Black money window: FM Jaitley to meet industry chambers, CAs

Black money window: FM Jaitley to meet industry chambers, CAs

Union Finance Minister Arun Jaitley will meet industry chambers, Chartered Accountants, and other professionals over the four-month window provided to holders of undeclared wealth to come clean.

According to reports, the Finance Minister will clear doubts about the four-month window provided to domestic blackmoney holders to pay their taxes and escape harsher penalties.

The Income Tax Department has already adopted a four-pronged strategy to ensure success of the scheme.

Prime Minister Narendra Modi had earlier warned the black money holders to take advantage of the scheme or face action.

This comes after the Prime Minister during his 'Mann ki Baat' address asked people to declare their undisclosed income by September 30, making it clear that this is the last chance to avoid problems that will follow after the window of opportunity closes.

"It will be better that you take advantage of the window provided and save yourself from the difficulties that you can face after September 30," he said.

Read more

Here's what to watch out for in TCS' Q4 earnings

Tata Consultancy Services (TCS), India’s largest IT services provider’s fourth quarter numbers for the FY2016 will be one of the most awaited event today for two reasons.

The company’s share price was trending at Rs 2,469.45 per share, down by 2.13% as the markets opened.

The first will be for the performance of the company, especially after its competitor Bengaluru-based Infosys has reported a stellar performance, but more importantly, the Street and analysts will want to hear the management on the $940 million notice fine on the company by a Federal Jury in the US.

Based on the comment made by management in the last few months, this quarter could well be bottoming out quarter in terms of performance. The company has been missing expectations for the last six quarters, owing to softness in telecom, oil and gas and its insurance platform Diligenta. One also has to remember that Q3 and Q4 are traditionally weak quarter for the industry and for TCS in particular due to holidays and furloughs in certain sectors.

Revenue: The Street is expecting TCS to report US dollar revenue growth in the range of 1.2-2.2% on a quarter-on-quarter basis. Unlike Infosys, TCS does not provide for revenue guidance and hence the management’s commentary will be important to gauge demand trends for FY17. For the full year, revenue is seen growing by 7% much lower than Infosys 9.1%. Profit after tax is expected to be up 2.4% q-o-q.

Digital revenue: TCS is among the top IT players to report 13% of its revenue coming from digital. In the last quarter, the company shared its digital strategy with analysts.

More details and the growth for FY17 in this segment will be watched for. The company has stated in the past that digital is growing at a much faster rate.

Read More.