Latest news with #Term
Business Standard
30-07-2025
- Business
- Business Standard
No change in LTCG tax rates under Income Tax Bill 2025, clarifies IT dept
The Income Tax Department has clarified that the proposed Income Tax Bill 2025 does not seek to change any tax rates, including those on Long Term Capital Gains (LTCG), amid reports suggesting otherwise. The clarification was issued through an official statement on social media, responding to speculation in several media outlets regarding potential changes to the taxation structure. According to the department, the new bill is focused solely on simplifying legal language and removing redundant or obsolete provisions from the current law. It emphasised that the draft legislation does not contain any proposals for altering tax rates applicable to any category of taxpayers. "Any ambiguity in this respect shall be duly addressed during the passing of the Bill," the department said in its statement on X. The Income Tax Bill 2025 is expected to replace the existing Income Tax Act of 1961 and has been designed to modernise the tax code, making it more streamlined and easier to navigate, particularly in the context of increasing digital integration and compliance automation.
Mint
19-07-2025
- Business
- Mint
Byjus founders threat of defamation case an attempt to distract from facts: Glas Trust
New Delhi, Jul 19 (PTI) US-based lender agent Glas Trust has alleged that Byju's founders' plan to file a defamation case is an attempt to distract from the facts after several court orders against them. The legal counsel of Byju's founders, J Michael McNutt, rejected the allegations levelled by Glas Trust, calling it "incomplete and misleading". The counsel of Byju's founders, Byju Raveendran and Divya Gokulnath, on Thursday said they are gearing up to file an over USD 2.5 billion suit against Glas Trust and others for damage to their reputation and business. "Byju Raveendran's latest act of threatening defamation claims against GLAS Trust and the Term Loan B Lenders is a transparent attempt to distract from the facts, coming on the heels of a US federal court holding him in contempt. The fact of the matter is that every court to consider the issues has ruled against Raveendran and his cohorts," Glas Trust said. Glas Trust Company LLC is the trustee for lenders to whom Byju's owes USD 1.2 billion. Byju's founders have, however, contested Glas Trust claims. Glas Trust now controls Byju's Alpha, which was a special-purpose financing vehicle established by the edtech firm to receive Term Loan B funds. Byju's Alpha has filed a lawsuit against Byju Raveendran, his co-founder and wife Divya Gokulnath, and his consigliere Anita Kishore, alleging that each of them co-orchestrated and executed a lawless scheme to conceal and steal USD 533 million of loan proceeds. Glas Trust said judgments exceeding USD 533 million have been entered against Raveendran's allies, "including for their fraudulent conduct". "Raveendran's brother was found by a Delaware federal court to be untruthful and one of the most incompetent directors in Delaware's history. A Delaware federal court stated its intention to make a criminal referral when Raveendran attempted to bribe a witness and had held Raveendran in contempt," Glas Trust alleged. The US lenders' agent said that it has at all times acted within its rights. "Mr Raveendran's threats are desperate and meritless, and the irony of Mr Raveendran threatening to sue for defamation when he continues to unlawfully conceal what happened to the missing USD 533 million should be lost on no one," Glas Trust said. McNutt alleged that GLAS Trust continues to distract from the true situation in India. "It is incorrect to claim that US Courts have ruled against Raveendran and his 'co-horts' on the relevant issues. The proceedings in Delaware against Byju have only just commenced, and Byju has not even submitted his response to the complaint," the counsel said. McNutt said Byju Raveendran has not been found guilty of any wrongdoing by any court, in any jurisdiction, and the contempt order against Byju is being contested. He said that the term 'co-horts" is misleading and offensive. McNutt alleged that the order against Think & Learn, its subsidiary and Byju Raveendran's brother (a director of Think & learn who is suspended due to bankruptcy in India) was without any legal representation. Glas Trust initiated legal proceedings against Byju's and its founders in US courts. The agent of US-based lenders also approached the Supreme Court of India to challenge the dismissal of the insolvency case against Byju's by the National Company Law Appellate Tribunal in an appeal filed by BCCI. The apex court ruled in favour of Glas Trust, and the Corporate Insolvency Resolution Process (CIRP) litigation against Byju's is going on. Byju's founders are contesting the case and filed a plea to remove the Interim Resolution Professional, alleging his link with Glas Trust through the consultancy firm EY.
Business Wire
29-05-2025
- Business
- Business Wire
Gen Re Releases 2024 U.S. Group Term Life Market Survey Results
STAMFORD, Conn.--(BUSINESS WIRE)--Gen Re has released results of the 2024 U.S. Group Term Life Market Survey. This annual industry benchmark survey covers Group Term Life and Accidental Death & Dismemberment (AD&D) inforce and new sales results for the U.S. market, representing combined employer-paid and employee-paid business. Gen Re releases 2024 U.S. Group Term Life Market Survey results: Large growth in Group Term Life business. Share Twenty-five companies provided Group Term Life results, while 21 provided AD&D results. Key observations of the survey include: Participants reported $33.2 billion in total Group Term Life inforce premium, a 5% increase compared to 2023 results. Participants reported a 12% increase in new Group Term Life sales premium. New sales premium totaled $3.2 billion in 2024. Average face amount for new sales was $131,355 in 2024, while the inforce average face amount was $104,899. Average premium per case grew 11% for new sales and 4% for inforce business. Compared to 2023, both Group AD&D new sales and inforce premium grew 3%. The Market Survey is an annual benchmark survey produced by Gen Re, with the full results available only to participating companies. A summary report is available online at About Gen Re Gen Re, a Berkshire Hathaway Company, is one of the leading Life/Health and Property/Casualty reinsurers in the world. Our North American Life/Health reinsurance company, General Re Life Corporation, has superior financial strength ratings among Life and Health reinsurers. Gen Re delivers customized reinsurance programs and risk management solutions for the Life, Medicare Supplement, Critical Illness, and Individual Disability Income markets. Through our research, we also offer valuable information and insights.
Yahoo
21-05-2025
- Business
- Yahoo
Fewer reenlistment options for soldiers amid high Army retention
More soldiers chose to stay in the Army than the service expected this fiscal year, so much so that the Army has narrowed options for reenlistment or service extensions. In fiscal year 2025, the Army retained 15,600 soldiers, which is 800 more than its original goal. The 'retention success' is also compounded by the service exceeding 90% of its recruiting goals in May, Lt. Col. Orlandon Howard, an Army spokesperson, said in a statement. In April, the Army announced that the current retention success meant it would limit reenlistment incentives offered to soldiers like picking their station of choice, certain training opportunities and overseas assignments. Now, the service is changing additional retention policies like suspending contract extensions for most soldiers and changing the time window for others who want to reenlist. The policy changes come amid an upswing in the service's retention of current soldiers and its recruitment of new ones — something that Defense Secretary Pete Hegseth has credited to President Donald Trump's Administration, despite the surge beginning nearly a year ago. In October 2023, the Army announced an overhaul of its nearly $2 billion recruiting enterprise. In fiscal year 2024, the Army met its goal of recruiting 55,000 active-duty soldiers after missing targets the previous two years, and in October 2024 the service said it increased its recruiting target by 6,000 new soldiers for this fiscal year, which runs from Oct. 1, 2024, to Sept. 30, 2025. 'With reenlistment and recruiting exceeding expectations, the Army is in a good position to maintain its end strength and force requirements for the foreseeable future,' Master Sgt. Kindra Ford, Senior Army Retention Operations NCO, said in a statement. Starting June 1, soldiers with an Expiration Term of Service, or ETS, date before Oct. 1, 2025, and who are not deployed or about to deploy will have until May 31 to get an extension from their command to continue their service. Soldiers with an ETS date after Oct. 1, can extend their contract under specific conditions outlined in an Army regulation. Some of those conditions include those who qualify without a waiver, are in certain high-priority career fields and staff sergeants on the promotion list. For soldiers looking to reenlist, starting July 1, they will only have 90 days before their ETS date to do so. The window for soldiers to reenlist has changed over the years depending on the geopolitical events at the time, like the COVID-19 pandemic and then the troop surge in Iraq during 2007 and 2008. Before this most recent policy change, soldiers had 12 months to reenlist. Sometimes reenlistments also mean changing jobs, and that can depend on the needs of the Army. In fiscal year 2023, 6% of soldiers who reenlisted reclassified into a new MOS. In fiscal year 2024, that increased to 10%, according to statistics provided by the Army. Currently, the service is prioritizing reenlistment for positions in field artillery, air defense artillery, armor, and cyber and electronic warfare. Earlier this week, the Air Force announced it would end its selective retention bonus program more than four months early because the service ran out of funding for it. The Air Force cited a retention rate of 89.3% since the fiscal year's start in October, which created more demand than the service expected for the money it allocated for those bonuses. Howard said the Army's policy changes 'are not a result of reduced or completed funding' and that it does not impact soldiers who applied for the current Selective Retention Bonus, which is open to soldiers serving in certain military occupational specialties. 'As the Army adapts to evolving needs and conditions, we have to make sure our retention policies keep pace,' Ford said. 'We're working hard to keep career counselors, soldiers, and leaders up to date to help them make informed decisions about their careers.' Army to eliminate 2 Security Force Assistance Brigades, reassign experienced soldiers Why the Army's new XM7 rifle reignited a debate over volume of fire Air Force delay on separation and retirement orders isn't 'stop loss,' defense official says F-35's close call over Yemen raises questions about how it's used An Army unit's 'extreme use of profanity' was so bad, they made a rule about it
Time of India
20-05-2025
- Politics
- Time of India
'Escape from the field': Social media has field day as Pakistan promotes Asim Munir to Field Marshal
04:38 Pakistan Army chief general Asim Munir was on Tuesday promoted to the rank of Field Marshal for 'successfully' leading the armed forces during the recent conflict with India . The move, approved during a cabinet meeting chaired by Prime Minister Shehbaz Sharif , makes Munir only the second officer in Pakistan's history to receive the title—after General Ayub Khan , who was defeated in the 1965 war with India. While the Pakistani government hailed it as a significant honour, many saw it as a dramatic—and ironic—gesture. — DipuSingh241769 (@DipuSingh241769) Social media users were quick to mock the promotion, calling it Pakistan's 'most ambitious promotional stunt' yet. 'He is the second Field Marshal of Pakistan. The first was Md Ayub Khan, who was defeated by India in 1965. History repeats itself,' one user posted on X. Some questioned what the title was awarded for. 'Field Marshal for what exactly?' asked one user, summing up the frustration online. Another joked: "Failed Marshal Asim Munir promotes himself after leading the country to Pakistan's latest military defeat against India." One meme doing the rounds asked: 'Ye wohi Field Marshal hai na jo field se bhag kar bunker me chhup gaya tha?' ( loosely translated as, 'Isn't he the same Field Marshal who ran from the field and hid in a bunker?') "Asim Munir got a well-deserved promotion due to his exemplary participation in an adventure sport common in Pakistani conditions called 'Hide In A Bunker The Longest'," another user remarked. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Complete protection with iPru All-in-one Term Plan ICICI Pru Life Insurance Plan Get Quote Undo The sarcasm didn't stop there. "Only in Pakistan you can get a promotion for your failure,' quipped another user. Some speculated if the title had less to do with military success and more with staying close to power. One viral post read: 'Only in Pakistan you can get a promotion for your failure.' Another took a dig at the title itself: "They must be confused. Must have asked him to look after Agriculture and leave the Armed Forces. For them that must mean Field Marshal." As satire mixed with disbelief, one user summed it up: 'What next? President of Pakistan Field Marshal Asim Munir?!' Referencing Pakistan's military record and recent losses, another viral comment read: 'Pakistan Army logic: Get defeated by India, lose 11 airbases, declare 'victory', and then promote the boss to Field Marshal.' As another user joked, the only thing left now may be an ISPR-produced Netflix comedy: 'Field Marshal – Escape from the Field.'
