BUSINESS
Investment in India is about inclusion, democracy & safer planet, says Prime Minister
Prime Minister Narendra Modimade the observation while inaugurating "Invest Karnataka" a three-day Global Investors Meet (GIM), under the theme "Build for the world" here. While participating virtually in the event, Prime Minister Modi emphasised that investment in India is about investment for a better, cleaner and safer planet. "Let us all come forward to change crores of lives," he underlined.
CBDT proposes common ITR form
It has suggested merging of all the existing ITR forms except ITR 7, though ITR 1 and ITR 4 will continue to remain in use. Under the CBDT's proposal, taxpayers will have choice to choose the form for filing returns, official sources said. They could either choose from the proposed common ITR form or the existing ITR 1 or ITR 4 forms. As of now, returns are filed through ITR 1 to 7, depending on the nature of the income and the legal classification of the taxpayer.
Govt cuts windfall tax on domestic crude oil, hikes levy on jet fuel
Tax on domestically produced crude oil was brought down to Rs 9,500 per tonne from Rs 11,000, effective November 2, a notification said. Windfall tax on jet fuel was increased to Rs 5 per litre, from Rs 3.50 per litre. The government also hiked the levy on export of diesel to Rs 13 per litre from Rs 12 per litre. The government on Tuesday exempted oil seeds and edible oil wholesalers as well as big chain retailers from the current stock limit order, with immediate effect.
UPI processes record 7.3 billion transactions in October
"UPI has been a game changer in real-time payments and is the most preferred choice of payment. UPI platform recorded 6.8 billion transactions in September 2022 and the festive month gave further boost with transactions reaching 7.3 billion in October," said Sanjeev Chandak, Co-founder and CEO of fintech platform ftcash.
CBDT condones delay in filing of Form 10A
As per the provisions of the act, Form 10A was required to be filed electronically by June 30, 2021. However the deadline was extended to August 31, 2021, and then to March 31, 2022. The extensions were given in view of the representations received by the CBDT and with a view to avoid genuine hardship to taxpayers.
Tata Sons Chairman responds to Nitin Gadkari letter, assures evaluating new investment opportunities
"I have gone through the information in your letter about the various business opportunities in Nagpur for the Tata Group. I have also noted the availability of both SEZ and non SEZ land in areas which are well connected via road, rail and airways," said the Nitin Gadkari's written letter on October 19.
IDBI Bank declared former directors of Amtek Auto Ltd 'fraud', CBI to SC
The CBI, in an affidavit, said it has approached 19 banks/financial institutions, out of which IDBI Bank, Bank of Maharashtra, PNB, SBI and IFCI Ltd. have responded to its query furnishing the status of declaration of the account as fraud and regarding filing of complaints with the CBI in case the account is declared as fraud.
Wheels India Q2 net down at Rs 15.14 crore
Managing Director Srivats Ram also said the company is deferring some of the earlier planned capex and cutting down the inventory level to manage the interest burden. "The Reserve Bank of India (RBI) has been raising the interest rate s (repo rate) which in turn has increased our finance cost. There is pressure on the margins though steel prices went up. The working capital was also higher," Ram told reporters here.
Global Health Ltd's IPO to open up on Thursday, price band Rs 319-336 per equity share
The price band of the offer has been fixed at Rs 319 to 336 per equity share of face value Rs 2 each. The bids can be made for a minimum of 44 equity shares and in multiples of 44 equity shares thereafter, Medanta Chairman Dr Naresh Trehan said at a media briefing on Tuesday.
Games24x7 Ventures' launched to invest in early-stage start-ups
"With over 100 unicorns, India has the 3rd largest digital-first start-up ecosystem behind the US and China. We believe that we are very well positioned to support early-stage companies beyond just capital," Trivikraman Thampy, Co-Founder, and Co-CEO, Games24x7 said in a statement.
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