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non-resident Indians (NRIs) those who claimed benefit of lower or nil rate of taxation under the Double Taxation Avoidance Agreement (DTAA) are receiving income tax notice(s) for failing to file Form 10F. The Income Tax Act, 1961, allows NRI taxpayers to declare their income and file ITR by applying for lower or nil rate of income tax (in some cases) under DTAA. For availing the benefit of lower or nil taxes under DTAA, NRIs must submit a Tax Residency Certificate (TRC) and Form 10F. This form could be filled any time before filing Income Tax Return (ITR). As per the existing Indian tax law, there is no deadline to file Form 10F and it can be filed electronically by all NRIs who may or may not have a PAN card. The mentioned income tax notice given to NRIs read as follows: “Incorrect claim u/s 143(1)(a)(ii): Adjustment to total income has been done as per Schedule Capital gains & Special Income, and for this DTAA benefit is to be claimed then relevant statutory form shall be filed. This required adjustment to the income within the meaning of Section 143(1)(a) and accordingly this is an opportunity provided to respond within the time allowed.”

Mehta, the bank's former general manager and head of accounts, underwent a polygraph test, also called a lie detector test, last week at the Forensic Science Laboratory (FSL) in Mumbai's Kalina area. However, the result was deceptive and did not yield more concrete information about the use of the fund and the role of other accused persons, he said.

Reliance Industries Limited (RIL) shares are expected to be in focus on Friday, March 21, after the conglomerate announced that its subsidiary Reliance Strategic Business Ventures (RSBVL) acquired a 100% stake in Nauyaan Tradings Private Limited (NTPL) for a mere consideration of Rs 1 lakh. “Please note that Reliance Strategic Business Ventures Limited (RSBVL), a wholly owned subsidiary of the Company has informed the Company that it has, today, acquired 100% equity stake in Nauyaan Tradings Private Limited (NTPL) for an aggregate consideration of Rs. 1,00,000/- from Welspun Tradings Limited, a wholly owned subsidiary of Welspun Corp Limited (WCL),” the company said in a regulatory filing.

Hero Motocorp shares are set to remain in focus on Friday, March 21, after the company announced that it has made a strategic investment of up to Rs 525 crores (in one or more tranches), in Euler Motors. This move aims to provide Hero MotoCorp with a strong foothold in the fast-growing electric three-wheeler market. “Moving swiftly towards its vision, “Be the Future of Mobility”, Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, will make a strategic investment into the electric three-wheeler category by acquiring a significant stake in Euler Motors. The Company's board has approved a strategic investment of up to Rs. 525 crore (in one or more tranches), in Euler Motors Private Limited,” the company informed the stock exchanges.

Balancing Technology, Judiciary Workload, and Legal Ethics for a Better India

In a statement released on Friday, the company said that its sales remain strong, and that it is in the process of clearing the backlog that had caused discrepancies in vehicle registration data. According to Ola, this backlog, which was not caused by any internal operational issues, is being addressed, with daily registration numbers already surpassing 50% of the company’s three-month daily sales average. As of the latest update, 40% of the February backlog has already been cleared, and Ola Electric expects the issue to be fully resolved by the end of March 2025.

Perplexity AI is in talks to raise funds at an $18 billion valuation, a person familiar with the matter told Reuters on Thursday, as the Nvidia-backed startup looks to grow and capture soaring demand for its search tools. The jump in valuation doubles the previous $9 billion figure, reported by Reuters in November. Perplexity is an AI startup that provides information by searching the internet, just like ChatGPT and Google's Gemini, and is backed by Amazon.com founder Jeff Bezos and Japan's SoftBank Group.

dinosaur footprints on a boulder displayed at a high school. The footprints, dating back to the early Jurassic period, provide valuable information about the types of dinosaurs that lived in the region.

video conference call on February 14. The agency cited workforce planning as the reason for the terminations. Employees were informed about the decision during a 20-minute virtual meeting. They later received official emails confirming their dismissal.

Subscribe to enjoy similar stories. Dublin, Ireland-headquartered Accenture Plc became the first IT industry major to call out macroeconomic uncertainty in the US, the world’s top technology market, during a post-earnings interaction with analysts on Thursday. The early alert, coming in the backdrop of disappointing quarterly earnings in the second quarter (December-February) of the world’s biggest information technology (IT) services company, signals possible tough times ahead for both global as well as the Indian IT industry.

Law Minister Arjun Ram Meghwal also said that appointments of judges to the Supreme Court and the 25 high courts are made under provisions of the Constitution, which do not provide for reservation for any caste or class of persons. The government is committed to enhancing social diversity, Meghwal said.

The regulator told employees earlier this year that, as of 1 April, all emails will automatically be deleted after a year unless staff take specific steps to retain them. In the letter published today (20 March), a cohort made up of CEOs and senior directors from companies such as Positive Money, Sharesoc and the Tax Justice Network, argued that the FCA's policy would harm the rights of consumers, reduce the efficacy of the regulator, and damage the UK financial sector's reputation. FCA addresses criticism on plan to auto-delete staff emails after a year Freedom of Information requ...

Also read: IndusInd Bank depositors! Here's RBI's opinion on the bank's financial stateIndusInd Bank depositors! Here's RBI's opinion on the bank's financial state However, the Press Information Bureau (PIB) has factchecked this claim stating it as fake news. According to the PIB Factcheck, “A news report by Lokmat Times claims that starting from April, banks across the country would operate 5 days a week, following a new regulation issued by RBI. PIBFactCheck: This claim is Fake. For official information related with Reserve Bank of India, visit: https://rbi.org.in.”

direct tax demand is «difficult to collect», Income Tax Department has informed a Parliamentary panel. When the Standing Committee on Finance expressed concern over the huge arrears of demand and desired to know the possible steps, including a moratorium, that can be taken to address this, the Chairman of CBDT told the panel that arrears are a cause for concern. «We have around Rs 43,00,000 crore of arrear demand which is a cause of concern for us. Partly, this is a legacy issue. This arrear pertains to mid-90s also because earlier what used to happen was there was essentially a manual registers that we were keeping,» the CBDT Chairman told the panel. The report of the Standing Committee on Finance has been tabled in Parliament. The Revenue Secretary informed the panel that a lot of this demand is also «fictitious». The Committee found that in respect of Direct Taxes, Rs 10,55,906 crore tax arrears are pending for five or more years.

Rajya Sabha was adjourned for the day as soon as it reconvened at 2 pm on Thursday amid a row over DMK members wearing T-shirts with slogans written on them earlier in the day. The proceedings of the Upper House witnessed three adjournments during the pre-lunch period over the issue. «The House stands adjourned to meet at 11 am on Friday, 21st March,» Deputy Chairman Harivansh informed members. Earlier in the day, soon after laying of papers, chairman Jagdeep Dhankhar adjourned the proceedings for an hour till 12 noon and called a meeting of floor leaders of various parties. However, the deadlock over the issue continued and when the House reassembled at 12 noon, deputy Chairman Harivansh announced that the proceedings had been adjourned again for another 15 minutes. At 12.15, he again came and announced that the House stands adjourned till 2 pm, amid the deadlock.

Ram Sutar has been chosen for Maharashtra Bhushan, the state government's highest civilian award, Chief Minister Devendra Fadnavis informed the legislative assembly on Thursday. Sutar, who turned 100 last month, is a Padma Bhushan awardee and has designed the Statue of Unity which is the world's tallest statue with a height of 182 metres. Fadnavis said the decision to honour Sutar with the highest civilian award of the state was taken unanimously by a committee headed by him on March 12. «He is a centenarian but is still working on the Ambedkar statue at the Indu mill memorial project in Mumbai,» he said. The award comprises Rs 25 lakh and a memento. Sutar, who works with his son Anil, has been associated with many major projects like the Statue of Unity, the 251-metre tall statue of Lord Ram at Ayodhya, 153-feet high statue of Lord Shiva in Bengaluru and a 100-feet tall statue of Chhatrapati Sambhaji Maharaj at Moshi in Pune.

government of India did not participate in any exercise related to the Corruption Perception Index, and took various measures to combat graft in pursuance of its commitment to "zero tolerance against corruption", the Rajya Sabha was informed on Thursday. The assertion came in response to a question whether the «government is aware that India's score on the Corruption Perceptions Index (CPI) 2024 declined to 38 points, ranking 96th out of 180 countries, as per the Transparency International report», and reasons behind it, among others. In a written reply, Union Minister of State for Personnel Jitendra Singh said, «No such surveys were conducted by any agency at the behest of the government of India.» Further, the government of India did not participate in any such exercise related to the Corruption Perception Index, Singh said. However, the government of India, in pursuance of its commitment to «zero tolerance against corruption», has taken several measures to combat corruption, which include systemic improvements and reforms to provide transparent citizen-friendly services and reduce corruption, the minister said. He cited the disbursement of welfare benefits directly to the citizens under various schemes of the government in a transparent manner through the direct benefit transfer (DBT) mode, implementation of e-tendering in public procurements, introduction of e-governance and simplification of procedures and systems besides the introduction of procurement through the government e-marketplace (GeM), as measures to check corruption.

digital arrest scam operation that possessed data of 20,000 pensioners, including their banking information from various states, leaving officials astounded. A previous operation last year led authorities to discover prepared scripts containing calculated dialogues aimed at deceiving and pressuring elderly targets. Digital arrest fraudsters have become increasingly sophisticated, utilising advanced methods and extensive personal information. Their leaders, typically operating from foreign locations, leave authorities dealing primarily with lower-level operatives. Officials discovered an intricate system of deception capable of trapping vigilant people. «They seem very organised from step one. They employ scripted fraud speeches, carefully crafted to instil fear and panic, making targets more susceptible to the scammers' demands,» explained a cyber cell officer. «The scripts are scientifically tailored to exploit the target's vulnerabilities, such as their age, health or financial situation, making these speeches even more effective at extracting money and information from unsuspecting individuals.» These criminals select their targets deliberately. They utilise various methods to acquire sensitive banking information, focusing on elderly customers. Their techniques include social engineering, data breach exploitation, and collaboration with corrupt bank staff who share confidential customer information.

AI for All' mantra is backed by concrete action with the country leading in AI skill penetration and talent concentration, Union Minister Jitin Prasada said on Thursday as he urged industry leaders to prioritise research and development (R&D) to capitalise on India's position as a global skill capital. Prasada, Union Minister of State for Ministry of Commerce & Industry and Ministry of Electronics & Information Technology, was delivering a keynote address at the Nasscom Global Confluence 2025. «Our mantra 'AI for All' is backed by concrete action. India is number one in the world in AI skill penetration — the AI skill index even outstrips the US and Germany. »It's just not about numbers, it's about impact. As nations across the globe embrace digitalisation to modernise traditional sectors and fuel economic growth, India stands ready to be a strategic technology partner," the minister asserted.

IndusInd Bank shares will be in focus on Thursday after rating agency Crisil refrained from placing the private lender on ratings watch, stating that the full extent of discrepancies in the bank’s derivatives portfolio will only be known once an external agency submits its findings. Crisil noted that these discrepancies are likely to have a one-time impact on the bank’s financials but added that IndusInd’s pre-provisioning operating profitability and capital adequacy remain strong enough to absorb the impact.