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Govt. sends tax notice to the people dealing in cryptocurrency

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The government has sent tax notices to the people dealing in cryptocurrency mainly Bitcoin. The government’s move came after a nationwide survey showed more than $3.5 billion worth of transactions have been conducted over a 17-month period, the income tax department said.

Tech-savvy young investors, real estate players and jewellers are among those invested in bitcoin and other virtual currencies, tax officials told Reuters after gathering data from nine exchanges in Mumbai, Delhi, Bengaluru and Pune.

Governments around the world are grappling with how to regulate cryptocurrency trading, and policymakers are expected to discuss the matter at a G20 summit in Argentina in March.

With inputs from media reports

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Tata Motors reaches 4 mn passenger vehicle production milestone

As of today, its ‘New Forever BS6’ range consists of the Tiago, Tigor, Nexon, Harrier and the Altroz.

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Ratan Tata

Mumbai: Automobile major Tata Motors has achieved the production milestone of 4 million passenger vehicles in India since its inception.

“Over the years, Tata Motors has produced legendary vehicles like the Indica, Sierra, Sumo, Safari and the Nano that have played a pivotal role in the shaping the country in its post-economic liberalisation era,” the company said in a statement on Saturday.

“These iconic vehicles have broken barriers across categories in the Indian automobile sector. With the launch of the Tata Safari, the company pioneered the concept of a ‘lifestyle SUV’ to the industry, thereby creating the most aspirational four-wheeler for its customers.”

The company had also introduced the first ever MPV in Tata Sumo.

In the more recent past, Tata Motors launched the entry level car and the compact SUV segment with the rollout of the Tiago and the Nexon, respectively.

“Tata Motors is also India’s largest EV manufacturer with 67 per cent market share and leading the way on electric vehicle adoption in India,” the statement said.

“The company had achieved the 1 million production mark for passenger vehicles in 2005-06, 3 million in 2015 and the 4 million production milestone was achieved this month.”

As of today, its ‘New Forever BS6’ range consists of the Tiago, Tigor, Nexon, Harrier and the Altroz.

Besides, Tata Motors has been India’s first car manufacturer to have received a 5-star Global NCAP rating for its model, the Nexon.

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Hotel industry’s recovery to pre-Covid levels profits 3 yrs away: ICRA

“This will keep revenues moderated, resulting in operating losses and stretched debt metrics during FY2021 and FY2022.”

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Park Hotel Delhi

New Delhi, Oct 24 : The Indian hotel industry’s recovery to pre-Covid levels profits is at least three years away, ratings agency ICRA has said.

The ratings agency said that road ahead for the industry is rough as revenues and margins are expected to post record decline in FY21 with losses mounting over the next two years.

The hotel industry has witnessed one of the worst revenue declines, in Q1FY21, with revenues for the industry sample declining by 85 per cent.

“Given the high operating and financial leverage in the industry, the revenue decline led to huge operating and net losses in Q1 FY2021 despite the extensive cost-cutting measures adopted by most entities in the industry,” ICRA said in a statement.

“Despite sharp weakening in interest coverage, recourse to the RBI provided moratorium on debt servicing as part of its Covid relief package announced in March 2020 supported the industry.”

As per the statement, about 66 per cent of ICRA’s hospitality portfolio applied for moratorium under this scheme and several of these will apply for restructuring under the K.V. Kamath committee too.

“Although hotels have been gradually allowed to reopen, occupancies have remained subdued in H1FY2021,” the statement said.

“This will keep revenues moderated, resulting in operating losses and stretched debt metrics during FY2021 and FY2022.”

The industry has reported a 2.7 per cent de-growth in topline with flat operating margins at 22 per cent in FY2020.

“With an 85 per cent YoY decline witnessed in revenues in Q1 FY2021 and subdued occupancies witnessed in Q2 FY2021 as well, industry wide revenues are expected to witness sharp de-growth of 60-65 per cent for FY2021,” ICRA said.

“Despite several measures taken by the companies to variabilise the fixed costs, the industry is likely to report massive operating and net losses in FY2021.”

–IANS

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Govt extends deadline for filing income tax returns by individual taxpayers till Dec 31

The date for furnishing of various audit reports including tax audit report and report in respect of international and specified domestic transaction has also been extended to 31st December, 2020.

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Income Tax Return

To provide more time to taxpayers for furnishing of Income Tax Returns, the Central government has extended the deadline for filing returns by individual taxpayers for Financial Year 2019-20 till 31st of December this year. Earlier, the tax filing deadline was 30th of November.

Ministry of Finance in a statement said, the due date of furnishing Income Tax Returns for taxpayers whose accounts require to be audited, has been extended till 31st of January, 2021. Due date for furnishing of Income Tax Returns by the taxpayers who are required to furnish report in respect of international and specified domestic transactions has also been extended to 31st January, 2021.

The date for furnishing of various audit reports including tax audit report and report in respect of international and specified domestic transaction has also been extended to 31st December, 2020.

Besides, the due date for payment of self-assessment tax has also been extended to provide relief for the second time to small and middle class taxpayers. The Ministry said, the due date for payment of self-assessment tax by taxpayers whose self-assessment tax liability is up to one lakh rupees has been extended to 31st January, 2021.

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