Dear Chartered Accountants, working professionals and students in the domains of Indian auditing, accounting and the tax & regulatory space, welcome to Podcast of FCA Deepak Rao a practicing Chartered Accountant.
Daily news & updates for 17h August 2023
The Income Tax Department has warned the public about a surge in fraudulent messages circulating, aimed at deceiving taxpayers into providing sensitive information. These messages often claim that the recipient is owed a tax refund, and they may contain a link that, if clicked, will take the victim to a fake website that looks like the official Income Tax Department website. Once the victim enters their personal information on the fake website, the fraudsters can steal it and use it to commit identity theft or financial fraud.
The Income Tax department has completed its investigation into several insurance companies and uncovered alleged tax evasion amounting to more than Rs 15,000 crore (Indian rupees). The investigation focused on suspected malpractices related to commission payments within the insurance industry. As per reports, the investigation has concluded, and the expected tax liability stemming from these findings is approximately Rs 4,500 crore. Over 25 insurance companies and 250 businesses were subjected to scrutiny during the investigative process.
The Union Cabinet on Wednesday approved the 'PM Vishwakarma' scheme to support traditional artisans and craftspeople of rural and urban India. Under this scheme, loans up to Rs 1 lakh will be provided at 5 per cent interest rate with liberal terms. The scheme has a financial outlay of Rs 13,000 crore. Weavers, goldsmiths, blacksmiths, laundry workers, barbers, and such families will be empowered through the Vishwakarma Yojana, which will begin with an allocation of around 13-15 thousand crore rupees. Under the PM Vishwakarma scheme, the artisans and craftspeople will be provided recognition through PM Vishwakarma certificate and ID card, credit support upto Rs 1 lakh (first tranche) and Rs 2 lakh (second tranche) with a concessional interest rate of 5 per cent. The Scheme will further provide skill upgradation, toolkit incentive, the incentive for digital transactions, and marketing support.
The Cabinet also approved the extension of the Digital India programme, with an outlay of Rs 14,903 crore. Digital India has improved the skill level of IT professionals. Under the scheme, 6.25 lakh IT professionals will be re-skilled and up-skilled under the future skills prime programme.
Hyundai Motor India on Wednesday has signed an asset purchase agreement (APA) for the acquisition and assignment of identified assets at General Motor India’s plant in Maharashtra’s Talegaon. The agreement covers the acquisition and assignment of land, buildings and certain machinery and manufacturing equipment at the General Motor’s Talegaon plant. The acquisition of the General Motors’ Talegaon plant is subject to the fulfillment of certain conditions and receipt of regulatory approvals from relevant government authorities and stakeholders,. The agreement also aims to expand the yearly production capacity at the Talegaon plant, which has an annual production capacity of 1,30,000 units at present.
Chinese e-commerce major Alibaba group firm Antfin has transferred its 10.3 per cent stake in One 97 Communications Ltd to the fintech firm's founder and CEO Vijay Shekhar Sharma. The deal turns One97 Communications, which operates under Paytm brand name, into a majorly Indian-owned company from being majorly owned by Chinese entities.
India Inc's revenue growth in Q2 has been the weakest in nine quarters, rising by 6.2%, according to a sample of 3,901 companies. Net profit on the other hand rose by 39%, the highest in six quarters, helped by easing input costs. The banking, financial services, and insurance (BFSI) sector supported aggregate earnings. Excluding banking and finance firms, revenue and net profit growth slowed to 2.3% and 33.6% respectively.
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