Author: Legal Parivar

The deadline for filing Income Tax Returns (ITRs) for the financial year 2023-24 (Assessment year 2024-25) is approaching on July 31, 2024. With just over a month left, it’s crucial to begin gathering the necessary documents for completing your ITR form, starting with the Annual Information Statement ( AIS ). This document is essential for Indian taxpayers as it provides a comprehensive record of all financial transactions reported to the Income Tax department, complementing Form 26AS. Significance of AIS:The AIS covers a broader range of information compared to Form 26AS, including details such as Tax Deducted at Source (TDS), Tax…

Shares of Delta Corp and Nazara Tech have surged following reports indicating that the GST Council might amend the CGST Act to nullify retrospective tax demands, a move sought by the gaming industry for a more favorable taxation framework. As of 11 am, Delta Corp’s shares were up over 12 percent, while Nazara Tech also experienced a significant increase in early trading. Over the past month, Delta Corp’s stock has risen by 23 percent, and Nazara’s by 40 percent. The CGST Act includes provisions for notices regarding lower taxes paid by e-gaming entities due to ambiguity or interpretation issues. The…

Sansera Engineering share price surged over 7%, reaching a 52-week high during Wednesday’s session, following reports that 62.53 lakh shares, or 11.6% of the company’s total stock, were traded in significant transactions. The shares opened at ₹1,267.05 each on the BSE, hitting an intraday high of ₹1,317 and a low of ₹1,264.80. According to a CNBC-TV18 report, the total value of the deal is estimated at ₹750 crore, though the buyers and sellers remain unidentified. On Tuesday, CNBC-TV18 reported that Client Ebene and CVCIGP II Employee Ebene were expected to sell up to 6.25 million shares in the car component…

Shares of Zee Entertainment came under pressure on June 19 following the resignation of CFO Rohit Kumar Gupta, who cited personal reasons for his departure. The company has appointed Mukund Galgali, head of Zee’s commercial and strategic initiatives and a 17-year veteran of the group, as the interim CFO. As of 11:06 am, ZEEL shares were trading 2.36 percent lower at Rs 157.13 on the National Stock Exchange (NSE). This year, the stock has plummeted 44.66 percent, significantly underperforming the benchmark Nifty 50. Cost-Cutting and Restructuring Recently, Zee implemented several cost-cutting measures and leadership restructuring to reduce losses, including a…

Advertisers had warned that a self-declaration mechanism introduced after the Patanjali Ayurved case to prevent misleading ads would overwhelm them with paperwork and other complications. Some of their concerns were realized on Tuesday, June 18, the first day of the new process. As advertisers hurried to upload their documents on the Broadcast Seva website for TV and radio ads and the Press Council of India website for print and digital ads, they encountered numerous technical glitches that prevented them from completing the process. Following a Supreme Court decision last month in the Patanjali Ayurved case, the Ministry of Information and…

On June 19, Bharti Airtel announced the acquisition of a 1 percent equity stake in Indus Towers. This came shortly after reports emerged that the UK’s Vodafone Group had divested up to 20 percent of its shareholding in the towers company. Bharti Airtel disclosed that it purchased 2.695 crore shares of Indus Towers through on-market transactions. The telecom company, led by Sunil Mittal, had received board approval to acquire up to 2.7 crore shares. Prior to this transaction, Bharti Airtel held a 47.95 percent equity stake in Indus Towers. Earlier the same day, Vodafone Group reportedly sold 53.3 crore shares…

The Bank Nifty index reached a record high on Wednesday, alongside the frontline indices, Sensex and Nifty 50, as the Indian stock market continued its bull run for the fourth consecutive session. The Sensex surged 280 points to achieve a record high of 77,581.46, while the Nifty 50 gained 73 points, reaching its lifetime high of 23,630.85. Bank Nifty outperformed the benchmarks, jumping more than 770 points, or over 1%, to a new record high of 51,215.50, surpassing the previous high of 51,133.20. Banking heavyweights such as IndusInd Bank, Kotak Mahindra Bank, ICICI Bank, Axis Bank, and HDFC Bank led…

In a potential relief for the online gaming sector, the Goods and Services Tax (GST) Council is expected to consider an amendment to the Central Goods and Services Tax (CGST) Act, 2017, that would nullify retrospective tax demands. This proposal, suggested by the law committee, aims to address tax notices issued due to lower taxes being paid because of interpretation issues or lack of clarity in the law. According to an Economic Times report, the law committee has recommended introducing a new Section 11A to the CGST Act. This section would give the government the authority to refrain from recovering…

Delta Corp shares soared nearly 13 percent during morning trade on the BSE on Wednesday, June 19. This surge followed a 3 percent decline the previous day due to profit booking. The shares opened at ₹136.05 each, up from the previous close of ₹132.15, and climbed as high as 12.5 percent to ₹148.65. By around 10:15 am, the stock was trading 12.22 percent higher at ₹148.30. Meanwhile, the equity benchmark Sensex was up by 0.17 percent at 77,431.

Rail Vikas Nigam (RVNL) saw its share price rise by 3 percent during early trading on June 18, following the company’s successful bid for a contract worth Rs 160 crore from East Coast Railway. At 09:38 am, RVNL was trading at Rs 403.50 on the BSE, marking an increase of Rs 13.50 or 3.46 percent. According to RVNL, they emerged as the lowest bidder (L1) for providing an automatic block signaling system with dual MSDAC and modifications at existing stations in the Jakhapura-Nergundi, Khurda Road-Bhusundpur & Bhusundpur-Golanthra sections of Khurda Road Division, East Coast Railway. The contract is scheduled to…