4 December 2024 News and Updates

4 December 2K24

📝 India's power consumption rises 5% to 125.44 billion units in Nov

📝 Coal India's total production up by 2% to 471 million tonnes in Apr-Nov

📝 Block deal activity hits 6-month low at Rs 25,669 crore as markets wobble

📝 India's potential GDP growth is in range of 6.5-7%, says CEA Nageswaran

📝 SBI planning to open 500 new branches across India in FY25: MoS Finance

📝 Tripura demands Rs 135 cr power dues from Bangladesh amid rising tensions

📝 Skoda targets sales surge in 2024 with new compact SUV Kylaq launch

📝 Commerce ministry reviewing India-US trade relations amid Trump statements

📝 Govt deploys advanced tech to enhance oversight over retail fuel outlets

📝 CBDT extends deadline to Dec 15 for taxpayers with overseas transactions

📝 Zepto CEO sees clear path to IPO in 2025 with profitability in focus

📝 Insurance premiums may drop if GST Council decides to reduce taxes: FM

📝 O2 Power inks pact to supply 100 MW electricity to East Central Railways

📝 India exports organic food products worth nearly $450 million till November 25 of FY2025

📝 RBI lifts its supervisory restrictions on Sachin Bansal-led Navi Finserv Limited

📝 AIFF signs commercial rights agreement with Shrachi Sports, Sony Sports to telecast I-League matches

📝 RBI moves, asset quality to push NBFCs slow down asset growth to 15 pc in FY25, FY26: Crisil

📝 Up to 75 pc of GST revenue comes from 18 pc slab: MoS Finance

📝 Indian SMEs see sustainability as a key driver for commercial success: DHL Express Global Sustainability Survey 2024

📝 India's wheat planting up 6.6%, rapeseed sowing drops

📝 Rupee remains one of the best-performing Asian currencies: MoS Finance

📝 MapMyIndia to spin off B2C unit; CEO Rohan Verma to head new venture

📝 MG to launch Cyberster electric convertible in January, to be priced around Rs 65-70 lakh

📝 Prosus invests $80 million in supply chain finance startup Mintifi for 10.6% stake

📝 Indian real estate attracts ₹75,500 cr investment from AIFs; highest among all sectors: Anarock

📝 Byju's insolvency: Riju Raveendran approaches NCLT to seek inclusion in case

📝 Swiggy to take 10-minute food delivery to tier 2 and 3 cities

📝 India rates market signals easing, likely via liquidity, after weak growth data

📝 Global South not responsible for environmental damage: Piyush Goyal

📝 GreenLine partners with Flipkart to power greener supply chains

📝 KEC International has tailwinds of order wins, financial leverage

📝 ₹200 cr recovered from realtors to compensate homebuyers, ₹500 cr more payable: MahaRERA

📝 Avg housing prices up 11pc in Jul-Sep in 8 cities, highest 32pc rise in Delhi-NCR: Report

📝 Ambuja Cements partners with Coolbrook for cement manufacturing with zero-carbon heating technology

📝 Building Apple products has become a side hustle for China’s biggest EV maker

📝 Rajya Sabha passes bill to boost investment in oil and gas exploration

📝 Festivals lift India's edible oil imports to four-month high in Nov

📝 TCS to modernise Bank of Bhutan's digital system, improve customer service

📝 Japanese firms eager to set up semiconductor units in India: Deloitte

📝 Electronics component manufacturers eye govt support in Budget 2025

📝 Fintech firm MODIFI targets to finance 5,000 SMEs in next 2-3 years

📝 India sees 92,000 patent filings in FY24, IP guidelines set for overhaul

📝 Crisil upgrades rating on Vedanta's long-term debt instruments to 'AA'

📝 China announces ban on Germanium, Gallium exports to US in tit-for-tat move

📝 Tata Power subsidiary commissions 431 MW DC solar project in MP

📝 Canara Bank increases fixed deposit rates, offers up to 7.90% interest

📝 Nomura has room to cut further $187 mn in costs: CEO Kentaro Okuda

📝 Indian airlines may take Rs 2,000-3,000 crore loss this fiscal even as more passengers rush to fly

📝 Lectrix EV looks to raise USD 100 mn to fund future growth

📝 Government not considering PSU bank merger: MoS Finance

📝 BlackRock to buy HPS Investment for $12 bn in major private credit push

📝 Hyundai Motor Group ties up with IITs to advance battery, electrification research

📝 Karman Drones, TCL join hands to co-develop UAVs solutions

📝 Amagi acquires Argoid AI to address streaming industry challenges

📝 Indian tea prices surge 18% amidst decline in production

📝 Warehousing construction cost surges by 6.7% in India

📝 Russia approves $320 mln sale of Carlsberg assets to local businessmen, document shows

📝 Novo Nordisk India execs urge early Wegovy launch as weight-loss rival looms

📝 Russia's crude oil and LNG shipments to Asia slip slightly in 2024: Russell

📝 Godrej Properties raises ₹6K cr via QIP mainly to acquire land for future development

📝 Swiggy Q2 Results: Net loss narrows to ₹625 crore in first earnings post IPO

📝 Demat accounts reach 179 million even as new additions decline to 3.5 million in October

📝 Voda Idea's revenue market share falls to all-time low in Q2FY25

📝 Quant hires mutual fund industry outsider as next CEO

📝 Captain Fresh in talks to raise up to $100 mn from new and existing investors

📝 Nigeria Raises $2.2 Billion in First Eurobond Issue Since 2022

📝 SpaceX weighs tender offer at roughly $350 billion valuation

📝 2024 Honda Amaze set to launch tomorrow with a bold new look and advanced tech

📝 Microsoft faces $1.27 billion antitrust lawsuit over cloud services in UK

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NICAI Updates:

1. Income Tax Department is actively urging taxpayers to voluntarily declare any missed reporting of foreign assets or income by December 31, 2024, otherwise the consequences can be very serious like Rs 10 lakh fine or even jail in some cases.

2. High Court of Delhi observed that the pending review petition filed by the Petitioner Assessee against the dismissal of its Special Leave Petition (SLP) should be considered a pending proceeding for the purposes of Direct Tax Vivad Se Vishwas Act, 2020 (DTVSV Act). The Court emphasized that the review petition, though distinct from an appeal, extends the appellate process. 

3. The Court observed that the pendency of the review petition qualifies the case for resolution under the DTVSV Act, aligning with its objective to reduce litigation. Court held that the rejection of the petitioner’s application based on the narrow interpretation of the term “pending appeal” was contrary to the purpose of the DTVSV Act. Accordingly, the court directed the Income Tax Department to process the petitioner’s revised declaration and grant the relief sought under the scheme. {Case: NRA Iron and Steel Vs Income Tax Department}.

4. Madras High Court held that recovery action against the Directors of the company under the provisions of the Tamil Nadu General Sales Tax Act, 1959, Central Sales Tax Act, 1956 and Revenue Recovery Act not justified since company is non-existent.

5. GST annual return has to be mandatorily filed for FY 2023-24 by every GST registered taxpayer with a few exceptions by on or before December 31, 2024. However, before you file the annual return make sure to file all the monthly returns first or quarterly returns if you are registered under the QRMP scheme.

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