Author: Legal Parivar

The Embassy of India in Beirut has issued an advisory urging Indian nationals to avoid non-essential travel to Lebanon due to recent regional escalations. Indian citizens currently in Lebanon are advised to exercise caution, limit their movements, and stay in touch with the embassy via email at cons.beirut@mea.gov.in or the emergency phone number +96176860128. The advisory follows heightened tensions after Hezbollah confirmed the death of a senior commander in an Israeli airstrike on Beirut. The strike is linked to ongoing regional conflicts, including recent violence involving Hamas and Hezbollah. Hezbollah’s confirmation of the commander’s death came amid a broader escalation…

The Union government has reduced the windfall tax on domestically produced crude oil to ₹4,600 per tonne, down from the previous rate of ₹7,000 per tonne. The windfall tax on diesel and aviation turbine fuel (ATF) exports remains at zero. On July 16, the special additional excise duty (SAED), or windfall tax, was increased by 16.7% to ₹7,000 per tonne for crude oil, while the tax on diesel and ATF was left unchanged at zero. Initially introduced in July 2022, the windfall tax targeted crude oil producers and was later expanded to include gasoline, diesel, and ATF exports. This policy…

Now that the July deadline for filing income tax returns has passed, it’s time to focus on several important financial updates for August. 1. Verify Your Income Tax Returns Within 30 Days After filing your income tax returns online, it’s crucial to verify them within 30 days. This step is necessary for processing by the Income Tax Department. You can complete the verification through the I-T e-filing portal (www.incometax.gov.in) using Aadhaar, a pre-validated bank account, or a demat account. If you miss the 30-day window, the date of verification will be considered as the filing date, potentially leading to late…

Nvidia share price surged nearly 13% on Wednesday, marking a historic one-day gain of about $330 billion—the largest ever recorded on Wall Street. Nvidia’s stock jumped 12.81% to $117.02 per share, pushing its market capitalization to $2.88 trillion. This makes Nvidia the third most valuable company on Wall Street, trailing only Apple and Microsoft. The surge in Nvidia’s stock value surpassed its previous record, set on February 22, when it gained $277 billion. Nvidia’s highest-ever closing market value was $3.34 trillion on June 18, according to LSEG. This remarkable rally follows a report from Microsoft on Tuesday highlighting a significant…

A suspended director of the troubled Indian ed-tech firm Byju’s has been ordered to pay $10,000 per day until he assists in locating $533 million that the company is accused of hiding from US lenders, a judge announced on Wednesday. Riju Ravindran, who is the brother of Byju’s founder, has been central to a nearly two-year dispute over the missing funds, which the lenders claim should be returned following the company’s default. Ravindran is one of three directors of Think & Learn Pvt., the entity behind the Byju’s brand, who were recently replaced by a trustee in an involuntary bankruptcy…

Brainbees Solutions Ltd, which operates FirstCry, a leading omnichannel kidswear brand, has announced a price band of ₹440-465 per share for its upcoming initial public offering (IPO). The IPO will open on August 6, with anchor bidding starting on August 5, and will close on August 8. Allotments will be finalized on August 9, and refunds and shares will be credited to accounts by August 12, with the listing set for August 13. The IPO includes a fresh issue of ₹1,666 crore, and on the upper price band, the offer for sale (OFS) is valued at ₹2,500 crore, bringing the…

The deadline for filing the Income Tax Return (ITR) for the Financial Year 2023-24 was July 31. Since the Income Tax Department did not extend this deadline, those who missed it must pay additional penalties when filing a belated return by December 31, 2024. Penalties for Missing the ITR Deadline: Consequences of Missing the ITR Deadline: In addition to facing penalties, taxpayers who file their ITRs late will lose certain benefits and privileges: Exemption from Penalties: Individuals whose taxable income is below the basic exemption limit can still file their ITR to claim a refund without facing penalties for late…

Mukund Jha, co-founder and former CTO of Dunzo, is negotiating to raise Rs 50-80 crore (approximately $6-10 million) from Together Fund for his new startup, according to news rport by Moneycontrol. This funding effort follows Jha’s departure from Dunzo in October 2023, as reported earlier. Jha is in the process of launching a generative artificial intelligence (Gen AI) company that aims to automate quality assurance (QA) processes. This venture will blend AI with SaaS to enhance the QA phase, which involves testing, error detection, and feedback to ensure product quality. The move comes amid a trend where many top executives…

The Carlyle Group has increased the size of its block deal in PNB Housing Finance, now looking to divest a 12.8% stake instead of the previously planned 6.4%. This move aims to raise Rs 2,511 crore, double the earlier target of Rs 1,256 crore. The deal’s floor price is set at Rs 755 per share, which reflects a 5% discount from the stock’s last closing price. Earlier reports indicated that Carlyle was considering selling up to a 6.4% stake to raise around Rs 1,255.6 crore. Motilal Oswal Investment Advisors Ltd and IIFL Securities are managing the transaction as book-running brokers.…

Reserve Bank of India (RBI) Governor Shaktikanta Das emphasized the need for strategic upskilling and reskilling in India’s financial sector as digitalization reshapes the industry. In the RBI’s Report on Currency and Finance for FY24, Das highlighted the challenges and risks associated with this transformation, including cybersecurity threats, data privacy issues, and emerging complex products. Das noted that digitalization introduces risks such as cybersecurity vulnerabilities, data breaches, and the proliferation of fraudulent apps and misleading practices. He stressed that these developments necessitate significant investments in human resources to address the sector’s evolving needs. The increased interconnectedness of financial systems could…