priest wipes the Crown of Thorns, a relic of the passion of Christ at the Notre-Dame Cathedral in Paris on April 14, 2017.
In addition to the Crown of Thorns, the cathedral also houses the grand organ, one of the world's most famous musical instruments, and numerous artworks.
The Vatican said the Holy See lamented the devastation of a "symbol of Christianity" in France and beyond.

The cathedral is on an island in central Paris.
But to many in France, Notre Dame was more than a house of worship, said French author Bernard-Henri Levy. It's a symbol of French culture, architecture and history.
"Notre Dame de Paris is really one of the beating hearts of the French civilization," he said.
"How can you rebuild eight or nine centuries of history? How can you rebuild the tears, the whispers and the memories of a whole country and of the whole civilization?"
CNN's Amir Vera, Saskya Vandoorne, Sarah Westwood, Livia Borghese, Eliot McLaughlin and Gianluca Mezzofiore contributed to this report.
Monday, April 15, 2019
Ten updates you will find in ITR forms for AY2019-20 livemint

Updated: 15 Apr 2019, 07:45 AM IST
Ashwini Kumar Sharma
The income-tax department has notified new income-tax return (ITR) forms for assessment year (AY) 2019-20. Like the previous year, there are seven ITR forms this year too. In fact, ITR-1 and ITR-4 for AY 2019-20 are already available on theincome- tax department’s e-filing portal. Other ITR forms are expected to be made available shortly.
The department updates ITR forms and notifies new ones every year. Usually, the new forms reflect the changes made in tax provisions, in accordance to the previous finance bill. Here are 10 heads under which changes have been introduced for AY2018-19.
Applicability of Forms
An individual having total income of up to ₹50 lakh from sources such as salary, one house property, other sources (interest income) and agricultural income up to ₹5,000 can file the return in ITR-1. However, “it cannot be used anymore by an individual who is the director of a company or has investments in unlisted equity shares or has income on which TDS (tax deducted at source) has been deducted in another person’s hands", said Shailesh Kumar, director, Nangia Advisors Llp (Andersen Global), a chartered accountancy firm.
Also, ITR-4 is applicable to individuals, Hindu Undivided Families and firms (other than limited liability partnerships) having total income of up to ₹50 lakh, and assessees who choose to file their ITR under the presumptive taxation scheme. However, “it cannot be used by individuals or HUFs who are not resident and ordinarily residents, non-resident partnership firms, directors of companies or persons having investment in unlisted equity shares or having more than one house property and so on", added Kumar.
Contact details
If you are supposed to file your returns in ITR-1 form, remember it is mandatory to mention the Indian address and mobile number. “The intent appears to be to enable hassle-free communication with the tax department. But whether this will be mandated in other forms will be known once the instructions are released," said Tapati Ghose, partner, Deloitte India.
Salary components
Apart from your salary, you also need to disclose other component of your package. “Standard deduction from salary was introduced from 1 April 2018. The respective changes have been made in ITR forms," said Sandeep Sehgal, director, tax and regulatory, Ashok Maheshwary & Associates Llp, a chartered accountancy firm.
Besides, “salaried employees have to report the value of perquisites, profit in lieu of salary, exempt allowances and also deductions for entertainment allowance, professional tax and standard deduction separately. The requirement is mainly to sync in details mentioned in the Form 16," said Ghose.
In the recent past, a mismatch between Form 16 and ITR resulted in queries from the Centralised Processing Centre (CPC). Additional care is required to ensure any mismatches are well analysed to ensure that questions raised by the tax office can be responded to effortlessly, added Ghose.
House Income
Until now, if you had more than one self-occupied house, you could only consider one as self-occupied, while all others were considered as “deemed to be let out" and you needed to pay tax on the potential rent of such property.
Budget 2019 relaxed this provision. From this fiscal, you can consider two properties as self-occupied. While relaxation in the rule will come into force from the next AY, the required changes have already been made in the new ITR form. “A new option to select “deemed let out" is provided in ITR-1 and ITR-4. Also, the PAN (Permanent Account Number) of the tenant has to be provided in ITR-2 in case TDS is deducted by the tenant," said Ghose.
Capital gains
According to income-tax rules, a property buyer has to deduct TDS at the rate of 1% if the value of the property exceeds ₹50 lakh. An amendment has been made in the ITR form to disclose such information by the seller. “Disclosure of the buyer’s information is mandatory if tax is deducted or PAN is quoted by the buyer in documents. The mandatory disclosure includes the name and PAN of the buyer, the percentage share, the amount and the property address," said Ghose.
Also, “since long-term capital gains on listed equity shares and equity-oriented funds are taxable from 1 April 2018, the respective changes have been made in the ITR forms", said Sehgal.
Other income sources
If you have earned interest income, which is categorized under the income-tax head “other sources", you will have to provide detailed information of such sources.
“Separate disclosures have been made mandatory for interest income from bank savings account, fixed deposits and income-tax refund, in the nature of pass-through income or others," said Ghose.
Residential status
If you travel out of the country frequently, you may need to provide more details. “A self-declaration on the residential status of an individual is not sufficient any more. The income-tax department now wants individuals to report the number of days spent in and outside India," said Kumar. A person is considered a tax resident if he or she is present in India for at least 182 days or more in an FY, or 60 days or more in an FY and 365 days or more during the preceding four FYs. Income is chargeable to tax in India based on an individual’s residential status.
Details for NRIs
Non-resident Indians (NRIs) are also required to file their returns in India, if they have a source of income based in India. The additional information that they are required to furnish in new ITR forms include mentioning the country of residence, taxpayers’ identification number, the number of days of stay in India in case of Indian citizen or a person of Indian origin (PIO).
“The above details will help the assessing officer seek additional information as required with respect to overseas income as and when required through exchange of information and determine whether income has escaped taxation," said Ghose.
Foreign assets
In the last few years, the government has made several amendments in the income-tax rules to gather information about foreign assets held by Indians. Taking that forward, this year’s ITR forms have several new provisions.
“Apart from foreign bank accounts, details of foreign depository accounts are also required to be reported. Details of foreign custodial accounts, foreign equity and debt held and foreign cash value insurance contract details have to be reported separately in the tax return forms," said Ghose.
Non-disclosure or inadequate disclosure of such information can land you in trouble, so make sure you disclose all the details required.
Other changes
There are various other changes being introduced in the ITR forms. If you have made any donation to charitable institutions, you will have to disclose the amount of such donations made in cash and other modes separately. Senior citizens having interest income and claiming deduction under Section 80TTB have to report it in the space provided.
Those with agriculture income above Rs5 lakh need to mention details such as district name with PIN code, measurement of the land, whether the land is owned or leased and whether it is irrigated or rain-fed and so on.
Though income-tax assessees will have to divulge more information while filing the ITR this year, many experts believe that it will reduce queries or scrutiny by the income-tax department.
Subscribe to:
Posts (Atom)
