Latest news with #AmitBansal
Business Standard
2 days ago
- Business
- Business Standard
Odisha Chief Minister Mohan Charan Majhi Leads Groundbreaking Ceremony for Hygenco's Landmark Green Ammonia Plant
PRNewswire Bhubaneshwar (Odisha) [India], June 6: HHP Five Private Limited (subsidiary of Hygenco Green Energies Pvt Ltd), a pioneer in producing low-cost green hydrogen, marked a major milestone with the groundbreaking ceremony of its Green Ammonia Plant in Gopalpur, Odisha. Mohan Charan Majhi, Chief Minister of Odisha graced the ceremony, alongside senior government officials and industry leaders. This project underscores Odisha's emergence as a hub for clean energy-driven industrial growth and positions Gopalpur at the forefront of India's sustainable future. Last year, Hygenco achieved a significant landmark by commissioning India's first commercial megawatt scale Green Hydrogen plant, which will help in decarbonisation of steel sector. Its Green Ammonia plant in Gopalpur aims to produce 1.1 million Tonnes Per Annum (MTPA) in three phases: * Phase 1 (2028): 220 KTPA (Kilo Tonnes Per Annum) * Phase 2 (2029): Additional 220 KTPA * Phase 3 (2030+): Full capacity of 730 KTPA Amit Bansal, Co-founder and CEO, Hygenco Green Energies, said, "Building on our pioneering success in Green Hydrogen, Hygenco is now setting new benchmarks in India's Green Ammonia landscape. With this project, we are not only advancing the energy self-sufficiency but also unlocking export opportunities that will position India as a global leader in Green Ammonia. Our focus remains on delivering cost-competitive, world-class solutions that will help industries decarbonize and support India's vision of Aatmanirbhar Bharat." The Green Ammonia plant is also expected to generate indirect employment opportunities during construction and operation. Strategically located at the Gopalpur port hub, the plant is designed to meet both domestic and global demand for green ammonia, enabling decarbonization across key industrial sectors. About Hygenco Headquartered in Gurgaon, India, Hygenco develops and deploys scaled up commercially attractive green hydrogen and green ammonia assets. Hygenco is committed to deploying 10 GW of green hydrogen and ammonia assets by 2030, aligning with India's net-zero ambitions, and solidifying its leadership in the global clean energy transition. Hygenco, which has deep capabilities in designing, building, and operating Green Hydrogen projects, has a portfolio of both commissioned and under-commissioning projects across the country. These include: * GH facility for Jindal Stainless in Hisar, Haryana * GH facility for Sterlite Technologies in Chhatrapati Sambhaji Nagar, Maharashtra * Pilot plant in Ujjain, MP.
Business Upturn
2 days ago
- Business
- Business Upturn
Odisha Chief Minister Mohan Charan Majhi Leads Groundbreaking Ceremony for Hygenco's Landmark Green Ammonia Plant
By PR Newswire Published on June 6, 2025, 14:21 IST BHUBANESWAR, India , June 6, 2025 /PRNewswire/ — HHP Five Private Limited (subsidiary of Hygenco Green Energies Pvt Ltd), a pioneer in producing low-cost green hydrogen, marked a major milestone with the groundbreaking ceremony of its Green Ammonia Plant in Gopalpur, Odisha. Shri Mohan Charan Majhi , Hon'ble Chief Minister of Odisha graced the ceremony, alongside senior government officials and industry leaders. This project underscores Odisha's emergence as a hub for clean energy-driven industrial growth and positions Gopalpur at the forefront of India's sustainable future. Last year, Hygenco achieved a significant landmark by commissioning India's first commercial megawatt scale Green Hydrogen plant, which will help in decarbonisation of steel sector. Its Green Ammonia plant in Gopalpur aims to produce 1.1 million Tonnes Per Annum (MTPA) in three phases: Phase 1 (2028): 220 KTPA (Kilo Tonnes Per Annum) 220 KTPA (Kilo Tonnes Per Annum) Phase 2 (2029): Additional 220 KTPA Additional 220 KTPA Phase 3 (2030+): Full capacity of 730 KTPA Amit Bansal , Co-founder and CEO, Hygenco Green Energies, said, 'Building on our pioneering success in Green Hydrogen, Hygenco is now setting new benchmarks in India's Green Ammonia landscape. With this project, we are not only advancing the energy self-sufficiency but also unlocking export opportunities that will position India as a global leader in Green Ammonia. Our focus remains on delivering cost-competitive, world-class solutions that will help industries decarbonize and support India's vision of Aatmanirbhar Bharat.' The Green Ammonia plant is also expected to generate indirect employment opportunities during construction and operation. Strategically located at the Gopalpur port hub, the plant is designed to meet both domestic and global demand for green ammonia, enabling decarbonization across key industrial sectors. About Hygenco Headquartered in Gurgaon, India , Hygenco develops and deploys scaled up commercially attractive green hydrogen and green ammonia assets. Hygenco is committed to deploying 10 GW of green hydrogen and ammonia assets by 2030, aligning with India's net-zero ambitions, and solidifying its leadership in the global clean energy transition. Hygenco, which has deep capabilities in designing, building, and operating Green Hydrogen projects, has a portfolio of both commissioned and under-commissioning projects across the country. These include: GH facility for Jindal Stainless in Hisar, Haryana GH facility for Sterlite Technologies in Chhatrapati Sambhaji Nagar, Maharashtra Pilot plant in Ujjain, MP. Photo: View original content to download multimedia: Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Business Upturn takes no editorial responsibility for the same. PR Newswire is a distributor of press releases headquartered in New York City.
Mint
2 days ago
- Business
- Mint
RBI repo rate cut by 50 bps: What fixed deposit investors should do now
The Reserve Bank of India has reduced the repo rate by 50 basis points to 5.5% on June 6, 2025. This marks the third consecutive cut this year. This move aims to stimulate economic growth amid easing inflation, thus bringing challenges for fixed deposit (FD) investors as banks are expected to lower FD interest rates in a response to this move. Amit Bansal, Founder, BharatLoan, believes that, "The RBI's bold move to cut the repo rate by 50 bps to 5.5% and slash the CRR by 100 bps is a decisive step toward easing systemic liquidity. With ₹ 2.5 lakh crore expected to be released through the CRR reduction, this injection will significantly reduce the cost of funds for NBFCs like ours.' He further added that, 'Combined with the RBI's revised FY26 inflation forecast of 3.7%, well below its 4% target, this policy signals a pro-growth shift, offering room to extend affordable credit to India's large salaried middle class, especially at a time when urban demand is rebounding and investment activity is picking up.' With a cumulative deduction of 100 basis points in the repo rate in 2025, banks have been steadily decreasing the fixed deposit interest rates. According to SBI research fixed deposit rates have declined by 30 to 70 basis points since February 2025. Short and medium term fixed deposits are likely to witness the most serious rate cuts. For example a 1 year fixed deposit rate dropping from 7% to 6.5% would result in ₹ 5,000 less annual interest on a ₹ 10 lakh deposit. In a rapidly declining interest rate environment, fixed deposit investors can consider the following methods: Laddering FDs : Stagger your investments across various maturities to manage reinvestment risks and maintain proper liquidity. : Stagger your investments across various maturities to manage reinvestment risks and maintain proper liquidity. Exploring small savings schemes : Government sponsored schemes such as Senior Citizen Scheme or National Savings Certificates often offer higher returns and are less sensitive to repo rate changes. : Government sponsored schemes such as Senior Citizen Scheme or National Savings Certificates often offer higher returns and are less sensitive to repo rate changes. Considering short-term corporate bonds : High ranked 2-3 year corporate bonds may also assist in providing better yields compared to traditional FDs. : High ranked 2-3 year corporate bonds may also assist in providing better yields compared to traditional FDs. Evaluating hybrid mutual funds : These funds invest in a mix of debt and equity. This has the potential to offer higher returns with moderate risk. : These funds invest in a mix of debt and equity. This has the potential to offer higher returns with moderate risk. Monitoring inflation trends: With CPI inflation projected at 3.7% for FY26, real returns from FDs may be minimal, emphasizing the need for diversified investment strategies. Investors can also look to move towards equity mutual funds in such a scenario. Hence, the RBI's recent rate cuts underline the importance for fixed deposit investors to reassess their investment goals and strategies. Given traditional fixed deposits provide safety, their diminishing returns in a low interest rate environment necessitate exploring alternative investment avenues. Diversification of investments and staying informed about economic indicators can provide investors the path to navigate this challenging landscape. Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investors are advised to consult a certified financial advisor before making any investment decisions.
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Business Standard
30-05-2025
- Business
- Business Standard
Can you switch tax regimes? rules for salaried and business taxpayers
As Indians file their taxes, many of them are likely wondering if they should adopt the old or new regime. The first offers exemptions and deductions and the other lower tax rates but no deductions: either of them will shape your take-home income. Can you switch between the two regimes? If yes, how often? Experts say that while salaried individuals have flexibility, those with business income face tighter controls. Here's a breakdown of what the rules allow, and the pitfalls to avoid. Salaried individuals can switch regimes every year Salaried taxpayers can toggle between the old and new regimes every financial year while filing their Income Tax returns (ITR). This means you don't have to commit to one regime forever. 'A salaried individual has the flexibility to switch between the old and new tax regimes every financial year,' said Amit Bansal, partner at Singhania & Co., a legal consultancy firm. 'They can reassess their financial situation and choose a regime that offers better tax benefits.' Even if you declared a particular regime to your employer for the purpose of tax deducted at source (TDS), the choice isn't binding. 'The intimation to the employer is only for TDS purposes,' said S R Patnaik, partner (head - taxation) at Cyril Amarchand Mangaldas. 'The final regime selection must be made by the individual while filing their ITR.' Restrictions on professionals, business income If you have income from business or profession, you can switch from the new regime to the old regime only once. After that, unless your business income ceases, you cannot go back to the new regime. Income earned by professionals such as Doctors, Lawyers, Accountants, etc. is termed professional income. 'Once individuals with business or professional income opt for the new tax regime, they can return to the old regime only once,' said Bansal. 'This is to ensure consistency in tax planning and avoid regime-hopping.' To exercise this switch, the taxpayer must file Form 10-IEA before the due date of filing their ITR. Missing this deadline means being locked with the default regime. Can you change tax regime while filing ITR? Experts say salaried individuals can change regimes at the time of filing their return, even if they picked another one for employer TDS purposes. But this has practical challenges. 'If a salaried person opts for the old regime at the time of filing but hasn't submitted deduction proofs to the employer, the mismatch can trigger a notice,' said Aarti Raote, partner at Deloitte India, a professional services firm. 'Form 16 would reflect a different regime, leading to delays in assessment.' Common mistakes to watch out for Experts flagged a few frequent errors: Not comparing both regimes carefully using reliable tax calculators. Assuming the employer's regime choice is final, it's not. Failing to maintain deduction proofs when switching back to the old regime. Missing deadlines for submitting forms like 10-IEA (for business professionals). 'The most important thing is that taxpayers must choose their regime before the due date for filing the ITR,' said Patnaik. 'One frequent mistake is not estimating income and deductions accurately before choosing a regime,' said Raote Bottom line According to rules, salaried individuals can switch regimes annually, while business professionals can do so only once, and with conditions. Making the right choice requires a proper evaluation of income, deductions, and future plans like home or education loans. The tax regime you choose isn't just a checkbox, it's a financial strategy. Choose wisely, file on time, and when in doubt, consult a professional.
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Business Standard
29-05-2025
- Business
- Business Standard
Filing Income Tax return for the first time? Here's a step-by-step guide
Filing your Income Tax Return (ITR) for the first time can seem daunting but it's a simple process. The Income-Tax Department India has made electronic filing user-friendly. Here's a step-by-step guide to help first-time filers. Who needs to file an ITR? Even if your annual income is below the taxable limit, you need to file ITR in certain situations: If you have deposited more than Rs 1 crore in a bank account. If you have incurred expenses exceeding Rs 2 lakh on foreign travel. If your electricity consumption is more than Rs 1 lakh in a year. These criteria are outlined by the department to ensure compliance and transparency in financial transactions. Should you file an ITR even if you are below tax limit? 'Not filing an ITR even if you're earning below the taxable threshold is a lost advantage,' said Vishwanathan Iyer, senior associate professor of finance and accounting at Great Lakes Institute of Management, Chennai. 'It's no longer just a compliance measure, it's essential to establishing financial credibility and showing foresight,' said Amit Bansal, partner at Singhania & Co. 'Filing an ITR helps establish a financial record with the government and builds credibility with financial institutions. In today's digitised economy, a consistent ITR history may serve as a valuable asset in the long run,' he said. Documents needed to file ITR Before you begin, gather the following documents: Also Read PAN and Aadhaar cards Form 16 (provided by your employer) Bank account details Investment proof (for deductions under sections like 80C, 80D) Interest certificates from banks or post offices Step-by-step guide of filing ITR 1. Register on the e-filing portal Visit the Income Tax e-Filing portal: Click on 'Register' and select 'Individual'. Enter your PAN, which will serve as your User ID. Provide the necessary details and complete the registration process. 2. Log in to your account Use your PAN as the user ID and the password you set during registration to log in. Complete the captcha verification. 3. Select 'File Income Tax Return' Go to the 'e-File' menu and click on 'File Income Tax Return'. Choose the appropriate assessment year (e.g., 2025-26 for the financial year 2024-25). Select 'Online' as the mode of filing. 4. Choose the correct ITR form For most salaried individuals, ITR-1 (Sahaj) is applicable. If you have income from multiple sources, such as capital gains, consider ITR-2 or ITR-3 5. Fill in the required details Personal information (name, address, contact details). Income details from Form 16 and other sources. Deductions under various sections (e.g., 80C, 80D). Bank account details for refunds. Verify all the information entered. Click on 'Preview and Submit' to review the summary. After review, click 'Submit'. How to verify your ITR After submission, you must verify your return. You can do this: Electronically via Aadhaar OTP. Through internet banking. By sending a signed physical copy of ITR-V to the Centralized Processing Centre (CPC) in Bengaluru.
