Private airline not submitting TDS to govt’

BANGALORE: In a path-breaking investigation, with all-India ramifications, sleuths from the Income Tax department (Bangalore circle) have found that a private airline had not remitted to the government a part of the tax it has been deducting at source for over the past eight years. The TDS default and the interest on it amounts to around Rs 37 crore.

Taking a cue from this investigation, the IT department has now initiated a survey into the accounts of all the airlines in the country.

The investigation — conducted by Pradeep P Aspatwar, assistant commissioner of income tax (TDS), Bangalore, last year — has been adjudged one of the 10 best cases of TDS order and survey conducted across the country. It was presented the appreciation award by the finance ministry in Delhi on Wednesday. Since 2001, the airline has been deducting tax at source on payments of salaries, interest, rent, professional fees and payments made to the contractors. However, this money had not been remitted to the government account.

The account statements of the airline were taken up by Aspatwar for investigation. A 15-day audit revealed that company had been defaulting for eight years. The company had evaded TDS remittance of around Rs 18.5 crore. This attracted an equal interest of Rs 18.5 crore, bringing the amount due to Rs 37 crore. Notices have been served on the airline for non-remittance of tax to the government under Income Tax Act, TDS provisions.

Source: http://timesofindia.indiatimes.com/Business/Private_airline_not_submitting_TDS_to_govt/articleshow/4090513.cms

India ready for ban on nuclear weapons: NSA

MUNICH: India is willing to negotiate a nuclear weapons convention leading to global non-discriminatory and verifiable elimination of nuclear weapons, National Security Advisor MK Narayanan has said here.

Addressing an international security conference in Munich on Friday, the NSA said: "If this conference succeeds in not merely addressing the issue of nuclear reductions but also devise pathways to their elimination, this might well be the transforming moment for the global community."

"Non-proliferation cannot be an end in itself, and has to be linked to effective nuclear disarmament. Nuclear disarmament and non-proliferation should be seen as mutually re-inforcing processes. Effective disarmament must enhance the security of all states and not merely that of a few," he said while speaking on "Non-Proliferation, Arms Control and Future of Nuclear Weapons; Is Zero Possible?"

"Even today, India is perhaps the only nuclear weapons state to express its readiness to negotiate a Nuclear Weapons Convention leading to global, non-discriminatory and verifiable elimination of nuclear weapons."

Recalling former prime minister Rajiv Gandhi's stark warning when he presented his action plan to the UN general assembly in 1988, Narayanan said it was by far the most comprehensive initiative for complete elimination of all nuclear weapons in stages by 2010.

This included covering issues ranging from nuclear testing and cessation of production of fissile material for nuclear weapons to a time-bound elimination of stockpiles.

As concrete steps towards this end, Narayanan mentioned reaffirmation of the unequivocal commitment of all states possessing nuclear weapons to the goal of complete elimination of nuclear weapons, reduction of the salience of nuclear weapons in security doctrines and adoption of measures to reduce nuclear dangers, including preventing the unintentional or accidental use of nuclear weapons.

Source: http://timesofindia.indiatimes.com/India_ready_for_ban_on_nuclear_weapons_NSA/articleshow/4092493.cms?TOI_latestnews

Eaton signs transmission supply pact with Tata Motors

Eaton signs transmission supply pact with Tata Motors
NEW DELHI: Diversified industrial manufacturer Eaton Corporation on Wednesday said it has signed an agreement with Tata Motors to supply heavy duty synchronised transmissions.
"Eaton's Truck Group will supply heavy duty synchronised transmissions to Tata Motors for use in its World Truck program in India as well as global markets," the company said in a statement.
"This is a very important achievement for Eaton in meeting our significant growth goals for India and the Asia-Pacific region in general. Our relationship with Tata is an excellent indicator of our commitment to India's commercial vehicle market and its long-term prospects for growth," Eaton' Truck Group President James E Sweetnam said.
Initial transmission production will take place at Eaton plants in Tczew, Poland, and Wuxi, China, with production moving to its new facility in Pune, India, as volumes increase, it added.
With 2008 sales of 2.5 billion dollars, Eaton's Truck Group is a global leader in the design, manufacture and marketing of powertrain systems and components for commercial vehicles.
Source : Economic Times (2/4/2009)

Eaton signs transmission supply pact with Tata Motors
NEW DELHI: Diversified industrial manufacturer Eaton Corporation on Wednesday said it has signed an agreement with Tata Motors to supply heavy duty synchronised transmissions.
"Eaton's Truck Group will supply heavy duty synchronised transmissions to Tata Motors for use in its World Truck program in India as well as global markets," the company said in a statement.
"This is a very important achievement for Eaton in meeting our significant growth goals for India and the Asia-Pacific region in general. Our relationship with Tata is an excellent indicator of our commitment to India's commercial vehicle market and its long-term prospects for growth," Eaton' Truck Group President James E Sweetnam said.
Initial transmission production will take place at Eaton plants in Tczew, Poland, and Wuxi, China, with production moving to its new facility in Pune, India, as volumes increase, it added.
With 2008 sales of 2.5 billion dollars, Eaton's Truck Group is a global leader in the design, manufacture and marketing of powertrain systems and components for commercial vehicles.
Source : Economic Times (2/4/2009)

Fiat Australia: Fiat Fun And Economy Equals A 196% Sales Increase!
HOMEBUSH, Australia : In these troubled economic times, with the car industry struggling to cope with a massive 18.5 per cent decline in sales, what the car buyers want is car that its fun, cheerful and the most economical car available on the market, namely, the Fiat 500 and its this fact that explains why against all market trends, Fiat car sales rocketed by 196.2 per cent in January according to VFACTS figures released today (4 February 2009).
When it comes to a car being recession-proof, forget the million dollar supercars, says Andrei Zaitzev, General Manager for Fiat in Australia. The Fiat 500 has what it takes to succeed in a market that is being hit by an economic downturn. On one hand, its a car that brings a smile to the face of everyone who sees it, regardless of their economic gloom, and driving it brings even more pleasure from its chic interior and its exuberant character. When it comes to owning a Fiat 500, its a pain-free experience. For a start the Fiat 500 JTD uses less fuel than any other car available on the market right now and with prices starting at $22,990 for the 500s unique blend of fun, chic style and economical motoring its easy to see why Fiat dealers are enjoying an almost unique experience a queue of people at the showroom door!
The new Fiat 500 is a reincarnation of the classic Fiat 500 Bambino and, like its famous predecessor, the new 500 has generated unprecedented demand since its launch and despite Fiat expanding production twice to try and meet demand, its still a sell-out. Following its launch the Fiat 500 has collected a trophy cabinet full of awards, lead by the 2008 European Car of the Year and, most recently this week, the BusinessCar City Car of the Year, all of which demonstrate that the Fiat 500 is much more than a pretty face, with a real depth of ability to match its cherubic good looks.
Nor does Fiats success only come in small packages.
Playing a very strong supporting role in Fiats marketing-beating January sales performance is the Fiat Ritmo, the Italian car makers mid-size hatch that has all the flair and pizzazz of Fiat 500, but with additional space, two extra doors and, thanks to the choice of a highly economical diesels and efficient, light weight turbo charged petrol engines, excellent levels of fuel economy. With the remarkable economy of the Fiat Ritmo Dynamic JTD available $24,990 Driveaway, the Ritmos combination of value and exhilaration makes the Ritmo another Fiat recession-buster.
Source : www.theautochannel.com (2/5/2009)

Sensex breaches 9100; Sterlite, M&M, Maruti drag

MUMBAI: Selling intensified in frontline stocks as wary traders were reluctant to take long positions in a directionless market. Auto, capital goods and oil&gas stocks were the worst hit while metal space showed some strength.

Decline in inflation failed to lift market sentiment. Inflation for the week ended January 24 fell to 5.07 against 5.64% a week ago

At 1 pm, Bombay Stock Exchange's Sensex was at 9070.55, down 131.30 points or 1.43%. The index touched an intra-day low of 9069.64 and high of 9247.09.

National Stock Exchange's Nifty was at 2766.30, down 1.31% or 36.75 points. The broader index touched a low of 2764.75 and high of 2816.80.

Broader markets remained lacklustre. BSE Midcap Index was down 0.51% and BSE Smallcap Index slipped 0.57%.

Amongst sectoral indices, BSE Auto Index was down 2.16%, BSE Realty Index fell 1.92% and BSE IT Index tripped 1.74%. BSE Metal Index bucked the trend and was up 0.49%.

Sterlite Industries (-7.52%), Mahindra & Mahindra (-5.07%), Maruti Suzuki (-4.83%), DLF (-4.19%) and TCS (-2.98%) were the top Sensex losers.

Tata Steel (2.04%) and Grasim Industries (0.16%) were the only gainers.

Asian markets had turned red and European markets were also expected to open lower.

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