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Tata Trusts has challenged the move of the income tax department of reopening of its assessment on the ground that it has already surrendered registration provisions under the I-T Act. It has pleaded that levy of additional income tax when a charitable trust converts into or merges with a non-charitable

Tata Trusts has challenged the move of the income tax department of reopening of its assessment on the ground that it has already surrendered registration provisions under the I-T Act. It has pleaded that levy of additional income tax when a charitable trust converts into or merges with a non-charitable trust or transfers its assets on dissolution to a non-charitable institution cannot be applied to them.

Earlier in July, the I-T department had served notices on a set of Tata Trusts seeking to reopen assessment and questioning their decision to ‘surrender’ registrations in 2015.

According to Section 115 (TD) of the Income Tax Act, a trust whose registration is cancelled is required to pay tax on its accumulated or ‘accreted’ income. The dispute dates back to 2013 when the Comptroller & Auditor General pointed out that Jamsetji Tata Trust and Navajbai Ratan Tata Trust had invested Rs 3,139 crore in “prohibited modes of investment.”

The CAG noted that the I-T department had given “irregular tax exemptions” to these trusts, resulting in Rs 1,066 crore escaping the tax net. In March 2015, the Tata Trusts surrendered their registrations (under 12AA of the I-T Act) while admitting that some of their assets were not in compliance with the provisions of Section 13(1)(d) of the Act.

However, following the CAG’s observations and subsequent remarks by a sub-panel of the Public Accounts Committee (PAC) in 2018, the matter was transferred to the I-T department’s assessment wing that has now sought an explanation from the trusts.

The trusts, according to the PAC report, were investing in prohibited modes of investment despite the law strictly forbidding public charitable trusts from holding such assets after 1973. Tata Trusts currently seem to be in a state of flux with the exit of CEO R Venkatraman, who signed letters seeking cancellation of tax benefits on behalf of the trustees. His successor is yet to be appointed after his exit in February 2019.

“However there are certain queries for which the department will reach out to the assessee before passing the final order which is expected to be by December,” an IT official has said, referring to the deadline for the decision regarding the case. The income tax department is of the view that after invoking the provisions of 115 (TD) after considering the fair market value of the trusts’ total assets and net liabilities, the tax will amount to at least Rs 1,800 crore, going by conservative estimates.
Source: ET

Credit Suisse has inaugurated a sports facility at the Mumbai campus of NGO Jai Vakeel Foundation for intellectually challenged children as part of the company’s CSR initiatives in India. The new sports facility, inaugurated by the company’s CEO India Mickey Doshi on October 12, offers special

Credit Suisse has inaugurated a sports facility at the Mumbai campus of NGO Jai Vakeel Foundation for intellectually challenged children as part of the company’s CSR initiatives in India.

The new sports facility, inaugurated by the company’s CEO India Mickey Doshi on October 12, offers special needs children a safe environment to play and learn while encouraging social inclusion.

“We all know the benefits that come from sports and physical activities in improving quality of life and overall cognitive health. Jai Vakeel’s new sports facility offers special needs children a safe environment to play and learn while encouraging social inclusion,” Doshi said.

At Credit Suisse, the bank wants to create a more inclusive future where people can access and develop key skills and resources to thrive in society, he said. “I am proud of our staff who have come here today in the true spirit of volunteerism, to contribute their time and energy towards enhancing our local community,” he added.

The indoor portion of the sports facility features soft sports flooring and padded walls and boasts basketball hoops, badminton nets and football goalposts. The outdoor sports area has over 9,600 square feet of artificial turf that is home to a playground with swings, slides and seesaws.

An outdoor stage for performances has also been created. All spaces are barrier-free, safe and accessible for all abilities. Jai Vakeel Foundation CEO Archana Chandra said the state-of-the-art sports facility made possible by Credit Suisse’s generous support will enable us to continue to strive for the inclusion of intellectually disabled individuals by maximizing their potential.

The inauguration of the sports facility was part of an annual bank-wide ‘Community School Transformation Day’ with nearly 1,000 Credit Suisse staff volunteering their time to enhance the learning environment at five schools in underprivileged communities in Mumbai (Worli and Powai), Pune and Bengaluru.

The schools include those run by Jai Vakeel and Cochlea, another long-term non-profit partner of Credit Suisse. Around 4,000 students will benefit from the ‘Community School Transformation Day.’ In 2018, these CSR initiatives enabled more than 20,000 disadvantaged children to access quality education, provided more than 8,000 school children with nutritious mid-day meals, prevented malnourishment of over 7,500 ‘at risk’ infants and enabled close to 200 differently-abled children to access non-formal education.

The bank’s social sustainability efforts also include prevention of deforestation in around 600 acres of forestland in parts of the Western Ghats and the establishment of livelihoods for close to 400 forest-dependent families. CSR investments are complemented by a culture of volunteerism that is promoted at the highest levels of the bank.

Last year, over 2,400 Credit Suisse volunteers collectively devoted more than 16,177 hours across multiple CSR events in India, impacting 36,000 beneficiaries. Jai Vakeel Foundation serves the needs of 3,000 individuals annually, including the 700 students at its Mumbai campus and 40 students at each of its rural branches in Talegaon and Deolali. Through its Pediatric Neurology Medical Camps in rural Maharashtra, Jai Vakeel assists over 2,300 students each year.

As part of its CSR initiative, the Kotak Mahindra Bank Ltd. (Kotak) has collaborated with the NGO – Pullela Gopichand Badminton Foundation (Foundation) run by Hyderabad based Indian badminton legend to develop a world-class badminton training facility with advanced infrastructure and amenities

As part of its CSR initiative, the Kotak Mahindra Bank Ltd. (Kotak) has collaborated with the NGO – Pullela Gopichand Badminton Foundation (Foundation) run by Hyderabad based Indian badminton legend to develop a world-class badminton training facility with advanced infrastructure and amenities, and international-standard coaches.

Dipak Gupta, Joint Managing Director, Kotak Mahindra Bank said, “We firmly believe that no child or youth should be deprived of access to quality education, healthcare, sports and livelihood facilities and opportunities irrespective of their economic background. Keeping these aspects in mind, Kotak’s core CSR focus is in the areas of education, healthcare, sports and livelihood.”

“Encouraged by Pullela Gopichand’s commitment and his long-term singular focus on badminton in producing world-class badminton players, we are announcing Kotak’s CSR Programme in Sports, which we will jointly implement with Pullela Gopichand Badminton Foundation. Kotak and Gopichand are committed to developing a state-of-the-art, high-performance training facility and coaching & producing world-class badminton coaches and players, in the process helping India win more medals and international trophies,” added Gupta.

Pullela Gopichand, the legendary Indian badminton player, coach & founder trustee of Pullela Gopichand Badminton Foundation said, “The objective of Pullela Gopichand Badminton Foundation is to train, nurture and guide young talent to develop international badminton champions. For India to consistently produce world-class athletes and be counted among the great sporting nations, access to quality infrastructure, training and coaching facilities is a must. Under Kotak’s CSR Programme in Sports, we will work together towards our shared vision of developing outstanding athletes and coaches.”

The programme entails construction of a high-performance training centre comprising six air-conditioned badminton courts in the existing premises and a Sports Science Centre in the existing and the upcoming new training centre. The Sports Science Centre will get top-quality resident nutritionists, physiotherapists, and strength and conditioning experts on board for the all-round development of players and to ensure that the badminton coaching imparted by the academy is at par with global standards.

Further, Kotak will support the Coach Certification and Fellowship Programmes for coaches and players. Under the Coach Certification Programme, the Pullela Gopichand Badminton Academy will impart training and award certification to yesteryear sportspersons to expand the reach of badminton training across ‘kona kona’ of India. The Fellowship Programmes for coaches and players will largely cater to economically backward coaches and players, within and outside the academy, who have the potential to make it big.

One of the greatest privileges I have as CEO of Microsoft is seeing firsthand the incredible impact our technologies have on people and organizations around the world. Our ecosystem touches the lives of billions of people every single day

One of the greatest privileges I have as CEO of Microsoft is seeing firsthand the incredible impact our technologies have on people and organizations around the world.

Our ecosystem touches the lives of billions of people every single day, creating a new opportunity for our customers and partners and positively impacting local communities.

In Kenya, our partner M-KOPA Solar has connected hundreds of thousands of homes across sub-Saharan Africa to solar power for the first time using the Microsoft Cloud, innovating with a pay-as-you-go model that helps households living on less than $2 a day establish a credit history.

In Arizona, we are applying Dynamics 365 to improve outcomes among one of the state’s most vulnerable populations — the more than 15,000 children in foster care. In Poland, MedApp is using HoloLens to help cardiologists visualize a patient’s heart as it beats — in real-time — reducing the amount of time they then need to perform open-heart surgery.

In Kona, Hawaii, Jack’s Diving Locker is using Microsoft 365 to connect its 50 employees across land and sea so that they can focus on what they do best — protect pristine coral reefs and take people diving.

In Washington state, Karrick Johnson, an 8-year-old with dyslexia, avoided reading in class until he started using our Learning Tools. And in Cambodia, underserved children in rural communities are learning to code with Minecraft, opening doors to futures that would have previously been unimaginable.

Across the globe, enterprise customers in every industry — from iconic brands like Coca-Cola Company and Chevron Corporation to ZF Group, a car parts manufacturer in Germany — are using our technology to build their digital capability so they can thrive in a world where every company is a software company.

Walmart —the world’s largest company by revenue, and its biggest private employer — chose Azure and Microsoft 365 to fuel its digital transformation, transforming the shopping experience for customers and empowering their more than 2 million associates to do their best work.

In sum, our platforms create broad surplus everywhere, from the farmer who can apply precision agriculture to conserve resources and increase yields, to the hospital that can lower the cost of healthcare and improve patient outcomes, to the largest companies of the world reaching new customers in new markets.

The breadth and depth of our mission and the trust customers are placing in us to power their digital transformation enables us to have this broad impact — and it is fueling our results.

In fiscal 2018, we delivered $110.4 billion in revenue and $35.1 billion in operating income and returned $21.5 billion to shareholders through dividends and share repurchases.

Our commercial cloud business delivered more than $23 billion in revenue, exceeding the ambitious goal we had set to achieve $20 billion in annualized commercial cloud revenue by the end of fiscal 2018, nine months ahead of schedule. Also, we expanded our commercial cloud gross margin to 57 per cent, up 7 points year-over-year.

These are strong results — and yet the opportunity ahead in a world powered by an intelligent cloud and edge is unprecedented.

Imagine a future where all of your apps and experiences revolve around you and transcend any single device; where data in any form is analyzed in real-time so that computers can anticipate and even act on your behalf and augment what you would otherwise be able to accomplish on your own.

And where computing is more distributed and embedded in the world, from intelligent digital assistants at work, on the go and in your home that you can communicate within a myriad of ways — voice, eyes or gestures — to oil rigs that adjust production in real-time as demand fluctuates in global markets.

Across each of our customer solution areas, we are broadening our offerings and accelerating our innovation to capture the opportunities this new era will create for our customers and better meet their unarticulated needs.