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Budget Might Restore Standard Deduction BENGALURU | THURSDAY, 12 JANUARY 2017 ECONOMY & PUBLIC AFFAIRS 5 . < N TURBULENCE IN TATA SONS N Budget might Mistry presented Welspun deal as Mistry investment firms file contempt fait accompli: restore standard Tata Sons petition against Tatas DEV CHATTERJEE The contempt petition said had promised they wouldn’t ini- Following the notice, Tata Sons DEV CHATTERJEE Mumbai, 11 January despite assurances by Tata tiate any action on Mistry’s sent a notice dated January 5 to Mumbai, 11 January lawyers that they would not take removal from the Tata Sons its shareholders to call an EGM deduction The two investment companies any action against Mistry (pic- board. on February 6 to remove Mistry Tata Sons has said the acqui- of the Mistry family, Cyrus tured), pending the hearing of a But according to a special as director. sition of the Welspun group’s Investments and Sterling petition, Tata Sons has called notice dated January 3, 2017 — In response to the contempt THE TAXING FUTURE renewable energy subsidiary Investment Corporation, on an extraordinary general meet- received from four Tata trusts, petition filed by Mistry at the | Standard deduction was given as a by Tata Power was presented Wednesday filed a contempt ing of its shareholders on which own 13.66 per cent stake NCLT, a Tata Sons group lump-sum benefit towards cost to to its board as a fait accompli. petition against Tata Sons, Tata February 6 to remove Mistry in Tata Sons, and signed by its spokesperson said, “There is no income till 2003-04 In its petition to the Trusts and their officials in the from its board. This action, the executive trustee R Venkatara- contempt. We will make our | It refers to a deduction allowed in National Company Law National Company Law petition said, was against the manan — the trusts asked Tata submissions to NCLT.” Tribunal (NCLT), Tata Sons, Tribunal for violation of the NCLT consent order dated Sons to convene a shareholders income tax, irrespective of expenses the holding company of the NCLT order. December 22 in which the Tatas meeting to remove Mistry. More on business-standard.com incurred or investment made by Tata group, said the Welspun assessees transaction was expected to | The Easwar panel has reportedly not cost ~6,700 crore ($1 billion) BusinessStandard recommended any particular rate or and any additional debt amount for standard deduction would affect Tata Power’s BENGALURU EDITION | It wants smaller deductions given in credit rating. Printed and Published by Afroz Khan on income tax to be done away after Rating agencies, presum- behalf of Business Standard Private Limited and printed at MNS Printers standard deduction comes back ing support from Tata Sons, Private Limited, 345/4, Bhattrahalli, Old | Restoration of standard deduction had assigned a higher rating Madras Road, Bengaluru-560 049 and will not affect the threshold for to Tata Power, over and published at A-1, First Floor, 25/3, Lavelle income tax exemption, currently above which the additional Road, Bengaluru -560 001 ~2.5 lakh a year debt was undertaken. Editor : Shyamal Majumdar “As a promoter, Tata Sons was practically left in the dark RNI NO: 71187/1998 about such a significant trans- Readers should write their feedback at INDIVJAL DHASMANA away with standard deduction formed part of the previous action while (Cyrus) Mistry [email protected] Ph: 080-22484968 Fax : 080-22484967 New Delhi, 11 January for salaried personnel in Budget. was chairman of Tata Power,” For Subscription and Circulation 2004-05, on the reasoning The 10-member panel has the Tata Sons petition said. enquiries please contact: tandard deduction for that there was an equivalent also suggested incorporation A note on the proposed Ms. Mansi Singh personal income tax increase in the basic exemp- of 'masala' bonds (issued Welspun acquisition was cir- Head-Customer Relations S might return after over a tion limit and other deduc- abroad but denominated in culated to directors of Tata Business Standard Private Limited. decade in the Union Budget tions. It was then abolished rupees, not the local currency) Sons on May 31, 2016. But it 3rd & 4th floor, Building H, Paragon Condominium, Opp Century Mills, for 2017-18, if the finance min- after the tax exemption ceiling in the Income Tax Act, to was not clarified that defini- P B Marg, Worli, Mumbai - 400 013 istry accepts recommenda- on investment was raised to bring clarity on the capital tive agreements were to be E-mail: [email protected] tions of the tax simplification ~1 lakh. The standard deduc- gains tax on these. The report signed imminently. On June “or sms, SUB BS to 57007” committee chaired by ex- tion slab was ~30,000 for total also went into non-resident 12, 2016, Tata Power annou- DISCLAIMER News reports and feature judge R V Easwar. income under ~5 lakh a year taxation, assessment proce- nced the Welspun acquisition. articles in Business Standard seek to present Sources say the panel, in and ~20,000 for income over dure, property income and Former Tata Sons chair- an unbiased picture of developments in the its second report given recent- ~5 lakh. salaries, among others. man Cyrus Mistry had earli- markets, the corporate world and the government. Actual developments can turn ly to the ministry, has sug- The Easwar panel has “Review of the non-resi- er said Tata Power’s debt was out to be different owing to circumstances gested doing so. reportedly not recommended dent tax issue, of Section 9 a legacy issue because it had beyond Business Standard’s control and Standard deduction was any particular rate or amount with respect to section 195 of bid aggressively for the knowledge. Business Standard does not take any responsibility for investment or business given as a lump-sum benefit for standard deduction. It the Act, has been examined Mundra project based on decisions taken by readers on the basis of towards cost to income till wants smaller deductions giv- by the committee, which cheap Indonesian coal. reports and articles published in the 2003-04. In simple terms, it en in income tax to be done forms a major chunk of litiga- “As regulations changed, newspaper. Readers are expected to form their refers to a deduction allowed away after standard deduc- tion,” said a source. These sec- the losses in 2013-14 alone own judgement. Business Standard does not associate itself in income tax, irrespective of tion comes back. The panel tions talk about the income amounted to ~1,500 crore. with or stand by the contents of any of the expenses incurred or invest- has called for reviewing med- deemed to accrue or arise in Given that Mundra consti- advertisements accepted in good faith and ment made by assessees. ical reimbursements. India from payments to a non- tutes ~18,000 crore of capital published by it. Any claim related to the advertisements should be directed to the "Standard deduction is Restoration of standard resident, be it salaries, tech- employed (40 per cent of the advertisers concerned. simple to administer," said deduction will not affect the nical fees, capital gains and total), this substantially Unless explicitly stated otherwise, all rights Amit Maheshwari, partner, threshold for income tax royalties, and the procedures. depresses the return on capi- reserved by M/s Business Standard Pvt. Ltd. Any printing, publication, reproduction, Ashok Maheshwary & exemption, currently ~2.5 lakh The issues pertain to tal for Tata Power as well as transmission or redissemination of the Associates. For the deduction, a year. whether income will be clas- carries the risk of considerable contents, in any form or by any means, is there was no need for a tax- In its first report, the pan- sified as business profit or fees future impairment,” Mistry prohibited without the prior written consent of payer to keep proof of expens- el suggested revision of the for technical services or some had said in a letter to Tata M/s Business Standard Pvt. Ltd. Any such prohibited and unauthorised act by any es such as bills. Then finance threshold and rates on other head, all of which have Sons soon after his ouster on person/legal entity shall invite civil and minister P Chidambaram did tax deduction at source. These different rates. October 24, 2016. criminal liabilities. No Air Surcharge.
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