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Time of India
34 minutes ago
- Time of India
ED summons Reliance Group brass in loan fraud probe
The Enforcement Directorate has summoned top executives of Anil Ambani's Reliance Group, including Amitabh Jhunjhunwala and Sateesh Seth, for questioning in a ₹17,000 crore loan fraud case. The ED is also set to question bank officials regarding actions taken against Reliance companies that defaulted on loan repayments. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: The Enforcement Directorate (ED) has summoned around half a dozen current and former top executives of Anil Ambani 's Reliance Group for questioning in connection with its probe into alleged money laundering in a ₹17,000 crore loan fraud case. Amitabh Jhunjhunwala and Sateesh Seth are among those summoned, said people in the know. The investigating agency has asked Jhunjhunwala, a former top executive of the group, to appear before it on Wednesday. Seth, who is still among the top leaders of the group, is summoned on Thursday. Both were close aides of Anil other Reliance Group executives have also been ordered to be available for questioning, the people chief Anil Ambani has been asked to appear at the ED headquarters in New Delhi on Tuesday sources said those summoned are suspected to have played key roles in the alleged bank loan fraud ET on Monday reported that the ED will also summon officials of private and public sector banks that had given loans to the Anil Ambani-led Reliance federal agency will quiz the bank officials on the action initiated by them, if any, against Anil Ambani's companies which failed to repay the loans, ET reported."We want to ascertain what action did banks take against the companies which failed to repay the loans taken from them (banks). Did they complain to the police, seek registration of an FIR against the companies or not", a senior official had told ET on the condition of Rs 17,000 crore loans that three Anil Ambani Group companies - Reliance Home Finance Ltd, Reliance Commercial Finance Ltd and Reliance Communications - had taken from nearly 20 private and public sector banks, including Yes Bank ICICI Bank and HDFC Bank , had turned non-performing. The ED is investigating alleged laundering of the loan agency last week carried out searches at multiple entities and individuals linked to the group. Late on Friday, it arrested Partha Sarathi Biswal, managing director of Odisha-based Biswal Tradelink Pvt Ltd Biswal Tradelink is accused of arranging a fake bank guarantee of ₹68 crore for a Reliance Group firm.A Delhi special court has remanded Biswal in ED's custody till August 6.A statement issued by Reliance Group on Friday said "The company and its subsidiaries acted bonafidely and have been a victim of fraud, forgery and cheating conspiracy. The company has made due disclosure on this to the stock exchanges on November 7, 2024."
Economic Times
37 minutes ago
- Economic Times
How to file ITR-2 for AY 2025-26 with salary, capital gains, foreign income and others; Here's a step-by-step guide
ET Online Step-by-step guide on how to file ITR-2 for AY 2025-26 with salary, capital gains, foreign income and others online and with excel utility Taxpayers who earn income from salary, capital gains, or have invested in unlisted equity shares, need to file their Income Tax Return using the ITR-2 form. For the Assessment Year 2025-26 (FY 2024-25), there are six significant updates in the ITR-2 excel utility. Some of these updates relate to reporting of capital losses on share buyback, bifurcation of acquisition and improvement costs for real estate transfers, among others. Check out the information below to learn how to file your ITR-2 online or with the excel utility. Who needs to file ITR-2 for AY 2025-26 (FY 2024-25)? According to chartered accountant Abhishek Soni, co-founder, Tax2Win, here's the list of incomes that require you to file ITR-2: 'Income from salary or pension Income from house property(one or more) Income from other sources, including income from winning a lottery, income from owning and maintaining horse races, or income taxable at special rates. Persons who had investments in unlisted equity shares at any time during the entire financial year. An individual who is a director in a company. An individual who is a Resident(ROR/RNOR)or non-resident. Income earned from capital gains Income from foreign assets/ other foreign income. Agricultural income of more than Rs 5,000/- Incomes where clubbing provisions are applicable Individuals having a financial interest in assets located outside India, which includes any signing authority for accounts held outside India. One who desires to carry forward or bring forward loss under income from house property. Any tax has been deducted under Section 194N In cases where payment or deduction of tax has been deferred on ESOP.' Soni says: 'The total income can exceed Rs 50 lakh in ITR-2 unlike ITR-1.' Also read: ITR filing deadline: What is the last date for filing returns for taxpayers not requiring an audit? How to file ITR-2 using the excel utility? The ITR-2 form includes several schedules and in this article, we will walk you through a step-by-step guide, using capital gains as an example– covering both long and short term Soni's step-by-step guide to filing ITR-2 using the excel utility: Step 1: Download and Open the Excel Utility Visit the Income Tax e-Filing portal Navigate to 'Downloads' > ITR Forms > Select ITR-2 > Download Excel utility Step 2. Install and launch the ITR-2 excel utility Extract the ZIP file you downloaded. Open the utility and click Continue to proceed. Step 3. Filling Schedule 'Part-A General' You must fill in your basic details in this schedule Name, address, PAN, status, Name, Aadhaar, DOB, Mobile & Email Select your Residential status (choose Resident/Non-Resident accordingly) Select your filing type, Original or Revised. Select the ITR filing section, the date of filing the ITR, document identification number (if filed in response to a notice). If you are filing a return under section 139(1), you can choose to switch from the new to the old regime by selecting 'Yes' under 'Do you wish to exercise the option u/s 115BAC(6) of opting out of the new tax regime?' If your income is below the threshold required for mandatory ITR filing, but you are still filing ITR due to fulfilling any of the mandatory conditions listed in the seventh proviso to section 139(1), then select the reason accordingly. If you are a director in the company, fill in the required details like company name, type, PAN, DIN, and whether its shares are listed or unlisted. If you have held any unlisted equity shares in the FY, you must mention their details in the table given at the end. Step 4. Filling the Schedule 'Capital Gains' This tab is for reporting the sale of capital assets like shares, mutual funds, real estate, etc. Short-Term Capital Gains - Sale of Immovable Property Enter the details of the sale of immovable property. Fill in the date of acquisition and the date of sale of the property Full value of consideration, stamp duty value of the property. Enter the deductions like cost of acquisition, cost of improvement, and transfer expenses Enter the short-term capital gains on immovable property and the details of the transfer of immovable property. Sale of Equity Shares and Mutual Funds Enter the full value consideration, cost of acquisition, cost of improvement, and expenses on transfer Fill in the short-term capital gain on equity or equity-oriented mutual fund. Enter the details of any unutilized capital gains deposited in the Capital Gain Account Scheme (CGAS). Long-Term Capital Gains Fill in the details of the long-term capital gains Enter details like date of acquisition, date of sale, full value of consideration, and stamp duty value. Next, enter the cost of acquisition, cost of improvement, and transfer expenses. Fill in the amount of deductions under section 54, 54B, 54F, 54EC, if applicable. Note: While entering your capital gain details, make sure to classify your capital gains before and after 23rd July 2024 and mention accordingly. Enter the details of LTCG on the sale of unlisted bonds and unlisted debentures. Enter the details on the sale of listed securities or zero-coupon bonds. Step 5: Details of Set-off of Current Year Capital LossesEnter the details of the short-term and long-term capital losses set off against the capital gains in the table provided. Step 6: Final Submission Click on "Validate" on each sheet after filling Go to the "Part A – General" tab and click "Calculate Tax" Save the XML and upload the JSON via the Income Tax e-filing portal e-verify the ITR to complete the process How to file ITR-2 online via the e-filing ITR portal? Here's a step-by-step guide on how to file ITR-2 via the online e-filing ITR portal: Step 1: First login on the e-filing ITR portal using your credentials. Once logged in go to the e-file tab and hover over the 'Income Tax Returns' button and then click on 'File Income Tax Return' button. A new webpage will open and it will ask for some details – assessment year, mode of filing (online/offline). Click on 'continue' once done. Step 2: A new webpage will open and here you need to click on a button called 'Start New Filing'. When you click this button a new web page opens which asks you to 'Please select the status applicable to you to proceed further'. Click 'Continue'. In this example we used ITR-2. Step 3: Here's a list of do documents that will help you file the ITR-2 faster: Form 16 Form 16A Form-26AS Bank Statements Housing Loan Interest Certificates Receipts for Donation Made Rental Agreement, Rent Receipts, Investment premium payment receipts - LIC, ULIP Step 4: You must answer why you are filing ITR. Once the reason is selected, then click on 'Continue'. A new webpage opens and here you can check the pre-filed data. Once you have checked all the pre-filled data click on the 'Proceed to Verification' button. Do remember to e-verify your filed ITR within 30 days of filing it. The Income Tax Department said on the e-filing ITR portal: 'Income Tax return (ITR) is pre-filled based on the information available for pre-fill on e-Filing. There may be situations where such information may not be complete. The facility of pre-filling is only for providing assistance to the Taxpayers for filing their ITRs. Please verify the pre-filled data with your records and AIS/TIS before finalising and submitting the ITR. You have the option to make changes to pre-filled data.' ITR-2 Source: ITR e-filing portal N.R. Narayana Murthy Founder, Infosys Watch Now Harsh Mariwala Chairman & Founder, Marico Watch Now Adar Poonawalla CEO, Serum Institute of India Watch Now Ronnie Screwvala Chairperson & Co-founder, upGrad Watch Now Puneet Dalmia Managing Director, Dalmia Bharat group Watch Now Martin Schwenk Former President & CEO, Mercedes-Benz, Thailand Watch Now Nadir Godrej Managing Director, of Godrej Industries Watch Now Manu Jain Former- Global Vice President, Xiaomi Watch Now Nithin Kamath Founder, CEO, Zerodha Watch Now Anil Agarwal Executive Chairman, Vedanta Resources Watch Now Dr. Prathap C. Reddy Founder Chairman, Apollo Hospitals Watch Now Vikram Kirloskar Former Vice Chairman, Toyota Kirloskar Motor Watch Now Kiran Mazumdar Shaw Executive Chairperson, Biocon Limited Watch Now Shashi Kiran Shetty Chairman of Allcargo Logistics, ECU Worldwide and Gati Ltd Watch Now Samir K Modi Managing Director, Modi Enterprises Watch Now R Gopalakrishnan Former Director Tata Sons, Former Vice Chairman, HUL Watch Now Sanjiv Mehta Former Chairman / CEO, Hindustan Unilever Watch Now Dr Ajai Chowdhry Co-Founder, HCL, Chairman EPIC Foundation, Author, Just Aspire Watch Now Shiv Khera Author, Business Consultant, Motivational Speaker Watch Now Nakul Anand Executive Director, ITC Limited Watch Now RS Sodhi Former MD, Amul & President, Indian Dairy Association Watch Now Anil Rai Gupta Managing Director & Chairman, Havells Watch Now Zia Mody Co-Founder & Managing Partner, AZB & Partners Watch Now Arundhati Bhattacharya Chairperson & CEO, Salesforce India Watch Now
Economic Times
2 hours ago
- Economic Times
Gold rises as Fed rate cut bets pressure dollar, yields
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
