No tax deductions for settling legal proceedings under certain laws
No tax deduction can be claimed for settling legal proceedings under four laws including
Securities and Exchange Board of India Act
, 1992; the Securities Contracts (Regulation) Act, 1956; the Depositories Act, 1996; and the Competition Act, 2002. The central board of direct taxes(CBDT) in a notification issued April 23 clarified that from April 1, no such deduction can be claimed.
Last year, the Centre had made amendments in the Finance Act, 2024 under Section 37 of the act.
Amit Maheshwari, tax partner at AKM Global, said, "The deductibility of settlement payments under Section 37(1) of the Income-tax Act, 1961, has long been a subject of judicial debate, particularly in cases like Income Tax Officer v. Reliance Share & Stock Brokers, where consent fees paid to Sebi were allowed as business expenditure on grounds of commercial expediency."
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Living in Thiruvananthapuram? Don't Buy Hearing Aids Before Reading This
Hear.com
Learn More
Undo
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
43 minutes ago
- Time of India
Stock market update: Nifty Pharma index advances 0.19% in an upbeat market
NEW DELHI: The Nifty Pharma index traded positive around 10:36AM(IST)on Tuesday in an upbeat market. Biocon Ltd.(up 2.12 per cent), Glenmark Pharmaceuticals Ltd.(up 1.69 per cent), Alkem Laboratories Ltd.(up 1.33 per cent), Dr. Reddy's Laboratories Ltd.(up 0.83 per cent) and Torrent Pharmaceuticals Ltd.(up 0.61 per cent) were among the top gainers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like An engineer reveals: 1 simple trick to get all TV channels Techno Mag Learn More Undo Ipca Laboratories Ltd.(down 0.83 per cent), Ajanta Pharma Ltd.(down 0.67 per cent), J B Chemicals & Pharmaceuticals Ltd.(down 0.51 per cent), Sun Pharmaceutical Industries Ltd.(down 0.41 per cent) and Abbott India Ltd.(down 0.29 per cent) were the top losers on the index. The Nifty Pharma index was up 0.19 per cent at 21867.65 at the time of writing this report. Benchmark NSE Nifty50 index was up 35.71 points at 25138.9, while the BSE Sensex was up 63.84 points at 82509.05. Live Events Among the 50 stocks in the Nifty index, 34 were trading in the green, while 16 were in the red. Shares of Reliance Power, Vodafone Idea, JP Power, Suzlon Energy and YES Bank were among the most traded shares on the NSE. Shares of Laxmi Goldorna House, Hybrid Financial Services, Creative Eye, Reliance Power and ITD Cementation hit their fresh 52-week highs in today's trade, while BSL Ltd, Shree Ram Proteins, Digjam, Lasa Supergenerics and Lakshmi Precis hit fresh 52-week lows in trade.
Time of India
an hour ago
- Time of India
Frederick Forsyth net worth: How the former war correspondent turned conflict stories into a million-dollar legacy
As strange as it sounds, Frederick Forsyth never thought of writing as his calling. As he admitted himself, he wasn't much interested in writing novels and considered it the 'most no-hope-in-hell way of making some money' while he was "skint, stony broke. " So he sat down with his typewriter and 'wrote night and day for 35 days' and thus was born the bestselling masterpiece, The Day of the Jackal. Little did he know back then that he was only getting started with what later shaped up to become one of the most financially robust and impactful literary journeys. While exact figures vary, the acclaimed British novelist crafted a legacy through his gripping thrillers and compelling storytelling, and his estimated net worth sat at approximately $70 million. This wealth is a testament to his prolific writing career, successful adaptations, and sensible financial decisions. Here is a detailed breakdown. Literary success and earnings Forsyth's journey into the literary world began with his debut novel, The Day of the Jackal, published in 1971. The book's success catapulted him into the literary spotlight, leading to a series of bestsellers, including The Odessa File, The Fourth Protocol, and The Dogs of War. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo By 2006, Forsyth had sold over 70 million copies of his books worldwide, translated into more than 30 languages. Typically, authors earn royalties ranging from 10% to 15% of a book's sale price (as per several publishers). Given Forsyth's extensive sales, his earnings from book royalties alone have been substantial. Additionally, his works have been adapted into numerous films and television series, further amplifying his income through adaptation rights and royalties. Film and television adaptations Forsyth's novels have been successfully adapted into films, enhancing his financial portfolio. Notable adaptations include: The Day of the Jackal (1973) The Odessa File (1974) The Dogs of War (1980) The Fourth Protocol (1987) The Jackal (1997), a reimagining of his earlier work The Shepherd (2023), based on his short story These adaptations have not only brought his stories to a broader audience but have also contributed to his financial success through licensing deals and royalties. Financial setbacks Despite his financial successes, Forsyth faced multiple challenges in life. In a 2009 interview with The Telegraph, he revealed that he lost £2.2 million in a share fraud. However, he emphasized that he had learned from the experience and remained financially secure, attributing his resilience to his upbringing and work ethic. Lifestyle and personal finances Thanks to his experience with financial setbacks more than once in his life, Forsyth's financial prudence was reflected in his lifestyle choices. He expressed a preference for a modest lifestyle, avoiding ostentatious displays of wealth. In a 2009 interview, he mentioned that he doesn't own a private yacht or jet, underscoring his focus on financial stability over luxury.
Time of India
an hour ago
- Time of India
China's solar industry gathers as gloom deepens over demand
China 's despondent solar manufacturers face a new threat — an imminent drop-off in demand for their products that's likely to heap pressure on an already oversupplied market. Investors will have an opportunity to gauge the industry's underlying mood amid the glitz of the world's biggest solar fair in Shanghai this week. The conference and exhibition kicks off on Tuesday and typically attracts hundreds of thousands of visitors. Bloomberg The solar industry's record growth in China masks some brutal economics confronting equipment makers. Margins have collapsed as fierce competition forces them to sell at a loss. Mounting protectionism is choking off exports. Those circumstances will become even more difficult to navigate once a policy-driven rush to install panels in China peters out in the second half of the year. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like I lost my wife, now my son is in danger, please help him! Donate For Health Donate Now Undo In April alone, China installed about 45 gigawatts of solar power, more than triple the amount in the same month last year. It brings the country's total to just a few gigawatts shy of one terawatt, roughly half the world's total. That surge wasn't driven by real demand, though. Instead, developers front-loaded projects to lock in more favorable conditions before two new policies took first, beginning in May, restricts rooftop installations in particular, an area of rapid growth in recent years. The second, which came into effect earlier this month, removes price protections for generators and forces them to compete for buyers on the open market at a time when electricity supplies are ample. Bloomberg 'Once the current boom ends, the outlook for China's solar industry in the second half remains deeply uncertain,' Trivium China said in a note last month, which cast doubt on whether the record pace of expansion can be maintained. Live Events Equipment makers might struggle to recognize those boom conditions, in any case, after building too much capacity to effectively reap the rewards. Their profitability has been declining for the past two years. Five of the biggest names - JA Solar Technology Co., Jinko Solar Co., Longi Green Energy Technology Co., Tongwei Co. and Trina Solar Co. - reported a combined loss of over 8 billion yuan ($1.1 billion) in the first quarter. There's probably worse to come as the developers that buy their panels scale back in coming months. Citigroup Inc. expects installations to slow to 90-95 gigawatts in the second half, from 155-160 gigawatts in the first, according to a note last month. The industry's response to its problem with overcapacity has so far been piecemeal. Last year's Shanghai event was preceded by belt-tightening, including job losses and production halts. At the end of the year, some companies initiated a program of self-discipline to manage supply. The possibility of output cuts among suppliers again surfaced in May. China's solar sector has shied away from more decisive action because the longer-term policies underpinning its growth remain intact. The government's commitment to renewables to meet its climate targets is undimmed. Beijing has made upgrading the grid to handle more clean energy a priority. Market-based pricing and cheaper solar should help displace other power sources. Although the third quarter may prove particularly bleak, construction could rebound later in the year once developers have had time to assess local implementation of the government's new pricing rules, said BloombergNEF analyst Zhao Tianyi. Additionally, installations should pick up in the fourth quarter as developers rush to meet deadlines for the utility-scale mega-projects under construction in the interior, she said. For all of the industry's travails, BNEF is still forecasting year-on-year growth in solar installations of 9% to 302 gigawatts. In that context, trying to ride out the bust, and betting that rivals fare worse, may not be a hopeless strategy.
