Sun, Nov 17, 2024 12:10 PM
8 of top 10 most-valued firms lose nearly Rs 2 lakh crore in m-cap
A Flip by Shubhangi Gupta
The Income-Tax (I-T) department has today (November 17) launched a new campaign warning taxpayers of ₹10 lakh penalty if they fail to disclose foreign held assets or income earned from abroad in their ITR, according to a PTI report. The “compliance-cum-awareness campaign” aims to ensure that taxpayers report all information in their Income Tax Return (ITR) for assessment year (AY) 2024-25.
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City gas companies like IGL and Adani Total Gas are considering an increase in CNG prices after supplies of cheaper input gas were cut for the 2nd time in a month. However, government officials are demanding that retailers provide a cost breakup to justify the hike. Effective November 16, the government reduced supplies of low-priced natural gas from old fields to city gas retailers by up to 20%.
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The Q2 earnings season for India Inc has shown signs of weakness, with downgrades outnumbering upgrades. Nifty companies reported a 4 percent on year profit growth in Q2, extending its streak for single-digit bottomline growth to the second successive quarter, a first since the pandemic. Incremental growth was driven by five companies--SBI, Hindalco, ONGC, ICICI Bank, and Axis Bank.
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