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Strong Growth in Direct Tax Collections: A promising start to FY 2023-2024

20Sep

By InstaFinancialsNo Comments

Generic

Strong Growth in Direct Tax Collections: A promising start to FY 2023-2024

1. Spectacular Growth in Gross Direct Tax Collections: The Gross Direct Tax collections for FY 2023-24 have registered an astonishing growth rate of 18.29%. To put it into perspective, this represents a significant increase compared to the corresponding period in the preceding financial year. In concrete terms, the Gross collection of Direct Taxes (before adjusting for refunds) stands at a whopping Rs. 9,87,061 crore for the current financial year. This impressive figure includes Corporation Tax (CIT) at Rs. 4,71,692 crore and Personal Income Tax (PIT), including Securities Transaction Tax (STT), at Rs. 5,13,724 crore. These numbers indicate a robust financial sector and a strong revenue stream for the government. 2. Net Collections Soar with Over 23.51% Growth: Ne...

Government likely to ban Deloitte for Alleged Malpractice in IL&FS Accounts

29Apr

By InstaFinancialsNo Comments

Corporate

Government likely to ban Deloitte for Alleged Malpractice in IL&FS Accounts

Highlights Deloitte Haskins and Sells has been under the radar over its role in the IL&FS audit process, and are likely to be banned for 5 yearsThe Ministry of Corporate Affairs may consider to invoke section 140 (5) of the Companies Act to debar the companyDeloitte asserted that the group’s defaults started in May 2018.Deloitte audited IL&FS, ITNL along with SRBC&Co (E&Y) and IFIN by its own, in 2016-17 Deloitte Haskins and Sells has been under the radar over its questionable approach towards the role in the IL&FS audit process, and are likely to be banned for 5 years by the government. Apparently, the Ministry of Corporate Affairs may consider to invoke section 140 (5) of the Companies Act to debar the company for alleged malpractice in IL&FS accounts. ...

7Dec

By No Comments

Corporate

Update from IBBI – 2-6 Dec 2018

Update on Public Announcements and Invitation of Resolution Plans from Insolvency and Bankruptcy Board of India mentioned below for your reference. Update from IBBI – 2 Dec 2018 Invitation of Resolution Plans 22-12-2018 Invitation of Resolution Plans in the matter of Applicomp India Ltd 23-12-2018 Invitation of Resolution Plans in the matter of Sadbhav Enterprises Pvt Ltd 17-12-2018 Invitation of Resolution Plans in the matter of Diamond Power Infrastructure Ltd What's New 02-12-2018 - IBBI organizes Conclave for Insolvency Professionals in Hyderabad Update from IBBI – 4 Dec 2018 Public Announcements 29-11-2018 Public Announcement of Liquidation Process-Sri Vinayaka Paper & Boards Ltd. 30-11-2018 Public Announcement of Corporate Insolvency Resolution Proce...

13Aug

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Uncategorized

Visakhapatnam a Booming IT City with 17 New Companies

[Word Count: 295 Estimate Read Time: 1 Min 28 Sec] Summary 17 new IT/ITES companies inaugurated by Andhra Pradesh Minister N Lokesh NaiduExpected to generate an employment of 10,170 and an investment of INR 558.70 croresThe government is establishing a 1400 acre IT mega park where 5 lakh IT professionals can live and workThe Andhra Pradesh Government is committed to developing an IT/ITES ecosystem The Andhra Pradesh government in an initiative to uplift the IT sector in Visakhapatnam inaugurated 17 new IT and ITes companies at a go. These companies are expected to generate an employment of 10,170 and an investment of INR 558.70 crores. The government has opened its door and encourages diverse investment opportunities to companies ranging from startups to multination...