Nagpur Today : Nagpur News

Nagpur: Cardiological Society of India, Vidarbha Chapter conducted Monthly Clinical Meeting on 31st January at Hotel Centre Point , Ramdaspeth, Nagpur.

At the Outset, Dr Sunil Washimklar, President, delivered an opening welcome speech.

First case was presented by Dr Sanjay Raut and Prakash, on “ Aortoarteritis :revisited”

Dr Shantanu Sengupta, presented second case on “Spectrum of Hypertrophic Cardiomypathy”

Dr Mahesh Fulwani described “Coronary Artery Disease not offered any Treatment”

Dr Kashif Syed presented as case of “Coronary Perforation “

Dr Ashar Khan spoke on “ Real World Experience of SGL T2 Inhibitors a Cardiologist View : CVD Real Study”

Dr., Needhish Mishra, Dr S D Suryawanshi and Dr Deepak Sane were chairpersons for the clinical meeting.

It was well attended and aroused lots of interactive discussions. Dr. Anil Jawahirani, Secretary proposed the vote of thanks. It was followed by Executive Committee members meeting to chart out preparations for ensuing workshops and CMEs.

Interesting clinical cases presented in CSI meet

Nagpur Today : Nagpur News

Nagpur: The “BHARAT ICON” Award, one of the most prestigious awards in India for Film, Fashion, Television, Glamour, Beauty, Business & Entrepreneurship, was won by an industrialist Shilpa Agrawal in best business women category.

Shilpa got the award for her inspirational journey from an uneducated housewife married at the age of 18 to a leading woman industrialist of region.She was awarded along with other awardees including top film, television, fashion & glamour industry personalities such as model, fashion designer Nisha Jhamwal , singer Altaf Raza (Tum to thahre pardesi ), Comedian Raju Pal, Actress Prachi Shah, Comedian VIP, Model — Diandra Soares (Big Boss 8), Fashion Designer — Rohit Verma, Television Actor – Nakul Mehta , Designer – Lucky Morani ( Morani family ) , Television star -Ssumier Pasricha ( Pammi aunty ) , Singer – Liza Malik , Actor – Jakir Hussain (played villain ) in many films Actor – Shub Malhotra , Singer – Madhushree Bahubali 2 movie song singer (Bansi Bajiya… Nand lala Kanaihya) & other Bollywood , television & fashion stars.

The award ceremony was organised on February 3 at Mumbai which was attended by top celebrities from film, television , fashion , glamour & business & industry.

Industrialist Shilpa Agrawal wins “BHARAT ICON” Award

Nagpur Today : Nagpur News

Nagpur: MIDC Industries Association (MIA) celebrated its 33rd Foundation Day on 4th Feb 2018, at MIA House, Hingna, Nagpur. Minister for Water Resources, River Rejuvenation, Road Transport, Highways and Shipping Nitin Gadkari was the chief guest and the guest of Honour was Sameer Meghe, MLA-Hingna. On the dias was also present the Regional Director of MSEDCL Bhalchandra Yashwant Khandait. The function was held under the guidance of the President of MIA Capt C M Randhir and presided over by the Secretary C G Shegaonkar. All dignitaries were felicitated by giving shawl, shrifal, bouquet and a memento.

Chandrashekhar Shegaonkar in his welcome speech briefed about the history of MIA, its facilities and achievements to the guests. The President welcomed Gadkari and briefed him about the various difficulties being faced by the industry and requested him to use his good offices to resolve various issues, such as creating Automobile hub in Nagpur, a world class convention centre at par with Pragati Maidan, an alternate drinking water source for MIDC, sewage line for the industrial area and skill development centre for the benefit of the Industry.

Nitin Gadkari in his address requested the local MLA Sameer Meghe to look it into the possibility of low cost Housing in Hingna for the benefit of working class Employees of MIDC. He also directed to Industrialists to look for mega projects for the generation of employment. He advocated the use of new and eco friendly technologies of alternate source of fuels such as Bio-Diesel, LNG, Ethanol, Electric Vehicles etc. He also motivated industrialists to dream big and ensured full support from his ministry and CM’s office.

On Foundation Day, MIA recognises success of few out-standing industrialists by giving them “Entrepreneurial Excellence award”. This year the awards were bestowed on Deepak Arora of Shree Udyog, Dr Ravindra Gandhi of Bombay Well print inks (P) Ltd and Sudarshan Shende of “Vithoba brand” oral products manufacturer.

The Sr. PI of MIDC Sunil Mahadik was also felicitated for his achievement in getting the President’s Medal.

The MOC of the programme was Shweta Shelgaonkar. The grand event concluded with vote of thanks by Addl. Secretary Sachin Jain. The event was attended by various government officers including Jt. Director of Industries, Ashok Dharmadhikari, GM (DIC) Gajendra O Bharti, Akulwar and Modave from MIDC. The guest list also included President of VIA Atul Pande, President of BMA Nitin Lonkar and President of DICCI Nischay Shelke and more than 100 members of Hingna Industrial Area.

Nitin Gadkari advocates use of eco -friendly technologies

Nagpur Today : Nagpur News

Nagpur: Nagpur Vidarbha Chamber of Commerce (NVCC) had recently organised a symposium. Chartered Accountant and Economist Vinayak Gowilkar from Nasik spoke on How to understand budget and which points are kept in mind while planning the budget. He explained to the business community people in a simple and lucid language.

Speaking on the occasion NVCC President Hemant Gandhi welcomed all. He said that from time to time they have been organising lecturers on important subjects and guiding the members.

Earlier, NVCC President Hemant Gandhi welcomed Vinayak Gowilkar by presenting shawl, bouquet and shreefal. while Vice-President Raju Vyas introduced the guest.

Prominent among present on the occasion were former president Ramesh Mantri, Dipen Agrawal, Vice-Presidents-Raju Vyas, Ashwin Mehadia, Joint Secretary-Ramavatar Totla, Public Relation Officer-Shabbar Shakir, Executive Members Gajanan Gupta Swapnil Ahirkar, Sandip Agrawal, Santosh Kabra, Ashok Sanghavi, Shankar Sugandh, Special invitees- Girish Mundhada Kanhaiyyalal Motwani, Manoharlal Ahuja, Narayan Toshinwale, Rakesh Ahuja, Vijay Kewalramani and traders’ representatives from various organisations. Treasurer Sachin Punyani conducted the function while Joint Secretary Farukhbhai Akbani proposed a vote of thanks.

NVCC holds lecture on ‘How to understand budget’

Nagpur Today : Nagpur News

Nagpur/Bengaluru: The Institute of Chartered Accountants of India (ICAI) has come across a news-item published on 26 Jan, 2018 by one of the dailies under headline ‘I-T busts B’luru CA’s tax refund racket with clients from top tech cos’. The ICAI has taken a strong exception of the contents of the news-item published which is incorrect and misleading in so far as the reference to a `Chartered Accountant’ was made. In such sensitive cases, the concerned Publication ought to have verified the facts with the Institute before issuing any statement wherein the involvement of a Chartered Accountant is suspected.

It has been stated in the news item that “The Income Tax Department on Thursday busted a racket in which tax refunds running into crores were fraudulently claimed by employees of around 50 companies in Bengaluru, including Infosys, IBM, Biocon and Vodafone. I-T officials of Karnataka and Goa found the employees had availed the services of a Chartered Accountant in Bengaluru, who filed false returns for them and secured refunds amounting to Rs.18 crore. The CA, the employees told investigators, took a 10% cut on the refund.”

On going through the aforesaid news-item, ICAI, being the regulator of the profession of Chartered Accountants tookup the matter with concerned authorities. The representatives of ICAI immediately had a meeting with Director General of Income Tax (Investigation), Bengaluru seeking details in the aforesaid matter and requested Income Tax Department to share information about the accused Nagesh Shastry.

The Institute verified its records and found that Nagesh Shastry is not a Chartered Accountant as his name does not appear in the Register of members maintained by the ICAI. There are various fraudulent cases being reported wherein individuals/ Tax Consultants are falsely claiming to be Chartered Accountants and during preliminary investigations only it comes to the fore that the accused are not Chartered Accountants but are either Tax Practitioners/Accountants/ Commerce Graduates.

In view of the above, it is a matter of concern for ICAI that in the aforesaid matter neither Income tax department verified the credentials of the person in question with ICAI before issuing a statement to the media nor the Publication cross checked the validity of the statement with ICAI before publishing the story.

The news which has appeared in a section of media certainly has maligned the reputation of Chartered Accountants in the eyes of public and has thus lowered the image and credentials of CA profession.

The Institute has already taken up the matter with the concerned authorities of the Income Tax Department (Investigation), Bengaluru and has pointed out that such statement should not be considered to be issued to media before verifying the facts with ICAI. It would also be requested that in future, if any such case comes for their investigation wherein there is an alleged involvement of an individual claiming to be a Chartered Accountant, the matter may be referred to ICAI for cross verifying the credentials from its records.

ICAI clarifies over Bengaluru CA’s tax refund racket

Nagpur Today : Nagpur News

Indian markets have tumbled in opening trade day after Wall Streets worst crash in six years.

The benchmark BSE Sensex opened at 33,543.20 points — 1,213 points or 3.49% down.

The 50-share Nifty opened at 25,149.50 points, down by 376 points or 3.53%.

Bloodbath on Dalal Street after Wall Street crash

Nagpur Today : Nagpur News

File Pic

Shares of Lupin and Tata Motors incurred maxiumum losses among Nifty stocks, falling more than five percent.

Meanwhile, market experts claimed the slump would continue in the days to come, owing to a fall in global markets.

“There is a selling pressure and there is no new buying emerging. So first, the scenario will stabilise at some point of time. The scenario will stabilise when the valuations become attractive, then we will see new buying emerging. Till that time, we are in the midst of huge volatile markets and this will remain for some days,” market expert Sunil Shah told a news agency.

Experts also believe that the tax on long-term capital gains (LTCG), which Finance Minister Arun Jaitley reintroduced in the Budget 2018-19, is also a possible reason why the stock markets are rallying in red, even as global trends remain the major driving force.

Earlier on Tuesday morning, the Sensex crashed to 1,240.45 points lower, with the 30-share BSE down 3.57 percent to 33,516.71, Nifty 369.60 points lower at 10296.90.

Global mkt meltdown, LTCG bleed Sensex; down 561 points

Nagpur Today : Nagpur News

The country’s largest carmaker Maruti Suzuki India today made the global unveiling of its Concept compact car with “SUV like characters”, kick-starting the biennial Auto Expo in Greater Noida.

Named ConceptFutureS, it is a uniquely styled compact car with distinct SUV like characters and will define the next generation of design for compact vehicles in India, the company said.

MSI is seeking to tap on increasing preference for utility vehicles in the Indian market.

“Compact is the natural choice of India’s car customers. Compact needs a fresh design language, one that is bold, confident and dynamic. Our designers have created this brand new design, aggressive on the outside, and bold and inviting interiors,” Maruti Suzuki India (MSI) Managing Director & CEO Kenichi Ayukawa said while unveiling the vehicle at the expo.

The Auto Expo will be officially inaugurated on Thursday afternoon, and will be open to public from February 9-14.

Auto Expo kicks off with Maruti unveiling its Concept small car

Nagpur Today : Nagpur News

The finance ministry has told the Central Information Commission that it does not have information about the loans given to industrialist Vijay Mallya, prompting the transparency panel to remark that the response was “vague and not sustainable as per law”.

Chief Information Commissioner R K Mathur, while hearing the matter of one Rajiv Kumar Khare, told the finance ministry official that the Right to Information (RTI) application filed by the applicant should be transferred to the proper public authority.

The finance ministry official may have claimed that the ministry does not have information on the loans sanctioned by different banks to Mallya or the details of the guarantee given by Mallya against those loans, but the ministry had responded to questions in this regard in Parliament in the past.

Union Minister of State for Finance Santosh Gangwar had responded to a question on Mallya on March 17, 2017, stating that the person, whose name was mentioned (Mallya), was given a loan in September, 2004 and that it was reviewed in February, 2008. The Rs 8,040 crore loan was declared a non-performing asset (NPA) in 2009 and the NPA was restructured in 2010, he had said.

Don’t have records of Mallya’s loans: Finance ministry to CIC

Nagpur Today : Nagpur News

Nagpur: Recently Shree Nagpur Gujarati Mandal running various prominent educational institutions in East Nagpur jointly with the VMV Commerce, JMT Arts and JJP Science College Alumni Association, successfully organized the comedy drama written and produced by Kalmlesh Vasani of Nagpur. The same was ably directed by Ramesh Lakhmapure from Nagpur itself. The same was organized at Kavivarya Suresh Bhatt Sabhagruha. The program was presided over by Adv. Chandrakant Thakar, President of Trustee Mandal and Chetana Tank, Hon. Sabhapati of PM Awaas Yojana at NMC, was Chief Guest.

In the beginning, CA Kirit N. Kalyani, President of the Alumni welcomed the 1300 plus being very large number of people from Gujarati fraternity. He explained in brief the objects of the alumni association. He shared that the alumni strives to provide common platform for the ex-students and their family members to enjoy feelings of fellowship, pool resources to help enable students / ex-students of the college to duly prosper in jobs, business, profession or any other occupation.

He also, shared that the alumni is forwarding scholarships, funds, tricycles to specially abled students to ensure their education in lives. He appealed the gathering to join the alumni by filling form and help achieve the noble objects effectively. He appealed to enjoy the show and promised to get the content of respect and togetherness among family members strengthened, through the strong message in the show being organized.

Prof. Kiran Kariya, Principal of the college lauded the efforts of team of staff members and alumni committee in getting a power packed housefull show within a span of 8 days itself. He shared that the idea was appealing. And to put a check on disturbing factor of increasing divorce rates in hindu families, such a play with a strong message is need of hour.

Adv. Chandrakant Thakar, very renowned Advocate by profession and President of the function, welcomed the audience on behalf of Shree Nagpur Gujarati Mandal. He narrated the importance of alumni in the matter of bringing joy on the faces of ex-students. He also, shared the future plans of the Institution with respect to maintaining and enhancing the services to the society in the field of providing education in varied fields right from commerce, arts, science, bachelor of vocational courses, MCA, etc. He revealed the fact of having acquired very good size of land to commence quality education on CBSE pattern in East Nagpur. He appealed everyone present there to join hands with the efforts of alumni in achieving noble objects of the association.

As regards the show, it was beautifully written and produced by well known personality in the field, from orange city itself, being Kamlesh Vasani. It was ably directed by Ramesh Lakhmapure. The play with very effective artists with Kirti Patel in the main role of Mother in Law and team, compelled the audience to stick to their respective seats all through the program. Many moments of joy and laughter during the show were duly appreciated and enjoyed by large number of audience. The program was graced by Adv. Narendra Jha, Shri Mahendra Patel, being the Vice Presidents, and Adv. Sanjay Thakar, General Secretary. The show was sponsored by Go Gas of Confidence Group through Nitin Khara & Ajmera Tyres through Shashikant Ajmera. Also, Shivam Traders of Ambalal Patel, Rangwala of Prakash Suchak, Swad Oil of Rajesh Thakkar & Investment Consultant Bhavesh Khetan, also joined hands by being the joint sponsors.

Alumni committee members being Ashok Sawarkar, Senior VP, CA Kirtikumar Thakkar, VP, Dr. Bhavesh Bhuptani, Secretary, Laxman Patel, Himmat Patel, Dharmesh Dave, Girish Gadhiya, CA Kanhaiya Malviya & other team members being CA Hitesh Gadhiya, Jatin Daxini, Vijay Patel, Dr. Girish Mehta, Vice Principal, Dr Manish Vyas, Coordinator, work hard for the program. The program was ably coordinated by Dr. Bhavesh Bhuptani.

Shree Nagpur Gujarati Mandal & VMV College Alumni Association successfully organized Gujarati Drama – Saasu Vehenchvi Che

Nagpur Today : Nagpur News

Mumbai: In Maharashtra Today, State has recorded a 29 percent jump in its total indirect tax collections from July to December 2017, according to a report in The Times of India.

The state is home to largest tax base in country. Data from state Goods and Services Tax (GST) Commissioner say highest rise in indirect tax collections was at 51 percent in October 2017.

Statistics released by the state GST Commissioner show that Maharashtra’s indirect tax collections were Rs 44,251 crore in July-December 2016 period when VAT was in force. The receipts rose to Rs 56,901 crore in the same period when GST came into force in 2017.

Maharashtra Today: State’s indirect tax collections rise 29%

Nagpur Today : Nagpur News

Nagpur: Nag Vidarbha Chamber of Commerce (NVCC) an apex body of traders and trade associations from VidarbhaRegion in its 7th Executive Committee Meeting conducted an informative and interactive session on TDS provision under Income Tax Act, Satish Goyal, Commissioner Income Tax (TDS), Nagpur was the keynote speakers on the occasion.

Satish Goyal explaining the provisions of Tax Deducted at Source (TDS) under Income Tax Act,he also elaborated the amendments made in Union Budget 2018. In his guidance to members he stressed that – Form 27C issued Timber Merchants, for availing exemption from TCS, without having any manufacturing activity is wrong on their part, department is verification of declaration; for Transporters he said that commission agents are not eligible to give declaration for nil deduction of TDS; for Builders & Developers he said that whenever Joint Development Agreement is executed they are required to deduct tax under section 194IC before payment of consideration amount; for HUF and individuals and he said that they are also required to deduct tax if they are paying rent above Rs. 50000 per month. He patiently answered all questions’ asked by members in question and answer session.

Earlier, NVCC PresidentHemant Gandhi, Satish Goyal (Commissioner IT (TDS), with shawal, shreephal& bouquet and the guest was inintroduced by Girish Mundada, Convenor of NVCC’s Direct/Indirect Tax sub committee.

Hemant Gandhi in his concluding remarksappealed to business community to comply with the provisions of TDS and contribute their share in nation building. The program was conducted by Secretary, Sanjay K. Agrawal and vote of thanks was proposed by Jt. Secretary, FaroiqueAkbani.

Prominently present were Sarvashri Past President – GovindlalSarda, Jagdish Bang, Dipen Agrawal, MayurPachmatia, Vice President – ArjundasAhuja, Raju Vyas, AshwinMehadia, Treasurer – SachinPuniyani, Joint Secretary –Umesh Patel, PRO – Shabbar Sakir, Executive Committee Memebers – DnyaneshwarRakshak, Gajanan Gupta, ManoharSahajramani, MonojLaturia, Pratap Motwani, RajanAgrawal, Rajesh Thakkar, Rajubhai Makhija, SwapnilAhirkar, SantoshKabra, Suryakant Agrawal, Virendra Chandak, Ashok Sangvi, Satish Bang, Shankar Sugandh, Special Invitee – Alok Kumar Das, GajananMahajan, Mukundkumar Vyas, Narayan Toshniwal, Nikhil Agrawal, RakeshAhuja, Shripad Purushottawm Untawale, Umesh Shahu, Vijay Dahikar, Vijay Kewalramani, Vijay Chandak, Trade Representative – Amit Ashok Tyagi, Om Chokani, KishorThakkar, Narayan Dhingra, Ragunath Kendurkar, ShrikrishnaBanhatti, Rajendra Agrawal, Ram Khubchandani, Sanjay Gupta, Saqib Parekh, Shreekant Bhandarkar, SubhashAgrawal, Vijay Pote, Zoeb Abbas Ali were present.

Informative & interactive session on TDS conducted for traders

Nagpur Today : Nagpur News

Nagpur : In a significant development to the upcoming aircraft maintenance repair and overhaul (MRO) depot, at Mihan Nagpur -SEZ, the Singapore-based AAR Corp will be joining hands with with Indamer Aviation which is currently building the project. Indamer has been allotted 30 acres of land in the SEZ and construction is under way at the site, said sources in Maharashtra Aviation Development Company (MADC). AAR has announced the joint venture with Indamer Aviation for a new airframe MRO facility at Nagpur.

AAR has posted in its website that the facility being built in India is scheduled to be open in fall 2018 with certification from the Directorate General of Civil Aviation (DGCA). This means that the company hopes to start the project by mid 2018.

The world class facility is designed to conduct heavy maintenance on all narrow body platforms including new generation aircraft, says the website post.

“The first phase will have six narrow-body bays, including one for paint as well as component repair shops. Fully aligned with the make in India initiative, the facility will employ Indian residents including some of the existing Indamer workforce. A training school under Indamer’s CAR 147 certification and government of India’s skill development program will allow hundreds of students to gain skill sets and employment in Nagpur,” the website post adds.

AAR’s announcements bring a further boost to development of aviation sector in the city. The state has already come up with a policy to boost defence and aerospace sector with hubs planned in Nagpur as well as other cities.

The Mihan-SEZ itself has MRO for Boeing as well as Airbus planes. Constructed by aircraft Major Boeing it is now run by Air India. After mainly catering to Air India’s in house fleet the MRO has also begun taking third party jobs.

Indamer on the other hand is claimed to be the first MRO organization in India. It was founded by American entrepreneur Joseph Koszarek in the name ‘Ind’ stands for India and ‘Amer’ for America

MRO at Mihan Nagpur to be developed in JV with Singapore co.

Nagpur Today : Nagpur News

Nagpur: JCI Orange City Nagpur recently organized a programme on time management titled ‘I Can’t to I Can: Get the Best Out of 24 Hours’ at Chitnavis Centre for its members as part of their series of training sessions.

The training program was conducted by the renowned trainer, JCI Sen Devendra Parekh, President VED Council and Past National President, JCI India. Shri Parekh gave a blue-print on strategies to save time with just 24 hours by one’s side and how one can stay away from time wasters. He said everyone has been given 24hrs in day, right from President of the Country to a common man, it is on us how we make best use of our resources. He also made listeners realized how the time can be best utilized in given 24 hours. One has to avoid the Time Wasters carefully to make best use of time – he further added. Lot of activities was conducted to support and demonstrate the time wasters and time organizers.

Earlier President of JCI Orange City Jc Manoj Pawa welcomed the speaker and audience and informed them about the various activities carried out by the Chapter. He said that JCI Orange City is one of the most active chapters of JCI and is dedicated towards development of its members. Lot of Individual Programs are planned during the upcoming year and he has requested the members and public at large to take maximum benefit of the organization.

The program was attend by over 75 participants, prominently present on the occasion were Past Presidents of JCI Orange City Jc CA Ritesh Mehta and Jc Prashoon Agarwal, Jc Devendra Rokade, Secretary 2018, Jc CA Swapnil Agrawal, Jc CA Ashish Agrawal, Jc Gaurav Batra, Jc Bhupinder Singh, Jc Abhishek Chawla, Jc CA Abhishek Nakade, Jc Suniti Jakhotia, Jc CA Rushikesh Deshpande, Jc Snehal Malpani and other participants. The official print partners for the programme were P.C. Jewellers and Chattarpur Farms.

Avoid Time Wasters to make best use of your 24hrs : Devendra Parekh

Nagpur Today : Nagpur News

“Total amount of exempted capital gain from listed shares and units is around 3,67,000 Cr as per return filed for the AY 2017-18. Major part of this gain has accrued to corporate & LLP.”- Arun Jaitley- Finance Minister (Extract from FM Speech)

After 14 years of exemption, Tax on Long Term Capital Gain (LTCG) on sale of shares is proposed to be re-introduced with flat tax rate of 10% without any indexation benefit. Thankfully, the period of holding for reckoning the shares as Long Term Capital assets is still kept intact as one year. Securities Transactions Tax (STT) introduced for abolishing LTCG on shares will continue & tax rate of Short term capital gain @ 15% has remained unchanged.

There are rumours that the tax rate might be reduced to 7.50% or so. But, let us understand that every Government needs money to run the social welfare scheme and 10% is still minimal considering the fact that it is profit out of investments.

Lot many confusions and doubts have emerged as far as the taxability of the LTCG on shares is concerned. Let us have a look over it:

1. Shares sold till 31.03.2018 will continue to be exempt:

Shares sold up to 31.03.2018 will continue to enjoy the exemption. The date of 31st January 2018 announced in the budget is only for computing LTCG on shares sold after 31.03.2018. It doesn’t have any tax implication on transactions from 01.02.2018 to 31.03.2018. Taxpayer can validly book LTCG on their existing investment before 31st March 2018 also.

2. Exemption up to Rs. 1 Lakh:

LTCG on sale of shares is exempt from tax up to Rs. 1 Lakh p.a. Effectively, if a person earn LTCG of Rs. 1.25 on sale of shares, only Rs. 25,000/- would be subject to tax @10%. It leaves a scope to plan the transactions in such a way that LTCG in a year is around Rs. 1 Lakh p.a by planning (a) timing of the transactions (b) selling the loss making script also to reduce the taxable profit. Further, taxpayer need to know at this juncture that short term capital loss can be set off against Long term capital gain.

3. Shares are sold after 31st March 2018:

An innovative concept of taxation is introduced so as exempt the amount of LTCG up to 31.01.2018. Accretion in the value of shares from the date of acquisition to 31.01.2018 will not be taxable due to grandfathering of it in the finance bill. Its only incremental value of shares after 31.01.2018 that would be taxable @10%. For example, a person has purchased a share in January-2017 for Rs. 100/-, Rate as on 31.01.2018 is Rs. 250/- and has sold it in April-2018 for Rs. 300/-. In this case, Taxable LTCG would be Rs. 50/- only as the accretion in the value of the shares up to 31.01.2018 (i.e., Rs. 150/-) is proposed to be grandfathered.

4. ELSS vs. ULIP:

ELSS is an equity oriented fun and so long term capital gain arising on redemption of ELSS will also be taxable. However, ULIP, being an insurance product, will not be affected by the present amendment and its gain will continue to be exempt.

5. Deduction against LTCG:

No deduction u/s 80C, 80D is available against LTCG. Similarly, no relief u/s 87A is admissible against LTCG on shares.

6. How to compute LTCG:
The capital gain calculation would still remain a tricky issue as cost of acquisition for working out LTCG would be higher of

a. Actual cost of acquisition

b. Lower of (i) Highest price of share on stock exchange on 31.01.2018 or (ii) sale value received on sale of shares.

Following chart summarizes computation under various scenarios:

Amidst lot of noise, I must say that everything is not bad with the new taxation provision. If there is a Long term capital loss now then the same is available for set off against other long term capital gain. LTCG is no more exempt from tax and so losses will be freely allowed to be set off against LTCG gains. All major economies have LTCG tax on shares. Even after LTCG Tax, equity investment is still considered as the best asset class. From tax free to taxable status, 10% is still cheaper considering the fact that general tax rate of LTCG on other assets is 20%

Long Term Gain Tax on shares is back- Time to know the Tax Implications

Nagpur Today : Nagpur News

Agro-chemical firm Crystal Crop Protection Ltd has acquired a manufacturing facility of Cytec India in Nagpur.

It, however, did not disclose the deal value.

“The company has completed the acquisition of speciality chemical manufacturing facility of Cytec India, part of 11.4 billion global specialty chemical major Solvay S.

A,” Cyrstal Crop said in a statement.

This manufacturing facility is located on around 10 acres in MIDC Butibori, Nagpur and can be utilised to integrate the existing R&D and manufacturing facilities of the company, it added.

Commenting on the deal, company’s MD Ankur Aggarwal said: “We believe in taking technology, innovation and manufacturing to the next level. This asset acquisition will enhance the manufacturing capabilities of the company and add a new dimension to its business.

It is part of our strategy to promote ‘Make in India’ and bring modern and affordable agrochemicals to farmers.”

Crystal Crop Protection has diversified into seeds, exports and agri-equipment businesses.

Apart from acquisition at Nagpur, Crystal has five manufacturing units two in Haryana, two in Jammu and one in Anand, Gujarat. Its greenfield project is under construction at Dahej, Gujarat.

Crystal Crop acquires manufacturing facility in Nagpur

Nagpur Today : Nagpur News

Nagpur: The Institute of Chartered Accountants of India (ICAI) is a statutory body established by the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India. The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council is composed of 40 members of whom 32 are elected by the members and remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Ministry of Corporate Affairs, Ministry of Finance and other stakeholders.

On February 12, 2018, ICAI elected its new torchbearers CA. Naveen N.D. Gupta as the President and CA. Prafulla P. Chhajed as the Vice-President for year 2018-19.

CA. Naveen N.D. Gupta, President, ICAI

A man of professional wisdom, vision and strong organisational skills with a firm belief in inclusive growth of Indian accountancy profession, CA. Naveen N.D. Gupta has been elected as the new President of The Institute of Chartered Accountants of India (ICAI) by its 23rd Council, on February 12, 2018.

A seasoned professional from Delhi with 22 years of standing, CA. Naveen N.D. Gupta is widely commended for his role in making the Income Disclosure Scheme, 2016 a success, which was acknowledged by the Finance Minister. His association as Central Council Member at ICAI, now running in 9th year since 2010, with position as Vice-President in 2017-2018; has made him traverse regimen of standard setting, quality assurance framework, and disciplinary mechanism.

He is representing ICAI in many important committees constituted by the Government Ministries/ Regulators. With focus on innovation and niche enablement, he intends to position CA profession as aiding and upholding public interest by enhanced focus on Quality Assurance framework, calibrating Regulation with development and leveraging digital technology to turn disruptions arising out of changing paradigm of businesses to niche empowerment.

CA. Prafulla P. Chhajed, Vice-President, ICAI

A blend of erudition, experience, foresight, technical expertise and professional excellence worth emulating, CA. Prafulla Chhajed , has been elected as the Vice-President of The Institute of Chartered Accountants of India (ICAI) by its 23rd Council, on February 12, 2018.

A Fellow Chartered Accountant from Mumbai with over 20 years of experience in Auditing & Taxation, he is a prolific speaker at national and international forum.

He has been contributing to various Publications and his articles on Taxation and Investments have been published in well-known Marathi daily ‘Maharashtra Times’ since 14 years and also in other Publications.

ICAI elects New Torchbearers for the year 2018-19

Nagpur Today : Nagpur News

Nagpur: A validation seminar was held at Udyam Hall, Udyog Bhavan Nagpur under the aegis of Department of Industries, Govt of Maharashtra. The seminar was held on 07 Feb 18 to ratify the ‘Vidharbha Defence Hub and Industrial Cluster’ jointly proposed by The Govt of Maharashtra, Vidharbha Defence Industrial Hub (VDIH) and TATA tech ltd(A TATA enterprise). The VDIH would essentially drive the project. The following members and participants were present:-

The deliberations were commenced by Mr Dushyant Deshpande who accorded a heartfelt welcome to all organisers and participants. Important guests and dignitaries were felicitated. The aim of the seminar was spelt out by DD so that the participants could effectively participate the ensuing deliberations. Agenda was circulated to all participants for their information. (Attached as appendix B)

The opening remarks were given by Mr. A P Dharmadhikari who gave out the Govt. of Maharashtra perspective on the initiative and the resolve of the Govt. to provide all assistance for growth of industries in Vidarbha Region with a special reference to Defence and Aero space. He deliberated on the public private partnership model and expressed his gratitude to TATA tech for being on board to steer the initiative and also impart ‘Skill Development’ of cotemporary requirements and ensuring mass employability. The Govt had sanctioned the cluster formation at Nagpur, Aurangabad, Pune and Ahemednagar.

Lt Gen Ravindra Thode(Retd) gave out the ethos leading to this initiative and brought out the huge opportunities that exist in the Defence and Aero space and need to harness this requirement into industrial manufacturing benefits . He also brought out the advantages of cooperative and inclusive participation by all MSMEs and industries in and around Nagpur. The vast potential which can be tapped was explained. The resolve of the nation for complete indigenisation of defence and aero space sector lends itself to be exploited to the optimum thereby leading to individual and regional industrial growth.

Mr Harshvardhan Gune , who has vast experience in the field of cluster formation and establishment gave out the nuances of the cluster and the TATA initiative and its benefits to the complete region. He explained to the proposal to the august gathering by sharing experiences of such an initiative. He explained the aspects of profitability, System of defence payments as also certain pitfalls of defence specifications in terms of old and archive vintage and obsolete technology.

Mr Dushyant Deshpande thereafter gave very detailed presentation on the subject and highlighted the opportunities to the industries and mode by which they would benefit tremendously. Queries and certain apprehensions of the industries was assuaged by giving solutions/answers. It was clearly brought out that the cluster is not a competitor but a felicitator to the industries. There was a need to exploit this initiative and bear the fruits.

Mr Sushil Kumar and Mr Pushkraj kaulgud gave an illustrative presentation in detail and highlighted how the TATA Tech was completely on board to support the proposal. Facilities for Design, Development, Skilling, Quality control, Manufacture, Innovation, and training of work force of the local and surrounding areas so that they are enabled individuals who can increase the output and hence better revenue generation. Pictorial depiction of all facilities and capability of the infrastructure was deliberated.

Dr Suhas Buddhe there after proposed validation of the proposal of the Defence and Aero space cluster. A detailed questionnaire was prepared for participants to deliberate and put forth suggestions to improve or modify the proposal if required. A very effective and Thought provoking brain storming was conducted by Mr buddhe. Various speakers gave out their views. Some of the prominent suggestions put forth by various dignitaries are discussed below :

Mr Atul Pande, President VIA, articulated his thoughts in a very effective manner. He fully endorsed the proposal and gave complete support to the initiative on behalf of the VIA. He suggested the following:-

Credibility and enhanced effectiveness of the industry by the cluster formation.

High demand of Defence and Automobile industry which can exploit the cluster.

Value addition to MSMEs and big industries by skill development.

Mr Manish Sanghvi Vice President , Butibori Manufacture’s Association (BMA) expressed his unflinching support for formation of the cluster. The following points were highlighted :-

Mapping of the existing industries may be carried out to know the strength and capability.

Training of HR related issues.

The BMA offered the existing infrastructure, Training centre and resources for use by the cluster, if need be.

The logistics need to be worked out based on Railways, Dry port.

Ordinance factories in the region be incorporated.

Mr. Narayan Gupta Vice President, MIDC Industrial Association expressed his desire to include Solar Power in to the cluster if possible. He highlighted the existing vendor base of Mahindra’s.

Mr. J.F. Salve Solar Explosives expressed his gratitude that this kind of cluster is being formed which can render one point contact and solution to requirements of the industries. He illustrated some instances that material which can be made available locally by cooperative collaboration was presently being sourced from distant areas leading to time and revenue losses.

It was unanimously felt by all participants that this initiative of forming a cluster would go a long way thereby ensuring growth, prosperity, improved revenue generation especially for MSMEs and large scale employment generation which is one of the key result area of the establishment.

It is informed to participant that the proposed Competence Centre at MIHAN would come up with the help of Tata Tech and after obtaining approval from Govt. of Maharashtra. The time lines for the project are as below

Mr. A P Dharmadhikari profusely thanked all organizers and participants for very thought provoking deliberations and expressed his gratitude for validating the formation of the cluster. Mr. D N Deshpande proposed a vote of thanks to Mr. Dharmadhikari Joint Director Industries and Govt. of Maharashtra on behalf of Lt Gen Ravindra Thodge and VDIH

“Vidarbha Defence Hub and Industrial Cluster”

Nagpur Today : Nagpur News

Nagpur : Valentine Day should be celebrated by offering Red Roses to Bharatmata with the slogal “My Valentine My Motherland” said B.C.Bhartia. He was speaking at Valentine Day celebration function organized by TEAM CAIT Nagpur. B.C.Bhartia said that in this era of hatred is important to express the message of love and peace. Bhartia further said that the youths are attracted by glamour. Its high time we educate the youth about the meaning of expression of love and attract their attention towards love for motherland, love for environment, love our natural Beauty like tree, river, mountain etc. expression of love towards father, mother and family. He appealed to member of society to start propogating my Valentine Day my Motherland slogan.

Kishor Dharashivkar said that TEAM CAIT it slogan my Valentine my motherland is very appealing it gives the message of expression of love and surrender to motherland. It will bring revolution in thinking process of youth.

Nikhilesh Thakar said that before adopting any foreign culture, we should try to apply the concept and blend the same with our cuture and tradition.

Asha Pandey said that our soldiers are scarifying their lives to protect our motherland. In honour of our soldiers we should celebrate Valentine day to support them.

Annu Upadhya said that by expressing our love towards our motherland we are dedicating this day to our Jawans.

Maya Mandale said that no love is bigger than love toward motherland.

Bhanumati Koche said that Valentine day should be remembered as motherland day.

Payal Kharole said that by respecting our motherland we are respecting each and every female of the country. This is need of the sour.

Archana Rastogi said that whatever CAIT in doing is in National interest. We should continue this irrespect of what people say?

Anita Ramprasad said that the women are life line of society we should respect all females by respecting motherland.

Rekha Chaturvedi said that all parents should try to develop the culture of respecting motherland on Valentine day.

The program was conducted by Swarnima Sinha. Those present work Kishor Dharashivkar, Prabhakar Deshmukh, Nikhilesh Thakar, Prakash Jais, Ramotar Agrawal, Payal Kharole, Anita Ramprasad, Jayshri Gupta, Swapna Talareja, Bhanumati Koche, Annu Uppadya, Maya Mandale, Ramavtar Agrawal, Vithoba Shende, Pawan Gaur inform Secretary Farooque Akbani.

CAIT Celebrate Valentine Day by offering Red Rose to Bharatmata

Nagpur Today : Nagpur News

Mumbai: Shares of Gitanjali Gems today plunged up to 19 per cent in morning trade after the company came under scanner of various investigating agencies following the Punjab National Bank’s declaration of nearly Rs 11,400-crore fraud. The stock today opened on a bearish note at Rs 48, then lost further ground to touch a low of Rs 47.50, down 18.94 per cent over its previous closing price.

Similar movement was seen on the NSE as well, where the stock tanked 18.73 per cent to a low of Rs 47.50.

Punjab National Bank yesterday disclosed that it has detected some fraudulent transactions with financial implication of USD 1.77 billion (about Rs 11,346 crore) and the matter has been referred to law enforcement agencies for the recovery. “Four big jewellers — Gitanjali, Ginni, Nakshatra and Nirav Modi — are under scanner.

Jewellery stocks take a hit after PNB fraud