'Considering Pai is putting his own personal money in Byju's, stakeholders in the company can look forward to more governance and transparency.'
Maharashtra Nationalist Congress Party (NCP) president Jayant Patil appeared before the Enforcement Directorate (ED) in Mumbai on Monday in a money laundering case linked to alleged financial irregularities in the now bankrupt financial services firm Infrastructure Leasing and Financial Services Limited (IL&FS), an official said.
BlackRock has again reduced the valuation of its share in edtech firm Byju's - this time to about $1 billion, TechCrunch reported on Friday, citing disclosures made by the US-based asset manager. This is 95 per cent less than its peak valuation of $22 billion in 2022. The markdown comes at a time when the company is facing a multitude of challenges, including securing fresh capital, delays in financial reporting and legal disputes with lenders.
The govt could allow start-ups and e-commerce cos to appropriate initial brand building expenses over several years for accounting benefits
Auditors raise red flags over Jet Air's robust financial status.
A court ruled in favour of Vodafone on Friday in a long-running dispute with the Indian taxman, a boost for the British telecom group whose tax battles have been seen as emblematic of the troubles facing foreign investors in India.
It can be noted that ever since Satyam Computers scandal came out in January 2009, the audit world, especially the Big Four, have been under fire from the regulators.
'Byju's financials only reflect the core business. At a group level, they are experiencing substantial losses.'
The norms will affect companies in pharma, energy, manufacturing, software sectors.
An analysis of S&P BSE 500 companies suggests that promoters of Indian private-sector companies in particular could end up paying at least 20 per cent more as additional tax on the same dividend income.
The auditors also said that the company is in the process of monetising its assets and has submitted a draft resolution plan to the consortium of bankers for restructuring its borrowings and also there have been discussions for stake sale by the promoters to a strategic partner with further equity infusion.
If the policy is extended to NBFCs and co-operative banks, they will have to disclose divergence in asset classification and provisioning during RBI inspections in their audited financial reports. Till now, these entities have been exempted from this. At present, there are more than 98,000 co-operative banks and 10,000 NBFCs. Sources said the RBI would concentrate on the top 50 co-operative banks and NBFCs.
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.
Finance Minister Arun Jaitley is likely to slash corporate tax rate by about one per cent and may put an end date for certain exemptions availed by the industry.
These plans aren't likely to put substantial cash in your hands.
The new return forms also make life easier for expatriates.
The ruling mean FPIs cannot seek treaty protection against the new withholding tax that companies are required to deduct at source. The apex court order pertains to when the cricketing bodies of Pakistan, India, and Sri Lanka formed a joint committee to conduct the 1996 Cricket World Cup.
Tax rules that could land you in trouble
It is not advisable to touch retirement corpus if property is being purchased for investment.
The coming Union Budget might give relief to foreign portfolio investors from taxation on indirect transfers.
Increase in surcharge will adversely impact fund managers planning to shift to India. As a matter of fact several fund professionals based in India could also relocate to other jurisdictions, resulting in a brain drain.
The move would help tax authorities get leads on evasion.
Preliminary investigations conducted by capital markets regulator Securities and Exchange Board of India and inputs from other regulators and government departments suggest that some brokers were offering structured financial products to their HNI clients under some portfolio investments schemes for high returns of 10-20 per cent.
Combined debt-equity ratio of top companies declines but interest expenses outgrow profits.
ICDS is silent on the prudence aspect of accounting standards.
'There is a huge tax differential of 15% to 20% depending on income classification.'
India is set to sign an agreement with the US to resolve transfer pricing disputes, which will then serve as a template for settling such rows with multinational companies based in the UK, France and other European countries.
You can electronically verify returns and regularise these by August 31.
Relief would only be for unlisted companies; listed ones already have to prepare statements once a year.
Singapore is the favoured destination as it has traditionally had a stable fund management regime; also, its tax treaty with India is similar to that of Mauritius
The company has finalised a three year business plan to increase revenue and control costs.
Once the income has been classified as either business income or capital gains, be consistent.
Withdrawals from EPF and NPS to have same tax rates.
Budget may bring exemption for those backed by Indian securities other than shares
The government has also developed a PAN activity monitoring.
Domestic I-T laws require you to deduct tax on software, e-books and music albums; must report every such transactions while filing returns.
The tax computation compares the original cost, along with the stock value on January 31, and grants benefit of the higher of the two.
The new Income Tax return forms are much simpler in many respects.
Last week, the government had introduced the black money Bill.
Firms that have a turnover of under Rs 1 cr can pay tax without maintaining books.
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