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The earnings of Indian Overseas Bank increased to Rs 376 crore in the second quarter.

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During the time under review, the bank also exited the RBI's Prompt Corrective Action (PCA) programme.


The state-owned Indian Overseas Bank (IOB) announced on Wednesday that its net profit for the July-September quarter of this fiscal year increased by more than two-fold to Rs 376 crore, compared to Rs 148 crore the previous year.

During the reported period, the bank also exited the RBI's Prompt Corrective Action (PCA) framework.

The bank stated in a regulatory statement that total income for the quarter ending September was Rs 5,376 crore, down from Rs 5,431 crore a year ago.

Also Read:-  Filing returns under the presumptive taxation scheme? You must continue doing so for five years

The bank's asset performance was strong, with net non-performing assets (NPA) declining to 2.77 percent of net loans as of September 30, 2021, compared to 4.30 percent a year ago.

"Net NPA is now at 2.77 percent."

Filing returns under the presumptive taxation scheme? You must continue doing so for five years

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In case an assessee fails to do so in any year, he shall not be allowed to file return under PTS for the subsequent five years, and shall also be required to get the accounts audited in that year if income exceeds the threshold



In order to make tax filing simpler for small businessmen and professionals, the presumptive taxation scheme was introduced. Under this scheme, you are not required to maintain books of accounts. Instead, your income is calculated on a presumptive basis, provided your turnover is below a stipulated limit. Here are the details.

What is the presumptive taxation scheme?

As per the Income-tax Act, 1961, businessmen and professionals must maintain regular books of accounts. They must also get their accounts audited and file income-tax returns (ITRs). However, in order to give relief to small taxpayers, the presumptive taxation scheme (PTS) was put together.


“The exemption from maintaining books of accounts was a big relief to small taxpayers who had found it difficult to maintain them and had to bear additional costs,” says Shailesh Kumar, partner, Nangia & Co LLP.

A person adopting this scheme to file the return can declare income at a prescribed rate and, in turn, is relieved from the tedious job of maintenance of books of accounts and also from getting the accounts audited. However, in order to calculate the turnover, one still needs to maintain some books of accounts. “Further they also need to maintain debtors, Cash and Bank accounts,” says Vivek Jalan of Tax Connect Advisory Services LLP, a consulting firm.

Who can opt for the presumptive taxation scheme?

The scheme is defined under three different sections—44AD, 44ADA and 44AE—of the Income-tax Act, depending on the type of businesses and professions. “The framework of the presumptive taxation scheme was initially operating for taxpayers having specified business (under section 44AD) or engaged in plying, leasing or hiring trucks (section 44AE). However, with effect from April 1, 2017, the presumptive scheme was extended to professionals (section 44ADA) also,” says Kumar.

Also read: The government receives Rs 533 crore in dividends from four CPSEs.

Section 44AD of the Act, applies to resident individuals, Hindu Undivided Families (HUF) and partnership firms (excluding limited liability partnerships or LLPs) engaged in any business having a turnover or gross receipts of not more than Rs 2 crores in the respective financial year.

Similarly, an individual or partnership firm (other than LLP) undertaking any profession (such as legal, accounting, medical, architect, and so on) as listed in section 44AA of the Act and having receipts less than Rs 50 lakhs can opt for the scheme. The benefit of section 44AE of the Act can be availed by every person who is engaged in the business of plying, hiring or leasing of goods carriages (not more than 10 goods vehicles at any time during the year), explains Kumar.

How is income calculated under PTS?

As the scheme’s name suggests, income under PTS is calculated on a presumptive basis. For a person adopting section 44AD (businessman), income is computed on a presumptive basis at the rate of 8 percent of the turnover or gross receipts of the eligible business for the year.

However, in order to promote digital transactions section 44AD was amended with effect from the assessment year 2017-18 to provide that income shall be computed at the rate of 6 percent instead of 8 percent, if turnover/gross receipt is received by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account or through such other electronic mode.

Similarly, if a professional (under section 44ADA) wants to adopt PTS, income will be computed on presumptive basis, i.e., at the rate of 50 percent of the total gross receipts of the profession. However, both businessmen and professionals can voluntarily disclose their business or professional income at more than the stipulated percentage still file their return under PTS.

The benefits

The main benefit of PTS is that tax payers are not required to maintain exhaustive books of accounts. Also, in general, one has to pay advance tax in four instalments, but, “persons opting for the presumptive taxation scheme under section 44AD/44ADA are liable to pay whole amount of advance tax in one instalment, on or before March 15,” says Jalan.

Factors to consider before opting for PTS

Once you file income under PTS, you have to follow the same method for the next five years. “In case an assessee fails to do so in an year, he shall not be allowed to file return under PTS for the subsequent five years, and shall also be required to get the accounts audited in that year if income exceeds the maximum amount that is not chargeable to tax,” says Kumar.

Analyse this provision before claiming the benefit of this section.

Kumar says the Correct income tax form must be used while filing your tax returns through PTS. You need to choose between ITR forms 3 and 4. Using a wrong form makes your returns invalid.
Article Source:- Moneycontrol

Stock Market Performance Reasult In Share Market - Sharetipsinfo (26-10-2021)

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Share Market Today - Stock Market and Share Market Live Updates: Get all the latest share market and India stock market news and updates on ..



Bonanza Future

1. DLF(Booked at 409.05,Profit Rs.10,725/Lot)

2. AXISBANK(Booked at 839,Profit Rs.10,200/Lot)

3. BHARTIARTL(Booked at 696.50,Profit Rs.5658/Lot)


BTST

1. SUNTV(Booked at 567,Profit Rs.13,500/Lot)


HNI Cash

1. SBIN(Target Achieved,Profit Rs.4.50/Share)

2. TATASTEEL(Target Achieved,Profit Rs.14/Share)

3. GRASIM(Booked at 1757,Profit Rs.12.20/Share)

4. ABFRL(Booked at 260,Profit Rs.6/Share)

5. ESCORTS(High 1549,Profit Rs.17/Share till now)


HNI Options

1. SBIN 510 CE(Booked at 35.60,Profit Rs.2100/Lot)

2. HINDALCO 480 CE(Open as BTST)

3.  NIFTY 18150 CE(Target Achieved,Profit Rs.1300/Lot)

4. JSWSTEEL 700 CE(BTST, 4 Points Up now)

NIFTY

1. NIFTY(Target Achieved,Profit Rs.5000/Lot)

The government receives Rs 533 crore in dividends from four CPSEs.

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The DIPAM Secretary tweeted that IRCON, NHPC, CONCOR, and Hindustan Copper Ltd had paid the Government of India roughly Rs 148 crore, Rs 294 crore, Rs 67 crore, and Rs 24 crore in dividend tranches.

Government got 814 crores as dividend from 5 CPSEs this year, about 2600  crores from NTPC and PGCIL

This fiscal year (FY), the government received Rs 533 crore in dividend tranches from four CPSEs, including IRCON and NHPC, according to DIPAM Secretary Tuhin Kanta Pandey.

The DIPAM Secretary tweeted that IRCON, NHPC, CONCOR, and Hindustan Copper Ltd had paid the Government of India roughly Rs 148 crore, Rs 294 crore, Rs 67 crore, and Rs 24 crore in dividend tranches.

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According to the website of the Department of Investment and Public Asset Management (DIPAM), the government has collected Rs 8,572 crore in dividends from central public sector firms so far this fiscal year (April-March) (CPSEs).

In addition, the disinvestment of the minority interest has raised Rs 9,110 crore.

Oil at $88-90 a barrel in 2-3 months can't be ruled out given the ground realities

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The rise in oil prices will have major implications for domestic inflation and exchange rate as local currencies are likely to weaken.Oil At $88-90 A Barrel In 2-3 Months Can't Be Ruled Out Given The Ground  Realities

Joseph Thomas, Head of Research, Emkay Wealth Management

With Brent at $86 a barrel, oil is at multi-year highs. The price of oil and gas has gone up as consumption remains robust and gradually moving up to the pre-pandemic levels. It is expected that the global consumption will touch the pre-pandemic levels and cross it by the first quarter of 2022.

Oil consumption has increased by 5,00,000 barrels per day and there is also some shift or switch by consumers from gas to oil with the crunch gas and the astronomical gas prices. This switch is likely to push up the demand for oil and thereby the price.

According to OPEC estimates, oil demand may go up by 1 million barrels per day in the coming month. But OPEC in its recent meeting decided to not do anything with price or quantity despite the rise in oil prices. They decided to stand by their original decision to increase output by 4,00,000 barrels per day from November onwards.

The rise in prices may be sustained due to the fact that it is happening at the threshold of winter season, a time when the consumption would usually gallop to higher levels, and the intensity of the winter may further alter the situation in favour of higher prices. This situation is going to adversely affect big importers of oil like China and India who have their economies dependent on oil imports.

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The rise in oil prices will have major implications for domestic inflation and exchange rate. The local currencies are likely to weaken with implications for the general price level. If not targeted and controlled the current move in oil prices may harm some of the economies which have demand pick-up still in its infancy after the pandemic.

The top five countries in Europe have come together and have sounded an alarm over the high price of oil and gas. But there is very little course available to these countries other than using renewables and alternatives, apart from attaining a higher level of energy efficiency in the coming years, as a measure to combat higher fuel prices.

The probability of the US releasing the strategic petroleum reserves during this time of crunch has been ruled out for the time being. This also afforded some support to the rising prices. While a large number of analysts look at $100 as a potential target, a move to $88 to $90 over the next two to three months cannot be ruled out given the ground level realities.

Article Source :- Moneycontrol


Congratulations pour in as India races past 100-crore-jab milestone

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With over 50 percent of the above 18 population now being administered with the first dose, India reached a crucial landmark on 21 October. The country took 278 days to administer a total of 100 crore vaccine doses.

File image of PM Modi getting first dose of Covaxin on March 1, 2021. (Image: Twitter-@narendramodi)Praise has poured in for India reaching the 100-crore-vaccination milestone from all quarters, from both domestic and global voices.

Congratulating the people & healthcare workers of India, NITI Aayog Member-Health VK Paul said it was remarkable to reach the 100-crore-dose mark for any nation, especially counting that it was attained in just over nine months since the vaccination program had started in India.

"This extraordinary feat was not possible in this short period of time without strong political leadership, intersectoral convergence, dedicated efforts of the entire health and frontline workforce and the people themselves," Poonam Khetrapal, World Health Organization Regional Director, South-East Asia said.

India's progress must be viewed in the context of the country's commendable commitment and efforts to ensure these life saving vaccines are accessible globally, she added.

Among the Union Ministers, Health Minister Mansukh Mandavia was the first to tweet his congratulations to the country, sharing an image of a counter targeting 100 crore doses, which had run down to zero.

Prime Minister Narendra Modi earlier tweeted as "India scripts history".

"100 crore is not just a statistics. It's the self confidence of more than 100 crore people," Commerce and Industry Minister Piyush Goyal tweeted.

"Despite vaccine hesitancy, despite the opposition’s efforts to derail the process, PM Shri Narendra Modi ji’s leadership has done the incredible. Big thanks to all the health workers," Labour and Environment Minister Bhupender Yadav said.

Hesitancy remained a major talking point for the central government with Railways Minister Ashwini Vaishnaw appealing to people to shun COVID19 vaccine hesitancy. "This is a significant milestone. Railways employees have also played an important role in achieving this milestone. We have to make sure that the people receive full vaccination," he said.

Taking a dig at opposition-ruled states, Aviation Minister Jyotiraditya Scindia also pointed to 'mishandling on the part of some state governments, as the list of challenges India had to face before reaching this milestone.

Anurag Singh Thakur, I&B, and Youth Affairs & Sports chose to praise the work of scientists and health workers in helping India achieve this unprecedented feat.On the occasion, Uttar Pradesh Chief Minister Yogi Adityanath said this proves that the defeat of the Covid is now guaranteed.

A number of ambassadors from other countries also took to Twitter to congratulate India. "Congratulations India on administering 1 billion vaccine doses. I received both my vaccine doses as part of India's vaccination program - thanks to the Indian government," Australian High Commissioner Barry O' Farrell, said.




S&P BSE Power hits 3-year high; BHEL, Power Grid jump 5% each, many at 52-week high

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The index hit 3-year high of 3,111 level led by gains from Power Grid and Bharat Heavy Electricals which jumped over 5 percent each followed by NTPC, Tata Power, KEC and NHPC among others.


While the market is struggling amid profit booking, the S&P BSE Power index is up over 2 percent. The index hit a 3-year high of three ,111 level led by gains from power system and Bharat Heavy Electricals which jumped over 5 percent each followed by NTPC, TataWhile the market is struggling amid profit booking, the S&P BSE Power index is up over 2 percent. The index hit a 3-year high of three ,111 level led by gains from power system and Bharat Heavy Electricals which jumped over 5 percent each followed by NTPC, Tata Power, KEC and NHPC among others.

BHEL is focused after the corporate won an order from Goa Shipyard for warship gun mount. "Goa Shipyard has placed a maiden order on Bharat Heavy Electricals Limited (BHEL) for supply of an upgraded Super Rapid Gun Mount (SRGM), the most gun onboard most Warships of the Indian Navy," company said in its handout .

Power Grid, on the opposite hand, received shareholders’ approval to boost up to Rs 6,000 crore through bonds or debentures on a personal placement basis and REC received shareholders' approval to boost up to Rs 85,000 crore through issuance of non-convertible bonds or debentures.

According to a report by Motilal Oswal, "Demand has been improving with coal reporting a 33 percent YoY increase in offtake for 1QFY22. With improving offtake and realizations, we see operating leverage coming into play in FY22. Notwithstanding any longer negative shocks, we expect coal’s profitability to recover in FY22E (+24 percent YoY)."

"The capex run-rate is probably going to extend within the near term, but higher dispatches and a few normalizations in receivables should aid cash generation and maintain dividends (dividend yield: 12 percent)," the brokerage added.

As Power stocks outperformed over 174 stocks hit a new 52-week high on BSE including power system Corporation, Power Finance Corporation, NTPC, Coal India, Diamond Power, and NHPC among others.

The equity market was trading at day's low at the time of scripting this copy, following weak Asian cues with Sensex down 488.20 points, or 0.81 percent, at 59,589.68 and therefore the Nifty falling 125.20 points, or 0.70 percent, at 17,729.90.

The market was largely dragged by sectors like realty, the index fell over 3 percent, followed by IT, banks and pharma stocks.

According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, markets might consolidate for a short time before making a decisive move. There are conflicting signals which may influence the markets within the short term. The rise in US 10-year bond yield may be a negative for emerging markets like India, particularly if this trend sustains and gathers momentum, going forward. A rise in Brent crude to USD 80 may be a negative for India's macros.

"We are witnessing sectoral rotation in Indian markets now. Buying in banks and autos may be a reflection of accelerating confidence within the domestic economy theme. there's profit booking in IT since the segment has given excellent returns of 82 percent one-year return," he added.


NTPC registered a fresh 52-week high after the corporate confirmed the winning of 1.9 GW solar projects under Central Public Sector Undertaking (CPSU) scheme. Power, KEC and NHPC among others.

BHEL is focused after the corporate won an order from Goa Shipyard for warship gun mount. "Goa Shipyard has placed a maiden order on Bharat Heavy Electricals Limited (BHEL) for the availability of an upgraded Super Rapid Gun Mount (SRGM), the most gun onboard most Warships of the Indian Navy," company said in its handout .

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Power Grid, on the opposite hand, received shareholders’ approval to boost up to Rs 6,000 crore through bonds or debentures on a personal placement basis and REC received shareholders' approval to boost up to Rs 85,000 crore through issuance of non-convertible bonds or debentures.

NTPC registered a fresh 52-week high after the corporate confirmed the winning of 1.9 GW solar projects under Central Public Sector Undertaking (CPSU) scheme.

Share Market Closing Note

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Sensex, Nifty end flat amid volatility; auto stocks gain, IT drags

BSE Midcap and Smallcap indices are trading flat. On the sectoral front, auto, oil & gas and realty indices up 1-3 percent, while IT and Pharma indices down 1-2.5 percent.

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Topic :- Time:3.00 PM

Nifty spot close above 17860 level will result in some upmove and close below above mentioned level will mean some further decline in the market. Avoid open positions for tomorrow.

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Topic :- Time:2.10 PM

Just In:

India has China on its toes as Modi govt engages Taiwan to solve domestic chip shortage.

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Topic :- Time:2.00 PM

Nifty is likely to turn volatile now in last hour. Nifty spot if breaks and trade below 17860 level then expect some decline in the market and if it manages to trade and sustain above 17900 level then some upmove can follow in the Nifty. Currently nifty is trading at 17881 spot level.

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Topic :- Time:1.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 5516.If it breaks and trade below 5510 level then expect it to decline further and if it manages to trade and sustain above 5530 level then some upmove can be further seen in Crudeoil.

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Topic :- Time:1.10 PM

Just In:

Bharat Bandh 2021: Farmers block highways, roads at many places to protest against three farm laws.

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Topic :- Time:1.00 PM

Nifty is still trading with mix sentiments and in a small range. Nifty spot if breaks and trade below 17860 level then expect some decline in the market and if it manages to trade and sustain above 17900 level then some upmove can follow in the market.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 719.00.If it breaks and trade below 718.40 level then expect some decline in it and if it manages to trade and sustain above 720.40 level then some upmove can be seen in Copper.

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Topic :- Time:12.00 PM

Nifty is showing some recovery from lower levels. Nifty spot if manages to trade and sustain above 17880 level then expect some quick upmove and if it breaks and trade below 17840 level then some decline can follow in it.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex, Nifty off highs on profit-taking; IT index declines 2%

2. CCI levies Rs 752-cr penalty on United Breweries; stock declines 4%

3. SpiceJets plan to hive off cargo business challenged by creditors

4. Tata Steel, ONGC lead surge in advance tax; top 20 firms pay 47% more in Q2

5. Live news: Farmers hold Bharat Bandh; Modi launches digital health plan

6. Jet Airways staff approaches labour dept over non-payment of gratuity

7. DIPAM shortlists Cyril Amarchand Mangaldas as legal advisor for LIC IPO

8. KPR Mill rallies post stock split, gains 20% in 2 trading sessions

9. PVR, Inox hit 52-week high as theatres to reopen in Maharashtra from Oct 22

10. 30 firms may float public issues in Oct-Nov to mop up Rs 45,000 cr

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Topic :- Time:11.00 AM

After positive opening nifty is trading in red zone. Nifty spot if breaks and trade below 17840 level then expect some decline in the market and if it manages to trade and sustain above 17860 level then some upmove can follow in the Nifty.

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Topic :- Nifty Opening Note


Indian Stock Market Trading View For 27 Sept,2021:

Nifty to trade volatile and is likely to follow global cues.

Nifty spot if manages to trade and sustain above 17900 level then expect some upmove and if it breaks and trade below 17800 level then some decline can follow in the market. Please note this is just opening view and should not be considered as the view for the whole day.

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Icra revises up FY22 GDP growth forecast to 9%

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A ramp-up in COVID-19 vaccination, healthy advance estimates of Kharif (summer) crop and faster government spending were the factors that led to the revision, the agency said in a statement.

Rating agency Icra on Monday revised up its 2021-22 real GDP growth estimate for India to 9 per cent from the sooner 8.5 per cent.

A ramp-up in COVID-19 vaccination, healthy advance estimates of Kharif (summer) crop and faster government spending were the factors that led to the revision, the agency said during a statement.

It is often noted that after the 7.3 per cent contraction in 2020-21, there have been expectations of a better growth number in 2021-22.

However, the second wave of COVID-19 infections early into the financial year, which spread even within the hinterland, made analysts more circumspect. The RBI expects the economy to grow at 9.5 percent.

Icra on Monday said it expects the last half of the financial year to possess brighter prospects.

The widening coverage of COVID-19 vaccines is probably going to spice up confidence, which can successively re-energise demand for contact-intensive services, helping to revive the portions of the economy affected most by the pandemic,” its chief economist Aditi Nayar said.

The robust Kharif harvest is probably going to sustain the consumption demand from the farm sector while the expected acceleration within the central government spending after the withdrawal of the sooner cash management guidelines will recharge this key driver of aggregate demand, she added.

The key risk to its revised projection of 9 per cent GDP growth may be a potential third wave and therefore the existing vaccines being ineffective against newer mutations of the virus, she said.

Nearly three-fourths of Indian adults could receive their second vaccine shot by the top of 2021 if the typical 7.9 million doses each day recorded between September 1-26 is sustained, Icra estimated.

Nayar said late sowing has helped bring the Kharif acreage nearly at par with last year's record area. In line with this, the primary advance estimates of crop production for 2021-22 signalled a strong rise in Kharif output, barring coarse cereals and oilseeds, quelling the concerns raised by the uneven monsoon and episodes of flooding.

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Based on these, the agency has revised up its GVA (gross value added) growth estimate for agriculture, forestry and fishing to three per cent each in the second and third quarters of 2021-22 from the sooner projection of a tepid 2 per cent rise, she added.

The Centre's spending contracted 4.7 per cent in April-July 2021 year-on-year, and stood at 28.8 per cent of the 2021-22 Budget Estimates, the agency said, expecting better government spending to spice up growth in the last half of the year.

However, it said that trends from the economic sector remain lacklustre in September 2021, with semi-conductor non-availability weighing upon auto production and a flattening out of GST e-way bills.

Moreover, heavy rains have dampened electricity demand and are likely to distort trends in mining and construction.


Indian rupee slips 5 paise to 73.73 against US dollar in early trade

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Though a sustained bull run in the domestic equity market and the dollar’s weakness against key rivals overseas lent some support to the rupee and checked its further fall, analysts said.Representative image

The Indian rupee edged lower by 5 paise to trade at 73.73 against the US dollar in opening deals on Monday thanks to fresh demands for dollar from banks and importers.

Though a sustained Bull Run within the domestic equity market and the dollar’s weakness against key rivals overseas lent some support to the rupee and checked its further fall, analysts said.

At the interbank exchange, the rupee opened on a weak note at 73.70 and slid further to 73.73 because the trade progressed, logging a loss of 5 paise against the greenback over its previous close.

On Friday, the Indian currency had closed 4 paise down at 73.68 against the US dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.11 percent to 93.22.

On the domestic equity market front, the BSE Sensex was trading 114.73 points or 0.19 percent higher at 60,163.20. Similarly, the NSE Nifty was trading 23.25 points or 0.13 percent up at 17,876.45.

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Meanwhile, global petroleum benchmark Brent futures advanced 1.19 percent to USD 79.00 per barrel.

Foreign institutional investors were net buyers within the capital market on Friday as they purchased shares worth Rs 442.49 crore, as per exchange data.


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