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Friday, December 29, 2023

Vi shares jump over 22% on BSE amid fundraise closure buzz Read more at: https://telecom.economictimes.indiatimes.com Dec 29,2023

 For the past three years, Vi has been struggling to raise funds needed to pay its large vendors like Indus and the government, expand its 4G coverage and also invest in its pending 5G rollout to compete effectively with bigger rivals Reliance Jio and Bharti Airtel

 ..

Kolkata: Shares of Vodafone Idea (Vi) surged 21% on the BSE Friday, amid unconfirmed buzz about the cash-strapped telco likely closing its much delayed fundraise soon.

Sebi eases guidelines for settlement of running accounts :-ET

 


Capital markets regulator Sebi on Thursday eased guidelines for settlement of running accounts of clients' funds or securities lying with stock brokers. Now, stock brokers can settle the running account of clients' funds on the first Friday or Saturday of the quarter or month.

The trading members, after considering the End of the Day (EOD) obligation of funds across all the exchanges, will settle the running accounts at the choice of the clients on a quarterly and monthly basis, on the dates stipulated by the stock exchanges.


To ensure uniformity and clarity on dates of such monthly and quarterly settlement of client accounts, Sebi asked stock exchanges to jointly issue the annual calendar for the settlement of running accounts (quarterly and monthly) at the beginning of the financial year.

Further, to safeguard against any possibility of misuse of one client's funds to settle another clients' running account, any funds received from clients will remain in the upstreaming account.


The new framework will be applicable from the quarterly settlement of January-March 2024 and monthly settlement of January 2024, the Securities and Exchange Board of India (Sebi) said in a circular.Sebi, under the current framework, had mandated settlement of the running account of the client's funds on the first Friday of the quarter or month.

The move came after the Broker's Industry Standards Forum (ISF) had represented various problems faced by brokers due to a single day of settlement -- hectic activities on the day of settlement leading to chances of errors, missing out on payment timings of banks due to late finalization, delayed instructions among others.

Also, they recommended that trading members should be allowed to settle the running account of clients on Friday and/or Saturday to address these operational difficulties.

"After due consideration, Sebi has decided to accept the recommendation to settle the running account of clients on Friday and/or Saturday, which streamlines the process of settlement and ensures ease of doing business for various stakeholders viz. stock brokers and banks, while at the same time safeguarding the inter ..




8 Indian ex-Navy personnel get relief as Qatar commutes death sentence :-The Economic Times

 

A Qatar Court has reduced the death sentence given to eight ex-Indian Navy personnel in an alleged case of espionage, said the Ministry of External Affairs on Thursday. "We have noted the verdict today of the Court of Appeal of Qatar in the Dahra Global case, in which the sentences have been reduced," said MEA.

"The detailed judgement is awaited. We are in close touch with the legal team as well as the family members to decide on the next steps," the MEA said further.


The eight men were sentenced to death penalty by the Court of First Instance of Qatar in October. India, while expressing shock over the development, had said that it will contest the decision.

In August last year, these eight individuals were arrested after being charged with spying for Israel by Qatar authorities.

The Indian Ambassador to Qatar and other officials were present in the Court during the hearing, along with the family members. "We have stood by them since the beginning of the matter and we will continue to extend all consular and legal assistance. We will also continue to take up the matter with the Qatari authorities," MEA added.

New Delhi had been granted consular access to the eight Indians and had been working to secure their release. The Indian nationals had their first trial in late March. Meetu Bhargava, who is the sister of one the officers detained and lives in Gwalior, sought help from the Indian government to bring her brother back.

"Due to the confidential and sensitive nature of proceedings of this case, it would not be appropriate to make any further comment at this juncture," the MEA said.


Thursday, December 28, 2023

Tech helps I-T department recover Rs 36,000 crore Read more at: https://economictimes.indiatimes.com

 

The use of data analytics and advanced technology has helped the income tax department recover ₹36,000 crore from outstanding tax demand in the current fiscal, ET has learnt.

This includes recovery of ₹27,000 crore from corporate tax and ₹9,000 crore from personal income tax till December 20. With one more quarter to go, the department expects the number to go up further by the end of this fiscal year to at least ₹50,000 crore.

Till December 20, the total recovery from outstanding demand was ₹36,000 crore," a senior official told ET.

The official added that the number can go up as the department has already sent intimation to many taxpayers whose returns reflected a mismatch with their income and the department expects them to file revised returns.

The window for revising or filing a late return for AY 2023-24 closes on December 31. "We have one more quarter to go and recovery may go up to at least ₹50,000 crore," the official said.


India's direct tax collection, net of refunds, stood at ₹13.70 lakh crore till December 17, up 20.66% year-on-year. This included corporate tax of ₹6.94 lakh crore and personal income tax, including securities transaction tax, of ₹6.72 lakh crore. The Centre has budgeted direct tax collection of ₹18.20 lakh crore for the current fiscal.


Technology and Tracking

Officials said technology has made detection of tax evasion much easier. The technology used by the department is a mix of generative AI, advanced AI and machine learning, which is customised for the department and continuously updated every quarter.

There is a specially designed, automated and enhanced artificial intelligence software program (AI) for scrutinising income tax returns (ITR)," the official said without giving details.

The department receives a lot of information about taxpayers in the form of data from banks, digital financial transactions, stock market and various other financial instruments attached with bank accounts and permanent account numbers.
With so much data available on a single platform, the department is using AI to build regression models to identify deviations and errors in tax filing and separate those deviations for further assessment.

In case a deviation is found, the data is further scrutinised by officials and if they suspect any shortfall in tax payment, an intimation is sent to the taxpayer.

President Putin invites PM Modi to visit Russia :-The Economic Times Dec 28 2023

 


President Vladimir Putin on Wednesday invited Prime Minister Narendra Modi to visit Russia next year as External Affairs Minister S Jaishankar called on the Russian leader at the Kremlin.

"We will be glad to see our friend, Mr. Prime Minister Modi in Russia," Putin told Jaishankar.

Jaishankar, who is here on a five-day official visit to Russia, earlier met with his Russian counterpart Sergey Lavrov.

During a joint media appearance along with Lavrov after their talks, Jaishankar said he was confident that Prime Minister Modi and President Putin will meet for an annual summit next year. In his opening remarks earlier, Jaishankar said that the two leaders have been in frequent contact.

Michigan Supreme Court rejects ‘insurrectionist ban’ case and keeps Trump on 2024 primary ballot :-By Marshall Cohen, CNN 4 minute read Updated 4:46 PM EST, Wed December 27, 2023

 

WashingtonCNN — 

The Michigan Supreme Court has rejected an attempt to remove former President Donald Trump from the 2024 primary ballot based on the US Constitution’s “insurrectionist ban.”

The outcome, which was generally expected, is a victory for the former president, though an effort to remove him could be renewed for the general election. Wednesday’s decision contrasts with the recent ruling from the Colorado Supreme Court, which kicked Trump off its primary ballot because of his role in the January 6 Capitol riot. That decision has been paused pending an appeal.

With these dueling decisions, the expected appeals to the US Supreme Court become even more critical, especially as the nation races toward the start of the 2024 primaries. Unlike in Colorado, the Michigan lawsuit never reached a trial and was dismissed early on in the process. An intermediate appeals court upheld the decision to toss the case on procedural grounds.

The Michigan Court of Claims judge who first got the case said state law doesn’t give election officials any leeway to police the eligibility of presidential primary candidates. He also said the case raised a political question that shouldn’t be decided in the courts.

His decision was upheld by the Michigan Court of Appeals, which said: “At the moment, the only event about to occur is the presidential primary election. But as explained, whether Trump is disqualified is irrelevant to his placement on that particular ballot.”

The order from the Michigan Supreme Court was unsigned, and the court did not release a vote count.

Unlike in Colorado, the Michigan courts rejected the case wholly on procedural grounds. They never reached the questions of whether January 6 was an insurrection and whether Trump engaged in it.

One of the Michigan justices on Wednesday wrote why Michigan is different from Colorado.

The anti-Trump challengers “have identified no analogous provision in the Michigan Election Law that requires someone seeking the office of President of the United States to attest to their legal qualification to hold the office,” Justice Elizabeth Welch wrote, comparing Michigan law to Colorado’s election code.

The lower-court rulings in Michigan kept the door open to future 14th Amendment challenges if Trump wins the Republican nomination. Welch specifically noted this dynamic in the separate opinion she wrote Wednesday.

“I would affirm the Court of Appeals’ ruling on this issue, which still allows appellants to renew their legal efforts as to the Michigan general election later in 2024 should Trump become the Republican nominee for President of the United States or seek such office as an independent candidate,” Welch wrote.

The Minnesota Supreme Court reached a similar conclusion last month, finding that an “insurrectionist ban” case involving Trump should be dismissed with regards to the GOP primary, but that the challengers could try again if he wins the nomination.

On Truth Social, Trump denounced what he said was a “pathetic gambit” to keep him off the ballot and repeated his unfounded warnings that the 2024 was at risk of being “rigged and stolen.”

Ron Fein, the legal director of Free Speech For People, which filed the Michigan case, said the decision was “disappointing” but noted that it “isn’t binding on any court outside Michigan.” Another attorney for the challengers, Mark Brewer, said they would continue the efforts in Michigan.

“The Court’s decision is disappointing but we will continue, at a later stage, to seek to uphold this critical constitutional provision designed to protect our republic,” Brewer said in the statement.

Ratified after the Civil War, the 14th Amendment says officials who take an oath to support the Constitution are banned from future office if they “engaged in insurrection.” The provision was used to disqualify thousands of ex-Confederates. But it has only been applied twice since 1919, and the vague wording doesn’t mention the presidency.

The Michigan lawsuit was filed in September by Free Speech For People on behalf of a group of voters. It also pursued an unsuccessful 14th Amendment challenge against Trump in Minnesota, and recently filed a new case in Oregon. The Colorado lawsuit was initiated by a separate liberal-leaning group.

Also on Wednesday, Trump’s lawyers asked Maine’s secretary of state to recuse herself from deciding whether he should be removed from the 2024 ballot because of the “insurrectionist ban.” Maine is different from other states: ballot challenges are first heard by the secretary of state, not in the courts.

Maine Secretary of State Shenna Bellows, an elected Democrat, presided over an administrative hearing earlier this month about Trump’s eligibility for office. Her ruling is expected this week, and her decision can be appealed in Maine state courts.

The secretary’s office declined to comment on the Wednesday request, but it’s unlikely that she’ll agree to recuse. Trump made a similar request with the trial judge in the Colorado case, but the judge there rejected his motion.


Sebi extends deadline to add nominees in demat and MF accounts Read more at: https://economictimes.indiatimes.com Dec 28.2023

 


Markets regulator Sebi on Wednesday extended the deadline to June 30 next year for demat and mutual fund account holders to provide a nomination. Earlier, the deadline to nominate a beneficiary or opt out of it by submitting a declaration form was December 31, 2023.

The move is aimed at helping investors to secure their assets and pass them on to their legal heirs.

"Based on representations received from the market participants, for ease of compliance and investor convenience, it has been decided to extend the last date for submission of 'choice of nomination' for demat accounts and mutual fund folios to June 30, 2024," the Securities and Exchange Board of India (Sebi) said in a circular.

Further, Sebi asked asset management companies (AMCs), depository participants and Registrar and Transfer Agents (RTAs) to encourage the demat account holders and mutual fund unit holders who are not in compliance with the requirement of nomination.

The communication should provide guidance to provide nomination or opt out of nomination.



NICAI-UPDATES



1. The Income Tax department is using a fine-tooth comb to nab discrepancies in the TDS, by companies and the declarations by its employees in the annual I-T returns. What's underway is a line-wise reconciliation of the two sets of numbers under different heads -HRA, medical insurance, outgo on home loans, tax saving investments under 80c etc.

2. Supreme Court of India in the matter of  Pr. CIT (Central) 2 vs. M/S jay Ambey Aromatics, 24/11/2023 held that in case no incriminating material is unearthed during the search, the AO cannot assess or reassess taking into consideration the other material in respect of completed assessments/unabated assessments - no case is made out for interference. SLP dismissed. 

3. Bombay High Court in the matter of The Great Eastern Shipping Co. LtdVs. NFAC/National E-Assessment Centre, 03/01/2022 Favour of Assessee that Without appreciating or understanding the correct facts notice has been issued under Section 148 of the Act. 

4. Indian startup sector's equity fund raise has nosedived for 2023. However, venture debt, a recent phenomenon, is slowly gaining acceptance. According to industry players, venture debt crossed the $1 billion mark. Though venture debt is still small compared to the $7.5 billion, it is slowly rising in significance in the startup ecosystem.

5. MCA has introduced changes to the Companies (Incorporation) Rules, 2014, extending relaxations for companies meeting specific conditions. Additionally, adjustments to AGM timelines and amendments to accounting standards promise a dynamic landscape.



By CA Raj Chawla

Wednesday, December 27, 2023

Annamalai Kuppusamy :-This honest man may one day become chief Minister of Tamilnadu-May be 5 to 10 years down the line or earlier.

 

Source :-oneIndia :-An engineering graduate and postgraduate in management, Annamalai Kuppusamy had qualified for the prestigious UPSC exam and served the nation as an Indian Police Services Officer. He had his first posting as ASP with Karnataka police in 2013 and then took charge of Superintendent of Police (SP) in Udupi in Chikamagaluru.
In 2019, Annamalai resigned from his service when he was Deputy Commissioner of Police in South Bangalore. On 25th...

Annamalai Kuppusamy Biography

An engineering graduate and postgraduate in management, Annamalai Kuppusamy had qualified for the prestigious UPSC exam and served the nation as an Indian Police Services Officer. He had his first posting as ASP with Karnataka police in 2013 and then took charge of Superintendent of Police (SP) in Udupi in Chikamagaluru.
In 2019, Annamalai resigned from his service when he was Deputy Commissioner of Police in South Bangalore. On 25th August 2020, Annamalai joined the BJP and was later appointed as the Vice President of the Tamil Nadu State BJP Unit.

Annamalai Kuppusamy Personal Life

Full NameAnnamalai Kuppusamy
Date of Birth04 Jun 1984 (Age 39)
Place of BirthKarur
Party nameBharatiya Janta Party
EducationB.E. MBA.
ProfessionFomer Civil Servant, Politician
Father's NameKUPPUSAMY
Mother's NameNot Known
Spouse's NameAkila S. Nathan
Spouse's ProfessionN/A
Children1 Son(s)
CasteBackward
Permanent addressKarur, Tamilnadu
Present addressKarur, Tamilnadu
Contact numbernot available
Emailnot available

Education Qualification of Annamalai Kuppusamy

He obtained an MBA degree at IIM Lucknow in 2010.

Interesting Facts about Annamalai Kuppusamy

1. Annamalai was a 2011 batch IPS officer.
2. He served as a Civil Servant in various locations for eighyears.
3. Annamalai was fondly called Singham Annamalai in Karnataka.
4. He is the founder of We The Leaders Foundation.

Political Timeline of Annamalai Kuppusamy

2021He contested the TN assembly elections on a BJP ticket from the ARAVAKURICHI constituency of Karur district but lost to NR Elango of DMK.
2020On 25th August 2020, he joined the BJP and was later appointed as the Vice President of the Tamil Nadu State BJP Unit.

Annamalai Kuppusamy Early Life

2019Annamalai Kuppuswamy resigned from Indian Police Service when he was Deputy Commissioner of Police in South Bangalore.
2011Annamalai Kuppuswamy joined Indian Police Services.
1984Annamalai was born on June 6, 1984. He belongs to a family of farmers.