Latest news with #Rs.54
Time of India
30-06-2025
- Business
- Time of India
What are TDS, TCS and what is the difference between them?
If you are confused by personal finance terms, jargon and calculations, here's a series to simplify and deconstruct these for you. In the 57th part of this series, we explain the difference between two forms of indirect taxation. Tired of too many ads? Remove Ads What is TDS? Tired of too many ads? Remove Ads What is TCS? The government collects taxes in two ways: directly and indirectly. Tax deducted at source (TDS) and tax collected at source TCS ) are two forms of indirect tax collection. Here, tax is levied at the source of income or transaction if it exceeds a certain limit. Failure to deduct or collect this tax can lead to penalties and interest Here's how the two types of indirect taxes tax is deducted at the source of one's income. It is done by the person, organisation or employer making the payment, or providing salary or income. The person cutting the tax deposits it with the person who receives the income after deduction is called 'deductee', while the person cutting the tax is 'deductor'. The rate at which the tax is deducted varies for different income options, such as salary, rent, interest income, commission or brokerage, purchase of property, professional fees, instance, if you are paying a rent of Rs.60,000 a month, which exceeds the threshold of Rs.50,000, you will have to deduct tax at 10% before paying it to the landlord. So, you will deduct Rs.6,000 and pay Rs.54,000 to the landlord as tax is collected by the person selling certain goods or services, from the buyer, under Section 206C of the Income Tax Act, 1961. The seller then deposits this tax with the government. Some of these goods include liquor, forest produce, minerals, purchase of vehicles, foreign remittances, among others, and the rate varies depending on the goods or instance, if you are travelling abroad and the tour package is Rs.12 lakh, above the threshold of Rs.10 lakh, then the tour operator will collect 20% tax on the excess amount. Hence, you will pay a tax of Rs.40,000.
Hans India
07-05-2025
- Politics
- Hans India
Axing posts of negligent officials indicates a serious warning
Visakhapatnam: The decision taken by the state government on Simhachalam wall collapse incident indicates a stern warning against negligent officials irrespective of the positions they hold. A week after the incident that took place at Sri Varaha Lakshmi Narasimha Swamy temple during the 'Chandanotsavam' festival on April 30, the state government suspended seven officials following a preliminary investigation report submitted by a three-member committee constituted to find out facts. The committee, led by Principal Secretary, Municipal Administration and Urban Development Suresh Kumar, Elite Anti-Narcotics Group for Law Enforcement (EAGLE) director Ake Ravi Krishna and engineer-in-chief, irrigation department Venkateswara Rao, spoke to the contractors, engineers and officials concerned before submitting the report. The fatal accident that occurred for the first time at Simhachalam where scores of devotees congregated to witness 'nijarupa' darshan of Lord Sri Varaha Lakshmi Narasimha Swamy claimed seven lives and injured a few others. Earlier, when such major incidents took place, the action used to be against either mid-level or low-level cadre. But this time, the NDA government took serious action against the Executive Officer of Simhachalam Devasthanam and other officials from endowments and tourism departments. Executive Officer of Simhachalam Devasthanam K Subba Rao, temple executive engineer DG Srinivasa Raju, junior engineer K Babji and APTDC executive engineer K Ramana and assistant engineer P Madan Mohan along with temple deputy executive engineers KSN Murthy and ABVLR Swamy were suspended over the incident. Meanwhile, contractor Lakshmana Rao, who executed the wall construction, was blacklisted and criminal proceedings were initiated along with other two officials. When enquired, the contractor told the committee members that he was in a rush to build the wall before the festival. So far, the three-member committee submitted only a preliminary report to the state government. However, with the committee set to submit a detailed report in a month's time, there is a scope for axing a few more officials' posts. Following the wall collapse mishap, the attention is not just on probing its cause in various angles but also focusing on the works related to endowments plus tourism departments that are in progress at the temple. In the meantime, Greater Visakhapatnam Municipal Corporation corporator Peethala Murthy Yadav forwarded a letter to Central and state Chief Vigilance Commissioners, Chief Minister N. Chandrababu Naidu and AP Tourism Minister Kandula Durgesh stating that there is an apparent misuse of funds related to the project works taken up as part of the PRASAD scheme. He further mentioned in the letter that the quality of works carried out by the engineers call for a detailed scrutiny as well. In line with the PRASAD scheme, a number of works have been taken up at Simhachalam Devasthanam to the tune of Rs.54 crore. For months, these works are being carried out and are in different stages of completion. As part of it, a queue complex at Utharagoparam, a four-floored commercial-cum-kalyana mandapam complex uphill, among others, were proposed by the Devasthanam officials. Apparently, after the wall collapse incident, what needs a larger attention is not just accelerating the pending works that are in progress but also the quality of works carried out.
United News of India
27-04-2025
- Business
- United News of India
Chola MS records Rs 8,328 Cr GWP
Chennai, Apr 27 (UNI) Cholamandalam MS General Insurance Company Ltd (Chola MS), a joint venture between the Murugappa Group and the Mitsui Sumitomo Insurance Group (Japan), has ended FY 2025 with a gross written premium (GWP) of Rs 8,328 crores, a growth of 9.61 % (higher than industry growth). The market share of Chola MS has grown to 3.15% amongst the multi-line players, a company release said here on Sunday. Abiding the regulatory change effective October 1, 2024 relating to reporting of GWP on long term non-motor products, Chola MS has treated such premium relating to future accounting periods as premium in advance amounting to Rs.249 crs. The Profit before Tax (PBT) for the year stood at Rs.681 crore as compared to Rs.444 crores in the previous year. PBT included one-time income by way of recovery from investments write-off in earlier years to the tune of Rs.54 crore. Chola MS ended the year with a net-worth of Rs.2,999 crore of which 85% is from earned profits over the years. The Return on equity for the year was 16.91% as against 13.3% in the previous year. UNI GV 1745
