Upcoming B2B Gems & Jewellery Exhibition- 19th - 20th - 21st January 2019. Bangalore.
Date extended for filing IT return
CBDT extends the date for filing income tax return for Assessment Year 2016- 2017 from July 31st to August 5th, 2016. As per provisions of Section 139(1) of Income-tax Act 1961, Central Board of Direct Taxes extends the due date for filing returns of Income for Assessment Year 2016- 2017 from 31st July, 2016 to 5th July,2016 , in case of taxpayers throughout India who are liable to file their Income-tax by 31st July, 2016.
This extension is given in order to avoid any inconvenience to the taxpayers while making payment of taxes pertaining to returns of income for Assessment Year 2016- 2017 by 31st July, 2016 due to reports of Bank strike on 29th July,2016(Friday) and 31st July,2016 (Sunday), being a Bank-Holiday .
Alrosa president Andrey Zharkov at the WFDB President meet, "Alrosa has just completed a large-scale program of building three underground mines in Yakutia-the Mir, the Aikhal and the Udachnaya pipes. Underground mining required huge investments -about $1 bln for one underground facility. Today around 25% of Alrosa’s carats output is produced by underground mines. We expect this share to rise up to 35% by 2020."
Maxim Shkadov, IDMA president at the 2015 Dubai Diamond Conference, "One known model is called the beneficiation model, a model that in my view will become soon obsolete because it has proven to be ineffective- surely from an economical perspective, and often also from an practical and ethical point of view. Clearly, any country that wishes to sell its rough diamonds in the downstream market needs to assure that their diamonds are not part of a flawed business model that lacks transparency."
Ernie Blom, WFDB President: "These are complicated times for the diamond industry across the world. I must stress that the WFDB is fully aware of the breadth and depth of these issues and that we are taking all steps possible to address them and to aid all our members."
Philippe Mellier at Presidents meeting, "The new contract period requires greater financial transparency and robustness from our customers. While this may have presented some challenges when it came to compliance, the new approach is a crucial step given the changes to the world of financing. It will help the industry regain its reputation worthy recipient of the bank finance that provides oxygen to the midstream. And it will mean greater midstream liquidity, helping diamantaire businesses bridge through periods of lower seasonal demand."
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