LTA RULE FOR PRIVATE COMPANY
Delhi High Court upholds Mauritius tax treaty benefits, overturns AAR ruling against Tiger Global
The Delhi High Court has ruled in favor of Tiger Global, dismissing the tax department's claim that the firm's Mauritius-based entities were mere facades to avoid capital gains tax in the 2018 Flipkart-Walmart deal. The court upheld the validity of tax residency certificates (TRCs) issued by Mauritius, emphasizing that investments through Mauritius shouldn't be viewed with suspicion. This decision reassures foreign investors who benefited from tax treaties before 2017 and strengthens Mauritius' position as a financial hub. The ruling is expected to be contested by the tax authorities in the Supreme Court.
Once a darling, China turns 'radioactive' for big foreign money
Foreign investment in China is rapidly declining. High geopolitical tensions and regulatory unpredictability have led investors to reconsider their positions. Many EU and Japanese firms show caution. India sees an opportunity to attract these wary investors.
RBI looks to soften blow of tighter infrastructure funding rules
RBI is considering a phased approach to increasing provisioning for project financing to ease the impact on lenders and protect profitability. Projects nearing completion may receive some leniency. Despite pushback from lenders and the finance ministry, the RBI is committed to raising provisions to address risks in a sector known for delays, while avoiding cost escalations that could jeopardize project viability.
Tata Sons repays Rs 20,000-crore debt in bid to stay private
As a core investment company that borrows funds from banks and markets to invest in group companies, Tata Sons was classified by the RBI as an NBFC-Upper Layer (NBFC-UL) in September 2022. Under RBI regulations, an NBFC-UL must be listed within three years of such a categorisation. But with the promoter risk profile reducing drastically following the debt repayment, Tata Sons is no longer required to list its stock, having offered to surrender its certificate of registration to the central bank.
Will Goyal's concerns of ecomms making India a 'couch potato' push new policy?
Trade Minister Piyush Goyal's recent comments on potential e-commerce rule violations have reignited debates on stricter regulations. While he voiced concerns about inactive lifestyles due to online shopping, he also emphasized the need for fair play and transparency in the sector. The impending policy aims to balance growth and consumer safety.
LTA or Leave Travel Allowance exemption limit, eligibility, restrictions, documents you need to submit: LTA latest rules here
Leave Travel Allowance (LTA), which is component of your salary, helps cover travel expenses incurred during your vacation. While it covers travel expenses, claiming LTA requires understanding specific rules. Eligibility depends on employer policies and salary structure. Who is eligible to claim LTA? What are the documents that you need to submit to claim LTA? When you can't claim LTA? LTA latest rules explained.
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Central govt employees, private employees can't claim LTA if they don't follow these rules; LTA eligibility, other latest updates
LTA for central govt employees: Employers offer Leave Travel Allowance (LTA) to offset travel expenses during leave. It covers airfare, train tickets, or public transport, but reimbursement is capped by employer or tax limits. Confusions arise, especially with air travel. Here's a breakdown: Can you claim LTA with a confirmed flight ticket? Does the booking platform matter? Is family included? What documents are required for flight-based LTA claims?
Lenders losing sleep over RBI’s new strictures
The central bank is expected to introduce these rules later this year and bankers are worried they will hurt profitability in the medium term.
SC diktat on past dues of mines will adversely impact job creation, lead to NPAs: Chakri Lokapriya
Chakri Lokapriya points out that the Supreme Court's ruling on past dues of mining dues will result in significant financial burdens for both PSUs and private companies, totaling Rs 1,60,000 crore over the next 10-12 years. This will impact their capital expenses, job creation, and increase non-performing assets in the banking sector.
HMT vs Karnataka: Kumaraswamy defies Forest Minister Khandre, rules out returning PSU’s land
Union Minister HD Kumaraswamy criticized Karnataka Forest Minister Eshwar Khandre for attempting to reclaim 599 acres of HMT land, arguing it was legally acquired by the PSU. Kumaraswamy warned against harassment and legal action, accusing Khandre of potentially seeking to reallocate the land to builders. The dispute has heightened tensions and concern.
Private life insurers take industry APE up 17% in July
In July, India's life insurance industry saw a 16.9% year-on-year growth in annualised premium equivalent (APE), largely driven by private insurers, who posted an 18% increase. LIC saw a 13.5% rise in APE. Total premiums collected in July reached ₹31,822 crore, a 14% year-on-year increase.
Game changer? LIC may enter indemnity health insurance by buying stand-alone private insurer, says CEO
Siddhartha Mohanty, CEO & MD of LIC, discussed the company's plans to enter the indemnity health insurance sector by potentially acquiring a stand-alone private health insurance firm. He emphasized LIC's digital transformation and its strategy to balance digital and agency channels. Mohanty also addressed insurance sector challenges, market investments, and LIC’s undervaluation in the stock market.
The new AI deal: buy everything but the company
While big tech companies typically buy startups outright, they have turned to a more complicated deal structure for young AI companies. It involves licensing the technology and hiring the top employees — effectively swallowing the startup and its main assets — without becoming the owner of the firm.
Banking’s Nifty lag an opportunity to consider some bets
BROADER CONCERNSMargin pressure, deposits and regulatory changes cloud sector; depressed valuations offer cherrypicking opportunities
Manas Agrawal on why Bernstein is positive on AMC and insurance stocks now
With investor interest resurging, favorable valuations, and regulatory issues resolved, the focus was on growing financial savings through mutual funds. Insurance and asset management sectors looked positive, but preference was given to private life insurers such as SBI Life, Max Financials, and HDFC Life due to strong growth prospects and better market positioning.
Private sector workers getting regular pay hikes can be considered permanent employees: High Court
The Madhya Pradesh High Court declared that employees in non-government jobs with periodic pay hikes can be deemed permanent. This decision resulted in higher compensation for Anjum Ansari, whose deceased husband taught in a private college. The court added Rs 2.7 lakh to her compensation, bringing the total to Rs 36.9 lakh.
45-day payment rule: New fund will work with banks to help MSME units, says FM Sitharaman
Finance Minister Nirmala Sitharaman revealed that the government is establishing a new fund to help MSMEs facing financial issues due to delayed payments. Traders must now clear MSME bills within 45 days according to Section 43B(h) of the Income Tax Act. The new rule, active from April 1, has made MSMEs apprehensive. The budget has also offered collateral-free loans for MSMEs and proposed a Rs 1000 crore venture capital fund for the space sector. Additionally, the Rs 1 lakh crore Anusandhan National Research Fund will support research and innovation, particularly in Bengaluru.
Life insurers tweak products, incentives to protect margins after IRDAI's new surrender rules
Private life insurers in India have strategized to adhere to new IRDAI regulations requiring surrender value from the first year on non-participating policies. Companies like HDFC Life, ICICI Prudential Life, and SBI Life are adjusting their commission structures and product mixes to protect margins and maintain growth despite the regulatory changes.
AI companies train language models on YouTube's archive − making private videos a privacy risk
Exploring the intricate nexus of big tech self-regulation, privacy concerns, and legal safeguards in AI development underscores the imperative for ethical AI model training and deployment.
Sentiment is changing, FIIs could push market rally further, says Chandan Taparia of Motilal Oswal
FIIs covering short positions in the Indian market may drive a potential rally, supported by DIIs and SIP. Amidst profit booking in FMCG stocks, focusing on rural demand and monsoon impact could offer buying opportunities. Private banks and financial companies show promising trends, while Nifty Auto and telecom sectors present favorable trading prospects.
Govt will continue to focus around power & capex themes: Vikash Kumar Jain
This time when the verdict is less strong and there are relatively more doubts whether there is going to be some dilution on the policy path as compared to being unequivocally focused on capex, I think there is even more reason we could be towards the fag end of this index, if I may choose to call it that, that is the Modi index.
Stock brokers push lending; InsuranceDekho’s latest acquisition
Happy Tuesday! Tech-first broking companies are looking to diversify into the credit business to build a larger financial services play. This and more in today’s ETtech Morning Dispatch.
Another 1000-point rally on the cards for Nifty post election results: Gautam Shah
I do believe that there is going to be continuity to this rally as well and a possibility of add up of about 1000 points on the Nifty is quite possible.
Brett Lee granted tax relief by ITAT due to invalid notice service
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) provided relief to former Australian cricketer Brett Lee in a tax case, ruling that the notice served to him under the Income Tax Act was beyond the limitation period. The case involved a ₹3 crore endorsement fee received by Lee for the assessment year 2013-14 from three Indian entities. The tribunal found that the notice, sent a day before the deadline and to the wrong email address, was invalid. As a result, the assessment order was quashed.
Indian weapons falling into wrong hands? Defence Ministry tightens monitoring
The defence ministry is enhancing monitoring of defence equipment production and requiring companies to adhere to end-user certification rules for exports. The sector has seen a surge in arms and weapons production, particularly in response to the Ukraine-Russia crisis.
Air India fundamental rights claims not valid since it is now a private airline, Supreme Court rules
The Supreme Court ruled that Air India ceased to be a state entity post-disinvestment and takeover by Tata Group, hence not liable to fundamental rights claims. Dismissing appeals against Bombay High Court's verdict, it emphasized Air India's transition to private entity status, precluding writ petitions' maintainability.
Tensions rise in Silicon Valley over sales of startup stocks
Tensions over the shadowy and often enigmatic market of private company stocks have reached a boiling point, just as the buying and selling of such shares has grown bigger than ever. At its center is an age-old debate: Should everyone have access to the riches and risks of investing in Silicon Valley startups?
How to claim LTA: Eligibility, LTA rules, documents you need to submit, how much amount you can claim and more
Leave Travel Allowance or LTA, a component in your salary, helps offset travel expenses incurred during your vacation. The benefit extends to family – covering travel costs for your spouse and dependent children, and family members. To claim LTA, you need to submit documented proof of travel costs to your employer within the stipulated deadlines. Who can claim LTA? What are the documents that you need to submit? What are the conditions you need to keep in mind while claiming LTA? All questions answered.
LTA exemption: Submit tax-saving proofs to employer by March 31 deadline as claiming LTA in ITR is a hassle
LTA, usually a component of your salary, covers the expenses of your travel during vacation. The cost incurred for family members who travel with an employees is also allowed as exemption. To claim LTA, the employee typically needs to submit documentary evidence of the incurred travel expenditure to the employers within specific deadlines.
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