SIAC Dismisses Sony’s Petition Against Zee
The Singapore International Arbitration Centre (SIAC) has rejected the emergency arbitration petition filed by Sony Group against Zee Entertainment Enterprises over their failed merger, citing lack of jurisdiction. The petition was filed after Sony terminated the merger agreement that would have created a $10 billion entertainment giant in India. Background of the merger Sony Pictures […]
2025 Forecast: 50,000 Less Central Govt Workers
The central government workforce, excluding the central public sector enterprises (CPSEs), is projected to decline by nearly 50,000 employees by March 2025, according to the latest Interim Budget documents. The overall expenditure on pay and allowances, however, is expected to increase by 6.9 per cent to Rs 3.2 trillion in the financial year 2024-25. Reasons […]
Tata Steel Pledges GBP 130-mn for UK Steel Workers
Tata Steel, the largest steel producer in the UK, has pledged to invest GBP 130 million in a fund to support its workers who will be affected by the restructuring of its operations in Port Talbot, Wales. The fund is part of a deal with the UK government, which will provide up to GBP 500 […]
Why Did RBI Ban Paytm Payments Bank? An Analysis
Paytm Payments Bank, a subsidiary of One 97 Communications Limited, has been barred by the Reserve Bank of India (RBI) from accepting deposits or top-ups to its accounts and services due to “persistent non-compliance and continued material supervisory concerns in the bank”. The ban will be effective from February 29, 2024 and will also prevent […]
GST Update: Rs 1 Lakh Penalty for Tobacco Makers
The government has announced a new measure to curb tax evasion in the tobacco industry. From April 1, 2024, manufacturers of pan masala, gutka and similar tobacco products will have to pay a penalty of up to Rs 1 lakh if they do not register their packing machines with the Goods and Services Tax (GST) […]
CAIT’s Advice: Switch from Paytm Amid RBI Action
The Confederation of All India Traders (CAIT) has issued a cautionary advisory to traders and users of Paytm to switch to other payment options for business-related transactions following the RBI curbs on Paytm wallet and bank operations. The RBI has ordered Paytm Payments Bank Ltd (PPBL) to halt most of its business activities due to […]
Exim Bank Gets Rs 9,000 Cr for Foreign Loan NPAs
The government has provided Rs 9,000 crore to Exim Bank of India as some of the loans extended to foreign countries turned into non-performing assets (NPAs). The bank had to invoke the government guarantee on these loans, which were given to some African countries over a decade ago. What are foreign loan NPAs? Foreign loan […]
I-T Dept’s Rs 1,260 Cr TDS Collection from Online Gaming
The government has collected Rs 1,260 crore in TDS from online gaming and crypto trade in the current fiscal year, according to CBDT Chairperson Nitin Gupta. The Central Board of Direct Taxes (CBDT) has revealed that it has collected about Rs 1,260 crore in taxes till now this fiscal after a new tax deduction at […]
CBDT Chairman: I-T Dept to Erase Petty Tax Demands
In a relief to about 80 lakh taxpayers, the income tax department will erase petty tax demands on its own, CBDT chairman Nitin Gupta said on Friday. What are petty tax demands? Petty tax demands are outstanding direct tax demands up to Rs 25,000 till 2009-10 fiscal and up to Rs 10,000 for financial years […]
Sanjay Malhotra Caps Old Tax Relief at Rs 1 Lakh
The interim budget of 2024 has proposed a relief for small taxpayers by withdrawing outstanding direct tax demands up to Rs 25,000 for the financial years till 2010 and up to Rs 10,000 for the financial years between 2010 and 2014. However, there is a catch: the relief to a single taxpayer will not exceed […]