The benefit of the revamped I-T regime will percolate down to every section of the taxpayer and the government expects a ‘fabulous’ response to it, a top Income Tax official said on Friday. The 2023-24 Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on annual income of up to Rs 7 lakh. It also allowed taxpayers to claim standard deduction of Rs 50,000 — a move seen as a push for the salaried class to switch to the new tax regime where no exemptions on investments are provided.
Posts tagged Rediff
Adani Enterprises tumbles 20%, its 1-year low on BSE (03-02-2023)
Shares of Adani Group firms continued to remain weak for the seventh day running on Friday amid a host of negative events surrounding the companies. The stock of Adani Enterprises tumbled 20 per cent to Rs 1,173.55 — its one-year low — on the BSE. Shares of Adani Ports tanked 10 per cent, Adani Transmission (10 per cent), Adani Green Energy (10 per cent), Adani Power (5 per cent), Adani Total Gas (5 per cent), Adani Wilmar (4.99 per cent), NDTV (4.98 per cent), ACC (4.24 per cent) and Ambuja Cements (3 per cent).
Adani Enterprises to be dropped from Dow Jones (03-02-2023)
S and P Dow Jones has said it will remove Adani Group’s flagship firm Adani Enterprises from sustainability indices with effect from February 7 following a media and stakeholder analysis triggered by allegations of accounting fraud. The move comes amid leading stock exchanges BSE and NSE putting three Adani Group companies — Adani Enterprises, Adani Ports and Special Economic Zone and Ambuja Cements — under their short-term additional surveillance measure (ASM) framework. “Adani Enterprises will be removed from the Dow Jones sustainability indices following a media and stakeholder analysis triggered by allegations of accounting fraud,” S and P Dow Jones Indices said in a statement.
‘Nirmalaji has taken a huge gamble on growth’ (03-02-2023)
‘Nirmalaji must consider herself a very lucky finance minister, partly because of the government’s response to covid and partly because we as a nation have done very well as an economy, post pandemic.’
‘LIC Policyholders’ Money Is Absolutely Safe’ (03-02-2023)
‘It’s a clear case of political patronage helping an individual grow.’
‘LIC Policyholders’ Money Is Absolutely Safe’ (03-02-2023)
‘It’s a clear case of political patronage helping an individual grow.’
BSE, NSE put 3 Adani cos under short-term surveillance (02-02-2023)
As many as three Adani group companies, including Adani Enterprises, have come under short-term additional surveillance measure (ASM) framework of the BSE and NSE, according to the latest data available with the exchanges on Thursday. Apart from Adani Enterprises, the other two firms listed by the exchanges are — Adani Ports and Special Economic Zone and Ambuja Cements. The parameters for shortlisting securities under ASM include high-low variation, client concentration, number of price band hits, close-to-close price variation and price-earning ratio.
Ambuja Cement, ACC say no shrs pledged by Adani group (02-02-2023)
Adani group firms Ambuja Cement Ltd and ACC Ltd on Thursday said no shares of the companies have been pledged by the promoters, who have only provided a “non-disposal undertaking”. In a joint statement to stock exchanges, Ambuja Cement Ltd and ACC Ltd termed as “misleading” reports of pledging of shares by the promoters as part of financing their acquisition. “Consequently, there are market rumours that amid market volatility, there is a requirement to meet the top-up triggers where in there is selling pressure,” the statement said.
Ex-UK PM’s bro quits as director of Adani linked co (02-02-2023)
Lord Jo Johnson, younger brother of former British prime minister Boris Johnson, has resigned his non-executive directorship of a UK-based investment firm linked with the now-withdrawn Adani Enterprises Follow-on Public Offer (FPO). ‘The Financial Times’ newspaper referenced UK Companies House records to reveal that 51-year-old Lord Johnson had been appointed as a director of London-based Elara Capital Plc in June last year and resigned on Wednesday, the day when the Adani Group announced withdrawal of the FPO. Elara, which described itself as a capital markets business raising funds for Indian corporates, was among the bookrunners on the FPO.
Bangladesh keen to revise Adani Power deal (02-02-2023)
Bangladesh has sought revision of a 2017 power purchase agreement with Adani Power Ltd as the price for the coal-generated electricity appeared too expensive, officials said in Dhaka on Thursday. “We have communicated with the Indian company seeking revision of the agreement,” an official of the state-run Bangladesh Power Development Board (BPDC) told PTI on the condition of anonymity and without elaborating on the matter. Media reports suggested that the “high coal price” to be purchased for the Adani plant at India’s Jharkhand emerged as the key factor for the dispute.