Latest news with #CyrilAmarchandMangaldas
New Indian Express
2 days ago
- Business
- New Indian Express
Adani Airports raises 750 million dollars to refinance debt, expand capacity
MUMBAI: Adani Airports Holdings has raised 750 million dollars through External Commercial Borrowings (ECB) from a consortium of international banks. The funds will be used to refinance existing debt, invest in infrastructure upgrades, and expand capacity at six airports—Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram. The borrowed amount will also support the growth of non-aeronautical businesses, such as retail, food and beverage, duty-free, and other services across the airport network. The transaction was led by First Abu Dhabi Bank, Barclays PLC, and Standard Chartered Bank. Adani Airports Holdings, a subsidiary of Adani Enterprises and the country's largest private airport operator, served 94 million passengers in the financial year 2024–25. The company's total handling capacity currently stands at 110 million passengers, and it plans to triple this figure to 300 million passengers per year by 2040 through phased expansion. As part of this growth plan, the Navi Mumbai International Airport is expected to become operational soon. It will initially handle 20 million passengers, with capacity set to increase to 90 million annually in later phases. 'AAHL is well on its path to deliver exceptional customer experiences, leveraging technology for seamless operations, and prioritizing sustainability and community engagement across its airport network,' said Arun Bansal, CEO of AAHL. Latham and Watkins LLP and Linklaters LLP acted as English law counsel for the deal, while Cyril Amarchand Mangaldas and TT&A served as Indian legal advisors.
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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.
Mint
22-05-2025
- Politics
- Mint
What are the rules around wills when a Muslim marries a non-Muslim?
In India, Muslims are governed by personal law in matters relating to making of wills and succession. Under Muslim personal law, there are restrictions on the share of the estate that can be bequeathed under the will, and the eligible beneficiaries. Muslims are not permitted to bequeath more than one-third of their estate by way of a will. The remaining two-thirds of the estate is inherited by legal heirs as per Muslim law. Also, the bequest cannot be made to an heir under the will. However, heirs may consent, after the death of the testator, to a bequest of more than one-third of the estate. These rules apply to both men and women. While you are Sunni, the rules for Shias are broadly similar, with some nuances, such as on timing of consent of heirs. Individuals of other faiths in India are governed by the provisions of the Indian Succession Act, 1925 (ISA) in matters relating to the making of wills, and are permitted to bequeath their entire estate. The situation is different for Muslims whose marriage has been solemnised and registered under the Special Marriage Act, 1954 (SMA) and not as per Islamic rituals. For such individuals, ISA and not Muslim law applies to wills and other succession-related matters. Since you have entered into an inter-faith marriage with a non-Muslim, it is presumed that your marriage was solemnised under the SMA. If so, you are governed by the ISA Act when it comes to making a will. Accordingly, you may make a will for your entire estate as per the ISA, without the need for your heirs to consent. Your non-Muslim spouse will also be able to make a will for his entire estate, as his position would not have change due to marriage. Generally, it is recommended that you engage a qualified lawyer to ensure that a comprehensive, legally sound, and bespoke will is prepared. Note that certain states such as Uttarakhand and Goa have specific succession laws. You should seek advice if you're resident or domiciled in such states. Shaishavi Kadakia is a partner and Naomi Manoj is an associate at Cyril Amarchand Mangaldas, Mumbai.
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Business Standard
21-05-2025
- Business
- Business Standard
Do NRIs have to file tax returns in India: What's the rule and process
It is the time to file Income Tax returns (ITR) and many non-resident Indians (NRIs) are likely asking: Do they need to do so in India? While the process is simple, experts say NRIs need to carefully give details about their earnings. Do NRIs need to pay income tax in India? 'An NRI is liable to pay tax in India only on the income earned or received in India. This includes rent from Indian property, interest on Non-Resident Ordinary (NRO) accounts, which is savings or current account in Indian Rupees for NRIs in India, or capital gains from Indian assets,' said S R Patnaik, partner and head of taxation at law firm Cyril Amarchand Mangaldas. Who is considered as NRI? According to the Income-Tax Department, an individual's residential status is the first factor in determining tax liability. If you've spent less than 182 days in India in a financial year, you're typically considered a non-resident — and taxed accordingly. How is filing taxes different for NRIs? 'Resident individuals are taxed on global income and can use ITR-1 (Sahaj) for simple income sources. NRIs, however, must use ITR-2 if they don't have business income, or ITR-3 if they do,' Patnaik explained. Common mistakes by NRIs in ITR filing 'NRIs often misclassify their residential status or forget to update banks and mutual funds about the change,' said Amit Bansal, partner at Singhania & Co, a global legal consultancy firm. Also Read 'They also tend to use the wrong ITR form or miss reporting Indian income such as interest earned in NRO accounts.' Bansal advised NRIs to maintain travel records, inform Income Tax Department promptly, and consult a professional to ensure correct classification and filing. Foreign income and reporting: What's mandatory? 'If you're an NRI for tax purposes, your foreign income is not taxable in India,' Patnaik said. 'Also, unlike residents, NRIs are not mandated to disclose foreign bank accounts or assets under Schedule FA. However, they may do so voluntarily.' According to the Central Board of Direct Taxes, mandatory foreign asset disclosure applies only to individuals classified as residents under the Income Tax Act, especially those falling under the Resident but Not Ordinarily Resident (RNOR) category. ALSO READ | No major policy shifts for NRI tax filing for AY 2025–26 The CBDT has released the ITR forms applicable for Assessment Year 2025-26. Form ITR-2 has been updated for clarity and no NRI-specific policy changes or exemptions have been introduced, according to the two experts.
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Business Standard
19-05-2025
- Business
- Business Standard
Got a big gift recently? Here's how it could trigger a tax surprise
Received a generous gift recently, like a flat from a relative or a big cash transfer from a friend? This windfall might land you in trouble with the taxman if you're not careful. Here's what you need to know about how gifts are taxed under Indian income tax laws. What kinds of gifts are taxable? 'Under Section 56(2)(x) of the Income Tax Act, gifts received without consideration—like cash, property, or even virtual digital assets—can become taxable if the total value exceeds Rs 50,000 in a financial year,' says Naveen Wadhwa, vice-president, Taxmann. This includes: · Cash or bank transfers received as gifts. · Immovable property (like land or a house) received for free or at a much lower price. · Movable assets, such as jewellery, shares, art, or crypto, if received free or at a discount. In such cases, Wadhwa adds, the value must be reported as "Income from Other Sources" in your ITR for the relevant year. Are there any exemptions? Yes, and some are quite generous. Wadhwa explains that gifts from 'relatives' are fully exempt from tax. But the law has a specific definition for relatives: it includes your spouse, siblings, parents, children, and their spouses—but not friends or distant cousins. Wadhwa further clarifies: 'Gifts received on your marriage are also completely tax-free—regardless of amount. Inheritance, gifts received under a will, or in contemplation of death are also exempt.' That said, Wadhwa suggests it's a good practice to disclose even exempt gifts in the "Exempt Income" (Schedule EI) section of your ITR to avoid future scrutiny. When does a gift become taxable? Kunal Savani, partner at Cyril Amarchand Mangaldas, explains: 'Once the total value of gifts received without consideration exceeds Rs 50,000, the full amount—not just the excess—becomes taxable under 'Income from Other Sources'.' He cautions that this applies not just to cash gifts, but also to discounted purchases—say, if you bought a house worth Rs 70 lakh from a non-relative for Rs 10 lakh, the Rs 60 lakh difference may be taxed. Savani also reminds taxpayers to check if the donor qualifies as a "relative" per the Income Tax Act before assuming tax-free status. Practical ITR tips for gift receivers 'Keep detailed records of every gift you receive—especially high-value ones,' advises Ritika Nayyar, partner at Singhania & Co. This includes: · Nature and value of the gift · Date of receipt · Donor's name and relationship · Supporting documents like gift deeds or bank transfers 'If you're receiving an immovable property as a gift, the stamp duty value becomes key to determining taxability,' she adds. Even if a gift is exempt, Nayyar recommends voluntary disclosure under Schedule EI of your ITR, just to be on the safe side. Can you get into trouble for not declaring gifts? Yes, and the consequences can be serious. 'With the I-T department using AI-powered analytics and reviewing AIS (Annual Information Statement), it's very easy for them to spot large deposits or unusual transactions,' warns CA Deepesh Chheda, partner at Dhruva Advisors LLP. 'If you forget to declare a taxable gift, or claim an incorrect exemption, it could result in a tax notice, penalties, and interest,' he adds. Keep it transparent All four experts strongly advise erring on the side of caution. If you're salaried or middle-income and received any gifts during the year—be it cash, property, or assets—check if they fall under taxable categories and file your ITR accordingly. 'The key is clarity and documentation—know the rules, assess fair market value correctly, and maintain all gift-related records,' Wadhwa said.
