RailTel Corp bags Rs 40-cr order from Central Coalfields
A work order has been awarded for the provision of 8.4 Gbps internet connectivity at CCL.
The contract has been issued by a domestic entity and is classified as a domestic order. The nature of the contract is a work order, and it is scheduled to be fully executed by 23rd November 2025.
The promoter, promoter group, or group companies have no interest in the entity that awarded the order or contract.
Accordingly, there is no related party transaction involved. The contract has not been entered into with any related party, and the question of whether it was conducted at arm's length does not arise.
RailTel Corporation of India, a 'Navratna' central public sector enterprise, is one of the largest neutral telecom infrastructure providers in the country, owning a pan-India optic fiber network covering several towns & cities and rural areas of the country.
The company's standalone net profit jumped 46.33% to Rs 113.45 crore on a 57.11% rise in net sales to Rs 1,308.28 crore in Q4 FY25 over Q4 FY24.
Shares of RailTel Corporation fell 1.08% to currently trade at Rs 398 on the BSE.
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Time of India
8 minutes ago
- Time of India
Error in ITR Utility: Penal interest is automatically getting added to taxpayers who don't have to pay advance tax, check the details
Academy Empower your mind, elevate your skills What is the error with the ITR utility's Section 234C interest calculation? "As per the second proviso to section 234C(1) of the Income-tax Act, 1961, interest under this section is not leviable if the net tax liability, after reducing TDS, TCS etc. is less than Rs 10,000. However, it has been observed that the current version of the online ITR utility computes interest under section 234C without considering the effect of such TDS/ TCS credits. As a result, interest is erroneously calculated and populated even in cases where the net tax liability falls below the prescribed threshold (Rs 10,000)." "Although the field for section 234C interest remains editable in the utility, concerns persist as to whether manual overrides may lead to adverse outcomes during return processing, such as adjustments, CPC notices, or delays in refunds. However, it is pertinent to note that the said issue does not persist in offline Excel utility wherein the TDS and TCS credit are effectively provided." Excel Utility – ITR 2 (offline) Suresh Surana ITR-2 excel utility Online Interface – ITR 2 ITR Online utility What can happen if the tax department does not fix this issue? Excess payment of Section 234C interest: 'If this issue is not rectified by the tax department, it may lead to additional tax implications for taxpayers. Firstly, incorrect auto-computation of interest under section 234C, despite net tax liability being below Rs 10,000 may result in excess payment of interest, which is not legally warranted. This increases the effective tax outflow for the assessee without statutory basis.' 'If this issue is not rectified by the tax department, it may lead to additional tax implications for taxpayers. Firstly, incorrect auto-computation of interest under section 234C, despite net tax liability being below Rs 10,000 may result in excess payment of interest, which is not legally warranted. This increases the effective tax outflow for the assessee without statutory basis.' Tax notice: 'Secondly, if taxpayers opt to manually override the pre-filled interest field to reflect the correct amount, there is a risk of mismatches during return processing at CPC, potentially leading to system-generated intimations under section 143(1). These may propose adjustments on the grounds of discrepancy in self-assessment tax or interest computation, even though the taxpayer is in compliance with law.' 'Secondly, if taxpayers opt to manually override the pre-filled interest field to reflect the correct amount, there is a risk of mismatches during return processing at CPC, potentially leading to system-generated intimations under section 143(1). These may propose adjustments on the grounds of discrepancy in self-assessment tax or interest computation, even though the taxpayer is in compliance with law.' Delay in tax refund: 'Additionally, unresolved mismatches can cause delays in refund processing, particularly for salaried individuals or those with TDS or TCS driven refunds. In some cases, taxpayers may be compelled to respond to unnecessary notices or file rectification requests, increasing administrative burden.' What can taxpayers do? Mismatch with Department's Records: " If the ITR shows less interest than actually payable, it may result in processing mismatches, leading to refunds being withheld or delayed. If the ITR shows less interest than actually payable, it may result in processing mismatches, leading to refunds being withheld or delayed. Penalties or Notices: In rare cases, the department might treat it as under-reporting of tax liability, especially if the shortfall is significant or repetitive. In rare cases, the department might treat it as under-reporting of tax liability, especially if the shortfall is significant or repetitive. Revised Returns or Rectifications: Taxpayers may have to file rectifications (u/s 154) or revised returns, causing additional compliance burden." Who is liable to pay advance tax? When is Section 234C interest levied? Advance tax paid on or before 15th June is less than 12% of the assessed tax. Advance Tax paid on or before 15th September is less than 36% of the assessed tax. Advance Tax paid on or before 15th December is less than 75% of the assessed tax. Advance Tax paid on or before 15th March is less than 100% of the assessed tax. Due date for payment of advance tax Advance tax to be payable On or before June 15 of the previous year At least 15% of advance tax On or before September 15 of the previous year At least 45% of advance tax On or before December 15 of the previous year At least 75% of advance tax On or before March 15 of the previous year 100% of advance tax Note: Any tax paid, on or before 31st March, shall also be treated as advance tax paid during the financial year. Chartered Accountant Aditi Bhardwaj shared on micro-blogging website X (formerly Twitter) that there is an error in calculating Section 234C interest in the Income Tax Return Utility. She and other Chartered Accountants with whom we spoke highlighted that if this error in ITR utility's Section 234C related to interest calculation is not fixed then many tax payers may get automated tax notices or face issues at the time of their ITR processing, for no fault of give you a brief about Section 234C interest, it is levied when you have a tax liability above Rs 10,000 but failed to pay the minimum amount of advance tax via the four prescribed time said on X, 'Please note that, as per law, interest under section 234C is not applicable when the net tax liability is less than Rs 10,000. However, the current ITR software auto-calculates and populates this interest incorrectly. Requesting @IncomeTaxIndia to kindly review and rectify this issue in the utility and online portal. While the field is editable in the form, we would like to ensure that manually overriding it will not create issues during processing.'Also read: Wife pays no income tax after selling two houses for Rs 6 crore gifted by her husband, wins case in ITAT Mumbai; here's how it happened We have asked experts about this problem and here's what experts said to ET Wealth Online:'Yes, the CA (Aditi Bhardwaj) is right. Interest under section 234C is not applicable if net tax liability is less than Rs 10,000. But the ITR utility is wrongly calculating it, and shows less interest than what is actually to be paid. As per our working, the utility is doing incorrect calculations.'The concern raised by the CA (Aditi Bhardwaj) regarding the automatic computation of interest under section 234C in the Income Tax Return (ITR) utilities is relevant screenshots of the online Interface and offline Excel utility is provided as below:Source: CA (Dr.) Suresh SuranaSource: CA (Dr.) Suresh SuranaSurana explains that If the tax department does not fix this issue in the ITR utility, the following can happen:Surana says: 'Therefore, timely intervention by the tax department is essential to ensure accurate computation, smooth processing, and reduction in avoidable disputes.'Also read: Shinde wins Rs 1.4 lakh tax penalty case despite claiming false income tax deductions to reduce income by 50%; Know the details Soni agrees with Surana and adds that if this issue is not fixed immediately then the 'Centralised Processing Center (CPC) may later raise a demand for shortfall in interest under Section 234C, as per correct computation, even though the utility showed a lower amount.'Soni explains that you need to file an recitification request or revised ITR if this issue is not says:According to the Income Tax Department website, 'Every person, whose estimated tax liability for the Financial Year is Rs 10,000 or more, shall pay his taxes in advance in the form of "advance tax". However, a resident senior citizen (i.e., an individual of the age of 60 years or above) not having any income from a business or profession is not liable to pay advance tax.'If a taxpayer's income tax liability is more than Rs 10,000 then that taxpayer needs to discharge the tax liability by following a specified advance tax interest under Section 234C shall be levied if payment of advance tax in an instalment is less than the prescribed percentage (given in the above table). However, the interest shall be levied if:According to the Income Tax Website , the advance tax is payable by an taxpayer in 4 instalments on or before the prescribed due dates as specified in the below table:
News18
11 minutes ago
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