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Economic Times
11 minutes ago
- Economic Times
Parliamentary panel proposal on dividend in IT bill may bring relief to India Inc
A parliamentary panel that reviewed the Income Tax Bill 2025 has recommended that a provision dealing with the deduction available for inter-corporate dividends be restored, a significant relief for India Inc, said people familiar with the parliamentary select committee unanimously adopted its report on Wednesday, recommending over 285 tweaks, which have been accepted by the government, they said. This means that the biggest revamp of the six-decade-old income tax law is expected to pass quickly in the upcoming monsoon session of Parliament. Industry had made a strong pitch to the government and the parliamentary panel to restore Section 80M, reasoning that its omission would result in cascading and double taxation in multi-tier structures. The section allows Indian companies to deduct from taxable income dividends they get from another corporate entity. It helps avoid double taxation on the same dividend income. The bill had removed the provision for companies availing of the 22% corporate tax slab. Indian companies have the option to pay 22% income tax if they don't avail of any exemptions and incentives since panel, headed by Baijayant Panda, will present its report to the Lok Sabha on the first day of the monsoon session of parliament on government has accepted most of the changes proposed by the committee, one of the persons told ET. The government has already listed the bill for consideration and passage in the upcoming key suggestion by the committee was the restoration of the language relating to residency for those going overseas to work. The previous wording — 'for the purpose of employment'— has been retained to clear up any ambiguity, the person said. Besides, the provision dealing with the issuance of a nil withholding the tax certificate by tax department in respect of certain payments has been panel has further simplified the language of a number of provisions to remove any lack of clarity, one of the persons said, adding that no substantive changes had been panel held 36 sittings and dealt with all 536 sections.'Maximum deliberations and discussions were on around Section 247(1), which deals with searches and seizure, but no major changes or amendments in the section were suggested,' the person of those who appeared before the panel raised concerns about faceless assessment and sought a reduction in the number of rates for tax deducted at source and further simplification of the regime, the person minister Nirmala Sitharaman had on February 13 introduced the Income Tax Bill 2025 to replace the old law with a simple, easy-to-understand one that aimed to reduce ambiguity and bill had introduced presumptive taxation for non-residents, revised treatment for business and professional income, and strengthened General Anti-Avoidance Rules (GAAR), while streamlining the penalty and compliance framework. It also clubbed the tabulation of deductions from salaries, such as standard deduction and gratuity, in one experts said that the select committee discussed recommendations made by various sections of society. 'As the select committee has had the unique opportunity of receiving many salutary suggestions concerning major overhaul of many existing provisions in the tax law, it is hoped that finance ministry will give due consideration to these suggestions as well and bring about these far-reaching changes in due course through its Budget presentations,' said Sudhir Kapadia, senior advisor, the remit of the select committee was restricted to further clarifying or improving the language of the bill, as opposed to suggesting fundamental changes in provisions, it is expected that the changes suggested in their report will only address any inadvertent omissions or lack of clarity in language, he said.
Time of India
28 minutes ago
- Time of India
Parliamentary panel proposal on dividend in IT bill may bring relief to India Inc
Live Events Most Debates on Searches & Seizure Section (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel A parliamentary panel that reviewed the Income Tax Bill 2025 has recommended that a provision dealing with the deduction available for inter-corporate dividends be restored, a significant relief for India Inc , said people familiar with the parliamentary select committee unanimously adopted its report on Wednesday, recommending over 285 tweaks, which have been accepted by the government, they means that the biggest revamp of the six-decade-old income tax law is expected to pass quickly in the upcoming monsoon session of Parliament Industry had made a strong pitch to the government and the parliamentary panel to restore Section 80M , reasoning that its omission would result in cascading and double taxation in multi-tier section allows Indian companies to deduct from taxable income dividends they get from another corporate entity. It helps avoid double taxation on the same dividend bill had removed the provision for companies availing of the 22% corporate tax slab. Indian companies have the option to pay 22% income tax if they don't avail of any exemptions and incentives since panel, headed by Baijayant Panda, will present its report to the Lok Sabha on the first day of the monsoon session of parliament on government has accepted most of the changes proposed by the committee, one of the persons told ET. The government has already listed the bill for consideration and passage in the upcoming key suggestion by the committee was the restoration of the language relating to residency for those going overseas to work. The previous wording — 'for the purpose of employment'— has been retained to clear up any ambiguity, the person said. Besides, the provision dealing with the issuance of a nil withholding the tax certificate by tax department in respect of certain payments has been panel has further simplified the language of a number of provisions to remove any lack of clarity, one of the persons said, adding that no substantive changes had been panel held 36 sittings and dealt with all 536 sections.'Maximum deliberations and discussions were on around Section 247(1), which deals with searches and seizure, but no major changes or amendments in the section were suggested,' the person of those who appeared before the panel raised concerns about faceless assessment and sought a reduction in the number of rates for tax deducted at source and further simplification of the regime, the person minister Nirmala Sitharaman had on February 13 introduced the Income Tax Bill 2025 to replace the old law with a simple, easy-to-understand one that aimed to reduce ambiguity and bill had introduced presumptive taxation for non-residents, revised treatment for business and professional income, and strengthened General Anti-Avoidance Rules (GAAR), while streamlining the penalty and compliance framework. It also clubbed the tabulation of deductions from salaries, such as standard deduction and gratuity, in one experts said that the select committee discussed recommendations made by various sections of society. 'As the select committee has had the unique opportunity of receiving many salutary suggestions concerning major overhaul of many existing provisions in the tax law, it is hoped that finance ministry will give due consideration to these suggestions as well and bring about these far-reaching changes in due course through its Budget presentations,' said Sudhir Kapadia, senior advisor, the remit of the select committee was restricted to further clarifying or improving the language of the bill, as opposed to suggesting fundamental changes in provisions, it is expected that the changes suggested in their report will only address any inadvertent omissions or lack of clarity in language, he said.
Time of India
an hour ago
- Time of India
HCLTech doubles down on specialised talent hiring
Bengaluru: HCLTech is offering up to four times higher compensation for freshers who specialise in high-demand areas such as AI, cybersecurity, and digital engineering. Ramachandran Sundararajan, chief people officer at HCLTech, said, "Our recruitment emphasises niche capabilities in data, AI, cyber and enterprise technology. " He noted that about 15%–20% of this year's fresher intake is expected to fall into the premium skill category, subject to candidates meeting company standards. HCLTech aims to exceed last year's fresher hiring number of 7,850 in the current fiscal. While there is no fixed target for premium fresher hiring, the company sees strong early traction. HCLTech has significantly onboarding 1,984 freshers in the June quarter—double the intake from the same period last year. To support its AI-first approach, HCLTech has trained 127,000 employees in foundational AI, with 42,000 certified in advanced generative AI. Currently, 12,000 professionals are engaged in GenAI projects—a number that is expected to grow in the coming quarters. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru This large-scale upskilling is central to HCLTech's transition toward agentic AI, which includes its AI Force platform and integration of GenAI into software and operational workflows. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo Its CEO and MD C Vijayakumar said, "Our aim is to achieve 18%–19% margins through technology investments and strategic workforce planning." Despite a sequential decline of 161 basis points in EBIT margin—largely due to premium hiring and skill-location mismatches—the company expects to resolve these headwinds within two quarters. On lateral hiring, HCLTech continues to take a demand-led approach. Sundararajan said, "Lateral recruitment has remained steady over five quarters, focusing on meeting client requirements." The company believes it stands out through its engineering depth, proprietary IP, and AI-enabled service transformation, even as GenAI adoption becomes more widespread across the industry. Vijayakumar said, "Our focus is on comprehensive enterprise solutions beyond basic coding assistance." While acknowledging that only 15%–20% of the available talent is currently "AI-ready," he said HCLTech remains confident in its talent acquisition and development programmes.
