Billionaire Gautam Adani has said the decision to withdraw a fully subscribed share sale of the flagship firm of his group was primarily because of volatility in the market. Adani Group company stocks have lost over $90 billion in value since a US short seller made damning allegations. Adani Enterprises Ltd's Rs 20,000 crore follow-on public offer managed to get investors on the last day of the share close on Tuesday.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The United Kingdom government on Tuesday said that though the air traffic control 'technical issue' that led to the severe disruption of hundreds of flights and left thousands of passengers stranded has been resolved, routes will continue to be affected for some days as airlines scramble to recover from the domino effect on their schedules.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
The Board of Control for Cricket in India announced release of Invitation to Tender for the right to own and operate a team in the Women's Indian Premier League.
rediffGURU Mihir Tanna answers your income tax queries.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
.jpg)
Moving quickly towards ending a retrospective tax dispute with a firm that gave India its largest oilfield, the government has accepted Cairn Energy PLC's undertakings which would allow for the refund of taxes, sources said. Meeting the requirements of the new legislation that scraps levy of retrospective taxation, the company had earlier this month given required undertakings indemnifying the Indian government against future claims as well as agreeing to drop any legal proceedings anywhere in the world. The government has now accepted this and issued Cairn a so-called Form-II, committing to refund the tax collected to enforce the retrospective tax demand, two sources with direct knowledge of the development said.
India's collection from tax on personal and corporate income jumped over 48 per cent in the current fiscal after a 41 per cent surge in advance tax payments, mirroring sustained economic recovery in a year that witnessed two waves of coronavirus infections. Net collections of direct taxes until March 16, 2022, in the fiscal year that started on April 1, 2021, stood at Rs 13.63 lakh crore compared to Rs 9.18 lakh crore in the same period a year back, an official statement said. The net collections in direct taxes, which is made up of income tax on individual income, corporation tax on profits of companies, property tax, inheritance tax and gift tax, in the current fiscal is 35 per cent higher than the collection of Rs 9.56 lakh crore in the pre-pandemic year of 2019-20 (April 2019 to March 2020).
If your flight is cancelled or delayed or you miss one, a travel insurance policy can cover the costs at such times and help you book a new one.
Edtech major Byju's has denied charges that it purchased students' databases and clarified that it relies on app users, walk-ins and incoming requests for consultation. The statement from Byju's comes against the backdrop of summons issued to the company by child rights body National Commission for Protection of Child Rights (NCPCR). "Byju's strongly denies the allegation that it purchases students' databases.
Adani group firms Ambuja Cement Ltd and ACC Ltd on Thursday said no shares of the companies have been pledged by the promoters, who have only provided a "non-disposal undertaking". In a joint statement to stock exchanges, Ambuja Cement Ltd and ACC Ltd termed as "misleading" reports of pledging of shares by the promoters as part of financing their acquisition. "Consequently, there are market rumours that amid market volatility, there is a requirement to meet the top-up triggers where in there is selling pressure," the statement said.
With an aim to recover fines from elusive offenders, capital markets regulator Sebi on Thursday introduced a reward system for up to Rs 20 lakh to informants for sharing information about the assets of defaulters. The reward may be granted in two stages -- interim and final. While the interim reward amount will not exceed two and a half per-cent of the reserve price of the asset regarding which tips was provided or Rs 5 lakh, whichever is less and the final reward amount will not exceed 10 per cent of the dues recovered or Rs 20 lakh, whichever is less.
Rising prices of cereals and concerns over rice production in the 2023-2024 crop year due to insufficient rains followed by floods could be the possible causes.
'Personal income tax collections have been high on account of impressive advance tax mop-up.'
The Income Tax department Saturday issued an advisory that those permanent account numbers (PAN) which are not linked with Aadhaar by the end of March next year will be rendered "inoperative". "What is mandatory, is necessary. Don't delay, link it today!" the department said in a public advisory. "As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative," it said.
The finance ministry on Friday said advance tax collection increased by 53.50 per cent to Rs 4.60 lakh crore so far this fiscal year, indicating recovery in the economy. Direct tax collections for 2021-22, as on December 16, show that net collections are at Rs 9.45 lakh crore compared to Rs 5.88 lakh crore over the year-ago period, representing an increase of 60.8 per cent, the ministry said in a statement. "The net collection (as on December 16) in FY22 has registered a growth of 40 per cent over the corresponding period of previous year when the net collection was Rs 6,75,409.5 crore, and a growth of 40.93 per cent over the corresponding period of 2018-19 when the net collection was Rs 6,70,739.1 crore," it said.
'By filing a belated return, you can avoid the consequences of non-disclosure of income.' 'You can also avoid a notice from the I-T department for not filing an ITR.'
Finance Minister Nirmala Sitharaman on Monday said the rules that will lead to scrapping of the retrospective tax demands made on companies such as Cairn Energy Plc and Vodafone Plc will be framed soon. Parliament earlier this month passed a bill to scrap all tax demands made using the 2012 retrospective tax legislations. The bill provides for government refunding the retro tax to companies provided all legal challenges are withdrawn.
Tata Group-owned Air India CEO Campbell Wilson on Saturday apologised for a flyer urinating on a fellow female passenger on a flight from New York in November, and said four cabin crew and a pilot have been de-rostered and the airline is reviewing policy of serving alcohol on flights.
While one can file an updated return, there are certain caveats, warns rediffGURU Mihir Tanna.
The government will settle almost all the retrospective tax cases this month, closing a chapter that plagued India's reputation as an investment-friendly destination, a top official said on Friday. A 2012 amendment that gave taxmen powers to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India, was used to raise Rs 1.1 lakh crore demand against multi-nationals such as telecom group Vodafone, pharmaceuticals company Sanofi and brewer SABMiller, now owned by AB InBev, and Cairn Energy Plc. Such demands brought uncertainty in the minds of investors.
Recipients of these damaged mementos have been given the option to either seek a refund of their bid amount or get a replacement for these broken items.
Both Jet Airways and Go First have met with a similar fate of landing up in insolvency, albeit for different reasons. Whether Go First will be able to avoid the sharp erosion in value like in the case of Jet, experts say, will depend on how quickly it is able to restart operations and retain its slots at airports. Go First, owned by the Wadia group, filed for voluntary corporate insolvency resolution on May 2 due to inadequate capacity utilisation that led to a cash crunch.
The court directed the NHSRCL to file a correction statement within a month to the effect that the TDS deducted by it while paying the compensation amount to Patil was not liable to be deducted.
On Friday evening, there was sharp spell of shower in Melbourne and repeat of this on Sunday could spell doom for cricket fans.
Edtech firm Byju's has rolled out a 4-tier tech-driven internal sales process replacing its existing direct sales process to check mis-selling, the company said on Monday. The development comes against the backdrop of summons issued to the company by child rights body National Commission for Protection of Child Rights (NCPCR) over allegations that the edtech firm is indulging in malpractices to lure parents and children to buy their courses. Under the new sales model, interested customers having minimum monthly income of Rs 25,000 will be eligible to buy courses from Byju's and will need to give consent for placing the order and before closing of the sales.
Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC).
Please send your queries to getahead@rediff.co.in with the subject line 'Cars' and experts from CarJasoos.com will answer your queries related to buying new or used cars.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
The Delhi high court has directed SpiceJet to deposit "forthwith" Rs 75 crore that has to be paid to media baron Kalanidhi Maran and his Kal Airways towards interest on an arbitral award of Rs 578 crore. The high court said, admittedly, there is no modification of the February 13, 2023 order passed by the Supreme Court in the case, and hence it needs to be followed. "Since the judgment debtor (SpiceJet) had failed to pay an amount of Rs 75 crores to decree holder (Maran and Kal Airways), hence in terms of para 15 (ii) of the order dated February 13, 2023 of the Supreme Court, there is no other alternative except to call upon the judgment debtors to deposit the entire outstanding amount qua interest forthwith, thus is so directed.
A New York court has paused Cairn Energy's pursuit of US assets of Air India for the recovery of $1.2 billion arbitral award, so as to allow the British firm to reach a settlement with the Indian government on the long drawn dispute. The New York district court delayed the tax suit to November 18, according to court documents reviewed by PTI. This follows Cairn Energy and Air India jointly asking the court to stay further proceedings in view of the fresh government enacting a fresh law to scrap retrospective taxation in the country.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Olympic and Paralympic tickets purchased by overseas residents will be refunded
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
The aggrieved lady had "rescinded" an initial request for action after the two "appeared" to have sorted out the issue.
Adani Enterprises on Wednesday said it has decided to withdraw its fully subscribed Rs 20,000-crore follow-on public offer (FPO) and will return the proceeds to investors. The announcement came a day after the company's FPO was subscribed fully on the last day of the offer on Tuesday. "The Board of Adani Enterprises Ltd., (AEL) decided not to go ahead with the fully subscribed FPO.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The levy of retrospective tax on the UK's Cairn Energy Plc is a tale of bizarre twists and turns that saw its attached shares being sold in May 2018 amid the passing of the baton from a full-time finance minister to interim one and the talks at the highest level to resolve the dispute, to claims that levy of back taxes was a result of an investigation into Panama Papers leak. The government late last month refunded about Rs 7,900 crore it had collected from selling residual shares of the British firm in its erstwhile India unit, seizing dividend and withholding tax refunds, to settle an eight-year-old dispute that had tarred the country's reputation as an investment destination. But, this did not come about easily. For seven years, the establishment vehemently justified in courts and outside seeking of Rs 10,247 crore in back taxes plus interest and penalty from a firm that gave India its biggest onshore oil discovery.
No longer a discretion of the tax administrator, the audit of returns filed by taxpayers is now based on a selection by algorithms, notes Tarun Bajaj.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances