The Bombay High Court requested more substantial arguments from Skoda Auto Volkswagen India beyond the claim of delay in their plea against a Customs show cause notice alleging Rs 12,000 crore duty evasion. Justice Colabawalla praised the Customs officer's dedicated investigation efforts. The hearing is set to continue on Tuesday.
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The Income-Tax Department has extended the deadline for filing belated or revised income tax returns for fiscal year 2023-24 from December 31, 2024, to January 15, 2025, providing resident taxpayers an additional two weeks to reconcile their financial records.
The IRS has started the 2025 tax filing season, advising early submission due to potential processing delays from staffing adjustments. Refund processing timelines include 21 days for electronic and eight weeks for paper filings, with the 'Where's My Refund' tool providing status updates.
Stock market recommendations: Motilal Oswal Financial Services Ltd recommends TCS and Coal India Limited for stock investments, highlighting TCS's shift to modernization and cloud initiatives, and Coal India's dominant market position and growth prospects due to increasing power demand and thermal capacity expansions.
IDBI Bank reported a 31% year-on-year increase in net profit to ₹1,908 crore for Q3 FY25 due to reduced provisioning and higher interest income. The gross NPA ratio improved to 3.57%, and net NPA ratio fell to 0.18%. Total income rose to ₹8,565 crore.
In 2024, Tata's Punch SUV surpassed Maruti's Swift to become the best-selling car in India. Buyers are increasingly preferring SUVs over hatchbacks. Tata Motors achieved its highest sales volumes with SUV sales growing significantly. Maruti WagonR is the only hatchback in the top 5. Tata Motors' multi-powertrain strategy contributed to its strong SUV sales.
Infosys reported an 11.46% rise in net profit to Rs 6,806 crore for the December quarter FY25, driven by growth in financial services and manufacturing. Revenue growth boosts its FY25 guidance to 4.5-5%. The company added 5,591 employees, planning to hire over 15,000 more this fiscal.
Ajay Singh, founder-promoter of SpiceJet, will increase his stake in the airline from 29.1% to 33.5% with a Rs 294 crore investment through Spice Healthcare. The investment, via conversion of warrants into equity shares, is expected to strengthen the airline's financial position and support growth.
The Bombay High Court requested more substantial arguments from Skoda Auto Volkswagen India beyond the claim of delay in their plea against a Customs show cause notice alleging Rs 12,000 crore duty evasion. Justice Colabawalla praised the Customs officer's dedicated investigation efforts. The hearing is set to continue on Tuesday.
Magenta Mobility is set to expand its electric vehicle fleet by 10,000 three- and four-wheelers in the next financial year. The company is targeting new cities and expanding its four-wheeler cargo services for intercity and interstate routes, including successful trials exceeding 150 kilometers per charge.
The plywood and MDF board industry in India, which initially opposed the government's quality control order, now supports its implementation to benefit consumers and enhance industry capacity utilization. Over 200 items, including furniture and steel products, will be subjected to QCOs to ensure international quality standards, boosting investments and local production.