Business
SMEs offered funds, skill development | The Express Tribune
Six-month training programme will start in August. PHOTO: FILE
ISLAMABAD:
The federal government has offered funds and skill development programmes to enhance exports of small and medium enterprises (SMEs) operating in Khyber-Pakhtunkhwa (K-P).
Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan met on Friday with representatives of K-P SME clusters. The meeting was also attended by acting Small and Medium Enterprises Development Authority (Smeda) CEO Nadia, the additional secretary industries and production and director general to the SAPM.
While sharing the vision of Prime Minister Shehbaz Sharif for micro, small and medium enterprises, Khan stated that the PM envisioned aligning SMEs with modern technology to enhance productivity and competitiveness.
“Small businesses are the backbone of economic growth, employment generation and export promotion,” he said and emphasised that the PM was committed to empowering women through entrepreneurship and skill development to achieve inclusive economic progress.
The special assistant noted that no country could achieve sustainable economic development without strengthening its SMEs. He assured entrepreneurs that the government was facilitating SMEs through banks and collaborating with international consultants to introduce best practices.
During the meeting, Smeda pointed out that a memorandum of understanding (MoU) had been signed with Mobilink, enabling online bank registration through smartphones for SMEs.
Representatives of the SME clusters underscored the need for government support for the K-P furniture sector and highlighted the immense export potential of the province’s honey industry.
Income doesn’t come regularly
Freelancers earn from different clients at different times, making it hard to know the final income figure early
Multiple clients mean scattered TDS
Tax is deducted by many payers under different sections, and details don’t always update together in AIS or Form 26AS.
Income details settle very late
Many payments and TDS entries appear only near the year-end, delaying tax calculations.
First-time taxpayers lack clarity
Young gig workers often don’t know ITR deadlines, advance tax rules, or penalties for late filing.
Paperwork isn’t ready on time
Forms like 16A, invoices, bank statements, and expense bills are often unorganised or missing.
TDS deducted ≠ filing done
A common myth is that if tax is already deducted, filing the return is optional. It’s not.
Refund expected, filing delayed
Many assume that if no tax is payable or refund is due, filing late won’t matter — but penalties still apply.
E-verification gets ignored
Returns filed but not verified within 30 days are treated as invalid, almost like not filing at all.
Portal issues at the last moment
Heavy traffic, OTP failures, and technical errors near deadlines push filings beyond the due date.
No regular income tracking system
Not maintaining client-wise records of invoices, payments, and TDS creates confusion at filing time.
Deductions are gathered too late
Proofs for insurance, mutual funds, PPF, health cover, or tuition fees are often collected at the last minute.
MUMBAI: Serious Fraud Investigation Office (SFIO) has opened a formal probe into IndusInd Bank after a Dec 23, 2025 letter triggered an investigation under the Companies Act, 2013, over accounting lapses tied to internal derivative trades.In a filing, the bank said SFIO, under the MCA, seeks information after the lender flagged on June 2 issues spanning internal derivatives, unsubstantiated “other assets/liabilities”, and microfinance interest/fee income. It disclosed the update on Dec 18, pledged full cooperation, and posted details on its website.Derivatives irregularities have hit P&L by about Rs 1,960 crore as of March 31, 2025, eroding reported net worth by roughly 2.3% as of Dec 2024. Earlier profits were overstated as notional gains flowed into P&L while losses sat parked as assets, inflating NII and earnings quality. The derivatives irregularities saw several members of the senior management stepping down with the board bringing in Rajiv Anand from Axis Bank to head the private lender.The bank recognised the losses, absorbed pain in its FY25 earnings which tipped the bank into a Q4 FY25 net loss after one-off write-offs/provisions. Capital/net worth took a 2–2.5% post-tax hit, trimming buffers and nudging growth appetite and capital pricing.The derivatives loss resulted in the shares of the bank sliding as investors reassessed earnings credibility and governance. The scrutiny also sharpened on the board/management/audit committees, intensifying regulatory pressure and SFIO oversight.
MUMBAI: Navi Mumbai International Airport (NMIA) opens to commercial operations on Thursday after years of missed deadlines, opening a second gateway for air travel in the Mumbai region. The day will see four airlines operating about 30 domestic flights at India’s newest greenfield airport. The first scheduled arrival will be an IndiGo flight from Bengaluru, touching down at 8 am, while the first departure will also be operated by IndiGo, a morning service from Navi Mumbai to Hyderabad, scheduled to take off at 8.40 am. The terminal building will open to departure passengers around 6.40 am, said an NMIA spokesperson.“On Day One, domestic services will be operated by IndiGo, Air India Express, Akasa Air and Star Air connecting NMIA to nine destinations across India. The airport will handle 15 scheduled departures on the first day,” said an NMIA spokesperson.“During the initial phase, NMIA will operate between 8 am and 8 pm, with up to 24 scheduled daily departures to 13 destinations and the capability to manage up to 10 aircraft movements per hour. From Feb 2026, operations are planned to progressively scale up to round-the-clock services,” the spokesperson added. “Passenger services from day one will be supported by Digi Yatra-enabled contactless processing at designated touchpoints, along with trained terminal staff across kerbside, check-in, security and boarding areas,” the spokesperson said. Conventional check-in counters too will be available for passengers not opting for Digiyatra. Retail and food and beverage offerings have been curated with a focus on affordability and local preferences, the airport said.In its initial phase, NMIA opens with terminal 1 and one operational runway; the terminal building has a capacity to handle 20 million passengers annually, but it is expected to touch that number before mid-2026. The terminal building can accommodate about 2-3 million passengers beyond its declared capacity. The new airport is 45-50 km from North Mumbai, 35-40 km from South Mumbai and 35-45 km from the eastern suburbs.
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