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Roaming charges! I-T dept issues notices to Bharti Airtel

April 16, 2012 By admin Leave a Comment

The income tax department has issued fresh notices to telecom giant Bharti Airtel in connection with taxation of overseas roaming charges for financial years 2001-02 and 2006-07, reports CNBC-TV18.

This is in addition to the I-T department

‘s Rs 1,067-crore tax demand notice for non-payment of TDS dues in the last four financial years in a similar case.

Bharti Airtel had approached the Delhi High Court challenging these notices and has been granted a stay in the matter. The telecom operator has recently made an interim payment of Rs 236.9 crore in this regard.

An Airtel spokesperson said in a statement to PTI that “this pertains to a matter where the I-T department is trying to treat inter-connect charges being paid by domestic telecom operators to international operators, as fee for technical services and recover withholding tax on that basis.

“The matter is sub-judice and the demand on the company stands stayed. The pre-deposit amount has been paid in compliance of the court order granting stay.”

According to sources in the I-T department, fresh notices were issued to the firm in order to obtain financial documents and revenue collection figures of overseas roaming operations during those financial years and a tax demand will be raised after scrutinising this data.

The Income Tax department, earlier this year, had asked the company to pay a total tax of Rs 1,067.24 crore under Section 201 (consequences of failure to deduct or pay taxes) along with Section 195 (any person responsible for paying to a non-resident) of the I-T Act.

The tax demands raised for the four financial years were- 2007-08 (Rs 202.07 crore), 2008-09 (Rs 329.913), 2009-10 (Rs 313.577 crore) and 2010-11 (Rs 221.681 crore) on payments made by the company to “non-resident mobile service providers”.

The I-T department had held that such payments are in nature of fee for technical services and are subjected to TDS deductions as per section 195 of the I-T Act.

The department, in its notice, had also said that for payments of such taxes, the location of the company’s property or place of conducting the operations is not “relevant”.

Bharti Airtel offers a variety of telecom services both in India as well abroad.

The company claims to have a subscriber base of over 230 million across 19 countries.

Filed Under: International News Tagged With: airtel, cnbc tv18, matter, Mobile Service Providers, section, sub judice, tax, telecom giant

SBI expects 100-125 bps rise in savings bank fund costs

October 29, 2011 By admin Leave a Comment

MUMBAI (Reuters) – State Bank of India, the country’s biggest lender, expects its average funding cost for savings bank accounts to rise 100-125 basis points, its chairman said Friday.

“I think that’s going to be inevitable. We are prepared for some pressure on the cost of saving bank funding,” Pratip Chaudhuri told television channel CNBC-TV18 in an interview.

The RBI on Tuesday deregulated the savings deposit rate, the last administered bank rate in India. Within hours, YES Bank increased the rate it offers on such deposits by 200 basis points to 6 percent from the earlier mandated 4 percent.

The deregulation of the rate is expected to spark off competition among banks to garner low-cost deposits. New banks, like YES Bank and Kotak Mahindra Bank are expected to be more aggressive in mopping up such deposits.

Savings bank deposits comprise about 34 percent of SBI’s total deposit base, Chaudhuri said. Of the bank’s total savings deposits, 30 percent have a balance of more than 100,000 rupees.

The RBI, while deregulating the rate on Tuesday, did not put a floor on the savings rate or restrict the number of times banks may change the rate. It does require that each bank offer a uniform interest rate on savings deposits up to 100,000 rupees.

Chaudhuri, however, said SBI would not take the first call among the larger banks on raising the savings bank rate.

“We will have to see how other banks play it out and then we will take appropriate policy action,” he said.

He said the increase in the savings bank rate would not be uniform — for higher value accounts it may be 100 basis points, but for lower value deposits it may be 50 basis points or less.

At 2.15 p.m., shares in SBI were up 2.1 percent at 1,906.10 rupees in a firm Mumbai market.

(Reporting by Subhadip Sircar; Editing by Rajesh Pandathil)

Filed Under: Business News Tagged With: 100 basis points, cnbc tv18, kotak mahindra bank, percent, rate, RBI, State Bank of India, yes

Infosys Technologies – Infosys Results – infosys news – Infosys Technologies Q1 2010 Results – Infosys Q1 Results – Infosys Technologies Q1 Results

July 10, 2009 By admin Leave a Comment

Infosys Technologies – Infosys Results – infosys news – Infosys Technologies Q1 2010 Results – Infosys Q1 Results – Infosys Technologies Q1 Results

Infosys Technologies has announced its first quarter numbers of FY10 that were better-than-street-expectations. Its Q1 profit after tax (PAT) went down by 5% at Rs 1527 crore as against Rs 1613 crore, on quarter-on-quarter basis but that was better than the CNBC-TV18′s estimate of Rs 1399.2 crore.

Its revenues declined 3% to Rs 5,472 crore as against Rs 5,635 crore (QoQ), which was above the expectations of Rs 5,344.1 crore.

PTC India amends earlier decision regarding shareholders raising of funds

April 7, 2009 By admin Leave a Comment

The 59th PTC India Ltd Board Meeting on Monday, April 5, was marked by the amendment of the decision taken by the company’s board at the 57th meeting. The previous decision went thus: “subject to the approval of shareholders raising of funds up to Rs. 12 billion through the Qualified Institutional Placement – NCDs upto Rs. 4 billion; plus warrants of upto Rs. 8 billion.”

As per the new recommendation, the company’s Board of Directors suggested the shareholders raising of funds up to Rs. 5 billion in one or more tranches, through issuance of equity shares, with the appropriate time and stipulations to be determined by the Board of Directors at an apt period.

With the CNBC-TV18 reporting the company Board’s approval of raising up to Rs. 5 billion by way of equity, shares of PTC India – being traded in volumes of 148,768 shares – soared to an intraday high of Rs. 80.90, with the intraday low being Rs. 75.

The shares – which closed up by Rs. 0.85 or 1.19 percent at Rs. 72.35 on Thursday – showed an increase of 4.22 percent or Rs. 3.05, to reach Rs. 75.40 at 11 a. m. trading on Monday.

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M and M sees strong April, testing May-June – TV

April 2, 2009 By admin Leave a Comment

Mahindra and Mahindra Ltd expects strong sales in April on demand for its utility vehicles ahead of general elections, but the following two months will be testing times, a senior official told a TV news channel. Mahindra, the country’s largest utility vehicle and tractor maker, reported a 6 percent rise in total vehicle sales in March, compared with a year earlier, with domestic sales climbing 11 percent to 25,748 units.

“March is always a high-selling month. So it’s very rarely that you will see the March-kind of numbers to continue,” Pawan Goenka, president for automotive sector, told CNBC TV18 on Wednesday.

However, because utility vehicles are in demand for campaigning during elections, sales should be strong in April, he said.

India goes to month-long general election in mid-April.

“April should be strong because of heavy demand from elections, but May and June will be the real test to see whether the industry has come back from the downturn that we saw in the (fiscal) third quarter,” he said.

He was referring to October-December, which was the worst quarter for the automobile sector in India as car sales slipped more than 11 percent from year ago and truck and bus sales fell by around 48 percent.

Tata Motors, India’s largest vehicles maker, truck and bus maker Ashok Leyland and Mahindra had shut their plants for short periods in the December quarter to align production with demand.

Mahindra’s vehicles sales fell 29 percent in that quarter.

In March, sales of Logan, the sedan Mahindra makes in its joint venture with France’s Renault, fell nearly 70 percent to 962 units from 3,068 a year earlier.

The Logan was stabilising around 800-1,000 vehicles a month, Goenka said.

“Given the current market conditions and given the number of products in that segment, we think that will be about the steady kind of volume for Logan,” he said.

Mahindra’s newest utility vehicle, Xylo, launched in January this year, sold 3,124 units in March.

The company is working on introducing a modified version of its top selling vehicle, Scorpio, in the United States early next year.

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13th Wharton India Economic Forum to be held in Philadelphia

March 13, 2009 By admin 1 Comment

Philadelphia, Mar 13 (ANI/Business Wire India): The student leadership committee of the Wharton India Economic Forum (WIEF) today announced that the 13th Wharton India Economic Forum would be held in Philadelphia on March 21.

The committee invites the public to gain insights from some of the world’s top business leaders including keynote speakers: Jim Rogers (billionaire Investor in the Asian Markets and Co-Founder of the Quantum Fund); Dominic Barton (named the next Global Managing Director, McKinsey and Co.); Chanda Kochhar (named the next CEO and Managing Director, ICICI Bank, India’s largest private financial institution); Dr. Montek Singh Ahluwalia (Deputy Chairman of India’s Planning Commission and the architect of the country’s current economic policy); and Farrokh Kavarana (Chairman of several Tata Group companies).

As has been the case in the past, the forum will be driven by business leaders, politicians and experts from across the world who will come together to share their outlook and vision for India.

The forum will also be attended by the glitterati of the nation’s booming sports and entertainment industries including Abhishek Bachchan (Actor), Sunil Gavaskar (Cricketer), Geet Sethi (Billiards Champion), Vijay Amritraj (Tennis Champion) , Sabeer Bhatia (Hotmail) and Rohan Sippy (Film Director). In addition, the young Congress Party leader Rahul Gandhi, will share his vision for a new India in a specially taped video address.

The forum will also run nine panel discussions on diverse topics covering every major aspect that is critical to the Indian economy.

Many panels will be moderated by the country’s top journalists including Sreenivasan Jain (Managing Editor NDTV) and Senthil Chengalvarayan (President and Group Editorial Director Business Media, CNBC TV18). (ANI)

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