Dilasha Seth And Sudipto Dey

Stories by Dilasha Seth And Sudipto Dey

Explained: Why shareholders are angry at promoter-directors' remuneration

Explained: Why shareholders are angry at promoter-directors' remuneration

Rediff.com   23 Sep 2021

Earlier this month, Sobha Kapoor and Ekta Kapoor, part of the promoter group of Balaji Telefilms, faced shareholder ire when they failed to obtain the requisite votes on resolutions proposing pay increases for them. In recent months, several promoter-directors, including Siddharth Lal of Eicher Motors and Pawan Munjal of Hero MotoCorp, have faced similar situations. Clearly, large institutional shareholders - and public shareholders - are not taking kindly to promoter-directors upping their remuneration takeaways at a time when the prospects of business recovery are clouded by the anticipated third wave of the Covid-19 pandemic.

Hit by GST recovery notices and summons, industry calls for help

Hit by GST recovery notices and summons, industry calls for help

Rediff.com   16 Sep 2021

With Goods and Services Tax (GST) officers under pressure to exceed the Rs 1-trillion collection mark per month, industry has faced a barrage of recovery notices and summons issued over the last one month across sectors, according to company executives. Industry bodies have claimed harassment by field officers, blocking of input tax credit, cancellation of GST registration, threats of arrest and steep penalties, impacting their working capital and operations. Company executives pointed at an atmosphere of apprehension and fear due to such notices and summons.

Taxpayers can file settlement claims till Sep 30

Taxpayers can file settlement claims till Sep 30

Rediff.com   8 Sep 2021

The income tax (I-T) department on Tuesday extended the deadline for filing settlement applications for eligible taxpayers till September 30, as the income tax settlement commission (ITSC) ceased to exist from February 1. This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1. To dispose the pending settlement applications as on January 31, the central government has constituted Interim Board for Settlement.

'We may lose a rupee now, but we will gain more later'

'We may lose a rupee now, but we will gain more later'

Rediff.com   8 Sep 2021

'The kind of tax which will be generated from the second pillar may far outweigh what we may be losing in the first pillar.'

Retro tax settlement with Cairn may hinge on Vedanta case

Retro tax settlement with Cairn may hinge on Vedanta case

Rediff.com   20 Aug 2021

The Union government's offer of settling the retrospective taxation case with Cairn Energy may hinge on Vedanta withdrawing the ongoing arbitration from the Singapore Tribunal on the same issue. The government has offered to refund Cairn Energy Rs 7,900 crore that it had collected under the retrospective tax demand on fulfilment of certain conditions, including withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., would be filed. This condition is also part of the Taxation Laws (Amendment) Bill, 2021, passed by Parliament recently.

What Vijay Mallya's bankruptcy means for fugitive businessman, lenders

What Vijay Mallya's bankruptcy means for fugitive businessman, lenders

Rediff.com   29 Jul 2021

The Insolvencies and Companies Court of London high court on Monday declared fugitive business baron Vijay Mallya a bankrupt person as per UK laws. Legal experts explain what this means for 65-year old Mallya's personal liberties, his legal battle against extradition to India to face trial, and for the consortium of Indian lenders - at whose behest the bankruptcy proceedings were initiated in the UK courts.

Cairn case: Will India manage to save its foreign assets?

Cairn case: Will India manage to save its foreign assets?

Rediff.com   27 Jul 2021

For India to invoke "sovereign" or "state" immunity to safeguard its foreign assets, which are under threat of getting seized in the intensifying legal battle with Cairn Energy, may come with several riders. Experts point out that the Indian government has to first satisfy the French court that the properties or assets that are under consideration are being used to dispense the state's sovereign functions.

Covid impact: Imports of digital thermometers rise 2,410%

Covid impact: Imports of digital thermometers rise 2,410%

Rediff.com   27 Jul 2021

From Covid-19 essentials, such as Vitamin C supplements and thermometers, to bicycles, laptops, and personal weighing scales, demand for certain items galloped during last financial year as the pandemic altered what Indians used on a day-to-day basis. Imports of outdoor sports equipment, handbags for women, and dentures, among others, plummeted. With outdoor activities coming to a halt last year and schools functioning virtually, imports of sports goods witnessed a decline, while inbound shipments of laptops and battery chargers saw a sharp uptick, according to the import data for the financial year 2020-21.

Over 400 top-level posts lie vacant in the Income Tax department

Over 400 top-level posts lie vacant in the Income Tax department

Rediff.com   21 Jul 2021

Amid economic uncertainties owing to the pandemic, the government's key revenue agency, the Income Tax Department, has close to 400 vacancies at commissioner level and above, affecting its functioning. Seventy-three of the 91 chief commissioner positions are lying vacant, with some for more than a year. Chief commissioner is the second-highest post in the department, below principal chief commissioner, which is at par with secretary in a ministry.

Why India may have to withdraw 2% equalisation levy on firms by 2023

Why India may have to withdraw 2% equalisation levy on firms by 2023

Rediff.com   13 Jul 2021

India conceding ground to bring only top 100 digital companies like Google, Facebook, and Netflix into the global taxation pact may have revenue implications. This will mean that New Delhi will have to withdraw the contentious 2 per cent equalisation levy on e-commerce operators by 2023. This may have revenue implications for India, experts pointed out, as the equalisation levy has a much lower annual revenue threshold of Rs 2 crore (euro 0.2 million) as against euro 20 billion agreed by 130 countries at the Organization for Economic Cooperation and Development (OECD). India, along with other developing countries, was pitching for at least euro 1 billion threshold to cover at least 5,000 global entities. India collected Rs 2,057 crore from the equalisation levy in 2020-21, an 85 per cent growth over Rs 1,136 crore in the previous fiscal.

The other company seeking to attach India's assets

The other company seeking to attach India's assets

Rediff.com   12 Jul 2021

'Devas will continue to pursue its rights and enforcement actions against India in courts around the world.'

'GST execution has been extremely bad'

'GST execution has been extremely bad'

Rediff.com   10 Jul 2021

'From the tiniest to mid-level organisations and even some at the lower end of the large-scale ones would say that computerisation and the extensive documentation and regulatory requirements for GST have made the compliance process worse in many cases.'

'I'm willing to give more than Rs 35,000 crores for vaccines'

'I'm willing to give more than Rs 35,000 crores for vaccines'

Rediff.com   8 Jun 2021

'I'll give it to the vaccine manufacturers without guarantees, take the payment in advance and give me the supplies.' 'The moment you give me one lot of supply, I'll give you more.'

'Strong economy attracts investment'

'Strong economy attracts investment'

Rediff.com   8 Jun 2021

'I'm not sure it's a bubble.'

Manpower shortage affects I-T operations

Manpower shortage affects I-T operations

Rediff.com   2 Jun 2021

The vacancies are learnt to be impacting the I-T department's day-to-day functioning.

How RBI's tough rules impact audit companies

How RBI's tough rules impact audit companies

Rediff.com   2 Jun 2021

The central bank's tough new rules spell major changes in the competitive landscape for financial services audits.

Sharp slowdown in economic activities; e-way bills @ 1-year low

Sharp slowdown in economic activities; e-way bills @ 1-year low

Rediff.com   18 May 2021

GST mop-up likely to fall in May, June after touching record levels in April and March.

E-way bills likely to fall to 5-month low amid lockdown

E-way bills likely to fall to 5-month low amid lockdown

Rediff.com   11 May 2021

E-way bill generation, which is related to paying Goods and Services Tax (GST) and a key high-frequency indicator of economic activity, may have fallen to a five-month low in April as more cities experience lockdowns due to a surge in Covid-19 cases. In April e-way bill generation may decline to 55-58 million, which is the lowest since at least November. On the higher side, it is a 17 per cent decline over March.

Made-in-America tax plan may hit India's manufacturing firms

Made-in-America tax plan may hit India's manufacturing firms

Rediff.com   3 May 2021

US proposal to raise the global corporate tax rate to 28% from 21% might face resistance from countries unwilling to give up their edge and compete with America on its terms.

Google tax: American IT and steel lobbies back action against India

Google tax: American IT and steel lobbies back action against India

Rediff.com   3 May 2021

The group has called for a retaliatory tariff action against India, if New Delhi does not roll back the 'unilateral and discriminatory' equalisation levy or Google Tax.