PENALTY
Fusion Finance has penalty relief, but some pain points remain
The stock of Fusion Finance (formerly Fusion Microfinance) has gained over 9% in three trading sessions to August 28 following the company’s announcement on exchanges that the Odisha State Tax department has dropped the show cause notice issued in May directing the company to pay nearly Rs 1.2 crore towards penalty for the excess claim of input credit regarding state GST.
Vodafone Idea asked to pay Rs 15.19 cr GST, penalty of Rs 1.51 cr
Vodafone Idea has been ordered by the GST office in Patna to pay Rs 15.19 crore along with a penalty of Rs 1.51 crore for availing ineligible input tax credits in FY20 and FY21. The company disagrees with the order and plans to take legal action. The order was received on August 28, citing input tax credit issues for the fiscal years 2019-20 and 2020-21.
Rs 908-crore penalty in FEMA case against DMK MP: ED
The Enforcement Directorate has levied a penalty of Rs 908 crore for violating foreign exchange rules against DMK MP S Jagathratchakan and his family. Properties worth Rs 89.19 crore have been confiscated following an adjudication order. The investigation focused on the MP, his family, and related Indian entities.
Tax notices leave a bitter taste for several chocolatiers, bakers
While individual tax dues of the entities under the scanner may not be very large, the tax liability of the industry, excluding penalty and interest, could add up to more than ₹1,000 crore, according to the people cited earlier. Experts, however, said that the matter involved a dispute of classification and the DGGI's actions might be challenged in the court of law.
RoC fines V-Guard MD over suo moto application filed by company
The Registrar of Companies (RoC) fined V-Guard Industries' Managing Director M K Chittilappilly Rs 2.03 lakh for violating rules related to director appointments and retirements. V-Guard had non-compliant board composition at its 2022 AGM, leading to a penalty. The company later rectified the issue with a compliant appointment.
Government mulls stricter penalties for misuse of national emblems, names
The Union government is considering significant amendments to the Names and Emblem (Prevention of Improper Use) Act, 1950, to strengthen the law and deter violations. Proposed changes include substantial increases in fines and the introduction of imprisonment for offenders, aiming to raise penalties to Rs 1 lakh for first-time violators and up to Rs 5 lakh for repeat offenders, with a six-month jail term.
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The government is estimated to have earned up to Rs 627 crore from late ITR filing fee till August 22, 2024
Belated ITR fees: The government may have earned up to Rs 627 crore from collection of late ITR filing fees till August 22, 2024. As per rules a late filing fee of Rs 5,000 or Rs 1000 or nil is levied for filing a belated ITR after the due date. There were about 14 lakh ITRs filed between August 1, 2024 and August 22, 2024.
Reliance Home Finance, Reliance Power skid 5% to hit lower circuit after Sebi ban on Anil Ambani
Stocks of Anil Ambani's companies, such as Reliance Home Finance and Reliance Power, plummeted as Sebi banned Ambani and others for fund diversion. Heavy penalties were also levied, leading to significant losses in their stock prices. Sebi's investigation revealed fraudulent activities, worsening the financial outlook of these firms.
IndiGo to challenge penalties related to input tax credit issue
IndiGo decided to challenge two penalties amounting to Rs 3,50,299 over input tax credit disputes. A Rs 1,77,046 penalty from Odisha for FY 2017-18 was upheld, and the airline is set to appeal it at the tribunal. Additionally, a Rs 1,73,253 penalty in Kerala will also be contested.
Sebi slaps penalty of Rs 11 lakh on IIFL Securities in violation of stock brokers' norms
IIFL Securities has been imposed with a Rs 11 lakh penalty by Sebi for breaching stock broker regulations. An inspection in August 2022 uncovered lapses such as faulty fund settlement and inaccurate retention statements.
Top audit firms concerned after hefty penalty on BSR & Associates
The NFRA imposed a ₹10 crore fine and banned BSR & Associates LLP partners for audit lapses in Coffee Day Enterprises. The firm had depended on subsidiary auditors, which the regulator criticized, emphasizing significant overlooked investments. This hefty fine has concerned audit firms, affecting future engagements. Experts suggest that the principal auditor should not be solely accountable if subsidiary auditors comply with standards. This event occurs amid increased regulatory scrutiny and efforts to reshape India's auditing profession.
NFRA slaps Rs 10-cr penalty on BSR & Associates in Coffee Day case, debars two auditors
“The foregoing discussion in this order is replete with the instances of the lapses in audit, the infraction of the law and non-adherence to the standards of audit, Quality Control Standards and Code of Ethics by the auditors of a listed company (Coffee Day Enterprises Ltd, or CDEL),” said the order issued by NFRA chairman Ajay Bhushan Prasad Pandey and its two full-time members.
Ajax keeper hailed as hero after 'crazy' shoot-out
Remko Pasveer saved five penalties and scored one himself to squeeze Ajax past Greek side Panathinaikos in one of the longest penalty shoot-outs in history. The total of 34 penalty kicks was the most taken in a UEFA competition, beating a game between the Netherlands and England in the under-21 European Championship, where 32 were taken.
RBI imposes penalties on BoM, Hinduja Leyland Finance, Poonawalla Fincorp
RBI penalized Bank of Maharashtra with Rs 1.27 crore for breaching directives like Know Your Customer. Hinduja Leyland Finance Ltd faced a Rs 4.90 lakh penalty for similar violations, while Poonawalla Fincorp Ltd was fined Rs 10 lakh for charging interest on loans before disbursement, violating loan terms.
We need to score more field goals to win frequent Olympic medals: Sreejesh
Goalkeeping stalwart P R Sreejesh believes Indian hockey must reduce its reliance on penalty corners to win Olympic medals. India scored 15 goals in Paris, with only 3 from field goals. Sreejesh, who retired after winning consecutive bronze medals, emphasized the need to score more field goals. He acknowledged the challenge of joining legends like Dhyan Chand and Dhanraj Pillay, stressing the responsibility of mentoring younger players.
RBI penalises CSB Bank, Union Bank of India, others
The Reserve Bank of India (RBI) has imposed penalties on five entities, including CSB Bank, Union Bank of India, and Muthoot Housing Finance, for non-compliance with regulatory norms. The penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into entities.
Will seek death penalty for accused, no objection on probe by any agency: CM Mamata Banerjee
Mamata Banerjee vowed to seek the death penalty for the accused in the murder and sexual assault case of a postgraduate doctor at a Kolkata hospital. The accused was arrested and placed in 14-day police custody. Protests erupted among junior doctors demanding justice and enhanced safety measures in hospitals.
Many working women face 'maternity penalty', finds survey
A study by Aon highlighted the career setbacks faced by working mothers in India after their maternity leave, termed the 'maternity penalty'. The report indicated issues like lower performance ratings and missed promotions. Experts recommend companies develop comprehensive maternity support policies, including pre-maternity leave discussions, to mitigate these challenges and retain valuable employees.
Will argue in-person: Yasin Malik to Delhi HC on NIA plea seeking death penalty for him
A bench headed by Justice Suresh Kumar Kait listed the matter for hearing on September 19 and said Malik "may think again" about having legal representation in the case. The court also gave him time to think about either filing a reply or a written submission.
FAME Scheme Violation: Govt starts reinstating subsidies to EV makers that paid FAME penalties
The government reinstated subsidies for companies following stricter localization rules under EMPS, 2024. Revolt Motors and Greaves Electric Mobility paid back Rs 170 crore in penalties and awaited future sales subsidy approvals. The scheme received Rs 778 crore to support 5.61 lakh electric vehicles, aiming to boost the local EV industry.
Nippon Life India AMC fined for violating rules on total expense ratio
The Securities and Exchange Board of India (Sebi) fined Nippon Life India Asset Management Company and its trustee ₹3 lakh for TER rule violations. Sebi discovered that the asset manager charged insufficient expenses to the actual expenses incurred by five ETFs. Nippon Life AMC defended the charges, stating there was no clear restriction on AMC bearing such expenses.
Bajaj Finance gets notice for 'GST evasion' of ₹341 crore
Bajaj Finance received a show cause notice from the Directorate General of Goods and Services Tax Intelligence for alleged GST evasion amounting to ₹341 crore. The notice accused the company of misclassifying service charges as interest to avail tax benefits. This investigation began after an inspection in Kerala, revealing possible misclassifications in their GST filings.
Stanley Black & Decker fined ₹2.16 crore for CSR rules 'breach'
Stanley Black & Decker India has been fined ₹2.16 crore by the corporate affairs ministry for not transferring unspent CSR funds within the stipulated time. The company was required to transfer funds for 2020-21 and 2021-22 but missed the deadline. Additionally, Nestaway was fined for failing to timely notify a change in its registered office address.
Ripple ordered to pay $125 million in penalty for improperly selling XRP tokens
Ripple Labs has been fined $125 million by a Manhattan court for improperly selling the cryptocurrency XRP. The Securities and Exchange Commission had initially sought $2 billion in penalties. The SEC sued Ripple and its executives for raising $1.3 billion unregistered. Remaining claims against the CEO and co-founder were dropped last month.
What is the penalty for filing ITR after the deadline of July 31, 2024?
Penalty for missing ITR filing deadline: The penalty for late filing of the Income Tax Return (ITR) applies to individuals who fail to meet the July 31, 2024 deadline. A belated ITR refers to an income tax return filed after the designated due date.
No penalty for missing ITR filing deadline of July 31, 2024 for these people
ITR filing: You don't have to pay the penalty of Rs 5000 or Rs 1000 for filing the ITR after deadline, if you are filing a tax return voluntarily or have income below the basic exemption or the ITR filing deadline for you is October 31, 2024. Read on to find more about belated ITR filing.
Omaxe shares fall 5%, hit lower circuit
Omaxe's shares fell 5% following a Sebi order barring the company and its executives from the securities market for two years due to financial irregularities. Sebi also fined 16 entities for manipulating financial statements between 2018 and 2021, thus misleading investors and maintaining the company's scrip prices.
Sebi penalises HSBC AMC as it revisits earlier order
Sebi's order relates to actions by L&T asset management company, which was acquired by HSBC Group last year in May and was merged with its asset management company in October 2023.
Sebi rules order exonerating HSBC AMC "erroneous", slaps Rs 5 lakh penalty on it
Sebi was examining if the fund house had adequately recorded reasons for its investment decisions, among other things. Also, the market regulator looked into the reasons for the sale of three stocks viz. Hindustan Zinc, Sadbhav Engineering and Vodafone Idea, which resulted in losses worth Rs 1.61 crore, Rs 14.97 crore and Rs 25.43 crore, respectively. The total loss was recorded at Rs 42 crore.
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