The Income-Tax (I-T) department has issued around 8,000 notices to salaried employees, self-employed individuals, and companies who made significant donations to charitable trusts. The department suspects potential tax evasion, as records of these donations do not correspond with the income and expenses of those making them. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, "Notices were issued for donations made during the assessment years of 2017-18 through 2020-21."
Larsen & Toubro (L&T) disappointed the Street with its results for the January-March quarter of the 2022-23 financial year (Q4FY23) due to weaker core engineering & construction (E&C) segment performance by the engineering giant.' Although core E&C order inflows for FY23 rose 19 per cent year-on-year (YoY), with orders from railways, metals and water sectors, margins in the infrastructure segment crashed to all-time low. Revenue at Rs 58,300 crore was up 10 per cent YoY but somewhat below expectations.
The domestic hospitality industry is looking to 'fly' in 2023 cashing in on India's G20 presidency, having received the 'oxygen' to run in 2022 after being crippled in the past two years by the pandemic. Domestic travel, especially the leisure segment, gave wind to the industry this year and is expected to continue into the next. Industry players believe that as international arrivals are also likely to pick up even further, the outlook for 2023 is buoyant.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
A gradual approach to privatise public sector banks (PSBs) is more ideal than taking a big-bang approach, a study by Reserve Bank of India (RBI) staff has concluded. It has backed the government's idea to privatise two PSBs initially. Such a gradual approach would ensure that large-scale privatisation does not create a void in fulfilling important social objectives of financial inclusion and monetary transmission, the study has argued.
'If we want faster growth and want greater flow of credit towards the private sector, it's important to have many more of such large entities.'
The transplant surgery was performed recently at the Sir Ganga Ram Hospital in central Delhi.
The survey showed that 74 per cent of the non-profits consider "scaling their impact" extremely important.
The engineering and construction (E&C) sector delivered an excellent performance in the last two financial years (FY2021-22 or FY22 and FY23's nine-months) and there's reason to believe that FY24 will also see outperformance. The sector has emerged from the pandemic with stronger balance sheets and more rational cost structures. It has a big order book and it should see new order flows accelerate in FY24.
'Many cheques might have bounced due to spelling mistakes or signature mismatch or any other technical reasons. Cheques which bounced due to petty technical reasons would be presented again with the bank'
'The biggest risk to the Indian markets from a 12-18-month view is that the current government does not get re-elected, or loses in a way that is not represented at all in the next central government.'
S&P Global Ratings on Thursday said about half of the Indian companies that it rates are getting a boost in their core profitability from rupee depreciation. "Much of our rated India corporate portfolio has sizable US-dollar linked revenue and, therefore, is not exposed to rupee depreciation. "This encompasses entities in the IT, metals, and chemicals sectors. About half of the firms we rate are getting an EBITDA boost from currency weakening," the US-based rating agency said in a report.
'Even during the pandemic we did it.' 'We think it's our responsibility to make sure that we manage the uncertainty.'
Senior tax officials were told to focus on cash collection from the arrears so that the target for FY23 was achieved and the overall revenue position improved.
Salman Khan is so neck deep in his formulaic rut that the only way he knows out is to dole out some more of the bunk. Except now, the swagger has traded places with desperation, notes Sukanya Verma.
The government has given "in-principle approval" for 10 per cent reservation in the Central Armed Police Forces like the Central Reserve Police Force and Border Security Force for 'Agniveers' after their service in the military, the Rajya Sabha was informed on Wednesday.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Giroud, at 36, brings experience and guile to France's attack, while Mbappe, 23, is blessed with pace
Let intimacy have a role for the latter half of the night, but don't forget to include non-sexual activities that both of you enjoy, advises Dr Madhura Samudra, consultant psychiatrist and sex educator.
'The government or the ruling party has indicated indirectly that you are not supposed to publish anything critical of the government or the senior functionaries of the government.'
Karisma plays with red... Is Urvashi heartbroken?... Sunny's having fun...
Images from the WPL match between Mumbai Indians vs Gujarat Giants played at the DY Patil Stadium in Navi Mumbai on Saturday
With the cooling down of heatwaves as the monsoon spreads across the country, power demand has fallen by 12.5 per cent from the start of this month till Monday. Peak power demand of the country had touched a record of 210 Gw last week, mostly due to rising temperatures and opening up of the economy. Compared with the beginning of this month, almost all states have seen a fall in power demand. Punjab, however, is an exception where the power demand on Monday was 17 per cent higher than on June 1.
Why is Hrithik acting like Popeye? ... Diana savours Lngos and Papriks Csirke in Budapest...
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Operational and compliance challenges foreseen for fund houses in deducting tax at source, resulting in possible TDS mismatches and disputes with investors.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The difference between what the banks play in the US and India is not that of soccer and football but rugby and football. SVB also has a unique character. But when risks are mispriced, the fallout could be very similar, points out Tamal Bandyopadhyay.
The current operating environment remains highly volatile and persistent inflation will likely impact demand across categories, Tata Consumer Products Ltd chairman N Chandrasekaran said on Monday. To navigate through these "short-term bumps" in this uncertain environment, the company will focus on strong execution, maintaining agility and nimbleness," he said while addressing shareholders at the annual general meeting (AGM). "Geo-Political tensions, supply chain challenges, and demand-supply mismatches in crude and several other commodities are driving persistent inflation, which will likely impact demand across categories.
'Today, saving lives needs to take precedence.'
The GST Council in its meeting next week is likely to consider a proposal for making changes in the monthly tax payment form -- GSTR-3B, which would include auto-population of outward supplies from sales return and non-editable tax payment table, officials said. The move would help curb the menace of fake billing, whereby sellers would show higher sales in GSTR-1 to enable purchasers to claim input tax credit (ITC), but report suppressed sales in GSTR-3B to lower GST liability. Currently, GSTR-3B of a taxpayer includes auto drafted input tax credit (ITC) statements based on inward and outward B2B supplies and also red flags any mismatch between GSTR-1 and 3B.
'Every piece of content, every thought, has stemmed from reality and personal experiences.'
NBA great Michael Jordan's autographed game-worn sneakers from his rookie season fetched a record $560,000 (463,380 pounds) in an online auction, Sotheby's said on Sunday. The Air Jordan 1s, designed for Jordan in 1985 and the first ever signature sneakers, were expected to sell for between $100,000 and $150,000 in the auction.
People with shared interests have higher chances of falling in love and making it into a happy relationship, says Ravi Mittal, CEO, Quack Quack, an online dating app.
Ritu Kumar showcased a sustainable, environment friendly collection.
Subtlety has never been a strong suit of Bollywood remakes. They cannot resist adding that extra something or going overboard, sighs Sukanya Verma.
'I wasn't getting the roles I wanted to play and the respect I thought I deserved as a senior actor, so I cut myself off from the industry for a while and moved to the US.'
Retail sales of passenger vehicles grew last month but the sales of two-wheeler and commercial vehicles remained low compared to the pre-COVID month of May 2019, according to automobile dealers' body FADA. On Monday, FADA said that overall auto retails stood at 16,46,773 units in May, down from 18,22,900 units in May 2019. "May 2022 retails when compared to May 2019 reveal that sales are still not on a growth trajectory as overall retails were down by 10 per cent.
