Businessgang

  The three resolutions pertaining to ESOPs put to vote by the digital payments firm got over two-third ‘against’ votes from institutional investors. It hasn’t been an easing going for startups in the public markets. After Zomato and  Nykaa , One97 Communications has become the latest new-age company to face shareholder dissent on employee stock option plans (ESOPs). The three resolutions pertaining to ESOPs put to vote by the digital payments major got over two-third ‘against’ votes from institutional investors, shows a stock exchange disclosure made by the company. In September 2021, Zomato had received over 60 per cent against votes from public institutions on various resolutions pertaining to ESOPs.

  The Central Board of Direct Taxes (CBDT) has extended the due dates for filing tax audit reports and income tax return for certain category of taxpayers for FY 2020-21. This was announced by the income tax department via a press release issued on January 11, 2022. The ITR deadline extension has come after various taxpayers asked the  Income Tax  department and finance ministry to extend the ITR filing dates due to the rising coronavirus cases and issues with the new income tax portal. “On consideration of difficulties reported by the taxpayers and other stakeholders due to COVID and in electronic filing of various reports of audit under the provisions of the Income-tax Act, 1961, the Central Board of Direct Taxes has decided to further extend the due dates for filing of income tax returns and various reports of audit for the assessment year 2021-22,” said the press release. Various tax associations, taxpayers, tax professionals and so on, appealed to the government to e...

  Mandatory electronic invoicing of business-to-business (B2B) transactions for companies with annual turnover above ₹20 crore will increase goods and services tax (GST) registrations by 75%, a government official said. The new system, which takes effect on 1 April, will add 180,000  GST  identification numbers (GSTINs), up from the existing 240,000, to around 420,000, the official said on condition of anonymity. Under the GST law, e-invoicing for B2B transactions was first made mandatory for companies with a turnover of over ₹500 crore on 1 October 2020. It was then extended to entities with a turnover of over ₹100 crore from 1 January 2021, and then for those with a turnover of more than ₹50 crore from 1 April 2021. While 53,523 companies came under the GSTIN ambit in October 2020, 91,583 GSTINs were added in January 2021, and 95,461 in April 2021, taking the total number to 240,567. GST collections breached the ₹1.3 trillion mark for the fourth time during 2021-22 in J...

 ICICI Securities said it continue to remain structurally positive on the stock, however it believes recent appreciation of the stock price factors in most positives. Shares of Avenue Supermarts, which owns and operates retail chain DMart , hit a new high of Rs 5,899.90 as they rallied 11 per cent on the BSE in Monday’s intra-day trade following its quarterly results. The company on Saturday reported a twofold increase in its consolidated net profit at Rs 417.76 crore for the second quarter ended September 2021 (Q2FY22). The company had posted a net profit of Rs 198.53 crore in Q2FY21. In the past seven trading days, the stock has zoomed 40 per cent from the level of Rs 4,219 touched on October 6, 2021.

HCL Technologies and  DMart  need to make a decisive break above near term resistance levels for further up move, while HDFC Bank may rally up to Rs 2,000 provided it sustains above Rs 1,650-level. The on-going earnings season has been witnessing sharp reactions to stock prices basis on the Q2 earnings performance by the corporates. Here’s a quick outlook on the stocks of select companies that announced the results over the weekend. HDFC Bank Limited (HDFCBANK) Outlook: Need to sustain above Rs 1,650 The stock recorded a new all-time high of Rs 1,725 on Monday and witnessed minor selling pressure. The overall trend is bullish with a major hurdle of Rs 1,650 being crossed recently. Going forward, sustainability above this hurdle may open the doors for Rs 2,000-mark.

 It is important to note that all these companies made their public debut less than eight months ago. The NIFTY Next 50 is a benchmark Indian stock market index that represents the performance of the next 50 stocks that come after the 50 of the largest Indian companies listed on the NSE. Nykaa and Zomato made a stellar debut on the stock exchange, whereas Paytm listed on a discount of 30%. New age tech stocks Nykaa , Paytm and Zomato have now been included in Nifty Next 50 index after the latest reshuffle of the National Stock Exchange (NSE) index. It is important to note that all these companies made their public debut less than eight months ago. What is Nifty Next 50? The NIFTY Next 50 is a benchmark Indian stock market index that represents the performance of the next 50 stocks that come after the 50 of the largest Indian companies listed on the National Stock Exchange. The tech stocks have also been included in the NIFTY Total Market, the NIFTY LargeMid...

  In November of 2019, the French cosmetic giant, L’Oréal had filed a civil suit in Delhi High Court alleging copyright infringement Under the new settlement terms, L’Oréal has approved the modified artwork adopted by  Nykaa . Both parties will also not make any claims against each other or claims relating to payment of costs or charges in relation to the settlement, says Nykaa’s parent company Beauty etailer, Nykaa has said that it has settled a long pending litigation with cosmetic major, L’Oreal. The news was received warmly on the stock market as Nykaa’s shares rallied over 5% during the intra-day trade on February 23. This comes as a respite for the shareholders as the company stocks were on a free in the last many days. Nykaa had plunges 36% in the prior 11 days post its Q3 results, hovering close to its issue price. In November of 2019, the French cosmetic giant, L’Oréal had filed a civil suit in a Delhi District Court alleging copyright infringement. L’Oréal had cited ...

 Income from freelance jobs is treated as ‘profits and gains from business or profession’ for taxation purpose. This is because such income is seen as earnings from self-employment. Here are the tax rules applicable to income earned by freelancers: Filing ITR A freelancer can opt for only ITR-3 or ITR-4 to file income tax return (ITR). Even if a salaried individual has earned any income from freelancing outside of their job in a particular financial year, he/she will have to opt for an ITR form eligible to those with income from business or profession. As with business income, taxpayers with freelance income also have the option to deduct from their income such expenses that are incurred to carry out the freelance work. These deductible expenses include rent of the property you may have taken to carry out the work and any repair costs incurred by you on such property, any repairs carried out on electronic equipment such as laptop or personal computer that you o...

  Income Tax : The difference between the sale prices and the indexed cost is the long term capital gains. We had constructed a house in 1995 after demolishing our ancestral house of my grandfather. We all five siblings are married. Now we want to sell the ancestral house in native place. Each one will receive 10 lakhs. Will we have to pay any tax on it? Is there any way to save tax? As you have held the property for more than 24 months, the profits shall be taxed as long-term capital gains. Since the house was constructed in 1995 you will have to take the market value of the house as on 1st April 2001 for computing the capital gains as the Fair market Value (FMV) of the house on 1st April 2001 can be taken as its cost for computing your capital gains. For obtaining the FMV you will have to get in touch with a valuer of property and obtain a valuation report from him. Please note that the FMV value of the house cannot be lower than the stamp duty valuation or circle rate as is popu...

  Even after Covid hit economy, Tripura Finance Minister and experts said that better   GST   collection and efficient resource mobilisation would boost economic situation or at least normalise the position. Even as growth has been impacted due to the Covid-19 pandemic, Tripura Finance Minister and experts said that better GST collection and efficient resource mobilisation would boost the economic situation or at least normalise the position. The latest report of Tripura’s Economic Review (2019-20) said that the average annual growth rate in real terms or constant prices of the Net State Domestic Product (NSDP) for 2018-19 was 11.3 per cent. The growth rate declined in 2019-20 to 9.6 percent and is expected to further reduce to 5.9 per cent due to the lockdown and slowdown of the economy because of Covid-19 in 2020-21. The report said that the expected growth in Per Capita Income is also affected due to the lockdown and the slowdown of the economy. “Tripura has opportunit...

Audit at BharatPe had suggested deeper investigation on deals with non-existent vendors. The Directorate General of GST Intelligence (DGGI) has widened its probe on BharatPe after its earlier investigation had found the merchant-focused fintech firm had issued invoices to non-existent vendors, said officials aware of the development. Last October, BharatPe had accepted that it had issued invoices to non-existent vendors and paid about Rs 11 crore in dues and penalty to the tax department. An audit conducted by professional services firm Alvarez and Marsal had pointed out the fintech firm’s dealings with fake or non-existent vendors.

  NEW DELHI: Avenue Supermarts ( DMart ), one of India’s largest food and grocery retailers, on Saturday reported a 23.71 per cent year-on-year (YoY) jump in consolidated net profit at Rs 553 crore for the December quarter compared with Rs 447 crore in the corresponding quarter of last year Total conolidated revenue for the quarter rose 22.22 per cent YoY to Rs 9,218 crore from Rs 7,542 crore in the year-ago quarter. PAT margin for the quarter improved to 6 per cent, up 10 basis points over 5.9 per cent in the same quarter last year, the company said in a BSE filing. CEO & Managing Director Neville Noronha said overall gross margins were marginally lower due to mix deterioration. General merchandise and apparel business is consistently seeing relatively lesser sales contribution while essentials and FMCG are doing better, he said. “Inflation and lesser opportunities to go out are negatively impacting certain categories more than others. We are seeing higher inflation as an oppo...

  Newly listed stocks Zomato, One97 Communications (Paytm), FSN E-Commerce Ventures ( Nykaa ) are among those that will be included in the Nifty Next 50 index from March 31, 2022. The modification in criteria announced by the stock exchange has paved way for these stocks, which got listed last year, to enter the index. The Index Maintenance Sub-Committee – Equity (IMSC) of NSE Indices Limited has decided to make the changes in eligibility criteria of Nifty equity indices and replacement of stocks in various indices as part of its periodic review as listed hereunder. These changes shall become effective from March 31, 2022, NSE announced in a circular on Thursday.

  A team of tax department officials is undertaking the raids against Yashwant Jadhav, also the chairman of the BMC standing committee, since early morning, they said. Mumbai/New Delhi: The  Income Tax  department on Friday conducted searches at the premises of Shiv Sena corporator Yashwant Jadhav in Mumbai on charges of tax evasion, officials said. A team of tax department officials is undertaking the raids against Mr Jadhav, also the chairman of the BMC standing committee, since early morning, they said. His wife Yamini Jadhav is the party MLA from the Byculla seat.