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CBDT extends deadline for filing ITRs with audit reports to Oct 31, 2018

CBDT extends deadline for filing ITRs with audit reports to Oct 31, 2018

Finance
NEW DELHI: The government today extended by a fortnight till October 31 the deadline for filing Income Tax return (ITR) and audit report for financial year 2017-18. This is the second extension within a fortnight of the Central Board of Direct Taxes (CBDT), earlier extending the deadline for tax payers whose accounts have to be audited from September 30 to October 15. Tax audit is a review of accounts of taxpayers with business or profession from an income tax point of view such as incomes, deduction, compliance with tax laws, etc. Taxpayers with turnover exceeding Rs 1 crore in business (not opted for presumptive taxation scheme) or whose gross professional income is over Rs 50 lakh need to get a tax audit done. Tax audit report needs to be filed on or before the 30 September of the subse...
GB's Thomas extends lead to edge closer to Tour de France victory

GB's Thomas extends lead to edge closer to Tour de France victory

Sports
Geraint Thomas edged closer to winning the Tour de France by finishing second to Primoz Roglic on stage 19, the final day in the mountains.The Briton outsprinted closest rival Tom Dumoulin on the run-in to Laruns to pick up six bonus seconds and extend his overall lead with two stages left.Thomas leads Dutchman Dumoulin by two minutes, five seconds with Saturday's 31km individual time trial to come. Sunday's processional finale into Paris will see no change in the standings.BeSpoke at the Tour: Thomas clears the final summitTradition dictates that the yellow jersey is not attacked on the final stage, so if Team Sky's Thomas leads after the time trial, he will become the third Briton to win th...
Navy extends contract with Phoenix Air for electronic warfare training

Navy extends contract with Phoenix Air for electronic warfare training

Business
June 4 (UPI) -- The Defense Department modified a contract aimed at training aircrews in electronic warfare. The modified contract between the U.S. Navy and Phoenix Air Group, is valued at more than $ 14.6 million and extends the current period of performance by two years, expiring in November 2020. The deal, announced Friday, provides services in support of Navy electronic warfare aircraft training jamming systems. They are designed for "stand-off jamming for opposing force threat simulation during various levels of exercises for shipboard and aircrew tactics, aircraft weapon system operators and for procedures to counter potential enemy electronic attack threats," according to the Pentagon. Work on the contract will occur in Florida, California and Virginia. No funds will be obligated ...
UIDAI extends deadline to deploy Virtual ID system to July 1

UIDAI extends deadline to deploy Virtual ID system to July 1

Finance
NEW DELHI: UIDAI has extended by one month to July 1 the deadline for service providers and agencies like banks and telecom companies to fully deploy Virtual ID system and accept these IDs in lieu of Aadhaar number. The Virtual ID (VID) feature is aimed at giving users the option of not sharing their Aadhaar number at the time of authentication. UIDAI - which had earlier said it will be compulsory for all agencies that undertake authentication to accept VID from their users from June 1, 2018 - has decided to give one more month after the user agencies said they needed more time to switch to the new system. "We are ready but the agencies wanted some more time to switch to the VID system. We have, therefore, given one more month till July 1," UIDAI CEO Ajay Bhushan Pandey told PTI. The exten...
South Korea expresses regret on U.S. steel tariff, extends request for exemption

South Korea expresses regret on U.S. steel tariff, extends request for exemption

World
SEOUL, March 9 (UPI) -- South Korea expressed regret over the United States' decision to impose a 25 percent tariff on foreign steel products and said it will consider lodging a complaint with the World Trade Organisation if an exemption isn't made.Minister of Trade, Industry and Energy Paik Un-gyu convened a meeting with local steel firms Friday morning, after U.S. President Donald Trump signed the order to slap steep tariffs on foreign steel, ignoring Seoul's repeated requests to exclude South Korean products from the measure.Paik expressed concern that the U.S. trade action would take a sizeable toll on South Korean businesses, as they account for the third largest amount of foreign steel in the U.S. market after Canada and Brazil, Chosun Ilbo reported.According to the Korea Internation...