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One Stop Investment & Insurance & Tax Consultancy-Life Insurance....General Insurance including Health Insurance..Motor Insurance..Marin..Fire & Burglary Insurance,,overseas mediclaim Insurance..Personal Accident etc.Insurance..Mutual Fund Investment with UTI,SBI,Reliance,ICICIPru,Birla Sunlife,HDFC,Kotak Mahindra etc.. Fixed Deposits with HDFC Deposits and Revenue Matters including Income Tax,Service Tax etc Works...The Total Investment & Insurance Solutions
Saturday 26 November 2016
Balanced Fund could help you create wealth consistently -The Total Investment & Insurance Solutions
Friday 25 November 2016
Global Markets & News-The Total Investment & Insurance Solutions
Contact Your Financial
Adviser Money Making MC
25
November 2016
OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ16 +0.20%) are up +0.16% at a new
all-time nearest-futures high as trading resumes from Thursday's Thanksgiving
holiday. Stock prices are still getting a boost on optimism that
President-elect Trump's pledges to increase fiscal spending and cut taxes will
spur economic growth and corporate profits. European stocks are little changed,
down -0.09%, as energy producing stocks decline with crude oil prices (CLF17
-1.15%) down -1.36%.
Algeria's Energy Minister Boutarfa will travel to Tehran on
Saturday in an effort to get Iran on board with other OPEC members in cutting
production. Iran is insisting that it should be allowed to keep increasing
output to pre-sanctions levels of about 4 million bpd. Also, some members in
OPEC are adamant that Russia cut production as well if any OPEC plan to curb
output is to succeed, according to people briefed on the matter because of the
sensitive nature of the talks.
Asian stocks settled higher: Japan +0.36%, Hong Kong +0.51%,
China +0.62%, Taiwan +0.08%, Australia +0.41%, Singapore +0.55%, South Korea
+0.09%, India +1.76%. Asian markets gained on strength in metals and commodity
producing stocks, with Japan's Nikkei Stock Index climbing to a 10-1/2 month
high, as the price of copper (HGZ16 +1.46%) jumps +1.51% to a 2-week high.
The dollar index (DXY00 -0.22%) is down -0.26%. EUR/USD
(^EURUSD) is up +0.33%. USD/JPY (^USDJPY) is down -0.27%.
Dec 10-year T-note prices (ZNZ16 -0.12%) are down -6 ticks
at a 2-year nearest-futures low as the rally in stocks to a new record high
reduces the safe-haven demand for T-notes.
ECB Governing Council member Stournaras said the ECB has a
long way to go to meet its inflation target so it's "far too early"
to discuss the gradual removal of QE.
The German Nov IFO business climate was unch at 110.4,
slightly weaker than expectations of unch at 110.5. The Total Investment &
Insurance Solutions
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Oct wholesale inventories
(expected +0.2%, Sep +0.1%. Oct retail inventories, Sep +0.3%), (2) Nov Markit
services PMI (expected unch at 54.8, Oct +2.5 to 54.8), (3) USDA weekly Export
Sales.
Russell 1000 earnings reports today include: none.
U.S. IPO's scheduled to price today: none.
Equity conferences during the remainder of this week
include: none. The Total Investment & Insurance Solutions
OVERNIGHT U.S. STOCK MOVERS
Deere & Co. (DE +11.04%) was upgraded to 'Neutral' from
'Underperform' at Longbow Research.
Molson Coors (TAP -1.09%) was downgraded to 'Neutral' from
'Buy' at Bryan Garnier.
Eli Lilly (LLY -10.51%) was downgraded to 'Neutral' from
'Overweight' at Atlantic Equities LLP.
Juno Therapeutics (JUNO -24.50%) was downgraded to 'Hold'
from 'Buy' at SunTrust.
Ctrip.com (CTRIP) reported Q3 adjusted EPS of 17 cents,
better than consensus of 11 cents, and said it will buy Skyscanner in a $1.74
billion deal.
Lockheed Martin (LMT -0.10%) received a $1,28 billion down
payment from the Pentagon to continue production of the F-35 jet while
negotiations continue a contract for 90 aircraft, worth as much as $7.19
billion.
A Federal jury late Wednesday found that Wal-Mart (WMT
+1.01%) failed to pay hundreds of California truck drivers minimum wage and
awarded then $54 million in damages.
Insteel Industries (IIIN +2.12%) jumped over 5% in
after-hours trading after it was announced that it will replace Littelfuse in
the S&P SmallCap 600 Index as of the close of trading Monday, November 28.
Airgain (AIRG +0.75%) fell 5% in after-hours trading after
it announced a release of lock-up restriction on shares of common stock that will
take effect after the close of trading Monday, November 28 and it will offer
$40 million shares on behalf of selling holders.
Corbus Pharmaceuticals Holdings (CRBP +0.63%) dropped almost
7% in after-hours trading after it filed an agreement to offer as much as $35
million in common stock via Cantor Fitzgerald. The Total Investment &
Insurance Solutions
MARKET COMMENTS
Dec E-mini S&Ps (ESZ16 +0.20%) this morning are up +3.50
points (+0.16%) at a new record nearest-futures high. Wednesday's closes:
S&P 500 +0.08%, Dow Jones +0.31%, Nasdaq -0.41%. The S&P 500 on
Wednesday closed slightly higher on positive economic reports that included
+0.4% increase in U.S. Oct capital spending (stronger than expectations of
+0.3%) and the unexpected +2.2 point increase in U.S. Nov University of
Michigan consumer sentiment index to a 6-month high of 93.8 (stronger than
expectations of unchanged at 91.6).
Stocks were undercut by the -1.9%decline in U.S. Oct new
home sales to 563,000 (weaker than expectations of -0.5% to 590,000) and long
liquidation pressure in stocks after the 10-year T-note yield surged to a
16-month high.
Dec 10-year T-notes (ZNZ16 -0.12%) this morning are down -6
ticks at a new 2-year nearest-futures low. Wednesday's closes: TYZ6 -11.00,
FVZ6 -9.50. Dec 10-year T-notes on Wednesday plunged to a 2-year
nearest-futures low and settled lower. T-note prices were undercut by the
stronger-than-expected U.S. economic data on Oct durable goods orders and Nov
University of Michigan consumer sentiment and by a surge in inflation
expectations as the 10-year T-note breakeven inflation rate rose to a 2-year
high.
The dollar index (DXY00 -0.22%) this morning is down -0.260
(-0.26%). EUR/USD (^EURUSD) is up +0.0035 (+0.33%). USD/JPY (^USDJPY) is down
-0.31 (-0.27%). Wednesday's closes: Dollar index +0.660 (+0.65%), EUR/USD
-0.0074 (-0.70%), USD/JPY +1.38 (+1.24%). The dollar index on Wednesday soared
to a 13-1/2 year high and closed higher on the stronger-than-expected U.S. Oct
durable goods orders report and on the surge in the 10-year T-note yield to a
16-month high, which improves the dollar's interest rate differentials.
Jan crude oil prices (CLF17 -1.15%) this morning are down
-65 cents (-1.36%) and Jan gasoline (RBF17 -1.14%) is -0.0159(-1.12%).
Wednesday's closes: Jan crude -0.09 (-0.19%), Jan gasoline
+0.0114 (+0.81%). Jan crude oil and gasoline prices on Wednesday settled mixed
with Jan gasoline at a 3-week high. Crude oil prices were undercut by the rally
in the dollar index to 13-1/2 year high and by the +2.317 million bbl increase
in EIA gasoline inventories (vs expectations of +900,000 bbl). Crude oil prices
were boosted by comments from Iraq Prime Minister Haider Al-Abadi who said Iraq
will bear part of an oil-output cut at next week's OPEC meeting. Crude oil
prices also received a boost from the unexpected -1.255million bbl decline in
EIA crude inventories versus expectations for a build of +1.0 million bbl.The
Total Investment & Insurance Solutions
Don’t prepone Taxes; Scrap the ICDS standards, appeal CAs-The Total Investment & Insurance Solutions
Contact Your Financial Adviser Money Making MC
25
November 2016
 Tax(The Total Investment & Insurance Solutions) |
The Bombay Chartered Accountants
Society has requested the Finance Minister, Arun Jaitley to scrapping the
Income Computation and Disclosure Standards (ICDS) – Sec. 145(2) of the
Income-tax Act, 1961 [the Act]. The basic thrust of the 10 ICDS notified by the
CBDT appears to be to prepone taxation of various items. The age old concept of
taxing real income and commercial profit has been ignored. BCAS has launched a
petition under change.org to urge that the ICDS should not just be deferred but
should be withdrawn completely.
Sec. 145(2) authorises the Central
Government to notify Income Computation and Disclosure Standards [ICDS] for the
purposes of computation of income. CBDT has notified 10 amended ICDS vide
notification dated 29th September, 2016 applicable to assessment year 2017-18
and subsequent assessment years, to be followed by all assessees (other than an
individual or a HUF who is not required to get his accounts of the previous
year audited in accordance with the provisions of section 44AB of the Act)
following the mercantile system of accounting, for the purposes of computation
of income chargeable to income-tax under the head “Profits and gains of
business or profession” or “Income from other sources”. The Total Investment
& Insurance Solutions
The impact of ICDS can be enumerated
as below:
• The amended Form 3CD requires a
tax auditor to certify the adjustments to be made to the profit and loss in
accordance with the provisions of ICDS. This will result in substantial work
for most businesses and may even result in the requirement of parallel MIS, one
for the purposes of regular accounts, and the other for the purposes of ICDS.
• Taxpayers are already grappling
with regulatory changes of the Companies Act, 2013, Ind-AS and the proposed
GST. Industry should be allowed more time to deal with another change of this
nature. The
Total Investment & Insurance Solutions
• It is strongly felt that the
revenue department has introduced section 145(2) and the ICDS, to reverse the
impact of some of the decisions of the Supreme Court and various high courts,
which were rendered in favour of the assessees. In the revenue’s zeal to take
some corrective action, in respect of some perceived advantage taken by few
assessees, a huge unproductive compliance burden without any substantial
benefit to exchequer has been imposed on the business community, which is
certainly not helping in improving the image of India as a favourable
investment destination. The Total Investment & Insurance Solutions
• ICDS is bound to create
uncertainty and deterrence in the conduct of business in India and also
militates against the professed policy of the Government to simplify the
taxation system.
• Taxpayers would be required to
keep and maintain dual set of books of account to comply with the requirement
of ICDS and /or will have to spend considerable amount of time, energy and man
hours in preparing and reconciling income as per ICDS and the one computed as
per books of accounts maintained as per the applicable AS.
• There is bound to be a lot of
controversy in interpretation of the ICDS and this will merely lead to enhanced
litigation.
• Since some of the differences in
accounting as per Ind AS/ ICDS would only be timing difference, it will lead to
undue litigation without any corresponding benefit to the Revenue in long term. The Total Investment
& Insurance Solutions
In the event section 145(2) is not
deleted and the notified ICDS are not withdrawn, the implementation thereof
will create onerous burden on the assessees for compliance and will increase
the paper work manifold without any substantial advantage to the Revenue. The
above provision is clearly against the declared policy of the government of
minimum government and maximum governance. The Total Investment & Insurance
Solutions
In fact, even the Income-Tax
Simplification Committee, set up by Ministry of Finance and chaired by Justice
R. V. Easwar (Retd.) in its report containing first batch of recommendations
has rightly observed w.r.t. ICDS and has said that “ICDS deals only with the
method of accounting and at best it brings timing difference on recognition of
expenditure or income as compared to the books of account. The Committee
therefore feels that a fuller study of the implications of the ICDS is
necessary before it is implemented.”
At this very critical stage of the
national economy when there is an urgent need for ensuring the ease of doing
business in India and reducing all possible complexities and consequential
legal disputes, on account of the following reasons, the petition urges that the
ICDS should not just be deferred but should be withdrawn completely.The Total Investment
& Insurance Solutions
Bank staff gets some respite with end of old currency exchange -The Total Investment & Insurance Solutions
Contact Your Financial Adviser Money Making MC
25
November 2016
 |
| Line (The Total Investment & Insurance Solutions) |
These notes can now be exchanged from
the counters of the Reserve Bank of India alone, or can be deposited in banks.
It's a different matter that the employees of central bank have their fingers
crossed.
"This one task was a major burden
on us," said a bank executive with New Delhi's Saket branch of ICICI Bank.
"Just for Rs 2,000, we had to verify identity proofs, with originals often
missing, and the mark the index finger with ink. People were most reluctant
with these procedures."
The executive went on to explain that
some people would come with the notification that said they could exchange up
to Rs 4,000 and wouldn't believe the bank staff when it would say that it stood
reduced to Rs 2,000. "This often led to heated exchanges. It was a huge
psychological burden."
Following the announcement on
demonetisation, the government had said that people could go to any bank with
valid proof of identity and exchange their old Rs 500 and Rs 1,000 notes up to
a one-time limit of Rs 4,000. The Total
Investment & Insurance Solutions
This was then hiked to Rs 4,500, only to
be slashed again to Rs 2,000, with the use of indelible ink to prevent multiple
visits by people. The Total Investment
& Insurance Solutions
"We have been at the receiving end
from people queuing up at our branch to get notes exchanged. Most bank staff
can make out who is a genuine customer and who is fronting for others,"
said Abhishek, an officer with a leading international bank in Chandigarh. The Total Investment & Insurance
Solutions
"I caught a man yesterday who had
engaged a labour to stand in the queue to change currency for others. I had to
warn him," Abhishek told IANS, and echoing like others that the one-two
banking staff that was deployed at exchange counters, would now be used for
other tasks.
While latest data is unavailable, the
Reserve Bank of India (RBI) had said on November 21 that banks exchanged old
currency worth Rs 33,000 crore from November 10-18, and received deposits of Rs
511,565 crore. Also, Rs 103,316 crore was withdrawn from bank accounts and
ATMs.
A senior official of a public sector
bank in Chennai said that the process will also now begin to check if their
bank staff colluded with tax evaders to exchange their old Rs 500 and Rs 1,000
notes beyond the permissible limits. The
Total Investment & Insurance Solutions
"As far as the exchange of old
notes goes, the queues had certainly reduced after the government made the
application of indelible ink compulsory and cut the limit to Rs 2,000. But the
problem does not end. The supply of currencies to banks has certainly
reduced," the official said.
Joydeb Dasgupta, President, UCO Bank
Employees Association, also pointed out that the issue lay elsewhere. "The
problem is with the shortage of currency notes. There's a huge demand-supply
gap in notes," Dasgupta told IANS in Kolkata. The Total Investment & Insurance Solutions
"Unless and until new notes are
supplied adequately and re-calibration of ATMs is completed, bank employees'
plight will continue." The Total
Investment & Insurance Solutions
The Reserve Bank of India's Employees
Association office bearers apprehended that the pressure on their colleagues
will now be monumental after the removal of notes exchange in the commercials
banks.
"The exchange of notes has been
withdrawn from commercial banks only. It will continue at the counters of
Reserve Bank of India. We apprehend the pressure of exchanging notes will flow
towards RBI's counters," association Secretary Sudipta Saha Roy told IANS
in Kolkata.
"In fact, we saw our counters were
overcrowded for the last two weeks even though people were able to exchange
their old notes at the commercial banks."The Total Investment & Insurance Solutions
Google Glass helping scientists to study brain disease -The Total Investment & Insurance Solutions
Contact Your Financial Adviser Money Making MC
25
November 2016
Using Google Glass, Siberian scientists
are developing a prototype of a model to study an individual's proneness to
certain brain diseases at an early stage, media reported.
The scientists are using Google Glass to
study how people react to virtual reality and analysed the participants'
movements in virtual reality, rbth.com reported on Thursday.
"They evaluated the condition of
the muscles, the brain and the vestibular system. There is a difference between
the vestibular system's reaction in healthy people and that in sick
people," said Ivan Tolmachev, one of the model's developers. The Total Investment & Insurance
Solutions
The test requires the person to be aware
of what is happening around and follow the doctor's instructions.
The scientists are thinking of
conducting the test on children who are five and older in order to understand
if they are already prone to brain disease, noted the report. The Total Investment & Insurance
Solutions
Scientists from Tomsk Polytechnic
University and the Siberian State Medical University are together working on
this prototype and the project will need $64,000 to make the model marketable.The Total Investment & Insurance
Solutions
Nifty, Sensex headed higher – Weekly closing report-The Total Investment & Insurance Solutions
Contact Your Financial Adviser Money Making MC
25
November 2016
I
had mentioned in last week’s closing report that Nifty,
Sensex were likely to remain under pressure. The major indices of the Indian
stock markets showed a lot of volatility and closed with small gains for the
week. On Monday, the markets opened the week with a loss of 1.80% showing
weakness and closed the week on Friday with a gain of 1.87% showing strength.
The trends of the major indices in the course of the week’s trading are given
in the table below: The Total
Investment & Insurance Solutions
 |
| Weekend Indices (The Total Investment & Insurance Solutions) |
The Indian equity markets plunged to
their lowest levels in the last six months on Monday with the benchmark Sensex
receding below the 26,000-point mark and the NSE Nifty crashing below the 8,000
level. Besides, political bickering over the demonetisation move, depreciation
in rupee, continuous outflow of foreign funds and impasse between the central
and state governments on the contours of the Goods and Services Tax (GST)
framework depressed the buying sentiments.
The global and domestic investors
were jittery on the prospects of a US rate hike which can potentially lead
foreign portfolio investors (FPI) and funds away from emerging markets such as
India. It will also dent the business margins of corporate sector, as access to
capital from the US will become more expensive. The Total Investment
& Insurance Solutions
Gold crawled higher in Asian trade
on Monday, snapping a 3-session losing streak, helped by physical buying after
the metal slid to a 5.5 month low on Friday. Bullion has also been pressured by
talk of an interest rate hike in December by the Federal Reserve.
Indian shares on Tuesday bounced
back from six-month lows hit in the previous session, led by IT (information
technology) and auto stocks, with sentiment turning positive as Asian shares
rallied after all three major U.S. stock indexes hit record highs. Markets made
an attempt to regain the crucial psychological level of 8,000 today and closed
just 2 points above at 8,002.30.
IT, banking, pharma, auto, oil-gas,
textile and aviation stocks traded firm on buying support. Media-entertainment,
FMCG and power stocks traded with mixed sentiments due to short covering, while
cement stocks traded firm on buying support.
Investors betting that Donald
Trump will roll back regulations and taxes while pumping money into
infrastructure projects drove the Russell 2000 index of small-capitalization
stocks to a record with its 12th straight session of gains, its longest winning
streak since June 2003. The index has risen 11% since Election Day, outpacing
the S&P 500’s 2.7% climb. The Indian rupee weakened by 10 paise to
68.26 against a US dollar from its previous close of 68.16 to a greenback. The Total Investment
& Insurance Solutions
Indian shares extended gains for a
second day on Wednesday led by a gauge of capital goods companies, which
snapped its biggest losing streak since January. The Indian currency fell 0.3%
to 68.5 against the dollar, its lowest level since February. The rupee’s slide
toward a record low, amid $2.8 billion in outflows from Indian stocks and
bonds, prompted speculation the central bank will step up intervention to stem
losses.
Equity benchmarks snapped their
two-day winning streak on Thursday with the Nifty closing below the 8,000 level
amid consistent weakness in rupee and expiry of November derivative contracts.
Continued disruption in Rajya Sabha by opposition parties over demonetisation
also dented market sentiment. Pandemonium over the demonetisation decision
continued.
The rupee fell to its record low
level of 68.862 during the intraday trade on Thursday on account of buying of
the US dollar by the banks and importers. The domestic currency has fallen
around 4% since the demonetisation of higher currency notes by Prime Minister
Narendra Modi on November 8. The Total Investment & Insurance
Solutions
On Friday, the key Indian indices
provisionally closed the day's trade with gains of more than 1.5% each, as
buying was witnessed in IT, healthcare and banking stocks. Hong Kong stocks
notched up their biggest weekly gain in nearly two months, supported by a rally
in the Chinese financial sector driven by a rebound in insurance stocks.The Total Investment
& Insurance Solutions
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