ICICI Bank has been successful in launching the initial public offering (IPO) of its investment banking arm, ICICI Securities, before the end of this financial year but there remains a question on whether the private lender will be able to get the benefit of the long-term capital gains (LTCG) tax exemption on profits made on the sale of equity shares.
ICICI Securities’ Rs 40-billion public offer will open on March 22 and close on March 26. The IPO allotment process — critical for computation of capital gains — takes another five working days to complete. Ideally, the payouts in case of ICICI Securities could have taken place before March 31 but two back-to-back public holidays might result in a spillover of transaction into the next financial year.
Currently, LTCG — profits made on the sale of equity shares held for over 12 months — are entirely exempt from taxes. But it will be taxed at 10 per cent, effective April 1.The share sale is entirely an offer for sale by the parent. The IPO proceeds of Rs 40 billion are capital gains the private lender would be booking by divesting around 24 per cent stake in the read more
Bahujan Samaj Party chief Mayawati on Thursday said the BJP may call for early Lok Sabha elections after its stunning defeat in the parliamentary bypolls in Uttar Pradesh and Bihar. The former Uttar Pradesh chief minister, whose gamble of backing the Samajwadi Party for the bypolls in Gorakhpur and Phulpur in the state paid rich dividends, said the idea was to teach the party a lesson.
Addressing a rally here, she labelled the Narendra Modi government at the Centre a “dictatorship” and alleged that it had “surpassed” the Emergency imposed by the Congress government in 1975. Mayawati also accused the government of weakening democracy and making constitutional organisations and the media ineffectual. “In Uttar Pradesh, we wanted to teach the BJP a lesson and decided to support SP candidates so that it loses the seats earlier held by the chief minister and deputy chief minister… They have lost their sleep with this result,” she said.
The Uttar Pradesh and Bihar Lok Sabha and Assembly by-election results dealt a major blow to the Bhartiya Janta Party (BJP) on Wednesday. The party, which is in power in both the states, lost four of the five seats in the bypoll including the all-important Gorakhpur and Phulpur seats in Uttar Pradesh. The Gorakhpur seat, until recently, was represented by chief minister Yogi Adityanath. Significantly, Gorakhpur was earlier held by Chief Minister Yogi Adityanath, while Deputy Chief Minister Keshav Prasad Maurya had read more
China-based smartphone manufacturer Xiaomi on March 14 announced the Redmi 5 in India. On the same day, home-grown electronics company Micromax announced a new budget offering, the Bharat 5 Pro. Both the smartphones compete in the same price segment of sub-Rs 10,000.
While the Redmi 5 offers a modern look because of its futuristic 18:9 aspect ratio screen, the Bharat 5 Pro centres around the battery. Business Standard compared the Micromax Bharat 5 Pro and the Xiaomi Redmi 5 on ke parameters, and here is what we found:
Where the Redmi 5 is ahead of Bharat 5 Pro
The Redmi 5 looks similar to the recently launched the Redmi Note 5. The smartphone looks modern with its 5.7-inch 18:9 aspect ratio HD screen. The metallic chassis looks plush and the form factor is better than most of the budget smartphones, except the Huawei Honor devices.
In terms of performance, the Redmi 5 uses better innards with three RAM and storage options to choose — 2GB/16GB, 3GB/32GB and 4GB/64GB. The Redmi 5 features MIUI 9, which is an optimised Android Nougat-based read more
Although his long-cherished desire of having his own dream home was fulfilled, he was a bit disappointed with the Home Loan. Why? It’s because he was paying a comparatively higher Home Loan EMI which he was finding difficult to afford while managing his monthly spending.
He had forgotten to use a handy online tool available free at his lender’s website. Yes, before availing a Home Loan from the lender, he could not know how much EMI will be paid.
Since an online Home Loan calculator helps anyone helps any borrower to know his/her exact EMI that he/she would pay after availing the loan, he was unaware of the tool and made the mistake of not knowing an exact EMI value.
This made life difficult for Rajashekhara Reddy as he had opted for a shorter tenor that made his EMIs bigger. Had he known this, he would have applied for a longer tenor and read more
Every individual whose income exceeds the basic exemption limit of Rs 250,000 must file an income tax return. This limit is Rs 300,000 for those who are older than 60 years but less than 80 years, and Rs 500,000 for those who are more than 80 years old.
While filing these returns, there is always the possibility of an unintentional or arithmetic error or an omission of details creeping into the return. This could be because of lack of taxpayer’s knowledge in tax laws or can be attributed to insufficient information while filing the return.
In such a case, does the income tax law provide for correction of such mistakes? Yes, Income tax law does have a provision for correcting or rectifying such errors. This can be done by filing a revised read more
Collaboration brings bigger gains than competition, and the leading players in the domestic online travel space seem to have understood this.
When in October 2015, MakeMyTrip, Goibibo and Yatra jointly decided to de-list budding budget hotel room aggregator Oyo from their platforms, the stage was set for an Oyo versus OTAs (online travel agencies) showdown.
Oyo, however, decided to ignore this unfair practice, which could well have become a matter of investigation at the Competition Commission of India. Instead, it turned its focus on improving its business proposition and expanding its reach. The hotel aggregator moved from a simple distributor model — where it sold some of the inventory of a hotel as Oyo Rooms, while the hotel sold individually on OTAs — to an exclusive model where all rooms were Oyo-branded. That helped it have better control on the systems and processes at the partner hotels.
The growing scale of Oyo made Cyrus Mistry, former chairman of Indian Hotels Company, which runs the Taj group of hotels, refer to the startup as read more
The Tata group is likely to witness yet another high-profile exit, as Mukund Rajan, head of international operations of Tata Sons, may leave by the month-end, according to sources in the know.
A Tata group spokesperson said it was “speculation”, when asked about Rajan’s possible exit from the group. Insiders said a plan by private equity firm TPG Capital to bid for Tata Teleservices’ fibre business for $1 billion along with Rajan as a partner was also “off the table”.
Tata Communications was another bidder for the 125,000 route kilometre fibre optic business and a board meeting had been called this week to take a call on the final bid, said another source. “The Indian government, which owns a 26 per cent stake in Tata Communications, is not inclined to take on more debt to take over the project,” said the source requesting read more