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I-T lens on big spenders, aims to widen taxpayer base by 10% in FY24

As part of its plan to broaden the tax base, the Central Board of Direct Taxes (CBDT) may tighten the noose on high-value spenders such as those going on extravagant foreign travels, paying excessively high electricity bills, purchasing designer clothes, taking service from fertility clinics, etc. The aim is to widen the taxpayer base by 10 per cent to about 86 million in FY24. Read more...

Q4 results: India's IT services biggies fail to meet expectations

India’s fourth largest IT services player, Wipro, said it expects revenue to contract in the first quarter of financial year 2023-24 (FY24). It guided for a revenue contraction of 1-3 per cent in constant currency. Wipro does not provide revenue guidance for the full fiscal. The company reported net profit of Rs 3,074.5 crore in Q4FY23, a dip of 0.41 per cent year-on-year (YoY), and sequentially PAT was flat with a growth of 0.7 per cent. Read more...

India-UAE agreement: Easier norms for gold import on the anvil

India will soon open a fresh window for inviting new applications for FY24 towards importing gold from the United Arab Emirates (UAE) through an import quota system—tariff rate quota (TRQ)—as a part of the trade agreement between both countries. Gold TRQ will be allocated to old and new applicants as per the revised simpler eligibility norms and lesser compliance burden for Indian importers, DGFT Santosh Sarangi said. Read more...

Race for scale: HBO finds a home in India after deal with JioCinema

Viacom18’s JioCinema is going all guns blazing for scale. First came the “Fifa for free” in November 2022, then the audacious $3-billion bid (about Rs 24,000 crore) for the digital rights to the Indian Premier League (IPL). And now comes a deal to put all HBO content including shows such as Succession, Game of Thrones and films like Harry Potter on JioCinema. Read more...

Succession planning at pvt banks is a major issue: RBI on board governance

Mint Road’s decision to call for a meeting of the board of directors of state-run and private banks on May 22 and 29 to discuss “issues related to governance, ethics, the role of the boards, and supervisory expectations” needs to be read in the context of several long-standing concerns.

Succession planning at private banks is one hot button issue. On September 9, 2014, the Reserve Bank of India (RBI) made clear that the upper age limit for corner-room occupants in private banks should be 70 years. Yet, much drama unfolded in the race to find successors to both Romesh Sobti at IndusInd Bank, and Aditya Puri at HDFC Bank. Read more...

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First Published: Apr 28 2023 | 8:49 AM IST

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