Briefly Business

Finmin to notify Sugam IT form soon

new delhi: The finance ministry will soon unveil the simpler income tax return form Sugam,which is aimed at reducing compliance burden on small businessmen and professionals. Sugam is currently being examined by the law ministry and will be notified soon, a revenue department official said. Finance minister Pranab Mukherjee in his Budget speech had announced Sugam to reduce the compliance burden of small taxpayers who fall within the scope of presumptive taxation.

MoF to meet PSU bankers on April 26

new delhi: Finance ministry will hold annual performance review of public sector banks here on April 26 to evaluate various aspects including non-performing assets and financial inclusion. The meeting will chaired by financial services secretary S K Sharma instead of the usual practice of finance minister.

Ambani gets BoA shares as director fees

new delhi: Bank of America has given shares worth nearly Rs 11 lakh to Mukesh Ambani as part of annual retainer fee to the billionaire industrialist,who joined the US banking giants board last month. Ambani may get a total of over Rs 1 crore of annual compensation in cash and stocks,going by the banks director compensation policy. However,BoF has not disclosed its specific director fees for Ambani,chief of Reliance Industries.

India Post to provide online details of parcels

new delhi: The Department of Post is working on providing details of parcels received by its international partners or sent through it to international destinations. India Post in partnership with International Postal System has started mail tracking system and the service is now open for general public.

Geojit BNP Paribas Q4 net falls 60.9 per cent

Mumbai: Brokerage firm Geojit BNP Paribas Financial Services on Tuesday said its consolidated net profit dropped 60.96 per cent to Rs 2.92 crore in the fourth quarter ended March 31,2011 over the corresponding period a year ago. It had a consolidated net profit of Rs 7.48 crore in the same period last fiscal,Geojit BNP Paribas Financial Services said in a filing with the NSE. Consolidated total income declined to Rs 59.10 crore in the quarter under review from Rs 62.08 crore in the same period previous fiscal.

Financial crisis worked to Indias benefit: TCS

Thanjavur: The global financial crisis had worked to the advantage of India due to its slow and steady development and in the near future for every 10 persons who take up jobs globally,six would be Indians,IT major Tata Consultancy Services on Tuesday said. The Indian economy had shown signs of improvement and along with it,there were indications that a lot of technological innovation was going to happen in the country,TCS Chief executive officer and managing director N Chandrasekaran said.