Author: Legal Parivar

The Income Tax Department reported on Wednesday that over 7 crore income tax returns (ITRs) have been filed as of 7 p.m. on July 31, with more than 50 lakh returns submitted on the final day alone. Taxpayers who have not yet filed their returns for the financial year 2024 are urged to do so promptly. The department’s 24/7 helpdesk is available for assistance with ITR filing. In a social media update, the department stated: “More than 7 crore ITRs have been filed as of July 31, including over 50 lakh filed today by 7 p.m. Our helpdesk is operational…

India has granted a two-year exemption from public shareholding norms to all state-run companies, extending until August 2026, as per a document reviewed by Reuters. Currently, all listed Indian companies, including public sector enterprises, are mandated to maintain a minimum public shareholding of 25% according to market regulator Securities and Exchange Board of India (SEBI) rules. SEBI will need to formalize this exemption for it to take effect.

A severe cloudburst in the Samej Khad area of Rampur, Shimla district, has led to 19 people being reported missing. Shimla Deputy Commissioner Anupam Kashyap has confirmed that the SDRF team has been dispatched to the affected area. Earlier today, a building in Kullu was swept away by the rapidly rising Parvati River. The regional meteorological office has issued an ‘orange’ alert for heavy to very heavy rainfall, thunderstorms, and lightning across all districts in Himachal Pradesh, except Kinnaur and Lahaul & Spiti. The alert includes warnings about potential landslides and flash floods in vulnerable areas, including Kullu, Solan, Sirmaur,…

Rahul Gandhi and Priyanka Gandhi Vadra are scheduled to visit Wayanad today to support families impacted by the severe landslide in Kerala’s Meppadi. The disaster has resulted in the tragic loss of 158 lives so far. During their visit, the Gandhis will meet with affected families and tour relief camps set up in local schools and medical facilities. Kerala Chief Minister Pinarayi Vijayan had previously convened a meeting to review and oversee the ongoing rescue operations in Wayanad. In response to the escalating crisis, the Indian Army has stepped up its rescue efforts. The Ministry of Defence announced the establishment…

Q1 Results: On Thursday, August 1, a host of prominent companies will release their quarterly earnings results for Q1. The list of firms scheduled to report includes major players across various sectors: Investors and analysts will be closely watching these reports for insights into company performance and market trends.

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…