Defence Exports Rise Over 30%; Infosys Gets Rs 341 Cr Tax Notice For Covid-hit 2020-21

India’s Defence Exports Rise 32 per cent In FY2023-24

India's defence exports touched a record Rs 21,083 crore (approximately $2.63 billion) in financial year 2023-24, the Business Standard reported, quoting a Ministry of Defence statement. This amounted to a 32.5 per cent growth over the previous financial year's figure of Rs 15,920 crore. 

The ministry said the latest figures indicate that defence exports have grown by 31 times in the past 10 years. The statement said the domestic defence industry, including the private sector and defence public sector undertakings (DPSUs), made tremendous efforts towards achieving the "highest-ever defence exports". Read more 

Infosys Gets Rs 341 Crore Tax Demand For FY2020-21

Infosys has received a tax demand of Rs 341 crore from the Income Tax department for the assessment year 2020-21, a Moneycontrol report said, quoting an exchange filing. It said it was evaluating the implications of this order on the financial statements for the quarter and year ending March 31, 2024, and on filing an appeal against this order.  

It was reported that the country’s second-largest IT firm was set to get a tax refund of Rs 6,329 crore along with a tax liability of Rs 2,763 crore, according to assessment orders. The said refunds, inclusive of interest, pertain to assessment years spanning from 2007-08 to 2018-19. Read more 

Budget For ACC Battery Storage Up Six Times 

The government’s budget for the advanced chemistry cell (ACC) sector has gone up six times in the last few years, the Economic Times reported. It is a reflection of the government's focus to boost the country's energy storage ecosystem, it said, quoting a senior official.

The National Programme on ACC battery storage was approved by the Union Cabinet on May 12, 2021 with a budgetary outlay of Rs 18,100 crore. The scheme aims to enhance India's manufacturing capabilities of ACCs by setting up of giga scale ACC and battery manufacturing facilities in India with emphasis on maximum domestic value addition. More here

MGNREGA Work Generation Up 5% In FY2023-24

Work generation under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) increased by 4.81 per cent to 3.1 billion person-days in 2023-24 from 2.96 billion the previous financial year, the Economic Times reported.

Rural development ministry data showed that even if work generation had marginally increased, the individual demand for work remained nearly the same at 332.7 million, as against 331.5 million in 2022-23. The number of households that got work under the flagship rural jobs scheme increased 5.76 per cent to 230.4 million in 2023-24 from 217.9 million in FY23. Read more

Ten FPIs Remain Under IT Lens For Tax Haven Deals

The Income Tax Depatment has held back assessment orders on 10 foreign portfolio investors (FPI), the Economic Times reported. The delay could be to fish out more information from jurisdictions such as Mauritius. The holding back of orders follows a flurry of probing questionnaires over the past few months. 

While matters relating to FY 2021-22 became time-barred on March 31, 2024, the tax office has invoked the provision under the law to buy more time on the grounds that efforts are underway to obtain more facts. Analysts quoted in the story said the income tax department was probably not convinced by the FPIs response to establish lack of substance in their fund structures in tax havens. More here 

Fifty Air Vistara Flights Cancelled After Pilots’ Flash Leave Protest 

About 50 flights of Air Vistara were cancelled and several others were delayed after a section of pilots went on leave, forcing the airline to curtail its schedule, the Business Standard reported. In early March, several pilots reportedly took sick leave in protest at the revised salary framework proposed to them following Vistara’s integration with Air India.

An airline statement said it decided to temporarily reduce the number of flights it operates to ensure adequate connectivity across its network. It said it had deployed larger aircraft like B787-9 Dreamliner and A321neo on select domestic routes to combine flights or accommodate more customers. Read more