As a result, the deadline for filing June quarter results ends on August 15. However, only 1,538 companies out of the 4,000-odd listed firms managed to declare their results within the usual deadline.
Suspected Communist Party of India-Maoist guerrillas blew up railway tracks and a portion of government complex housing the office of the block development officer n Bihar's Naxal-hit Jamui district in the wee hours of Friday to protest the recent arrest of its self-styled area commander.
The time the companies have to get ready for GST is 6 to 12 months.
'Byju's financials only reflect the core business. At a group level, they are experiencing substantial losses.'
Any transaction where the value of Indian assets exceeds 50% of the FTC would attract taxes in India.
With a new higher tax regime coming into effect from the new financial year, top corporates and wealthy investors are in a rush to restructure their shareholding.
Before resigning as an auditor of an Adani Group firm, Deloitte had sought an independent external examination of allegations made by a US short-seller but the company said the allegations had no effect on financial statements and the reasons cited for quitting were not convincing to warrant such a move. In a 163-page filing with stock exchanges relating to Deloitte Haskins & Sells LLP's resignation, Adani Ports and Special Economic Zone (APSEZ) said that in meetings with its leadership, Deloitte indicated concern over a lack of a wider audit role as auditors of other listed Adani companies. However, the firm conveyed to the auditor that it was not within its remit to recommend such appointments as other entities are "completely independent".
In 2009, ArcelorMittal had picked up a stake in Uttam Galva Steels. A new Section 29A of the IBC prohibits promoters of companies with NPAs of more than a year from bidding for these companies.
Byju's, India's most-valued startup, has decided to put two of its key assets -- Epic and Great Learning -- on the block to generate $800 million-$1 billion in cash, with an aim to meet the edtech firm's various commitments, including repaying the entire $1.2 billion term loan B (TLB) within six months, according to sources. The cash-strapped company has proposed repaying $300 million of the $1.2 billion loan in the next three months, depending on whether the lenders accept Byju's amendment proposal, said the people familiar with the development. "This loan repayment proposal has been submitted to the lenders and conversations are going in the right direction," said a person in the know.
"India's middle class, small traders and farmers are the lifelines of its economic growth. By catering to these ambitions #Budget2019 infuses hopes for millions of dreams."
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
Initial share sales are set to dazzle the Dalal Street in 2022 too as companies are expected to garner up to Rs 1.5 lakh crore in the New Year, continuing with the bullish momentum after 2021 turned out to be the best IPO year in two decades for the Indian market. Excessive liquidity and increased retail investor participation ensured a persistent euphoria in the Initial Public Offer (IPO) space wherein companies mopped up more than Rs 1.2 lakh crore this year even as pandemic gloom shadowed the broader economy. In 2022, the higher amount of funds through the primary market will be largely driven by the mega IPO of state-owned Life Insurance Corp (LIC).
Retrospective claims may not stand the test in international courts.
If any foreign account holder violates Indian laws, tax authorities can enforce repatriation of funds.
The coming Union Budget might give relief to foreign portfolio investors from taxation on indirect transfers.
It's not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank, though such course of action is not common.
The Indian hockey team fought hard but eventually ran out of steam against Olympic champion Germany to go down 3-5 in its second match of the BDO Hamburg Masters tournament at Uhlenhoster Club, Hamburg.
India has emerged as one of the top five investment destinations in the world.
Portfolio investors based out of the US and other countries with which India does not have favourable tax treaties will have to pay a 15 per cent tax on their derivative transactions, after the Budget decided to classify income from all foreign portfolio investment as capital gains.
Sangeeta received the Indian team call-up after impressing in the age-group tournaments but before her dream to play for the senior national side could take flight, the pandemic struck leading to a nationwide lockdown.
Govt steps up security to check criminals seeking bank details of taxpayers
India's first electric car, Reva,is set to roll into Israel soon as a leading firm of the country has been granted the franchise to import the battery-operated vehicle, a media report here said.
Regulators and investigators around the world have access to sophisticated tools making it possible to detect white collar crimes. This is where Indian investigators and regulators have been found wanting, says Sudipto Dey.
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
If a house is sold and the proceeds are used to buy another, whoever contributed to the purchase of the first house can claim exemption on capital gains tax
Check the status and immediately act on it
HNIs are scrambling to do so, as they fear government might introduce inheritance tax. This haste could cost them dear, reports Sanjay Kumar Singh
Prepare your replies with expert help, if necessary. Keep relevant documents ready to support your replies.
A strong showing will be vital to Narendra Modi's chances of a second term.
India have been drawn with Spain, Azerbaijan and hosts Ireland in Group B of the Women's Champion Challenge to be held in Dublin from June 18 to 26.
RIL's stake in Network18 would reduce to 64 per cent, from 75%, following the merger
Authorities were bringing 150 people who had taken refuge along with several others at a make-shift tent behind the BDO's office ever since clashes erupted in trouble-torn Nandigram in the run up to the May 11 panchayat polls. However, motorcycle borne CPI-M men allegedly beat six of them at Maheshpur near Satengabari and Gokulnagar, Trinamool Congress bloc president Abu Tayeb alleged.
With the implementation of the goods and services tax less than 75 days away -- assuming July 1 as the roll-out date -- Sudipto Dey provides a guide to how businesses can navigate the transition.
Taxpayers might face several issues while filing returns this year.
Before participating, consider company's long-term prospects, premium offered and acceptance ratio.
The probe agency found irregularities in loans amounting Rs 3,642 crore sanctioned by Yes Bank to the travel firm.
After conducting an aerial survey of some of the affected areas and attending a review meeting along with Prime Minister Narendra Modi in Basirhat in North 24 Parganas district, she said there is a need to work together at this hour of crisis.
GAAR will not override the recently revised double taxation avoidance agreements with Mauritius and Singapore.
Do not declare them under Income Tax.
5 things to look at when companies go for mergers and acquisitions.
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