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Govt imposes 30 percent on corporate tax and 40 percent on foreign firms : Reports

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Govt imposes 30 percent on corporate tax and 40 percent on foreign firms : Reports

A government panel has recommended cutting the corporate tax rate to 25 percent from 30 percent for all companies and scrapping surcharges on tax payments, an official said on Tuesday, part of a major overhaul of the six-decades old tax act.

India has one of the highest corporate tax rates in the world even after Finance Minister Nirmala Sitharaman this year cut the rate to 25 percent from 30 percent for companies with annual sales of up to Rs. 400 crore.

The panel headed by Akhilesh Ranjan, a member of the central board of direct taxes, delivered its report to Ms. Sitharaman on Monday. It was not made public and a finance ministry spokesman declined to comment on its contents.

A finance ministry source who reviewed the report said it recommended an overhaul of the Income Tax Act.

“The committee has said the government should move away from surcharges on income and reduce corporate tax to 25 percent,” the source who declined to be identified told Reuters.

The government imposes a 30 percent corporate tax rate on domestic companies and 40 percent on foreign firms, plus a 4 percent health and education surcharge on total tax payments.

It also charges a surcharge of 12 percent for domestic companies and 5 percent for foreign companies if their taxable income exceeds Rs. 10 crores, according to Deloitte, a global tax consultancy.

The panel was formed in 2017 and tasked with bringing the income tax law in line with other countries and incorporating best practices according to the needs of the economy.

The finance ministry will study the report before taking a decision on its recommendations, the ministry source said, adding that they may be included in the government’s 2020-21 budget proposals

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Mukesh Ambani to launch RIL retail into online to offline ventures

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Mukesh Ambani to launch RIL retail into online to offline ventures

At Reliance Industries’ 42nd annual general meeting earlier this month, Chairman Mukesh Ambani talked about the New Commerce venture that aims to “completely transform the unorganized retail market, which accounts for 90 percent of India’s retail industry”.

This offline-to-online (O2O) initiative, which has previously been touted as the world’s largest such platform in the works, may be launched in October.

“Reliance Retail is planning to launch its e-commerce venture in two phases – a soft launch around Diwali, and then a full-fledged launch by December-January,” an industry official aware of the company’s plans told Mint, adding that a Diwali Dhamaka launch plan could entail discounts as rolled out by other online retailers.

“This user-friendly digital platform is designed for inventory management, customer relationship management, financial services, and other services. This will modernize even the smallest neighborhood Kirana shop to become a future-ready digitized store,” he had said, adding that the company is deploying blockchain, IoT, AI and other new technologies on a pan-India basis for this initiative.

RIL’s retail arm has been working on this New Commerce plan for nearly two years, and according to the Chairman, the beta trials have been successful, showing a significant increase in sales and improvement in margins for the participating merchants. Under the O2O model, pioneered by Chinese e-commerce giant Alibaba Group Holding Ltd, a consumer searches for the product or service online but buys it from a physical store.

This allows Reliance Retail to not only cater to the local demand but also save logistics costs and enter areas currently outside the purview of online retailers. According to sources, RIL is initially looking at the consumption basket, which includes daily staples, soaps, shampoos, and other household items.

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Forensic Reports proves Cafe Coffee day VG Siddhartha committed Suicide

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Forensic Reports proves Cafe Coffee day VG Siddhartha committed Suicide

On Monday the Forensic report on the death of Café Coffee day owner V G Siddhartha corroborates the Suicide theory said the Mangaluru Police Commissioner PS Harsha.

According to Police sources water was found in Siddhartha’s lungs and his death was due to drowning.

As per the PTI reports Commissioner said that “We have received the FSL report. It corroborates the suicide theory,”

Siddhartha had gone missing from the Netravati river bridge near Ullal in Mangaluru on July 29 evening and two days later, his body was found floating in the river.

He had left home on July 29 telling his family members that he was heading towards Sakaleshpura, where he had his coffee estate.

However, he directed his driver to go to Mangaluru.

At the beginning of the Ullal bridge on the swollen Netravati river, Siddhartha got down from the car and asked his driver to wait for him as he walked on the bridge alone on a rainy evening without an umbrella. Two days later his body was found.

Meanwhile, Siddhartha’s father 95-year old Gangaiah Hegde, who was suffering from old age-related illness and was undergoing treatment at the Gopala Gowda Shanthaveri Hospital, passed away on Sunday, hospital authorities confirmed.

A few days before his death, Siddhartha had visited his father, who was in coma, in the hospital

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RIL contributed Rs.1.11 crore to Tirumala Shrine

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On Sunday Reliance Industries limited made an offering of Rs1.11 crore to the famous hill shrine of Lord Venkateshwara nearby Tirumala.

According to the reports of PTI, A representative of Reliance Industries Limited handed over a demand draft for the amount to AV Dharma Reddy a special officer of  Tirumala Tirupati Devasthanams (TTD), that governs the cash-rich shrine.

RIL has requested TTD to Utilise the fund for temple run pilgrimage free meal trust.

 He added that The meal scheme, which benefits about one lakh devotees daily on the Tirumala Hills and at select places in Tirupati, is run by the TTD utilizing the interest accrued on the over Rs 1,000-crore corpus contributed by devotees since 1985.

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