Mukesh Ambani, Asia's second richest man, has not drawn a salary from Reliance Industries for the sixth consecutive year, with dividends from his extensive shareholdings serving as his primary source of income.
Tata Consultancy Services' (TCS) annual dividend payout declined to a four-year low of approximately 39,820 crore in FY26, marking its steepest decline in a decade and potentially adversely affecting Tata Sons' finances, which heavily rely on TCS's dividend income.
On the back of robust tax collection, the ratio of direct taxes to gross domestic product (GDP) this financial year is likely to be the highest in this century so far. This, along with strong goods and services tax (GST) collection, may drive up receipts from central taxes as a proportion of GDP to the highest level or close to the highest since 2008-09 despite subdued excise and customs duty receipts. This will be due also to lower nominal GDP projected in the first advance estimates for 2023-24.
The budget has increased the outlay for the Ministry of Civil Aviation by 21% at Rs 12165 crore from Rs 10031 crore for FY2008-09. However, the revised estimate for FY2008-09 was at Rs 7490 crore against the outlay of Rs 10031 crore.
Asia's richest man Mukesh Ambani drew nil salary from his oil-to-telecom-and-retail conglomerate Reliance Industries for the fifth year in a row and dividends remain his main source of earnings. Ambani, 68, had capped his annual remuneration at Rs 15 crore from financial year 2008-09 (April 2008 to March 2009) to 2019-20 (FY20); and since FY21, he opted to forego his salary, due to COVID-19 pandemic, until the company and all its businesses were fully back to their earnings potential.
Indian companies, like their Western counterparts, are becoming more global with mergers and acquisitions.
The individuals and HUFs are seeking effective reduction in tax incidence through hike in threshold limit of income tax exemption, restoration of standard deduction, increase in exemptions U/s 80 C etc
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Passenger Vehicle sector seeks cut in excise duty on large cars too, and to reduce interest on auto loans to boost demand
Capital markets regulator Sebi has sent a notice to Deccan Chronicle Holding's promoters and asked them to pay Rs 4.29 crore in a matter related to misrepresentation of financial statements of the company from FY 2008-09 to 2011-12. The regulator directed T Venkattram Reddy, T Vinayak Ravi Reddy and P K Iyer to pay Rs 4.29 crore, which includes interest and recovery costs, within 15 days, Sebi said in a demand notice issued on Friday. In the event of non-payment, it will recover the amount by attaching and selling the movable and immovable properties of the Deccan Chronicle Holdings Ltd (DCHL) promoters.
In response to the panic triggered by Trump's trade policies, the RBI net sold approximately $43 billion in the second half of FY25 to curb volatility, as the rupee plunged to a low of 87.95 per dollar in February this year.
You can achieve this by following one of the five golden rules of tax planning, namely, by spreading your income among your family members.
Asia's richest man Mukesh Ambani drew nil salary from his oil-to-telecom-and-retail conglomerate Reliance Industries for the fourth straight year in a row while his children earned a sitting fee and a commission for being on the board of India's most valuable company. Ambani, 67, had capped his annual remuneration at Rs 15 crore from financial year 2008-09 (April 2008 to March 2009) to 2019-20 (FY20); and since FY21, he opted to forego his salary, due to COVID-19 pandemic, until the company and all its businesses were fully back to their earnings potential.
Foreign companies now pay less tax relative to their earnings than at any time in more than three decades. Foreign private companies paid 24.36 per cent of their pre-tax profit as tax in 2023-24, show numbers from the Centre for Monitoring Indian Economy (CMIE).
In the previous fiscal year, he drew a Rs 15 crore salary from the company -- the same as in the previous 11 years.
Questions will be raised over why those changes take place and whether non-economic factors are at play, says A K Bhattacharya.
The country's outward FDI showed a bigger decline of 52.7 per cent for the January-March quarter.
Rating agency Crisil has revised downwards the Indian GDP growth forecast for FY09 to 8.1 per cent, from the earlier 8.5 per cent, in view of the high inflationary conditions, interest rate and global growth outlook.However, despite the growth deceleration, Crisil expects inflation to stabilise at an average 5.5 per cent in 2008-09 in a normal monsoon scenario, the agency said.
Transfer pricing tax orders of Income Tax against Shell and Vodafone pertain to alleged undervaluation of shares issued by their domestic subsidiaries to the parent companies abroad.
However, independent economists are not as gung-ho as the finance ministry over the likelihood of deficit target being met this time around, says Indivjal Dhasmana.
Billionaire Mukesh Ambani for the second year in a row drew no salary from his flagship firm Reliance Industries in the last fiscal as he voluntarily gave up remuneration in light of the pandemic hitting the business and economy. In its latest annual report, Reliance said Ambani's remuneration for the financial year 2020-21 was "nil". In June 2020, Mukesh D Ambani, chairman and managing director of Reliance Industries, voluntarily decided to forego his salary for the year 2020-21, in light of the COVID-19 outbreak in India, which exacted a huge toll on the societal, economic and industrial health of the nation.
Stimulus was given in phases after Chidambaram had left the finance ministry to head the home ministry in December 2008.
The declining output of the manufacturing sector pulled down the economic growth rate in the fourth quarter of 2008-09 to 5.8 per cent and 6.7 per cent in the entire fiscal.
After four years of growth at 40 per cent or more, capital expenditure (capex) by India Inc in the current financial year (2008-09) may drop almost 30 per cent.
The government lost Rs 71,255 crore (Rs 712.55 billion) on tax rebates and exemptions awarded to corporates and non-corporates in the 2008-09 fiscal, Minister of State for Finance S S Palanimanickam told Rajya Sabha.
Highways regulator the National Highways Authority of India (NHAI) has exceeded its toll revenue target in the fiscal 2008-09, collecting taxes to the tune of Rs 1,702 crore (Rs 17.02 billion).
India received $55.9 billion in remittances in the year 2010-11.
The Indian economy is projected to have grown at a slower pace in 2007-08, as data released today showed industrial production growth during the year moderated considerably over the previous year. The advance estimates for national income for 2007-08 had pegged the growth of gross domestic product at 8.7 per cent. Economists now expect it to be a notch lower.
India's exports in 2009-10 fell 4.7 per cent to $176.5 billion, as a late revival in demand failed to fill the vacuum created in the first half.
Government Borrowings to remain high during 2011-12 in the absence of one-off revenues, higher subsidy payments and social sector spending
The declining output of the manufacturing sector pulled down the economic growth rate in the fourth quarter of 2008-09 to 5.8 per cent and 6.7 per cent in the entire fiscal.
While banks are busy firming up business plans for 2008-09, some of them have already conveyed to the Reserve Bank of India about prospects of a moderation in the credit growth. In March, many banks held talks with RBI on resource conditions and growth prospects. In fact, Bank of India has already scaled down the estimate for the current financial year to 17-18 per cent compared with the 24 per cent rise it had targeted in the just-concluded financial year.
The combined market valuation of all the listed companies in the country dropped to Rs 30,86,075 crore (Rs 30,860.75 billion) on the last day of this fiscal as against Rs 49,72,953.37 crore (Rs 49,729.53 billion) on March 31, 2008, leading to a loss of over Rs 18,86,000 crore (Rs 18,860 billion) during the period.
RIL is one of the biggest employers among the non-IT private sector companies in the country.
India's economic growth slowed to 3.1 per cent in January-March and to an 11-year low of 4.2 per cent for the full fiscal 2019-20 amid a drop in consumption and investment. The Gross Domestic Product (GDP) growth stood at 5.7 per cent in the corresponding quarter of 2018-19, according to data released by National Statistical Office (NSO) on Friday.
While Ambani, 66, drew nil salary from the company since the 2020-21 fiscal year, other executive directors including his cousins Nikhil and Hital are paid a salary, perquisites, allowances and commission. His three children - twins Akash and Isha (both 31) and Anant (28 years) - will get only a sitting fee and a commission on the profit earned by the firm.
Beside manufacturing, deceleration was also witnessed in sectors like agriculture, construction and electricity, gas and water supply.
IT software exports were valued at $49.5 billion in 2008-09, which was about 14 per cent more than that in 2007-08. India will be showcasing its strength in IT hardware, software and services and telecom sectors at GITEX, an IT exhibition in Dubai.
The government expects fuel consumption to grow six per cent next fiscal while crude oil imports are slated for a rise, despite slowdown in the economy.
With economic conditions turning better compared to that three months ago, the Planning Commission on Monday said economy should record at least 6.7 per cent growth rate this fiscal, the same as was witnessed in 2008-09.
