ENTERTAINMENT TAX
How to file ITR-2 online with salary, capital gains and other incomes for FY 2023-24 (AY 2024-25)?
ITR-2 can be filed using the Excel or Java utilities provided by the income tax department, or online directly through the e-filing portal. This guide outlines the most effective way to file ITR-2 online, including examples of reporting salary, capital gains, and other incomes in the tax return form.
Film and TV fraternity are swiftly ditching Los Angeles, here's why
Film and TV actors, crews and industrial workforce are rapidly moving away from Los Angeles due to various factors including dwindling work opportunities, and escalated housing costs in the region.
Ixigo's stock rally continues; retro tax relief likely for egaming cos
Shares of Ixigo continued to surge a day after the travel platform’s IPO. This and more on today’s ETtech Top 5.
TV channel rates may soon go up by 5-8%
In January, leading broadcasters raised their base bouquet rates by 10%, with Viacom18 going for the highest increase of over 25% due to the addition of Indian cricket rights and increase in the market share of general entertainment channels. The new pricing was to come into effect in February.
Nazara subsidiary Absolute Sports buys entertainment news site SoapCentral for $1.4 million
SoapCentral.com provides news and other content related to TV shows and mostly focuses on the US audience.
Zee’s finances on the mend, still wait for bigger picture
Zee’s consolidated revenue grew by 10% year-on-year to Rs 2,170 crore in the March 2024 quarter. This was 8% higher than the street’s estimates. A large part of this growth was on account of 10% growth in the advertising revenue at Rs1,110 crore, beating the analysts’ estimates by 16%.
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Buy Zee Entertainment Enterprises, target price Rs 170: JM Financial
Zee Entertainment Enterprises Ltd. key Products/Revenue Segments include Income From Advertisement, Subscription Income, Television Content, Theatrical Exhibition, Other Operating Revenue, Transmission Revenue and Commission for the year ending 31-Mar-2023.
Donald Trump may owe $100 million from double-dip tax breaks, audit shows
The New York Times and ProPublica revealed that Donald Trump employed a questionable accounting tactic to claim improper tax breaks on his Chicago tower, facing a potential $100 million+ tax bill. In recent months, Trump has also been ordered to pay $83.3 million in a defamation case and an additional $454 million in a civil fraud case brought by New York Attorney General Letitia James.
New MSME payment clause in I-T Act: Supreme Court tells traders to move HC
On Monday, the Supreme Court declined to address a plea filed by various traders' associations contesting the legality of Section 43B(H) within the Income Tax Act. This section mandates that businesses settle their outstanding payments with micro, small, and medium enterprises (MSMEs) within 45 days to avail tax benefits.
HC refuses to entertain plea to form panel to check feasibility of 4-year law course instead of 5-yr
Delhi High Court rejects plea for a legal education commission to consider a four-year law course, stating it's beyond their role. Petitioner criticized for lack of knowledge about law education and the importance of non-law subjects.
Share price of Zee Ent. rises as Nifty strengthens
A total of 822,999 shares changed hands on the counter till 10:15AM (IST).
Share price of Zee Ent. rises as Nifty weakens
A total of 1,026,698 shares changed hands on the counter till 10:30AM (IST).
Payment for imported software not royalty, rules SC
A bench of Justices BR Gavai, BV Nagarathna and Pankaj Mithal rejected a batch of review petitions filed by the Commissioner of Income Tax both on merits as well as on the grounds of delay. This means tax liability of foreign software seller without a permanent establishment in India would reduce to the 2% equalisation levy introduced via Finance Act 2020 from the 10%-15% royalty tax, which the Indian buyer has hitherto been liable to withhold.
Share price of Zee Ent. falls as Nifty strengthens
A total of 349,538 shares changed hands on the counter till 12:52PM (IST).
Share price of Zee Ent. falls as Nifty weakens
A total of 399,681 shares changed hands on the counter till 01:49PM (IST).
Avoid switching off signal to DPOs, Trai urges pay-TV companies
The Telecom Regulatory Authority of India (Trai) has reportedly urged pay-TV broadcasters to refrain from disconnecting signals to distribution platform operators (DPOs) or implementing tariff hikes until after the Lok Sabha elections. Trai Chairman Anil Kumar Lahoti and Secretary V Raghunandan have met with top broadcasting executives to encourage engagement with DPOs regarding the price hike issue.
Don't resurrect death tax
Inheritance tax is a tax levied on the value of the deceased's assets paid by their heir(s). Herein lies the fundamental injustice of such taxes: they are taxes payable in liquid money on an inheritance, comprising a highly illiquid asset like a house. Imagine a scenario where estates above ₹1 cr are taxed at 25%. If someone's father leaves her a flat that he bought in 1990 for ₹5 lakh and that is now worth ₹2 cr, she would have to pay ₹25 lakh immediately upon her father's passing, irrespective of her income, or sell the flat - a sale that would also attract capital gains tax.
Zee Entertainment should focus on cost cuts, struggling businesses in profit pursuit, panel says
The move - coming on the heels of a failed $10 billion merger with Sony India and the collapse of a $1.4 billion cricket broadcasting deal over a missed payment - is aimed at helping the loss-making company hit key performance targets, Zee said. That includes a 20% earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin target proposed by CEO Punit Goenka, Zee said.
Stocks in news: TVS Motor, Wipro, Aster DM Healthcare, RVNL, ZEE
The Board of TVS Motor approved a scheme of arrangement between the company and its shareholders, under which, it will issue and allot cumulative redeemable preference shares by way of bonus.
Tax-saving ELSS fund gave 17.6% returns in three years; should you invest?
SUNDARAM ELSS TAX SAVER FUND: It takes a large-cap tilt like many of its peers in the tax-saving fund category. It has a preference for growth-oriented businesses with large opportunity size, superior capital efficiency and earnings growth. The portfolio is heavily diversified, running bigger positions in its frontline bets.
Not theatrics, meaningful content to drive fortunes of film industry
According to the latest Ficci-EY media and entertainment report, footfalls in theatres (single screens and multiplexes) have fallen by 9% to 900 million in 2023 from 994 million in 2022. But, gross box-office collections (before tax) of single screens and multiplexes expanded 15.3% and 13.7%, respectively.
InMobi nets 235 million active users on Glance lock screen
Having partnered with leading mobile device makers including Samsung, Xiaomi, Oppo, Vivo, Motorola, Realme and Jio, the company is on the path to appear on 1 billion lock screens by 2025 globally, chief business officer (CBO), Vasuta Agarwal said. Backed by Google, Jio Platforms and SoftBank, the Bengaluru-based advertising and consumer tech group has worked with 300+ brands across verticals and expanded operations in India.
Star-Viacom18 likely to post $200 million loss on sports, streaming: Report
The Reliance Industries-Walt Disney Company deal aims to merge Viacom18 and Star India, creating a media giant with profitable entertainment, but lossmaking sports and streaming businesses. The proposed merged entity's entertainment business is projected to generate $600 million in Ebitda on $1.3 billion revenue.
Share price of Zee Ent. rises as Nifty weakens
A total of 273,446 shares changed hands on the counter till 11:31AM (IST).
Zee to review its entire business portfolio after Sony calls off merger plans
The exercise is aimed at identifying businesses that generate maximum value and those that need to be focused on, Punit Goenka, managing director and chief executive, Zee said during an analysts' call to discuss December quarter earnings.
Buy Zee Entertainment Enterprises, target price Rs 330: Prabhudas Lilladher
Zee Entertainment Enterprises Ltd., incorporated in the year 1982, is a Large Cap company (having a market cap of Rs 27240.33 Crore) operating in Media & Entertainment sector.
Share price of Zee Ent. falls as Nifty weakens
A total of 428,007 shares changed hands on the counter till 12:38PM (IST).
Punjab cabinet gives nod to pilgrimage scheme, one-time settlement scheme for traders to clear dues
Addressing the media after the cabinet meeting, Finance Minister Harpal Singh Cheema said the cabinet has approved the 'Mukh Mantri Tirth Yatra' scheme whereby elderly people could visit various religious places including Nanded Sahib, Hazur Sahib, Chintpurni, Jawalaji, Naina Devi through buses and trains free of charge.
Netflix could move tribunal against Rs 196-crore tax demand
The I-T depatment had contended that Netflix Entertainment Services (India) LLP acted as a dependent agent permanent establishment (DAPE) of Netflix. Total revenue generated by the company’s operations between April 2020 and December 2020 was above Rs 1,145 crore. Of this, Rs 1,008 crore was profit, of which attribution to Indian operations was calculated at Rs 503 crore.
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