Latest news with #AIS
Forbes
2 hours ago
- Business
- Forbes
Energy-And-Telecoms Tycoon Sarath Ratanavadi Leaps Ahead To Become Thailand's Third-Richest Person
Sarath Ratanavadi. gulf development This story is part of Forbes' coverage of Thailand's Richest 2025. See the full list here . Four years after diversifying into telecoms, energy tycoon Sarath Ratanavadi is reaping the fruits of that strategic move. In April, he concluded the merger between his power producer Gulf Energy Development and Intouch Holdings, the biggest shareholder in Advanced Info Service (AIS), the country's second-largest mobile phone operator by subscribers, with the listing of the rebranded Gulf Development on the Thai stock exchange. Its market cap of 640 billion baht ($20 billion), makes it Thailand's fourth most valuable listed company. The tycoon's net worth zoomed 30% to a record $12 billion and he jumped two places to become the country's third-richest for the first time. Sarath, who founded Gulf in 2007, continues to eye new ventures. Last year, the company joined with Google Cloud to build AI-powered cloud facilities in Thailand while its joint venture with Binance, cofounded by Changpeng Zhao, launched a Thai edition of the cryptocurrency exchange. Gulf has also acquired a roughly 5% stake in Kasikornbank, founded by fellow rich lister Banthoon Lamsam's family. Notably, AIS is part of a consortium that secured approval in June to set up a virtual bank.
AU Financial Review
a day ago
- Business
- AU Financial Review
Bids due for $400m Advanced Innergy float; IPO date set
Morgans Financial is calling for bids for Advanced Innergy Holdings, the protection products manufacturer that's making its way to the ASX, after finalising key valuation metrics on Wednesday. Street Talk can reveal Advanced Innergy Holdings (AIS) has priced its initial public offering at $1 per share, with around 200 shares on offer. With existing owners holding another 200 shares, this will give AIS a market capitalisation of $404 million and a 52.1 per cent free float on listing.
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Business Standard
a day ago
- Business
- Business Standard
Up to 200% penalty for tax misreporting: What every filer should know
Taxpayers who conceal income, omit sources, or inaccurately claim deductions may find themselves facing serious financial and legal consequences. Whether it's an inadvertent error or a deliberate act, the Income Tax Department has a robust mechanism to detect mismatches and a legal framework that allows it to levy stiff penalties or initiate prosecution. Two tax experts, Suresh Surana, a chartered accountant, and Shefali Mundra, a chartered accountant and tax expert at ClearTax, explain what the law says and what taxpayers need to watch out for. What penalties apply for underreporting, misreporting or concealment? According to Surana, penalties under different sections of the Income Tax Act depend on the nature of the discrepancy: Underreporting (Section 270A): This attracts a penalty of 50 per cent of the tax payable on the underreported income. Misreporting (Section 270A): If income is deliberately misrepresented, the penalty increases to 200 per cent of the tax on such income. This includes use of false invoices or fictitious claims. Concealment (Section 271(1)(c)): Applicable to older assessment years (prior to FY 2016–17), where penalties can range from 100 per cent to 300 per cent of the tax evaded. Unexplained investments (Section 271AAC): A 10 per cent penalty applies in addition to a 60 per cent tax plus surcharge and cess. Wilful tax evasion (Section 276C): May invite prosecution with imprisonment from three months up to seven years, especially if the tax evaded exceeds ~25,00000. Mundra adds that apart from these, interest penalties under Sections 234A, 234B, and 234C are also applicable for late filing, short payment, or deferment of advance tax. How is underreporting typically detected? Detection is no longer reliant on traditional audits. Surana explains that the department uses data from the Annual Information Statement (AIS), Form 26AS, TDS filings, GST returns, and third-party reports such as those from banks, mutual funds, or property registrars. Any inconsistency between disclosed and reported transactions can trigger scrutiny. Additionally, the system receives inputs under global information-sharing agreements, enabling detection of unreported foreign assets. Technology plays a key role here. Mundra adds that AI-based risk models now analyse patterns across data points to flag returns with inconsistencies, unusual behaviour or repeated underreporting. Can penalties be avoided if the error is corrected? Yes, in certain situations. Surana explains that if a taxpayer files a revised return under Section 139(5) or an updated return under Section 139(8A) before detection by the tax authorities, penalties may not apply, provided full tax and interest are paid. Further, Section 270AA allows for immunity from penalties and prosecution where tax is paid and no appeal is filed. Courts have also accepted bona fide error or reasonable cause in some cases under Section 273B. According to Mundra, voluntary correction and cooperation during assessment can play a significant role in avoiding penalty, especially if the non-compliance was unintentional. The role of faceless and AI-driven assessments Under the Faceless Assessment Scheme (Section 144B), cases are handled digitally with no physical interaction. Surana points out that the system enhances objectivity and transparency while allowing the department to pull in data from multiple digital sources to ensure consistency. Mundra notes that AI and machine learning models are already in place to flag returns based on spending, reporting history, and third-party disclosures. The process may seem invisible, but it is highly automated and rigorous.
India Today
3 days ago
- Business
- India Today
Filing ITR without a CA? 5 common mistakes that you must avoid
Today, filing your ITR is much simpler than it used to be. With online portals and digital forms, many people now file their returns on their own, without hiring a Chartered Accountant (CA). It saves time and money even with these conveniences, there are some costly errors that taxpayers commonly make. Avoiding these can save time and prevent issues like delayed refunds or notices from the Income Tax look at some common mistakes which taxpayers tend to commit while filing WRONG ITR FORMOne frequent mistake is selecting the wrong ITR form. Each taxpayer's situation dictates which form should be used, based on their specific income sources. For instance, ITR-1 (Sahaj) is suited for individuals with income up to Rs 50 lakh from salary or pension. ITR-2 is meant for those with capital gains, while ITR-3 and ITR-4 apply to freelancers or business the wrong form can result in a rejected return, so it's crucial to consult the form guide on the Income Tax Department's ASSESSMENT YEARMany people mix up the financial year and assessment year. For income earned in 2024-25, the assessment year will be 2025-26. Pick this carefully or your return will not be INTEREST INCOME OR TDSadvertisementMost people show salary income but forget to add interest earned from FDs or savings accounts. The tax department already has this data in your AIS and Form 26AS. So, check both before filing and declare all sources of DEDUCTIONSPeople often claim deductions like Section 80C (for PPF, LIC, ELSS) or 80D (for health insurance) without having proper proof. Remember, under the new tax regime, most deductions do not apply. So, choose the old regime if you want to claim DOING E-VERIFICATIONMany think filing is done once you click submit. But you must e-verify your ITR within 30 days. If you skip this, your return is not valid and you may have to redo it. You can e-verify using Aadhaar OTP, net banking or an EVC NEW THIS TIME?This year, the AIS and Form 26AS have become more detailed, providing a comprehensive view of your income. The AIS app is now available, allowing you to access your complete income report on mobile. Also, the new tax regime is the default option, but if the old regime is more beneficial, don't forget to select AIS and 26AS with Form 16 is to avoid put, filing ITR without a CA is not rocket science anymore. But a small mistake can bring a big headache. Be careful, stay updated and file your return on time. It saves you money and helps you understand your own finances better. And who knows? Next year, you might even help someone else file theirs!- EndsTrending Reel
News18
4 days ago
- Automotive
- News18
Maharashtra To Soon Get Its Largest Vehicle Scrapping Facility: Transport Body Aims For Income Boost
Last Updated: Maharashtra's Largest Vehicle Scrapping Facility: It will come up at Khultabad in Chhatrapati Sambhajinagar district on 100 acres of MSRTC land To boost its income and support cleaner roads, the Maharashtra State Road Transport Corporation (MSRTC) will soon set up the state's largest Registered Vehicle Scrapping Facility (RVSF) on its land. This new centre will be built through a public-private partnership and is expected to generate steady revenue for the financially struggling corporation. Transport Minister and MSRTC Chairman Pratap Sarnaik announced the decision during a recent review meeting in Mumbai. MSRTC Vice Chairman and Managing Director Dr Madhav Kusekar and senior officials were also present at the meeting. This move aligns with the Central Government's 2021 vehicle scrappage policy, which makes it mandatory to scientifically scrap vehicles older than 15 years to improve road safety and reduce pollution. Maharashtra formally adopted this policy last year and created rules based on Automotive Industry Standards (AIS). Under these rules, the MSRTC has permission to set up three scrapping centres across the state. The first — and biggest — will come up at Khultabad in Chhatrapati Sambhajinagar district on 100 acres of MSRTC land. The facility will ensure that old vehicles are dismantled and recycled safely, preventing the reuse of unfit parts. Minister Sarnaik shared that eight private operators already run authorised scrapping centres in the state, each scrapping at least 1,000 vehicles a year. He said all clearances for the MSRTC centre will be fast-tracked as the Transport Department falls under his portfolio. 'This will be the largest scrapping centre in Maharashtra, with the capacity to process the highest number of old vehicles every year. It will help take unsafe vehicles off the road while creating a reliable source of income for MSRTC," Sarnaik said. The review meeting also discussed other plans to strengthen MSRTC, such as hiring skilled staff on contract, making fair rules for staff transfers and promotions, and adding new buses to the fleet. First Published:
