Thursday , 19 September 2019
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B & C

Deduct TDS on rent if your landlord is an NRI

Non-resident Indians (NRIs) commonly invest in real estate in India, and rent it out. If your landlord happens to be an NRI, make sure you deduct tax at source (TDS) each month from the rental payment. TDS needs to be 31.2 per cent of the rent, unless the NRI landlord furnishes a certificate stating that his total income in India …

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Announcements for real estate stalled projects in the offing

After a slew of reform measures announced in the past fortnight, the Central Government is likely to come up with major announcements to boost the real estate industry this week. According to official sources, the package for real estate industry would include additional funds for housing finance companies (HFC) and norm relaxation for developers seeking bank loans. The government’s next …

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Incomplete housing projects increase

Nearly 2.2 lakh housing units, worth Rs 1.56 trillion, launched in 2011 and before across seven major cities are yet to be completed by real estate developers, according to property consultant JLL India. According to JLL data, the real estate companies of Delhi-NCR are biggest defaulters as their contribution in delayed housing units accounts for 71 per cent in volume …

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Auto majors cut production in the face of slow demand

With the automobile industry facing a severe slowdown and job losses over the past few months, Maruti Suzuki has decided to shut down the passenger vehicle manufacturing operations of Gurugram plant and Manesar plant in Haryana for two days. September 7 and 9 will be observed as no production days, said the company in a press statement. The largest passenger …

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Tax cut on hybrid vehicles likely

The government is considering a cut in the goods and services tax (GST) rate on hybrid vehicles, said transport minister Nitin Gadkari. “We have already reduced the GST on electric vehicles and now I am trying to make sure that the hybrid cars too get a similar reduction,” he said. “I am following up with the Finance Ministry, so should …

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Goan industry awaits Chaturthi’s business boom

Amid the slowdown in demand, Goan retailers, dealers of consumer durables, automobile sellers, real estate builders have their fingers crossed for business to perk up during the Ganesh Chaturthi festival, reports Shoma  Patnaik Consumption in Goa usually spurts during Ganesh Chaturthi festival. This year under the benevolent gaze of Lord Ganesha, Goan retail industry and virtually all of the sectors …

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Scintillating finish to Mahindra Great Escape

The 163rd round of the Mahindra Great Escape concluded with a roar last week,  reports Team B&C Mahindra & Mahindra Ltd. (M&M), successfully concluded the 163rd edition of the Great Escape off- roading trophy with over 19 vehicles participating in the coveted challenge.   Participants were flagged from Regenta Resorts, Varca beach on August 24. The state is known for …

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Gold purchases lack shine this Chaturthi

Ornament purchases are less this Ganesh Chaturthi leaving local jewellers unhappy over the drop in sales, finds out Shoma Patnaik Goan jewelers said that, they badly need the benign gaze of Lord Ganesha to get around the obstacle of surging gold prices. With gold prices hitting a new high last week and increasing 11 per cent within a month, jewellers …

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Optel Group, Verna, crosses two-year milestone

Canadian multinational, The Optel Group, Verna, recently completed two years of operations in the state. The company is the world’s no. 1 in global track and trace solutions for the pharmaceutical industry. It is a leading player in machine vision systems and traceability technologies.  Although an international company, Optel’s Goa plant employs an almost wholly Goan workforce with 86 per …

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New motor vehicle rules effective from September 1

Provisions of the new Motor Vehicles Amendment Act 2019 became applicable with effect from September 1. Except for two states in the country, West Bengal and Rajasthan, the rest of the country will follow the new rules with a new structure for fines of traffic violations. The bill includes provisions for enhanced penalties which are being notified now. For the …

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