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Corporate gifting is back in business



Corporate gifting is back in business with a bang. This domain is witnessing accelerated growth at almost 150 percent each year. Customized mugs, calendars, pens and even more exotic items like gadgets and ‘special experiences’ have risen sharply in the last few years.

A gift serves two important purposes in society, personal and professional. One, it creates a bond of affection between two or more people. “It establishes a deep sense of positivity among people. It spells ‘I care about you’ to clientele, employees and vendors, “says Priyesh Shah, the founder of gifting portal Coin Bazaar dot com.

Two, it’s an indication of prosperity of the giver. The more expensive the gift, the better a brand image the giver establishes for himself in the eyes of the receiver. Thus, the more important the receiver, the higher the value of the gift. One kind of high-value gifts are gold and silver coins.

These coins are no longer exclusive to special occasions. Here’s how these have revolutionized the gifting market by being used in the corporate sector.

1. Recognition of Merit

“Nothing highlights recognition of contribution better than a gold coin said, Priyesh Shah. “A company depends on its people to achieve their short- and long-term goals. These people include employees, vendors and partners. To recognize people for their contribution towards the bottom line, companies are now doling out gold and silver coins”.

These coins instantly help receivers to realize their value. Plus, one can customize and modify these coins as per need. Such high-value giftsspur employees and agencies to go the extra mile.

2. A Different Touch for Online Gaming

Today, over 10 percent of India’s 1.25 billion strong populations have access to the internet. This is largely due to the penetration of smartphones and the affordable tariffs that telecom company’s offer. That’s why people spend more time online than they did in the past.

This has led to two results. One, people spend more time online that they ever did in the past. And two, they spend more time on online games along with social media. Look around while commuting and you’ll see people playing online games if they’re not on Facebook and WhatsApp. The rising popularity of websites and apps like Games 24×7 and Dream 11 are proof.

Participants sign up to play games and win. Websites reward winners with prizes like coupons of gifting portals. Winners visit the site and redeem vouchers to purchase gifts of their choice for themselves or loved ones.

Safety is Still a Concern

Gold coins are a safe gifting bet because receivers instantly know the worth of the gift. But they’re equally risky during transit because of the threat of theft. Technology to track their whereabouts is still missing.

However, gifting portals are stepping up to address their customers’ concerns. Coin Bazaar takes responsibility for end-to-end logistics, from crafting the coins to delivering them to the receiver. Thus, the interests of the giver and receiver are always secure.



Oil Ministry yet to recover $510 mn from contractors under PSC: CAG




Dharmendra Pradhan

New Delhi, Sep 23 : The Comptroller and Auditor General (CAG) has said that the Ministry of Petroleum and Natural Gas has not recovered $510 million as cost of unfinished minimum work programme (CoUMWP) from contractors in respect of 45 blocks.

The CAG report on Union Government (Economic & Service Ministries-Civil) – Compliance Audit Observations, which includes important audit findings, was presented in the Parliament on Wednesday.

It noted that the government awarded 254 blocks during the New Exploration and Licensing Policy’s (NELP) I to IX rounds for exploration of oil and gas. As per the terms and conditions of Production Sharing Contracts (PSC), contractors are required to pay the cost of unfinished minimum work programme, if the block is relinquished or terminated by government.

However, contractors of 54 relinquished blocks failed to pay the CoUMWP as specified in the PSCs.

“An amount of $510.79 million (Rs 3,652.64 crore), which was 77 per cent of the Ministry of Petroleum and Natural Gas’s (MoPNG) approved amount of $664.67 million (Rs 4,753.03 crore) on account of CoUMWP in respect of 45 blocks still remained unrecovered (September 2019),” the report said.

It added that the CoUMWP for nine blocks is yet to be worked out by Directorate General of Hydrocarbons (DGH) or yet to be approved by the ministry.

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IT Dept ignored land/flat sellers as ‘potential assessees’: CAG




real estate

New Delhi, Sep 23 : The Comptroller and Auditor General (CAG) has said that during financial years 2014-15 to 2017-18, the IT Department did not initiate any action regarding land and flat sellers who could be potential assessees.

The Performance Audit on ‘Search and Seizure Assessments in Income Tax Department’, tabled in the Parliament on Wednesday, said: “The Department did not initiate any action in respect of sellers of land/flat/ commodities pointed out in the respective Appraisal Report, who could be potential assessees. The department also did not confirm whether these were in the tax net of the department and regularly filing returns.”

It also said that there were loopholes and deficiencies in the provisions of the Act in respect of search assessments, mainly relating to absence of specific provisions in the Act and Rules, the report said.

“In respect of certain Groups, 76.5 per cent of additions made in search assessments did not stand the test of judicial scrutiny in appeals at the level of CIT (A)/ITAT,” it said.

The report found that assessing officers (AOs), while finalising the assessments, did not take a uniform stand in making additions on account of bogus purchases, accommodation entries and in adoption of figures of assessed income or revised income.

“The additions were made arbitrarily either on lump sum amount basis or different percentage ranging from five per cent to 50 per cent under similar circumstances without proper justification,” the report said.

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IT Dept computed interests wrongly in most assessment cases: CAG




Direct tax Incom

New Delhi, Sep 23 : The Comptroller and Auditor General of India has said that the Income Tax Department computed interests wrongly in about 77 per cent of the assessment cases it had audited.

In its report on “Direct Taxes of the Union Government for the year ended March 2019”, tabled in the Parliament on Wednesday, the government auditor said that it had audited 6,217 assessment cases which were processed or completed through the AST module and examined the correctness of interest, calculated through the system and modified by assessing officers (AO) with respect to Sections 234A, 234B, 234C and 244A of the Income Tax Act.

The report said that interest was calculated incorrectly through the AST system, despite the fact that the system was designed, inter alia, to undertake assessment functions of calculation of interest under various sections of the Income Tax Act.

“The interest was wrongly computed by the ITD, in 76.68 per cent of cases of the sample of 6,217 selected out of a population of 8,35,727 records, either due to systemic deficiencies or due to incorrect interventions by the AOs,” it said.

Assessing officers also did not take any step to rectify the incorrect interest, under Sections 234A, 234B, 234C and 244A of the Act, calculated through the system, even though the AST system allowed them to modify the value of interest in accordance with the provisions of the Act, thereby leading to either short levy excess levy of interest.

The CAG recommended that the Central Board of Direct Taxies may institute appropriate checks and balances in the Income Tax Business Application (ITBA) to prevent recurrence of error in computation of tax and interest.

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