E-assessment of IT from next year
New Delhi: The government is set to roll out a pan-India “faceless and nameless” e-assessment procedure for income tax payers from 2018 with the CBDT Tuesday constituting a high-level committee to prepare a quick roadmap for the implementation of this ambitious proposal. The Central Board of Direct Taxes (CBDT), the policy-making body for the Income Tax Department, notified a nine-member committee headed by a Principal Chief Commissioner rank officer — and has set for it a deadline of February 28, 2018, for submitting its report. “The deadline of February end to the committee is an indication that the government and the CBDT want to usher in this new regime from the first half of the new year,” a senior tax officer privy to the development said. The committee is being constituted as the “department is embarking upon the concept of a faceless and nameless e-assessment procedure”, the CBDT order, issued late evening, said.
Nissan to hike prices up to Rs15k from Jan
New Delhi: Japanese auto major Nissan Tuesday said it will hike prices of its vehicles across its two brands, Nissan and Datsun, by up to Rs15,000 from January to offset rise in input and manufacturing costs. The company joins the likes of other automobile companies, including Mahindra & Mahindra, Volkswagen, Maruti Suzuki India, Tata Motors, Ford, Toyota Kirloskar Motor, Honda Cars India, Skoda and Isuzu which have already announced price hikes from early next year. “With the rise in input and manufacturing costs, Nissan has decided for a price hike across all Nissan and Datsun models with effect from January 1, 2018,” Nissan Motor India Managing Director Jerome Saigot said in a statement. He further said, “The revised pricing will help us to optimise our manufacturing efficiencies and continue to serve our customers pan India.” It has been a long standing practice in the domestic automobile industry to announce price hikes in December as companies try to woo customers, who usually postpone purchases to acquire vehicles in the new year.
Tata Steel to expand Kalinganagar capacity
New Delhi: Tata Steel Tuesday said its board has decided to expand the capacity of Kalinganagar plant by 5 million tonne per annum (MTPA) to 8 MTPA with an investment of Rs23,500 crore. The decision was taken Tuesday at a meeting of the Board of Directors where the company’s long-term strategy, including organic and inorganic growth opportunities were reviewed, Tata Steel said in a statement. An amount of Rs23,500 crore will be required for the project which the company aims at completing within 48 months from the date of commencement of construction, it said.
