ST PETERSBURG, 16 July (BelTA) – The Belarusian-Russian enterprise to assemble Mogilev-made lifts MLM Nevsky Lift was opened in the Russian city of Kolpino on 16 July, BelTA has learned.The Belarusian lift manufacturer Mogilevliftmash has been shipping products to St Petersburg and Leningrad Oblast for a long time already. This is why the decision to set up an assembly enterprise in the region was not accidental. Kolpino was chosen as the site for the enterprise because Mogilev and Kolpino District had been twinned.Vladimir SemashkoDuring the opening ceremony Ambassador Extraordinary and Plenipotentiary of Belarus to Russia Vladimir Semashko pointed out that Belarus and Russia are connected not only by trade relations but profound manufacturing cooperation ties. “In relations with Russia we have another element: we should pursue a common technical and industrial policy, we should establish manufacturing cooperation links. It is the second enterprise of the kind we've opened … [Read more...] about Enterprise to assemble Belarusian lifts opens near St Petersburg
Mumbai: There are many myths around filing income tax returns (ITR). Some people believe that they do not need to file their ITR if their employer issues Form 16 and deducts tax. That is not the case. In fact, depending on some conditions you may need to file ITR, even if your income is below the threshold limit. You need to file ITR if your gross total income (excluding deductions) surpasses the basic exemption limit of income above which tax is levied. For the financial year 2019-20, this limit is Rs 2.5 lakh for persons below the age of 60 years, Rs 3 lakh for senior citizens (between 60 and 80 years) and Rs 5 lakh for super senior citizens (above 80 years of age). If you want to claim a tax refund or want to carry forward a loss, filing ITR is mandatory regardless of your income. Further, “any resident individual who holds beneficial interest in any asset situated outside India (including financial interest in any entity outside India) or who has signing authority in a … [Read more...] about Who all have to file their income tax returns
New Delhi: The government’s budget proposal earlier this month to increase taxes on those with annual incomes of more than 20 million rupees has rattled many foreign portfolio investors (FPIs). The realisation that the new tax likely applies to the trusts through which many foreign investors put money into Indian financial markets sent stocks plunging last week. Now, their advisors say the investors are threatening to pull funds from India unless rules are amended so that they won’t take a tax hit. Here are some facts about the new tax rules. What are the new rules? In her budget, Indian Finance Minister Nirmala Sitharaman proposed a tax increase of 3 per cent for individuals with an annual income of between 20 and 50 million rupees, and 7 per cent for those earning more than 50 million rupees. The additional taxes apply to individuals, and groups of individuals who are an Association of Persons (AoP) or a body of individuals. It takes the tax rate of someone earning … [Read more...] about Will India’s tax on the rich hit foreign investment inflows?
On multi-brand retail we are very clear as of now it's a 49 pc restriction for foreign investment, Goyal said. London: India's foreign direct investment (FDI) norms in the multi-brand retail sector are a very well thought out policy which are unlikely to change any time soon, commerce and industry minister Piyush Goyal said on Tuesday. Speaking on the sidelines of an India Day event organised by the UK's Department for International Trade (DIT), the minister said the 49 per cent FDI threshold in multi-brand retail must be respected in letter and spirit by all foreign brands. Britain's prime ministerial frontrunner Boris Johnson had recently expressed his disappointment at UK retailers like Sainsbury's and Waitrose not being able to set up base in India and had said he would “like to see India opening up to more of our great brands”. "On multi-brand retail we are very clear as of now it's a 49 per cent restriction for foreign investment," Goyal said, when Johnson's recent … [Read more...] about No changes planned in multi-brand FDI policy: Piyush Goyal
ANZ chief economist David Plank said he believed the RBA board was not expecting house prices to surge back. "[The minutes] suggest the board did not see rapid house price increases as an impediment to further easing. Neither do we. Of course, if house prices respond aggressively, it will create a policy dilemma for the RBA." Room for another cut The central bank has clearly left the door open for further easing, but the timing is less explicit. "The Board would continue to monitor developments in the labour market closely and adjust monetary policy if needed to support sustainable growth in the economy and the achievement of the inflation target over time," it said. Westpac's Bill Evans said the chance of another rate cut happening soon had diminished given the removal of some key sentences. "In the June minutes, the key 'considerations' section noted 'members agreed that it was more likely than not that a further easing in monetary policy would be appropriate in the period ahead'. … [Read more...] about Lower rates won’t fuel debt, property prices