Mumbai woke up to yet another day of overcast skies and heavy downpour on Tuesday as the India Meteorological Department’s Colaba station clocked in over 94 mm rainfall between Monday and Tuesday morning. The downpour is slated to continue in the metropolis and its neighbouring districts with the IMD issuing a yellow alert in Mumbai from Wednesday (July 24) until Friday. Data furnished by the weather department showed that while Colaba received heavy downpour of nearly 100 mm, the Santacruz recording station registered 42 mm rainfall during the same period.…
Month: July 2024
GST Liability Arises on Advance Amounts Received Against Supply Portion of a Work Contract
The GST is liable to get paid in advance obtained against the supply concerning the work contract, The Gujarat Authority of Advance Ruling (AAR) ruled. The turnkey contract entered into by the applicant has been ruled to be a work contract, remarked by the bench of Amit Kumar Mishra and Milind Kavatkar. The petitioner is in the engineering, procurement, and construction (EPC) contract business with various distribution companies (DISCOMS). The petitioner mentioned that they pose a turnkey contract with Paschim Gujarat Vij Company Ltd. (PGVCL) for the supply of the…
When Jaya Bachchan’s father told Harivansh Rai Bachchan, ‘my family is utterly ruined,’ after Jaya married Amitabh Bachchan | Bollywood News
With billionaire Mukesh Ambani’s son Anant Ambani marrying Radhika Merchant, daughter of Viren Merchant, CEO of Encore Healthcare, the spotlight is back on big-fat Indian weddings. Despite the trend of lavish celebrity weddings in recent decades, the marriage of Bollywood’s Shahenshah Amitabh Bachchan to legendary actor Jaya Bhaduri was notably a subdued affair. In his autobiography, In the Afternoon of Time, Amitabh’s father, renowned poet Harivansh Rai Bachchan, beautifully narrated the events leading up to the wedding and explained why all the ceremonies were held in a low-key manner. Assuming…
ICAI and Others Seek Permanent ITR Due Date of August 31
The taxpayer has provided the recommendations to permanently revise the due date since they are facing issues accessing Form 26AS and AIS. There is a rise in the demand to extend the ITR due date from July 31, 2024, to August 31, 2024, because of the technical problems on the income tax portal. An extended due date could assist various assesses to prevent the late filing penalties hence diminishing the financial stress. Concern would have been expressed by organizations such as All Gujarat Federation of Tax Consultants, Income Tax Bar…
A Budget priority, urban development gets new housing scheme, Rs 4,000 crore for EWS and middle income group | India News
Highlighting urban development as one of the nine priorities of Budget 2024-2025, Finance Minister Nirmala Sitharaman on Tuesday announced the Pradhan Mantri Awas Yojana-Urban 2.0, with Rs 2.2 lakh crore central assistance over five years, to construct one crore additional houses. “Under the PM Awas Yojana Urban 2.0, housing needs of one crore urban poor and middle-class families will be addressed with an investment of Rs 10 lakh crore. This will include the central assistance of Rs 2.2 lakh crore in the next five years. A provision of interest subsidy…
GST Reduces Logistics Costs and Truck Travel Time by Up to 30%
In drawing down the cost of logistics in the country the GST has played an effective role. The ‘One Nation, One Tax‘ regime has assured that trucks did not need to wait for hours on the state borders which has drawn down the travel time by up to 30%. It has diminished the cost of logistics and increased the average distance trucks travel from 225 km before GST to 300-325 km, the Economic Survey 2023-24 tabled in Parliament articulated. It adds value to facilitate in performing the business and the…
Deadpool and Wolverine early reviews call it Marvel’s best since Avengers Endgame: ‘High energy ode to superhero cinema’ | Hollywood News
The early reviews from the New York premiere of Deadpool and Wolverine are out, and they won’t be a surprise any Marvel fan: It is already billed as one of the most entertaining superhero films of recent times. Starring Ryan Reynolds and Hugh Jackman in the titular role, Deadpool and Wolverine had its world premiere days ahead of its July 26 release. Directed by Shawn Levy (Night at the Museum: Secret of the Tomb, Free Guy fame), the film features Reynolds and Jackman as Deadpool and Wolverine, respectively, alongside Emma…
FM reiterates intent to stick to fiscal consolidation path, lowers fiscal deficit target to 4.9% for FY25 from 5.1% in interim Budget | Business News
Even as the government announced schemes to boost employment and assistance to some states in Union Budget 2024-25, it reiterated its intent to stick to the fiscal consolidation roadmap and announced a lower fiscal deficit target. In what could be a signal to rating agencies, the government cut the fiscal deficit target to 4.9 per cent of the Gross Domestic Product (GDP) for financial year 2024-25 from 5.1 per cent in the interim Budget, while underlining that the central government debt will be on a declining path as a percentage…
Kerala HC Allows South Indian Bank to Receive IT Deduction for Long-Term Residential Property Financing
It was ruled by the Kerala High Court that the South Indian Bank is entitled to the deduction envisaged u/s 36(1)(viii) of the Income Tax Act concerning the long-term finance furnished by it for the construction and purchase of houses in India for residential purposes. The appellant-bank/assessee South Indian Bank Ltd is in the business of furnishing housing loans for the purchase of the construction of houses and had been receiving the advantage of the deduction mentioned u/s 36(1)(viii) in the years before the amendment. The disallowance was derived as…
Budget’s big MSME push: New credit rating mechanism for smaller units; Mudra loan limit hiked | Business News
Finance Minister Nirmala Sitharaman in Budget 2024-25 increased the limit of Mudra loans from Rs 10 lakh to Rs 20 lakh and introduced a new assessment model for MSME credit. Sitharaman said that for facilitating term loans to MSMEs for purchase of machinery and equipment without collateral or third party guarantee, a credit guarantee scheme will be introduced and that the scheme will operate on pooling of credit risks of such MSMEs. “A separately constituted self financing guarantee fund will provide to each applicant guarantee cover up to 100 crore…