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Economic Times
3 days ago
- Business
- Economic Times
Stocks in news: TCS, Akzo Nobel, Indosolar, Emcure Pharma, Enviro Infra
Markets traded in a volatile but in a narrow range and ended marginally lower on Wednesday, extending the ongoing consolidation phase. In today's trade, shares of TCS, Akzo Nobel, Indosolar, Emcure Pharma, Enviro Infra among others will be in focus due to various news developments. ADVERTISEMENT TCS Indian IT bellwether TCS will announce its Q1 earnings today where the company is expected to report a net profit growth of 1-3%. Akzo Nobel Asian Paints sold 20 lakh shares (4.42% Equity) in Akzo Nobel for Rs 734 crore. ICICI Prudential MF bought 7 lakh shares for Rs 256 crore. Indosolar Indosolar, a subsidiary of Waaree Energies, announced an offer for sale (OFS) of up to 10 lakh equity shares, representing 2.4% of the company's total paid-up equity capital. Emcure Pharma Emcure Pharma said that the US FDA has concluded a pre-approval inspection at its oncology manufacturing facility in Ahmedabad without issuing a Form 483. ADVERTISEMENT Enviro Infra Enviro Infra JV received Rs 395 crore order from Maharashtra Industrial Development Corp. (You can now subscribe to our ETMarkets WhatsApp channel)
Newsweek
05-07-2025
- Business
- Newsweek
Some Social Security Recipients Will See Wage Garnishment in Just Weeks
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. In roughly 20 days, some Social Security recipients could experience wage garnishment as a higher Social Security claw back rate returns. Roughly 2 million Americans owed money to the Social Security Administration due to overpayments in 2023, according to KFF and Cox Media group. Starting July 24, the higher wage garnishments will go into effect until the full overpayment has been resolved. Why It Matters President Donald Trump has implemented a wide range of changes to the Social Security Administration (SSA). In addition to ending the use of paper checks by October, Trump also appointed former Fiserv CEO Frank Bisignano as the new SSA commissioner. The Department of Government Efficiency also instructed the agency to cut 7,000 SSA jobs. For beneficiaries who have been mistakenly overpaid, losing Social Security benefits could have severe consequences on their ability to pay for basic necessities. Roughly 21 percent of married couples and 45 percent of single recipients rely on Social Security for 90 percent or more of their income, according to SSA estimates. A sign is seen outside a US Social Security Administration building, November 5, 2020, in Burbank, California. A sign is seen outside a US Social Security Administration building, November 5, 2020, in Burbank, California. VALERIE MACON/AFP via Getty Images What To Know In some circumstances, the SSA overpays Social Security recipients due to either miscalculations on their part or the recipient failing to update their earnings information. In March, the SSA said it would be bringing back its 100 percent claw back rate for Social Security recipients who were mistakenly overpaid by the government. During Joe Biden's presidency, that rate was set at 10 percent to allow seniors more breathing room to pay for their basic necessities. However, the SSA updated that garnishment rate to 50 percent in April. "When we determine an individual receiving Title II benefits is overpaid, we send them a notice requesting a full and immediate refund and inform them of their right to request reconsideration or a waiver of recovery," the SSA said in April. "We usually provide 90 days for the individual to request a lower rate of withholding, a reconsideration, or waiver." The 90-day period from the SSA's statement on April 25 ends July 24, meaning more than a million recipients could see their payments impacted. However, those who have been overpaid can file for an overpayment waiver. Form SSA-632BK asks for forgiveness for the overpayment if it was not your fault and it would create financial hardship. To get this approved, you'll need proof that repaying the money would create a significant hardship. Beneficiaries can also file Form SSA-561 to appeal the claim you were overpaid. Newsweek reached out to the SSA for comment via email. What People Are Saying Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "Most recipients don't realize they've been overpaid until they receive a letter from the SSA. Without regularly reviewing your earnings history and benefit statements, overpayments can go unnoticed. Even if the error wasn't your fault, you're still responsible for repayment—unless you appeal, request a waiver, or set up a payment plan within the 90-day period." What Happens Next The loss of income could be dire for many Social Security recipients who rely on the benefits for most if not all of their income. A recent report from Gallup found 86 percent rely on Social Security as a "major" or "minor" income source. "The consequences can be significant, especially for retirees living on a fixed income. With inflation still elevated, a 50 percent reduction in benefits could severely impact housing, food, and healthcare," Thompson said. "For many, Social Security is their only source of income—making these garnishments potentially devastating."
Time of India
03-07-2025
- Politics
- Time of India
ECI's special Bihar revision & new Enumeration Form in alignment with Citizenship Act, 2003
New Delhi: The Election Commission's Special Intensive Revision (SIR) exercise now stands aligned with the 2003 Citizenship Act, which requires anyone born between 1987 and 2004 to prove citizenship of one parent, and of both parents for those born after 2004. This mirrors the SIR mandatory conditions that require proof of date of birth for those born before 1987, similar proof also for at least one parent for those born between 1987 and 2004 and proof for both parents for those born after 2004. Both 1987 and 2004 are significant as they brought watershed amendments to prevent illegal migrants from acquiring Indian citizenship. They also marked India's big shift from the 'jus soli' (birth right based citizenship) to 'jus sanguinis' (citizenship by descent), the latter tied up closely with the citizenship of parents. The 2003 amendment marked a pivotal point in this process introducing the term 'illegal immigrant' in India's Citizenship Act. The requirements under the now mandatory new 'Enumeration Form' reflect all these aspects. In its June 24 instructions on SIR, the ECI, underlined the centrality of citizenship. It cited Article 326 of the Constitution stating that "a person is required to be an Indian citizen, for his/her name to be registered in the electoral roll. Consequently, the Commission has a constitutional obligation to ensure that only persons who are citizens are included". Live Events SIR ENUMERATION FORM The Enumeration Form lists three key categories of electors which determines their document requirement. Category 1: Those born before 01.07.1987, any document establishing date of birth will suffice; Category 2: Those born between 01.07.1987 and 02.12.2004 must also provide any documentation establishing date of birth for their father or mother besides their own birth proof. Category 3 : Those born after 02.12.2004 will need to provide documentation establishing their own date of birth besides that of both their parents. 2003 AMENDMENT The above categorisation is exactly as brought about in Section 3 of the Citizenship (Amendment Act) 2003 under the NDA regime. As per the amendment, 'Citizenship by birth' was granted 1) to every person born in India on or after the January 26, 1950, but before July 1, 1987 and 2) those born on or after the July 1, 1987, but before the commencement of the Citizenship (Amendment) Act, 2003 but one of parents must be a citizen of India at the time of his birth. The third category was for those born after the 2003 Act came into effect, but in this case both the parents were to be Indian citizens or one of whose parents could be an Indian citizen but the other, though not an Indian citizen, but also not an illegal migrant. The 2003 amendment came on the back of the Assam Accord of 1985, signed by the then Congress led government, which assured that the Indian government would deport all 'illegal' migrants who arrived in India after March 1971. In 1987, India amended Indian Citizenship Act, 1955 to state that anyone born in India on or after January 26, 1950, but before July 1, 1987, is an Indian citizen by birth, regardless of their parents' citizenship. Those born after July 1, 1987, but before December 3, 2004, were granted citizenship by birth if either of their parents was a citizen of India at the time of their birth.
Time of India
03-07-2025
- Business
- Time of India
ITR filing for salaried employees is easier with these sources of income: Here's how
The Mental Discomfort Academy Empower your mind, elevate your skills The Changes The ITR filing season is slowly started picking up, as close to 71.5 lakh returns already filed for AY 2025-26 as of June 29, 2025. However, considering the trend from the previous assessment year (AY 2024-25), where approximately 8.82 crore ITRs were filed between April 1, 2024, and January 31, 2025 (the latest available data on I-T website), this year's filings still have a long way to go. The last year's number was over 7% higher than the returns filed in the previous AY i.e. 2023-24. However, with the total number of registered individuals crossing 13 crore on the I-T website, it's expected that close to 10 crore people will file their ITRs during the current assessment year, which is a significant this year, the IT Department announced an unexpected deadline extension well in advance, moving the due date for filing ITR from the usual July 31 to September 15, 2025 for AY 2025-26. According to the Central Board of Direct Taxes (CBDT), the due date for filing has been extended, "In view of the extensive changes introduced in the notified ITRs and considering the time required for system readiness and rollout of ITR utilities for Assessment Year (AY) 2025-26."Despite this extension, the deadline for employers to issue Form 16 remained June 15. By now, most salaried individuals would have received their Form 16-a crucial document that summarizes salary earned, deductions claimed, and TDS deducted during the financial year. For salaried taxpayers, this remains the most essential document for accurate filing of their the process of filing ITRs has become smoother over the years, especially for salaried individuals, there's still a sense of discomfort and psychological barrier or anxiety that many tax payers experience when it comes to tax-related compliances. This is especially because most people interact with the tax system only once a year-during return filing-and many not even once, and delegate the task entirely to a tax expert. In truth, the filing process for salaried individuals is now largely streamlined, with most details pre-filled in the ITR forms. In many cases, it's just a matter of reviewing a few fields and submitting the complexity increases for those with multiple income sources-such as rental income, capital gains from investments, or earnings from freelance or business activities. For such taxpayers, filing requires a deeper understanding of tax rules, exemptions, deductions, accurate reporting and ITR forms applicability and so other thing that makes ITR filing a bit challenging is, that almost every year, there are a few tweaks and changes in ITR forms and other documents, based on changes in the Finance Act and CBDT circulars, and this year is no exception. This year's changes demand a little more diligence. Form 16 for FY 2024-25 has undergone a few updates that taxpayers should be aware of. One of the most important changes is the inclusion of income from other sources, such as interest or dividends, along with any Tax Collected at Source (TCS) on large expenses like foreign travel or the purchase of high-value items. These details are to be declared in Form 12BAA, which employees are expected to submit to their significant update pertains to how standard deductions are reflected based on the chosen tax regime. Under the old regime, the standard deduction remains Rs 50,000, whereas under the new regime, it has been increased to Rs 75,000. There are also more detailed disclosures under various salary heads, including House Rent Allowance (HRA) and Leave Travel Allowance (LTA), to ensure that exemptions and deductions are accurately claimed. A new reporting section-Column 388A-has been added to capture TDS and TCS from non-salary sources, helping to align employer and government records more changes bring with them a few challenges. One major concern is confusion around selecting the correct tax regime. Choosing the wrong one could result in paying more tax or missing out on eligible deductions. In addition, mismatches between the details in Form 16, Form 26AS, and the Annual Information Statement (AIS) or Taxpayer Information Summary (TIS) can trigger income tax notices. Missing or incorrect entries, especially related to income from other sources, can also cause errors in tax ensure a smooth filing experience, salaried individuals should keep a few essential documents ready. These include Form 16, Form 12BAA (if applicable), interest certificates from banks, rent receipts if claiming HRA, donation receipts, and statements of any capital gains. It's also a good practice to download and cross-check the AIS and TIS from the Income Tax portal to make sure all income sources and transactions have been correctly the process has become easier over time, it still requires a careful review of all available information and documents, even those which are pre-filled in the ITR forms. The best advice is to start early, verify every detail, and make use of the extended deadline wisely. If your financial situation is even slightly complex, consider taking the help of a tax expert to ensure accuracy and avoid potential issues year's ITR filing process might seem more detailed, but it's also more transparent. With proper preparation and attention to detail, you can file your return correctly and ensure a hassle-free article is authored by Deepak Kumar Jain, Founder and CEO of - the tax advisory and e-filing portal platform of Rising Advisory Services Private Limited.
Business Standard
30-06-2025
- Business
- Business Standard
Marksans Pharma rises after subsidiary gets EIR for New York-based facility from US FDA
Marksans Pharma advanced 1.86% to Rs 257 after the company's subsidiary Time-Cap Laboratories Inc. has received the establishment inspection report from the US FDA for its manufacturing facility based in New York. In April this year, the United States Food and Drug Administration (US FDA) had conducted a current Good Manufacturing Practices (cGMP) inspection at the manufacturing facility of Time-Cap Laboratories, Inc. located at Michael Avenue, Farmingdale, New York, USA. The inspection was conducted between 16th and 24th of April 2025. Post the said inspection, the American drug regulator had issued one inspectional observation in Form 483. There was no data integrity observation. In a regulatory filing made during market hours today, Marksans Pharma stated that Time-Cap Laboratories has received the establishment inspection report (EIR) from the US FDA for the said facility. Marksans Pharma is engaged in research, manufacturing & marketing of generic pharmaceutical formulation in the global markets. The company's manufacturing facilities located in India, USA and UK are approved by several leading regulatory agencies, including USFDA, UKMHRA and Australian TGA. The company's robust product portfolio spreads over major therapeutic segments of CVS, CNS, anti-diabetic, pain management, gastroenterological, and antiallergic. The company is marketing these products globally. The company reported a 15.7% increase in consolidated net profit to Rs 90.55 crore on a 26.5% rise in revenue from operations to Rs 708.46 crore in Q4 FY25 over Q4 FY24.
