I-T refunds worth Rs 1.26 trn issued to 3.9 million taxpayers till Oct 27


The Income Tax department has issued refunds worth over Rs 1.26 lakh crore to over 39 lakh taxpayers this fiscal so far.

This include personal income tax (PIT) refunds amounting to Rs 34,532 crore and corporate tax refunds amounting to Rs 92,376 crore during this period.

Rs 1,26,909 crore tax refunds issued. 39.14 lakh taxpayers got refunds. Income tax refunds of Rs 34,532 crore have been issued in 37,21,584 cases. Corporate tax refunds of Rs. 92,376 crore have been issued in 1,92,409 cases (till 27th Oct,2020), the Office of Minister of State for Finance Anurag Thakur tweeted.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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GlaxoSmithKline Pharma Q2 net profit declines 85% to Rs 76.47 crore


Drug firm on Wednesday reported nearly 85 per cent decline in its consolidated net profit to Rs 76.47 crore for the quarter ended in September.

The company had posted a net profit of Rs 502.75 crore for the corresponding period of the previous fiscal, it said in a BSE filing.

Consolidated revenue from operations of the company stood at Rs 879.32 crore for the quarter under consideration. It was Rs 882.02 crore for the same period a year ago, it added.

The company has recognised a financial impact of Rs 64.13 crore for the latest September quarter mainly to reflect the estimated realisable value of the assets, associated costs and impacts of reversal of provision on account of Zinetac recall, the filing said.

The company had recognised an exceptional item of Rs 401.14 crore for the quarter ended September 30, 2019, it added.

“GSK continues to demonstrate resilience in these times, as we focus our efforts on the safety of our employees while ensuring patients have access to our medicines,” MD Sridhar Venkatesh said.

Most of GSK’s key brands

Philadelphia Imposes Curfew Amid Unrest Over Police Killing Of Black Man


Officials in the US city of Philadelphia announced a curfew Wednesday following two nights of unrest over the latest police killing of a Black man.

The citywide order will last from 9:00 pm to 06:00 am (0100 to 1000 GMT Thursday), according to a statement on the city government’s website.

A demonstrator, wearing a protective face mask, holds a placard reading “WALTER WALLACE JR.” during a protest near the location where Walter Wallace, Jr. was killed by two police officers on October 27, 2020 in Philadelphia, Pennsylvania

Thousands of people have taken to Philadelphia’s streets, with looting and violence breaking out, after police on Monday shot dead 27-year-old Walter Wallace, who was carrying a knife.

His family said he suffered from mental health issues and asked why officers did not taser him instead.

Wallace’s death and the subsequent demonstrations have also revived a political clash between Republicans and Democrats less than a week before the election.

Protesters march, clash with police and set fires in West Philadelphia during a second night of demonstrations following the police killing of Walter Wallace, a 27-year-old Black man.

Protesters march, clash with police and set fires in West Philadelphia during a second night of demonstrations following the police killing of Walter Wallace, a 27-year-old Black man.
 AFPTV / Eleonore SENS

“It’s a terrible thing, what

States cut FY20 capital expenditure by 0.6% of GDP, says RBI study


States may see a massive cut in capital expenditure in FY21 due to the revenue impact of the pandemic, the Reserve Bank of India said in its annual study of state finances released on Tuesday.

The report “State Finances: A Study of Budgets of 2020-21” found that states drastically cut their capex by Rs 1.26 trillion, or nearly 0.6 per cent of the country’s gross domestic product (GDP), in the previous fiscal year 2019-20. This is the sharpest cut in at least two decades, the report shows, and it happened before the pandemic hit the economy.

The cut in capex in FY20 was so big that the rate of capital spending to GDP dropped from the 2018-19 levels for all states, the report said. The prevailing economic situation may force states to do the same this year, the report noted.

“States have a tendency to cut their capital expenditure by almost 0.5 per cent of GDP, on average, to meet fiscal deficit targets. A similar tendency relative to Budget estimates can be expected in 2020-21, particularly since states have not been able to start much capex because of lockdown

Rajesh Nambiar appointed as chairman, managing director of Cognizant India


has announced Rajesh Nambiar has been appointed as the chairman and managing director of its India arm and a member of executive committee with effective November 9.

He joins from Ciena, a networking and software company, where he currently serves as Chairman and President of Ciena, India. Nambiar has extensive general management, commercial, and delivery experience includes more than 12 years with IBM and 18 years with Tata Consultancy Services previously. At IBM, Rajesh was the General Manager and Global Leader for IBM’s Application Services Business. He also served on the board of IBM India and as a member of National Association of Software and Service (NASSCOM) Executive Council while at IBM.

“We are pleased to welcome Rajesh to and our Executive Committee,” said Brian Humphries, CEO, Cognizant, said in a company statement. “In the repositioned and elevated role of the India Chairman and Managing Director, Rajesh will strengthen our brand positioning in India and enhance our relationships with relevant Indian government agencies, chambers of commerce, universities, the media, and key policy-making bodies, including NASSCOM. Rajesh will also serve as the Executive Committee representative of our nearly

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