close

Business

Business

Cement Companies’ Profitability Seen Dipping 15% On Input Costs


However, the 17% demand growth in cement demand during the first quarter, albeit on the low base last fiscal, offers a silver lining, the report noted, saying though growth may taper in subsequent quarters, and print in at 8-10% for the full fiscal, it will still be the highest since fiscal 2019.





Source link

read more
Business

UCO Bank To Soon Start Rupee Trade With Russia, Says CEO


Trade between India and Russia has thrived in the past few months, despite the threat of sanctions due to the war in Ukraine. Total imports of items such as sunflower oil, fertilizers, silver, printed books, coriander seeds, and furniture items jumped more than 61% during the April to July period to $2.1 billion, from $1.3 billion a year earlier, the Mint newspaper reported, citing data from the Commerce Ministry. 





Source link

read more
Business

Unilever CEO Jope to Retire at End of 2023 After GSK Setback


Earlier this year, one of Unilever’s top investors, Nick Train of Lindsell Train Investment Trust Plc, said the company has contracted a case of “long Covid” with “pedestrian” results that didn’t compare with better performances from rivals. Smith, the founder of Fundsmith and a large shareholder of Unilever, has been the most vocal critic, accusing the consumer giant of having “lost the plot” with its focus on social purpose.





Source link

read more
Business

FPIs Sell, DIIs Buy Highest Amount Of Equities In 14 Weeks


Overseas investors sold the highest amount of Indian equities in 14 weeks on Monday as stocks tumbled. Domestic institutional investors, however, bought the most in 14 weeks.FPIs remained net sellers for the fourth day in a row, offloading equities worth Rs 5,101.3 crore, according to data from the National Stock Exchange.





Source link

read more
Business

BOE’s QE Portfolio Is £200 Billion in the Red After UK Rout


The bonds were already underwater, but Kwarteng’s fiscal statement, in which he unveiled the biggest tax cuts in half a century but offered little detail on how to control the national debt, triggered a market rout. That sell-off continued Monday, when sterling crashed to an all-time low against the dollar and gilt prices tumbled.





Source link

read more
Business

Anil Ambani Gets Court Relief Till Nov. 17 In Notice Under Black Money Act


The Bombay High Court on Monday directed the Income Tax department not to take any coercive action against Reliance Group Chairman Anil Ambani till Nov. 17 on a show-cause notice issued to him seeking to prosecute him under the Black Money Act.

The I-T department had issued the notice to Ambani on Aug. 8 for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts.

The department has charged Ambani (63) with “wilful” evasion, saying he “intentionally” did not disclose his foreign bank account details and financial interests to Indian tax authorities.

As per the department’s notice, Ambani was liable to be prosecuted under Sections 50 and 51 of the Black Money (undisclosed foreign income and assets) Imposition of Tax Act of 2015, that stipulates a maximum punishment of 10 years imprisonment with a fine.

Ambani earlier this month approached the HC challenging the notice, claiming that the Black Money Act was enacted in 2015 and the alleged transactions are of assessment years 2006-2007 and 2010-2011.

Senior counsel Rafique Dada, appearing for Ambani, said provisions of the Act cannot have a retrospective effect.

Advocate Akhileshwar Sharma, appearing for the I-T department, sought time to respond to the petition.

A division bench of Justices S V Gangapurwala and R N Laddha permitted the same and posted the petition for hearing on Nov. 17.

“The Income Tax department shall till the next date not take any coercive action against the petitioner (Ambani) in pursuance to the show cause notice,” the court said.

It also directed the I-T department to respond to Ambani’s contention that provisions of the Black Money Act may not have a retrospective effect.

Dada told the court that an assessment order was passed by the department in March this year and the petitioner filed an appeal against the said order before the Commissioner of Income Tax.

“Pending this civil proceeding, the department has now issued this show cause notice seeking to initiate criminal proceedings against the petitioner under the provisions of the Black Money Act,” Dada said.

He said when a civil proceeding is pending, criminal action cannot be sought to be initiated by the department.

“The show cause notice on the face of it was violative of Article 20 of the Constitution of India (that says no person shall be prosecuted for the same alleged offence twice). Let the civil proceedings carry on and reach its logical end,” Dada argued.

The court then sought to know from Dada if Ambani had replied to the show cause notice.

To this, Dada said the petitioner has sought relevant documents from the department. “Once the documents are received, the petitioner would file a detailed reply,” he said.

Dada argued that the notice was issued prematurely and the I-T department’s action was not only without jurisdiction or authority in law but also violative of the petitioner’s fundamental rights.

According to the I-T department’s notice, Ambani was an “economic contributor as well as beneficial owner” of a Bahamas-based entity called ‘Diamond Trust’ and another company called Northern Atlantic Trading Unlimited which was incorporated in the British Virgin Islands.

The department alleged that Ambani “failed to disclose” these foreign assets in his income tax return filings and hence contravened the provisions of the Black Money Act, brought by the Narendra Modi government soon after it was first elected to power in 2014.

The total value of the undisclosed funds in the two accounts has been assessed by tax officials at Rs 814 crore and tax payable on this amount at Rs 420 crore.





Source link

read more
Business

Merger Of Entities With Tata Steel Will Simplify Management, Help Focus On Business: CFO


On the merger, the company official further said: “The net present value of all synergies will be over Rs 1,000 crore, which is a material value unlocking potential. This covers benefits on cost takeouts, leveraging the synergies on procurement, commercial and financing synergies.”

All the businesses of the amalgamating companies have a good future. These businesses are part of Tata Steel’s enterprise strategy and the company has much more flexibility to grow some of these businesses faster, he said.





Source link

read more
Business

Are The Proceeds From Your Insurance Policy Tax Free?


Insurance policies have often been touted as tax-efficient because their proceeds are generally tax-free.

But, in recent times, as a result of changes in the income tax laws, there are some exceptions to the rule that make the amount received on maturity taxable.

Here are some of the major instances that insurance buyers should be aware of:

It must be noted that any amount received from an insurance policy following the death of the policy holder is tax-free in the hands of the receiver under Section 10 (10D).

On the other hand, any amount received as per the terms and conditions after the policy period is complete is taxable.

So, the exceptions under which the receipts become taxable cover situations other than death.

There are rules that govern the amount of premium paid as a percentage of the sum assured.

If the premium paid on a policy in a year is more than 10% of the sum assured (or 20% for policies started before April 1, 2012) of the policy, then the amount paid out at the time of maturity will be taxable in the hands of the receiver.

This figure is often violated in case of single premium policies and should be considered carefully.

For example, if the individual is buying a policy with a sum assured of Rs 3 lakh, where the premium is Rs 45,000, the condition is violated and the sum assured will be taxable at maturity.

There is a new condition that is in force for unit-linked policies bought after Feb. 1, 2021.

The condition states that if the premium paid on a unit-linked policy exceeds Rs 2.5 lakh in a year, then the amount that is received at the time of maturity will be taxable in the hands of the receiver.

This effectively means that high premium paying unit-linked policies no longer have the benefit of the tax-free status.

The rule also applies on the premium paid on multiple policies. In some scenarios, individuals buy multiple unit-linked policies. Here, if the sum of the premium exceeds Rs 2.5 lakh, the amount received from the policies becomes taxable.

(Arnav Pandya is the founder, Moneyeduschool.)





Source link

read more
1 2 3 67
Page 1 of 67