OPINION, P6 & 7 COMPANIES, P4 K SRINATH REDDY Vaccine nationalism afflicts the race for an anti-Covid shot MARKETS, P10 SUNIL JAIN ANTI-CHINA SENTIMENT PASSING THE BATON Just as UPI revolutionised payments, the health record initiative could transform healthcare Need long-term strategy, move beyond knee-jerk responses: L&T's Naik Best of HDFC Bank yet to come, says Aditya Puri NEW DELHI, FRIDAY, AUGUST 14, 2020 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLVI NO. 142, 24 PAGES, `6.00 (PATNA `6.00, RAIPUR `7.00) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 38310.49 ▼ 59.14 NIFTY: 11300.45 ▼ 7.95 NIKKEI 225: 23249.61 ▲ 405.65 HANG SENG: 25230.67 ▼ 13.35 `/$: 74.85 ▼ 0.02 `/€: 88.52 ▼ 0.55 BRENT: $45.32 ▼ $0.11 GOLD: `52438.00 ▼ `1320.00 THE INCOME-TAX department has proposed to widen the list of transactions that could attract scrutiny and make it mandatory for individuals to file income tax returns, reports fe bureau in New Delhi. These transactions will include purchase of white goods, jewellery, paintings over `1 lakh, fees/donations above `1 lakh per annum, among others. Q1FY21 32.43 695 -4,609 Net profit/ loss 1,038 5,530 Adjusted ebitda 81.22 « Net sales 35,947 IN ONE OF its worst performances,Tata Steel onThursday reportedaconsolidatednetloss of `4,609 crore for the June quarter,higherthanBloomberg consensus estimates of `2,276.83 crore. The steelmaker,however,generated free cashflows.Also,giventheuncertain economic environment, Tata Steel has built up a liquidity buffer of `20,144 crore including`14,178croreofcash & cash equivalents. With much of the country locked down for most of the quarter,revenues were severely hit, falling 32% to `24,289 crore as deliveries declined more than 20%. MD & CEO TV Narendran (` cr) Q1FY20 Chg (%) Steel deliveries (million tonne) « I-T dept to widen list of big-ticket transactions FE BUREAU Mumbai, August 13 « RETAIL INFLATION spiked to 6.93% in July, against a revised 6.23% in June, in spite of a purported Covid-induced demand compression in the economy, reports fe Bureau in New Delhi. Tata Steel posts `4,609-crore loss 24,289 CPI inflation surges to 6.93% in July Q1 PERFORMANCE « IN THE NEWS 6.34 4.93 22.23 Ebitda margins (%) 15.4 4.3 saidthefirmre-calibratedoperations and sales across geographiesinlinewithunderlyingregulatoryandmarketconditions. Continued on Page 2 ● HZL ARBITRATION Vedanta can proceed against govt,says SC INDU BHAN New Delhi, August 13 INAMAJORrelieftobillionaire Anil Agarwal-controlled mining conglomerate Vedanta Resources Plc, the Supreme CourtonThursdayalloweditto proceed with the arbitration proceedings initiated against the government for taking over full control of Hindustan Vedanta chairmanAnilAgarwal Zinc (HZL).The SC had in January2016 ordered status quo in HZL’s shareholding pattern till furtherorders,therebystalling the arbitration proceedings and also the government’s plan to proceedwith the residual stake sale in the company. Abench led byCJI SABobde vacated its status quo order with regard to arbitration proceedings on the proposed disinvestment of HZL,a PSU. Continued on Page 2 DIGITAL INTERFACE PM hints at reforms in tax structure Unveils taxpayers’ charter; about 3 lakh tax disputes settled under Vivad Se Vishwas, tax experts estimate revenue gain at `1 lakh crore FE BUREAU New Delhi, July 13 PRIME MINISTER NARENDRA Modi on Thursday launched a fully digitised system for the government’s unobtrusive interfacewithincometaxpayers of all variety and buttressed it withataxcharterthatspellsout therightsandresponsibilitiesof both the taxpayer and the taxman.He also hinted at a plan to have ‘fundamental reforms’in the country’s tax structure. Launching a platform for “Transparent Taxation — Honouring the Honest” through video conferencing, he said ‘faceless asssessment’ and the charterhad came into immediate effect, while the facility of faceless appeal would be available from September25.Referring to Vivaad Se Vishwas scheme for settling legacy disputes in direct taxes,Modi said nearly VIVAD SE VISHWAS Scheme designed to cover 4.8 lakh direct tax cases Stakes involved: `9 lakh crore Cases settled: 3 lakh (several thousands more likely by Dec) Revenue to GoI (estimate): `1 lakh crore Compliance surges faster than taxpayer base Taxpayer base E-returns filed (cr) 5.28 AY 2013-14 2.97 AY 2014-15 3.42 AY 2015-16 AY 2016-17 5.72 6.15 4.33 5.28 AY 2017-18 6.75 AY 2018-19 6.49 6.93 7.41 8.45 3lakhcaseshadbeensettledundertheschemethatwaslaunched in the budget this year.Tax experts estimate the scheme, extended up to December 31 withfullbenefitsincludinginterest and penalty waiver, could potentially help the governmentmopupcloseto`1lakhcrore. About `4.8 lakh direct tax The country’s tax structure needs fundamental reforms, as the current one, with its genesis during preindependence period, (has shortcomings). Even the several changes made during the post-independent times did not alter its foundational character —NARENDRA MODI, PRIME MINISTER disputes are pending invarious legalforums,lockingupover`9 lakhcroreinrevenue.Ofcourse, it is likely that the cases involving hefty tax claims would get settled via the judicial route, comprising tribunals, high courts and the apex court. Continued on Page 2 HELP FROM US Israel, UAE agree to normalise relations MAHA EL DAHAN, JEFFREY HELLER & STEVE HOLLAND Dubai/Jerusalem/ Washington, August 13 ISRAELAND THE United Arab Emirates announced an agreement on Thursday that will lead to a full normalisation of diplomatic relations between the two states, a move that reshapes the order of Middle East politics from the Palestinian issue to Iran. Under the accord, which US President Donald Trump helped broker, Israel has agreed to suspend annexing areas of the occupied I expect more Arab and Muslim countries will follow the UAE's lead .... and normalise relations with Israel —DONALD TRUMP US PRESIDENT West Bank as it had been planning to do, White House officials said.. Continued on Page 2 ● NUDGING 50,000 India’s death toll now world’s fourth largest BLOOMBERG Mumbai, August 13 INDIA’S COVID-19 DEATH toll grewtothefourthlargestgloballyasthedisease’sspreadcontinues to accelerate through theworld’s second most populous country. India added over 1,000 deaths from the novel coronavirus in the past 24 hours, topping the United Kingdom with a total of over New Delhi COVID-19 UPDATE 2456073 TOTAL CASES 48078 DEATHS SO FAR 69612 NEWCASES 48,000 fatalities. Continued on Page 2 Zydus Cadila launches generic Remdesivir: P4
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