FY 2018 19
What is Cost Inflation Index (CII) for FY 2024-25, FY 2023-24 for income tax purposes?
CII number for FY 2023-24, FY 2024-25: The income tax department notifies cost inflation index number for every financial year. This CII number helps to calculate inflation adjusted cost or inflation indexed cost on specified capital costs. Read on to know the CII number from 2001-02 for different financial years.
Vedanta sees sale of steel operations by October, to spend $1.9 billion on capex
The plan to divest the steel business is a part of the company’s efforts to cut debt, Agarwal said in the company’s annual report for 2023-24 (Apr-Mar). At holding company Vedanta Resources, debt has been cut by $3.7 billion in two years, as against the company’s commitment of bringing it down by $4 billion. “We seek to further deleverage Vedanta Resources by US$ 3 billion over the next three years,” he reiterated.
India’s five big IT firms see net exit of 25,000 women in FY24
The data analysis by staffing firm Xpheno revealed that five of India's top IT services companies - Infosys, TCS, Wipro, LTI Mindtree, and HCL Tech - have seen a collective net exit of 25,000 women in the year ending March. Despite an increase in the total number of women employed by these firms from 374,000 in March 2020 to 540,000 in March 2023, the diversity ratio has only seen a marginal growth of 0.9 percentage points during this period.
RBI approves dividend of Rs 2.11 lakh crore to Centre for FY24, up 140% YoY
RBI DIVIDEND: At its 608th meeting in Mumbai, the Reserve Bank of India approved a dividend of Rs 2.11 lakh crore for the Central government for FY24, marking a 141% increase from FY23's Rs 87,416 crore. This move, reported earlier by ET, aids the Centre in reaching its fiscal deficit target for FY25.
TMC's Abhishek Banerjee declares total income of Rs 82 lakh in FY'23 in affidavit
TMC national general secretary Abhishek Banerjee, seeking re-election from the Diamond Harbour Lok Sabha seat, declared a total income of over Rs 82 lakh in the 2022-23 fiscal year. He has Rs 7.72 lakh as cash and movable assets worth over Rs 1.26 crore. Banerjee has two cases pending against him, one in Tripura's Khowai police station and another of alleged defamation.
Bitumen sales hit 10-year high in FY24
"Road construction activity is in full swing. The Ministry of Road Transport and Highways (MoRTH) constructed 12,349 km of national highways in 2023-24, the second highest so far, compared to 10,331 km in 2022-23," the oil ministry said in its industry demand analysis.
UPSIDA revenue hits record Rs 1,359 cr in FY'24
Uttar Pradesh State Industrial Development Authority (UPSIDA) recorded its highest operating revenue of Rs 1,359 crore in the 2023-24 financial year, marking a doubling of revenue compared to 2018-19. The authority has made significant strides in realizing Chief Minister Yogi Adityanath's vision of transforming Uttar Pradesh into an industrial powerhouse.
IndiGo gets tax demand related to input tax credit
The demand has been issued by the Deputy Commissioner of the tax department in Hyderabad. "The tax officer has denied input tax credit of Rs 21,240 availed by the company and raised the... demand," the filing said.
Union IT minister Rajeev Chandrasekhar declares Rs 680 taxable income for FY 2021-22 in poll affidavit
Indian IT Minister Rajeev Chandrasekhar declared a taxable income of Rs 680 for FY 2021-22 in his nomination for the Thiruvananthapuram Lok Sabha seat. His income sharply declined from Rs 10.8 crore in 2018-19 to Rs 5.6 lakh in 2022-23. He disclosed movable assets of Rs 9.26 crore and immovable assets valued at Rs 14.4 crore. Chandrasekhar is contesting against Congress's Shashi Tharoor and CPI's Pannian Raveendran, with polling starting on April 26.
Indirect tax collection for FY24 exceeds RE by handsome margin: CBIC chief
FY24 indirect tax collection exceeded Revised Estimates with record GST collection. CBIC chairman praised tax officials for professionalism, highlighting excise duty, customs, and revised direct tax target.
Govt garners Rs 16,507 crore via public sector enterprises disinvestment in FY24
The budget had pegged disinvestment proceeds for 2023-24 fiscal at Rs 51,000 crore. However, the revised estimates (RE) on February 1, 2024, did away with separate head for disinvestment receipts.
Banks' GNPAs set to improve further to 2.1 pc by FY25: Report
The gross non-performing assets (GNPA) of the Indian banking system are set to improve further to up to 2.1 per cent by the end of FY25, a report said on Friday. GNPAs are likely to come at 2.5-2.7 per cent in FY24 and will improve further to 2.1-2.4 per cent by the end of FY25, domestic rating agency Care Ratings said in the report.
Toll collection on national highways surpassed Rs 50,000 crore till January-end this FY
This fiscal year will see record toll collection of about Rs 62,000 crore aided by increase in tolled roads and addition of new FASTag users.
Road Ministry hopes to construct over 12,000 km of roads in FY24
India's Ministry of Road Transport and Highways aims to construct 12,000-13,000 km of national highways in 2023-24, marking the second-highest annual achievement. The highest was 13,327 km in 2020-21. As of January 2024, 7,685 km has been completed. The ministry anticipates setting a record for the highest construction of four-lane roads and access-controlled highways, targeting 9,500 km.
NHAI may monetise more than ₹1 lakh cr assets by FY24 end
"We have undertaken asset monetisation in a big way. This has been possible because of the attractiveness of the road projects, higher returns to investors and operational experience of players prompting them to go for greater investments year-after-year," said a senior official, who did not wish to be identified.
GST notices of ₹1.45 lakh crore sent out in December for FY18
GST evasion of about Rs 1.51 lakh crore has been detected by central GST officers in the current fiscal, while recovery stands at Rs 18,541 crore as on December 30, against the internal target of Rs 50,000 crore. The finance ministry on Sunday said that since mid-May 2023, a total of 29,273 bogus firms involved in suspected input tax credit evasion of Rs 44,015 crore have been detected.
Govt extends deadlines for GST officers to issue demand notices for FY'19, FY'20
AMRG & Associates Senior Partner Rajat Mohan said the extension pertains to issuance of orders for the recovery of tax liabilities, whether due to non-payment, underpayment, or erroneous claim of input tax credit, for the financial years 2018-19 and 2019-20.
About 33,000 notices sent by CBIC officers for discrepancies in GST returns filed in FY18, FY19
The National Co-ordination Committee of the State and Central GST officers, chaired by the Revenue Secretary, is likely to be held by the end of this month or early January, which among other things would also sensitise tax officers regarding issuance of notices, the official said.
Toy exports up 60% to $326 million from FY19-FY23
India's toy exports have surged by 60% since 2018-19, rising from $203.46m to $325.72m in 2022-23, according to a statement by Minister of State for Commerce and Industry Som Parkash to Parliament. In contrast, imports showed a 57% dip, dropping from $371.69m in 2018-19 to $158.70m in 2022-23.
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