Businessgang

  The Kerala High Court has ruled that the   income tax   department is not authorized to retain the title deeds seized by them under Section 132 of the Income Tax Act on the ground that a Special Leave Petition filed by the Assessee against the assessment order is pending before the Supreme Court. The Single Bench consisting of Justice Bechu Kurian Thomas held that since the Income Tax Act confers the tax authorities the power to retain seized documents beyond the assessment order only till proceedings under the Act are completed, therefore documents seized by the department cannot be retained by them on the ground of pendency of Special Leave Petition (SLP) since an SLP filed under Article 136 of the Constitution of India cannot be regarded as a proceeding under the Income Tax Act. During the search operations conducted by the income tax officers the title deeds of the Assessee Udaya Sounds were seized by the officers. Consequent to the search and seizure, block assessm...

  he Tamil Nadu government on Thursday urged the Centre to extend the period of goods and services tax ( GST ) compensation by at least two years beyond June 2022. The state has highlighted that its revenues are yet to recover and a huge revenue shortfall could be expected in the absence of the compensation. Tamil Nadu chief minister MK Stalin met Prime Minister Narendra Modi in Delhi and handed over a memorandum detailing issues, including GST compensation to the states. In the last five years, there has been a gap between the actual GST revenues realised by the state and the revenue guaranteed. This trend was visible even before the pandemic and the gap has widened after the pandemic, Stalin pointed out. This year, considering the Covid situation, the Centre continues funding of GST compensation by its open market debt arrangement to meet out shortfall in GST compensation cess collection. Accordingly, out of total compensation of Rs 21,781 crore was receivable by the state in 202...

  NEW DELHI : The goods and services tax ( GST ) council meeting likely to be held in the second half of April is expected to be a stormy one, with several states set to push for an extension of GST compensation beyond June, according to state finance ministers. Goods Services Tax words with GST written on color notes with and office supplies. Business Concept. Top view. However, the Centre remains reluctant to commit additional support to states for fear of upsetting its financial position. Several people aware of the development said while states may press for an extension of GST compensation by two to five years at the forthcoming meeting, arguing that they may have to face substantial losses if not suitably compensated, the Centre is likely to oppose any such move. The GST Council had, in the September meeting in Lucknow, decided to extend the compensation cess period till March 2026, but the collection was to be used “purely to repay back-to-back loans taken by the Centre betw...

  NEW DELHI: Radhakishan Damani-led Avenue Supermarts ( DMart ) reported a 20 per cent plus growth in sales and profit in the December quarter. But that may not be enough to justify the stock’s valuation. Analysts said the retailer’s revenue performance was underwhelming despite near-normal operating conditions and significant commodity inflation. Gross margin also failed to pick up amid poor recovery in fashion and general merchandise. Ebitda margin expansion, they said, was driven largely NEW DELHI: Radhakishan Damani-led Avenue Supermarts (DMart) reported a 20 per cent plus growth in sales and profit in the December quarter. But that may not be enough to justify the stock’s valuation. Analysts said the retailer’s revenue performance was underwhelming despite near-normal operating conditions and significant commodity inflation. Gross margin also failed to pick up amid poor recovery in fashion and general merchandise. Ebitda margin expansion, they said, was driven largely ..

  Radhakishan Damani’s Avenue   D MART   reported a strong 110% rise in net profit in the July-September quarter but failed to impress investors as the stock tumbled more than 5% on Monday morning. Analysts too were unimpressed, advising investors to sell the stock, predicting downside potential and highlighting extremely expensive valuations. DMart share price initially hit a high of Rs 5,899 apiece but soon slipped from the highs and was sitting near an intra-day low of Rs 5,014 per share. So far this year, DMart’s share price has galloped a whopping 85%. Too expensive Analysts have highlighted DMart’s expensive valuations. The stock’s recent run-up and valuation (92x FY23E EV/EBITDA) have happened without any fundamental change in business prospects, said Edelweiss Securities. “The massive opportunity in organised B&M grocery size is factored in, and a further re-rating is now dependent on significant strides in its online grocery operations or a step-up in-store a...

  Falguni Nayar’s   Nykaa   has made it to TIME100 most influential companies in the world. This comes days after Nayar strode into the top 10 list of self-made women billionaires with a massive $7.6 billion wealth. She is the newest entrant in the women billionaires list, according to a compilation released by the Hurun Research Institute. “Ten years after being founded by entrepreneur Falguni Nayar with the goal of inspiring Indian women, Nykaa has evolved into one of India’s largest cosmetics and lifestyle brands,” stated TIME. “Nearly 10 million people shop there, and a November IPO raised $700 million at a $13 billion valuation—turning Nayar, the CEO, into India’s richest self-made businesswoman. Expansion and marketing led to a 23% drop in net profits in the nine months to December, but revenue grew 65% year-over-year to $376 million,” it added.

  New Delhi: For the investment banker-turned-entrepreneur Falguni Nayar,   Nykaa   could be the greatest thing since sliced bread! How? The mega-IPO of the e-commerce company not only sent her wealth soaring, but also made her the country’s richest self-made billionaire woman. The Nykaa boss has now made an entry into the top 10 list of self-made women billionaires in the world with a whopping net worth of $7.6 billion. According to a compilation released by the Hurun Research Institute, 58-year-old Nayar is the newest entrant in the women billionaires list. Debuting at the 10th spot on the list, Nayar is the only Indian as she surpassed Biocon’s Kiran Mazumdar Shaw to become India’s richest self-made billionaire woman. The list features a total of 124 self-made women billionaires, all of them from just 16 countries. Topping the list is Beijing-based property developer Wu Yajun of Longfor with a wealth of $17 billion. China has two-thirds of world’s self-made women billi...

  The Central Board of Direct Taxes (CBDT) has notified the Faceless Jurisdiction of Income-tax Authorities Scheme, 2022 whereby the Board is using automated allocation to conduct   income tax   proceedings. The Government has already launched the faceless assessment procedure to bring transparency and avoid bias in income tax proceedings. As per the notification issued on Monday, “automated allocation” means an algorithm for randomised allocation of cases, by using suitable technological tools, including artificial intelligence and machine learning, with a view to optimise the use of resources. The following scope and powers of the officers would be covered under this scheme. (a) the exercise of all or any or the powers and performance of all or any of the functions conferred on, or, as the case may be, assigned to income-tax authorities, by or under the Act as referred to in section 120 of the Act; or (b) vesting the jurisdiction with the Assessing Officer as referred t...

  INCOME TAX   Loss Harvesting Calculation: Investors make capital gains or losses whenever they sell their investments in stocks or mutual funds. Capital gains are taxed based on the holding period of your investment. Experts say that investors can reduce their tax liability to some extent by using the tax loss harvesting method. According to experts, tax harvesting is one of the most effective ways to reduce tax liability. Read on to find out what it is and how to benefit from this: “Tax-Loss Harvesting is a method by which one can reduce the tax incidence on their trading gain. The effect of tax loss harvesting is seen at the portfolio level. Suppose during a year a trader has taken many trades and is sitting on a hefty profit. At the end of the year, he will have to pay a tax on his profits, either long term (held for more than a year) or short term,” Vikas Singhania, CEO of online trading platform TradeSmart told FE Online. Tax loss harvesting is mostly done to lower the ...

  GST   Council should make GoM reports public and decide the next course of action fast so that the country has the revenue cushion to absorb economic shocks. As India steps into a new financial year, the indirect tax system of the country is gearing up for a structural and administrative overhaul. In July this year, the goods and services tax (GST) will complete five years of operation, and the buzz is getting louder that the levy structure will be fine-tuned to plug loopholes and bring it in sync with the economic imperatives of a post-Covid world. Even as speculations swirl on the possible rejig, a key change will..

  The  GST   law provides for registration of a business either as a regular taxpayer or as a composition taxpayer. Businesses need to declare their scheme selection selection to the government for each financial year before the beginning of the said year. Accordingly,or financial year 2022–23, the said selection has to be made by businesses by 31 March 2022. Once a scheme is selected, the taxpayer cannot opt out of it in the remainder of the financial year. This, therefore, is the appropriat ..time to evaluate the composition scheme, its key advantages and disadvantages. The composition scheme is essentially a relaxed mechanism for managing GST compliances, prescribed mainly for small businesses. The scheme has come a long way since its introduction in 2017 when it was prescribed only for small businesses (traders and manufacturers) with an annual turnover up to INR 50 fifty lakh. Subsequently, upon representations from the industry, the turnover threshold was increased ...

  Launched in October 2020,   DMart   Ready has been rolled out in five cities across India It is not looking to expand its ecommerce venture rapidly, but will focus on small trails DMart reported a net profit of INR 446.95 Cr in Q3 of FY2021, despite slow pace of its ecommerce venture After giving in to the need of ecommerce during the pandemic and ramping up its online delivery business, DMart-owner Avenue Supermarts is still not ready to go all out with its latest online retail offering DMart Ready. The company, in its third quarter earnings, said that it is going slow with its ecommerce venture with “controlled acceleration”. It is important to note that despite small steps of its ecommerce venture, Avenue Supermarts reported strong growth in the third quarter of FY2021. The company recorded a 16.3% year-on-year jump in net profit to INR 446.95 Cr, with a 11% increase in revenue to INR 7,542 Cr. The company claims to have 220 DMart stores across India, and has investe...

  Muted sales expectations for FY22, fewer store openings, And a higher proportion of low-margin grocery (food) sales have led to sharp earnings downgrades for Avenue Supermarts or  DMart  for the current financial year. While the margin profile was improving as reflected in the March quarter performance and management commentary, Given the lockdown in multiple states, the trend is expected to reverse. The operating profit margin for the quarter was higher by 157 basis points, to 8.3 per cent. The company indicated there had been a revival in discretionary spends not seen in the previous three …

  Falguni Nayar, founder of the beauty e-commerce platform   Nykaa , entered the Hurun Global Rich List 2022 as India’s most successful self-made woman with a net worth of $7.6 billion, becoming the first woman to overtake Kiran Mazumdar-Shaw of Biocon. Hurun Report is a comprehensive evaluation of the wealthiest individuals across the globe and is the largest compiler of the rich list globally. Falguni, along with her husband Sanjay Nayar, featured in the list of top 10 new entrants in the 2022 Hurun Global Rich List. Nayar’s entry is backed by the success of the Nykaa’s IPO, which was listed at a premium of over 82 per cent, and the market cap crossed Rs 1 lakh crore post listing, Hurun said. India ranked third in the list of total billionaires in the world, with 215 billionaires, 38 more than last year. Healthcare, consumer goods and chemicals sectors led the way with 46, 29, and 23 billionaires each. In total, 180 Indian billionaires saw their wealth increase, of which 51 ...

  Nykaa   founder Falguni Nayar strode into the top 10 list of self-made women billionaires in the world with a massive $7.6 billion wealth. She is the newest entrant in the women billionaires list, according to a compilation released by the Hurun Research Institute. Nayar, 58, debuted at number 10 on the list – and the only Indian to do so. She toppled Kiran Mazumdar Shaw of Biocon to become India’s richest self-made billionaire woman. Nykaa, the woman-led unicorn offers beauty and fashion brands through its website, app, and several brick-and-mortar stores. There are 124 self-made women billionaires today, the list said, adding all of them from just 16 countries. Japan, Germany, France, Canada and South Korea are the world’s largest economies without a single self-made woman billionaire. India has tripled the number of self-made women billionaires over the last decade, the report said. “There are 124 self-made women billionaires in the world today, double that of five years ...