Latest news with #Wadhwa
India Today
3 days ago
- Automotive
- India Today
Toyota records 22% YoY growth in May 2025, 30,864 units sold
Toyota Kirloskar Motor (TKM) reported a robust 22% year-on-year sales growth in May 2025, selling 30,864 units compared to 25,273 units in May 2024. The company's performance included 29,280 domestic units and 1,584 export sales for the first two months of FY 2025–26 (April–May) reached 58,188 units, reflecting a 27% increase over the 45,767 units sold in the same period of FY 2024–25. Varinder Wadhwa, Vice President of Sales-Service-Used Car Business at TKM, attributed the growth to strong customer trust and a favourable market outlook. 'In May, we achieved a growth of 22%, a testament to the enduring trust and support of our valued customers,' Wadhwa said. 'With the onset of the monsoon and forecasts indicating a normal to above-normal season, we remain optimistic about improved market sentiment, particularly in rural and semi-urban regions.'advertisementTKM's SUV and MPV segments were the primary drivers of its May performance, with a combined 34% sales increase for April–May FY 2025–26 compared to the previous year. Models such as the Innova HyCross, Fortuner, and Urban Cruiser Hyryder have resonated strongly with Indian consumers, reflecting a growing preference for versatile and reliable mobility options. The company also celebrated a milestone with the Toyota Fortuner and Legender surpassing cumulative sales of 3 lakh units in India, solidifying their dominance in the premium SUV category. Enhancing its MPV portfolio, TKM launched the Innova HyCross Exclusive Edition in May, featuring 19 premium upgrades to its hybrid offering. The edition has received an enthusiastic market response, further strengthening TKM's position in the MPV segment. Other key models, including the Innova Crysta, Camry Hybrid, Hilux, Glanza, Rumion, and Urban Cruiser Taisor, continue to contribute to TKM's diverse lineup, with the Vellfire and LC 300 imported as Completely Built Units (CBUs).advertisementOperating from its Bidadi facilities in Karnataka, TKM boasts a total installed production capacity of 342,000 units across two plants. The first plant, established in 1997, produces the Innova HyCross, Innova Crysta, Fortuner, and Legender, with a capacity of 132,000 units. The second plant, operational since 2010, manufactures the Camry Hybrid, Urban Cruiser Hyryder, and Hilux, with a capacity of 210,000 units. This robust manufacturing base supports TKM's ability to meet both domestic and export emphasized TKM's strategic focus, stating, 'Backed by our vast product portfolio and innovative campaigns, we are well-positioned to maintain this growth trajectory.' The company's optimism is further supported by improving market conditions and its alignment with India's evolving preference for SUVs and a workforce of over 6,500 employees and a sprawling 432-acre manufacturing facility, TKM remains a key player in India's automotive landscape, backed by Toyota Motor Corporation's 89% equity stake and Kirloskar Systems Limited's 11% to Auto Today Magazine
Mint
23-05-2025
- Business
- Mint
Boom in unlisted NSE shares strains grey market trades
Mumbai: A sharp rally in the unlisted shares of the National Stock Exchange (NSE) over the past two weeks has thrown a wrench into deals, with some sellers backing out from their commitments to deliver shares, leaving buyers empty-handed. The unexpected surge in prices for the country's dominant stock exchange is fuelled by hopes of an imminent listing and attractive valuations, creating huge demand among investors and a significant supply crunch. Declaration of a rich dividend by NSE and its chief executive saying that its market share loss to rival BSE had 'run its course" further boosted the demand for its shares. NSE's shares in the unregulated unlisted market, where firms bound for prospective listing are traded between residents and non-residents, rallied as much as 9-10% to a record high of ₹1,680-1,700 apiece since 6 May when the company released its earnings for the quarter ended March. Also read: Indian defence firms skyrocket after Pakistan skirmish 'I had a deal to acquire shares at a certain price to down-sell the same but was unable to get delivery as the seller backed out after the steep jump in the share price from around ₹1,550 to ₹1,700 levels now," said Narinder Wadhwa, managing director of SKI Capital Services. 'Consequently, I was unable to meet my commitment to deliver to my buying counterparty." Wadhwa said deals for NSE shares had been 'falling through" in the past two weeks as retail and HNI (high net-worth individual) demand for the unlisted shares had spurted for reasons like 'imminent listing, attractive valuation and big shareholders holding on to their stocks, which had created a supply shortfall". 'Such reneging can happen only where a delivery instruction slip (DIS) has not been issued," a person aware of the issue said. 'Once a DIS is issued, the shares compulsorily get credited to the buyer's account. But if two parties get into an agreement without a DIS and if prices move significantly, trades fall through. That's what we are seeing now." An executive from a broking company who requested anonymity said: 'It's quite possible that some deals which were outstanding might have fallen through as this is an unregulated, over-the-counter market where counterparty risk cannot be insured, unlike on an exchange where the clearing corporation stands guarantee to all settlements being honoured." A query to NSE on share deals falling through in the unlisted market remained unanswered till press time. Factors fuelling the NSE rally The demand spike among investors was facilitated by ease of transferring of NSE shares after March this year per a regulatory circular, which reduced transfer time to one day from six months earlier. This resulted in the investor base rising from 22,000 levels in March to more than 100,000 currently. Also read: FPI assets regain $800 bn level after four months as markets rebound Viral Mehta, product lead for private equity at IIFL Capital, agreed that a huge supply-demand gap had arisen in recent weeks. 'There is a spurt in demand for unlisted NSE shares in the past two weeks since the company announced the dividend of ₹35 a share," Mehta said. 'The huge supply-demand gap, which is driving up prices, is because institutional shareholders are not selling in desired quantities in anticipation of listing announcement, and also because the stock is available at attractive multiples of 35 times forward earnings." NSE's listed competitor, BSE, trades at a forward price-to-earnings multiple of 52.75 times despite its market value ( ₹0.95 trillion) being less than a fourth of NSE's ₹4.2 trillion, per Bloomberg and exchange data. This is also partly resulting in demand for the shares of NSE, which despite being the leader, was trading at a lower multiple than its rival, said Wadhwa. Interestingly, BSE stock has also rallied 12% from ₹6,245 on 6 May to ₹6,996.50 on Thursday after it recommended a dividend of ₹23 per share. NSE's operating profit margin jumped to 74% in Q4FY25 from 66% a year ago despite the operating profit shrinking 8% year-on-year to ₹2,799 crore, reflecting the operating leverage the bourse enjoys. The company additionally declared a dividend of ₹35 per share with a face value of ₹1, which has yet to be approved by shareholders. This should reduce the price proportionately on the ex-dividend date, but the share price surged as hopes grew of Sebi's approval for the IPO, which has been hanging fire since 2016 because of prior governance lapses by former management. Also read: If this market veteran had ₹100 now, 70% wouldn't go to equity After its Q4 results, NSE chief executive Ashishkumar Chauhan said the market share loss to BSE in the equity options segment had run its course and that further losses are unlikely. Data from NSE shows its market share in equity options (stock and index) fell from 96.9% in FY24 to 87.4% in FY25 after Sebi restricted exchanges to launching a single weekly index option expiry from November last year against multiple weekly expiries earlier. The share was captured by BSE, which ran a single liquidity index weekly expiry.
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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.
Economic Times
15-05-2025
- Business
- Economic Times
9 changes in ITR-1, ITR-2, ITR-3, ITR-4 you need to know for FY 2024-25 (AY 2025-26) income tax return filing
The Income Tax Department has notified the income tax return forms for FY 2024-25 (AY 2025-26), incorporating the changes in tax laws announced in the July 2024 budget. However, taxpayers will have to wait for the release of the ITR filing e-utilities on the income tax portal to file their ITR. ET Wealth Online explains the nine changes made in this year's ITR forms that will make your ITR filing process easier for FY 2024-25 (AY 2025-26). Changes in ITR forms for FY 2024-25 (AY 2025-26) 1. Expansion of eligibility to file ITR 1 and ITR 4: This year, the Income Tax Department has expanded the eligibility by relaxing the eligibility criteria, making more taxpayers eligible to file their tax return using ITR 1 and ITR 4. The new rules allow even taxpayers with long-term capital gains from equity and equity mutual funds to file a tax return using ITR1 and ITR 4 (as applicable), provided the capital gains do not exceed Rs 1.25 lakh. Naveen Wadhwa, Vice-President of Research and Advisory at Taxmann, says, "The Budget 2024 increased the LTCG exemption limit on listed equity and equity mutual funds from Rs 1 lakh to Rs 1.25 lakh. In previous years' ITR forms, even if a taxpayer's LTCG under Section 112A was within the exemption limit and there was no tax payable, the presence of capital gains income made them ineligible to file the simpler ITR-1 forms. Instead, they were required to file the return in ITR-2 or ITR-3 forms, which are more complex and time-consuming. This resulted in a genuine hardship for small taxpayers. To address this, the Central Board of Direct Taxes (CBDT) has notified that taxpayers are eligible for filing ITR-1 and ITR 4, even if they have LTCG under Section 112A, provided the total LTCG does not exceed Rs 1.25 lakh and there is no brought forward or carry forward capital loss. This move eases the compliance burden and simplifies return filing for small taxpayers with limited capital gains with no losses to be brought forward." ITR1 and ITR 4 notified by the tax department: Check the major changes here 2. Aadhaar enrolment ID not acceptable: One of the quiet changes made in Budget 2024 was removal of the acceptance of the Aadhaar enrolment ID for the PAN application, and also at the time of filing the ITR. Post this amendment, PAN applications and ITRs can no longer be filed using Aadhaar enrolment ID instead of the actual Aadhaar number. This year's income tax return forms (ITR 1, ITR 2, ITR 3 and ITR 5) have been amended to remove the column to enter the Aadhaar enrolment ID. Wadhwa says, "The ITR forms for FY 2024-25 (AY 2025-26) do not have the Aadhaar Enrolment ID column this year. If the taxpayers do not have an Aadhaar number, then they will not be able to file ITR this year." 3. Opting out of new tax regime by small business owners: Taxpayers having business income cannot switch/choose tax regimes every financial year, unlike individuals who don't have business income. As per the income tax rules, taxpayers having business income have once in a lifetime option to switch from the old to the new tax regime. However, this switching requires submission of a form to the tax department. Wadhwa says, "The previous year ITR-4 simply asked whether the taxpayer had opted out of the new tax regime. If yes, then the taxpayer was required to provide the date and acknowledgement number of Form 10-IEA if applicable. However, the ITR-4 for FY 2024-25 (AY 2025-26) has introduced a more detailed disclosure. It now seeks confirmation of past filings of Form 10-IEA and asks whether the taxpayer wants to continue opting out of the new Tax Regime in the current year." 4. Mention TDS section in ITR form: This year's income tax return forms (ITR 1, ITR 2, ITR 3 and ITR 5) require taxpayers to mention the TDS section under which tax was deducted from the income earned in FY 2024-25. Wadhwa says, "The requirement to mention the TDS section in the ITR form is applicable if tax is deducted on income other than salary. Earlier, there was no requirement to mention the TDS section in the ITR form while claiming the tax credit. However, from this year, a taxpayer must mention the section under which the benefit of TDS credit is being taken." 5. New capital gains rules incorporated in ITR forms: Budget 2024 announced new capital gains rules, effective July 23, 2024. Hence, if you have made capital gains by selling listed or unlisted shares, equity mutual funds, houses, land, or any other capital asset, then the date of sale is important to calculate the correct capital gains amount and the appropriate tax on it. Wadhwa says, "Taxpayers should check the date of sale and transfer of the capital asset to know whether the tax will be calculated based on the old rules or new rules. If the transfer date is before July 23, 2024, the old tax provisions will continue to apply, including the 15% tax rate on STCG covered under Section 111A, the 20% tax rate on LTCG covered under Section 112 with indexation benefit, and the 10% tax rate on LTCG under Section 112A. However, if the transfer occurs on or after 23rd July 2024, new tax provisions will apply. The ITR form requires a disclosure of the date of transfer, separate reporting for transfers made before and on or after 23rd July 2024, and the proper application of revised tax rates and indexation rules."If you have capital gains, then income from them will be reported in ITR 2, ITR 3 and ITR 5, as applicable. 6. Separate reporting for capital gains from unlisted bonds and debentures: Budget 2024 changed the taxation rules for unlisted bonds and debentures. The new rules are effective July 23, 2024. Wadhwa says, "According to the new rules, if unlisted debentures or bonds were issued on or before July 22, 2024, but redeemed, matured, or transferred on or after 23rd July 2024, the entire gain will be taxed as short-term capital gains, regardless of the holding period. As per the new rules, the gains will be taxed at the income tax slab rates applicable to your income. However, if the maturity, redemption or transfer occurs before July 23, 2024, the resulting gain will be classified as long-term and taxable according to the old provision. Under the old rules, the capital gains will be taxed at 20% with indexation benefit."The reporting of capital gains from unlisted bonds and debentures has to be done in ITR-2, ITR-3 or ITR-5, as applicable. 7. Reporting of buy-back proceeds as deemed dividends: From October 1, 2024, the amount received on the buy-back of shares by domestic listed companies will be considered as deemed dividends in the hands of shareholders. The new rule was announced in Budget 2024. Wadhwa says, "ITR-2, 3 and 5 have been amended so that shareholders can report the buy-back proceeds as dividend income under the section 'Income from other sources'. Under the capital gains schedule, the taxpayers will be required to report zero as sale proceeds so that the cost of acquiring shares results in a capital loss. This capital loss can be brought forward and set off against other long-term capital gains for the next eight assessment years." 8. Providing disability certificates for deduction under Section 80DD and 80U: Under the old tax regime, a taxpayer could claim a deduction under Section 80DD or Section 80U for expenditure made for disabled individuals. This year, a taxpayer claiming any of the deduction is required to provide acknowledgement number of the disability certificate as well. Wadhwa says, "Till previous years, a taxpayer could claim a deduction under Section 80DD or Section 80U by quoting the Form 10-IA as per income tax rules. However, from this year, taxpayer is also required to provide acknowledgement number of disability certificates along with Form 10-IA to claim deduction."Section 80DD can be claimed by a resident individual or HUF who incurs medical expenditure or pays an insurance premium for the care of a dependent family member with a disability or severe deduction under Section 80U is available to a resident individual who is himself suffering from a disability or severe says, "This reporting requirement is applicable only if ITR-2 and ITR-3 is filed. There is no reporting requirement if the taxpayer files ITR-1." 9. Asset reporting applicable if total income exceeds Rs 1 crore: There is good news for taxpayers having income above Rs 50 lakh. From this year, a taxpayer is required to report their assets and liabilities only if the gross total income exceeds Rs 1 crore. Wadhwa says, "Earlier, a taxpayer was required to report their assets and liabilities if their gross total income exceeded Rs 50 lakh in a financial year. However, from this year, the reporting in Schedule AL will be mandatory only if gross total income exceeds Rs 1 crore."The reporting in Schedule AL can be done in the ITR 2 and ITR 3.
New Indian Express
15-05-2025
- New Indian Express
Man dupes spiritual guide followers of Rs 9 crore, arrested
NEW DELHI: A 44-year-old man, Mohit Wadhwa, was arrested for allegedly duping devotees of a spiritual guide by promising high returns on investment, police said on Wednesday. Wadhwa, a resident of Rajouri Garden, was arrested following complaints from Gurpreet Kaur Rai and three other families, totaling 14 victims. Wadhwa and his associates, all followers of a spiritual guide, convinced the victims to invest in various schemes in Dubai, claiming significant returns. Between September 2017 and September 2020, the victims collectively invested Rs 9 crore in multiple tranches. However, after the investments, they neither received returns nor any documents regarding their investments. During the probe, bank account statements of the victims and Wadhwa corroborated part of the transactions. Victims confirmed that they had been cheated by Wadhwa and his associates. DCP (EOW) Amit Verma said, 'Wadhwa started organising Satsangs at his residence, where he gained the confidence of many devotees by making false promises.' Verma further revealed that some of the money was invested in cryptocurrency, while the rest was used for personal luxury. Wadhwa was arrested on May 9.
