CASH REFUNDS
Ecommerce sellers count on cash-flow gains from GST cut
Recommendations by the GST council aim to benefit suppliers on online platforms and real money gaming firms through tax changes, including a reduction in tax collected at source for electronic commerce operators.
Duty evasion up to Rs 1 crore may not lead to jail term
India proposes to decriminalise provisions in the central excise law, aiming to remove imprisonment for minor duty evasions and reduce penalties. The proposed Central Excise Bill 2024 seeks to modernise provisions, align with GST laws, govern taxation of tobacco and petroleum products, and operate in an automated online mode.
EPF account withdrawal rule changed: EPFO discontinues Covid-19 advance facility
During the Covid-19 pandemic, a non-refundable advance was provided to the EPF members during the outbreak of first wave of Covid-19 and another advance was also allowed in view of second wave
Paying rent in cash without a rent receipt? Know why your HRA claim may be rejected, and you may get an income tax notice
House rent allowance: Tenants will get into trouble with the income tax department if they are paying rent in cash and the landlord does not offer it for income tax. For every claim of HRA there should be a corresponding income offerred for tax. Read here to know how a tenant got into trouble because of this.
Kalanithi Maran to seek Rs 1,323 crore in damages from SpiceJet
According to the Sun group, as part of a share transfer agreement signed in 2015 when Ajay Singh took over SpiceJet, Maran and KAL Airways had paid SpiceJet Rs 679 crore for issuing warrants and preference shares. However, Maran alleged that the warrants and preference shares were not allotted, and initiated arbitration proceedings against SpiceJet and Singh.
Train ticket refund rules: Cancellation charges, rules of IRCTC e-tickets
Indian Railway Catering and Tourism Corporation (IRCTC) operates the ticketing services of Indian Railways. Hence if an individual has bought e-tickets of any train and wants to cancel them due to any unforeseen circumstances then the only way it can be done is through the IRCTC website or IRCTC rail connect application.
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SpiceJet and Sun Group in fresh war of words over shareholders dispute
The Delhi High Court had set aside its earlier order upholding the arbitral award in favour of Kalanithi Maran and against low-cost airline SpiceJet, bringing in relief for the cash-strapped carrier.
BJP releases manifesto for Odisha polls; promises 3.5 lakh jobs in 5 years, cash voucher of Rs 50,000 for women
The Bharatiya Janata Party, in its manifesto for the Odisha assembly polls, has also pledged to provide an annual lean period allowance of Rs 10,000 to each fisherman, construct 75,000 km of roads in the state, offer a Rs 5,000 scholarship per year to tribal students, and give a Rs 3,000 monthly pension to all senior citizens, physically disabled individuals, widows, and destitute.
US: New rules require airlines to automatically refund consumers for cancelled flights
Biden administration's new rules require airlines to give automatic refunds and disclose fees upfront, saving consumers over half-a-billion dollars yearly, part of a broader effort to lower costs and protect passengers from surprise charges.
US airlines will now have to automatically refund customers for canceled flights, delays
US has introduced new regulations requiring airlines to offer automatic refunds for flight changes. These rules standardize refund policies, aim to save travelers money, and ensure transparent communication of extra fees, protecting passengers' rights.
The unmaking of Anil Ambani's billionaire status: From 6th richest to facing ₹3,300 crore refund
Anil Ambani, once ranked as the sixth richest person globally, faces setbacks as the Supreme Court reverses an Rs 8,000 crore arbitral award in favor of a firm in his group, Reliance Infrastructure. The award, related to a concession agreement with Delhi Metro Rail Corp in 2008, now requires nearly Rs 3,300 crore repayment by Ambani's firm. This development adds to the financial challenges faced by his group amid debt restructuring.
Refund of fraud transactions: Railway police constable wins case against PNB after 10 years; what to do in such cases?
Punjab National Bank: What happened was an constable with Railway Protection Force (RPF) became a victim of electronic fraud in 2013 and Rs 80,000 was withdrawn through eight unauthorised transactions. Banking lawyers say that the burden of proving customer liability in case of unauthorised electronic banking transactions shall lie on the Bank.
LIC gets tax refund of Rs 21,741 crore
The Life Insurance Corporation (LIC), has garnered over ₹21,740 crore in refunds from the income-tax department, with an additional ₹3,700 crore pending. These reimbursements, related to tax disputes over surplus utilization and interim bonuses, will fortify LIC's financial position
Consider giving refunds to exporters in cash for tax remission schemes: GTRI to govt
The government is considering giving cash refunds to exporters instead of scrips for tax remission schemes, according to economic think tank GTRI. This move would improve cash flow for exporters, especially those facing a weak export outlook for 2024. Currently, refunds under the RoDTEP and RoSCTL schemes are issued as scrips, which can be sold to other importers. However, small exporters often receive less than the announced incentive due to discounted scrip sales.
EV scooter makers deposit customer refunds; IT firms see dip in hiring
Four e-scooter makers have deposited part of the over Rs 300 crore they have to refund to buyers for mispricing their ebikes to avail of subsidies.
Money deducted from bank account but not received from ATM: What you can do
If any money was deducted for failed ATM transactions it would automatically be reversed with T+5 days, where T is the transaction date. If the money is not reversed back to the individual's bank account then a compensations for such delay would be payable by banks. Read here for details.
New 20% TCS from October 1, 2023: Be ready for a cash crunch if you invest in international stocks, cryptocurrency; how to reduce TCS impact
TCS on foreign remittances from October 1, 2023: The Budget 2023 hiked TCS on foreign remittances of more than Rs 7 lakh through the LRS to 20% for investments in overseas assets, real estate, bonds, foreign company stocks, etc. The higher rate comes into effect on October 1, 2023. If you directly invest in international stocks, you should know how the new TCS rule is going to impact your investment from tomorrow.
Got soiled, taped or torn Rs 10, Rs 50, Rs 100, Rs 200, Rs 500 bank notes? How to exchange them at any bank branch
Are you a holder of torn, soiled, damaged currency note? Do no worry, take the note(s) and go to any bank branch. They will exchange the notes and give you fresh currency notes. However the value of the exchange depends upon the condition of the torn, damaged, etc currency notes.
CBIC restricts IGST refund for export of pan masala, tobacco, mentha oil from Oct 1
The Central Board of Indirect Taxes & Custom (CBIC) has imposed restriction on automated refund of Integrated Goods & Services Tax (IGST) for companies engaged in manufacturing pan masala, gutkha, chewing tobacco and mentha oil from October 1.
Go First resolution professional approaches NCLT seeking permission for refund of cancelled tickets
Go First has approached the National Company Law Tribunal (NCLT) seeking permission to refund money to passengers who had booked their tickets for travel on and after May 3, the day when the cash-strapped airline suspended operations. The Resolution professional of Go First has filed a new application before the Delhi bench of NCLT, requesting "to permit the applicant/CD to make payment of refund to passengers of the CD whose airline tickets have been cancelled since May 3, 2023."
GST Council to discuss industry demand of full CGST, 50 pc IGST refund in 11 hill states
States are showing reluctance to reimburse their portion of the Central Goods and Services Tax (CGST) and Integrated Goods and Services Tax (IGST) collections due to unsatisfactory revenue growth and the implementation of similar schemes to incentivize industries. In the past, certain industrial units in states such as Jammu & Kashmir, Himachal Pradesh, Uttarakhand, Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, and Tripura enjoyed a tax holiday during the pre-Goods and Services Tax (GST) era.
Poshn launches new platform in food and agriculture segment
Poshn, an agri-trading platform, has launched Poshn Nucleus, a technology platform to match a buyer’s procurement demands with the most likely fulfilment partner. The company aims to onboard more than 300,000 wholesale small and medium-sized enterprises sellers on the platform within the next year. The proprietary technology uses machine learning, data, and analytics to distribute commodities and will enable reverse auctioning, order and payment processing, logistics optimisation and traceability across the value chain.
When will the US run out of cash? The answer is complicated.
The Treasury Department has warned that the United States will run out of cash by June 1, and Secretary Janet Yellen has said that the exact date is nearly impossible to predict. Yellen has said that if Congress passes legislation to raise the debt ceiling, the government may be able to avoid defaulting on its debt.
Go First Flights Cancelled: Can I reschedule or transfer tickets, What's the refund process? Here are all the answers
The airline said that the customers who have booked the flights for the mentioned dates will be eligible for a full refund. “A full refund will be issued to the original mode of payment shortly. We acknowledge the flight cancellations might have disrupted your travel plans and we are committed to providing all the assistance we can,” the airline announced on its website.
NCLT to hear Go First's bankruptcy plea on May 4
Indian budget carrier Go First has filed for insolvency as it can no longer meet its financial obligations. The Wadia group-owned airline, which blames US firm Pratt & Whitney's faulty engines for grounding half of its fleet, filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal. Go First owes financial creditors INR6,521 crore ($798m), including Central Bank of India, Bank of Baroda, IDBI Bank, Axis Bank and Deutsche Bank. Major lenders including Bank of Baroda, Axis Bank and IDBI Bank were trading with deep cuts following the move.
Is your house stuck in a stalled real estate project? How five homebuyers took on builders to get their houses
Nearly five lakh houses are stuck in stalled projects in just top seven cities. Find out how some gutsy homebuyers took on builders to get their houses.
Adani Enterprises cancels FPO, to refund investors
"Given the unprecedented situation and the current market volatility the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction," the company told exchanges after a board meeting Wednesday evening.
Overseas tour packages could get costlier for travellers
Travel Agents Association of India (TAAI) president Jyoti Mayal said she was shocked that instead of abolishing it, the government had raised the TCS from 5% to 20%. “For foreign remittances for other purposes under LRS and purchase of overseas tour programme, the TCS rates are proposed to go up from 5% to 20%, which is going to be detrimental for our business.
Delay in refunds from Income Tax department hurting cash-flow, say businessmen
Several businessmen and their accountants said refunds are taking time in cases where the amount is more than Rs 1 crore. This situation is pushing some businessmen to go for expensive loans, a chartered accountant said.
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