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Top 10 business headlines: Air India sale, 20% tax on buyback, and more

From Air India sale to 20% tax on share buybacks, here are the top 10 stories which made headlines on Sunday

BS Web Team  |  New Delhi 

Air India, disinvestment,

1. Budget impact: Infosys, 8 others face 20% tax burden on share buybacks

Nine companies, including technology major Infosys, which have active buyback programmes, are staring at an unexpected tax burden. Read more here 2. Budget impact: Sebi may give listed firms two years for 35% public holding

The Securities and Exchange Board of India (Sebi) may give listed companies two years to increase minimum public shareholding from 25 per cent to 35 per cent, a proposal floated in the Union Budget 2019-20. “The compliance and time frame would be similar for all listed companies, including public sector undertakings,” said a government official in the know, adding Sebi would come up with a detailed framework after consultation with all stakeholders. Read more here

3. Budget impact: Super-rich tax hits 1,000 executives in corporate India

With Finance Minister Nirmala Sitharaman increasing the surcharge on income-tax (I-T) in the Union Budget for individual taxpayers, the country’s super-rich will have to shell out more.

The Budget will raise the effective tax rate for two categories — individuals earning an annual income between Rs 2 crore and Rs 5 crore, and those earning more than Rs 5 crore. Read more here

4. Budget impact: Infosys, 8 others face 20% tax burden on share buybacks

Nine companies, including technology major Infosys, which have active buyback programmes, are staring at an unexpected tax burden. Read more here

5. Centre to pose tough questions to auditors for raising fraud concerns

The government will seek detailed information from auditors on the reasonsfor resignation from companies, a senior government official told Business Standard. Following Price Waterhouse & Co’s (PWC’s) resignation as auditor of Reliance Capital and Reliance Home Finance and its complaint against the company, authorities have said that hard questions will be asked of both parties before any decisions are made. “We should go through all the steps. Read more here

6. Budget impact: Electronic, fashion brands may accelerate India plans

US-based Apple and Japanese fashion retailer Uniqlo may speed up their India store roll-out plans as the government proposes to ease local sourcing rules in single brand retail.

On Friday, Finance Minister Nirmala Sitharaman said the 30 per cent local sourcing norms in single-brand retail would be relaxed as she sought to make India an attractive destination for foreign players. Read more here

7. Budget 2019: Boost for EVs evokes mixed reactions from auto industry

Home-grown carmakers have lauded the government’s resolve to promote electric-driven mobility, even as the local arms of global firms rued that the fiscal incentives in the Budget leave out other clean vehicle technology options. Read more here

8. Income tax burden weighs on the salaried class even as costs climb

I generally don’t talk about salary, but any salaried employee earning ₹1 lakh a month in a metro city is living a hand-to-mouth situation, says Varsha Ratnaparke, a marketing communication professional in Maharashtra.

Ratnaparke, 45, believes that while salaried employees pay more tax and lead a more transparent life from the taxation point of view, it’s the same category of the population that is at the receiving end of everything. There were expectations that budget 2019 will hike the income tax exemption limit to improve the ease of living of the salaried class. Read more here

9. Justice Sudhansu Jyoti Mukhopadhaya: The man presiding over most of corporate insolvency cases

One man presides over most, if not all, of the corporate insolvency resolution cases in the country ever since the Insolvency and Bankruptcy Code came into force in 2016.

Justice Sudhansu Jyoti Mukhopadhaya, a 69-year-old retired Supreme Court judge, has headed the Company Law Appellate Tribunal since its inception in June 2016 and all important cases under the IBC pass through his court, especially if there is a point of law to be considered. He is often seen to be coming down. Read more here

10. Rs 80,000-cr cut in off-balance sheet borrowing may be an optical illusion

On the face of it, the Centre appears to have slashed its extra-budgetary resources for the current fiscal year, as against what was pegged in the interim Budget. Given that the Centre’s increasing reliance on off-balance sheet borrowings to fund its expenditure over the past two to three years has been drawing a lot of attention, the steep reduction may have offered some comfort. Read more here

First Published: Mon, July 08 2019. 06:21 IST
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