Latest news with #Surana
Time of India
3 days ago
- Time of India
Noida techie moves in with man she met online, cheated of Rs 80 lakh
Noida: An IT engineer was cheated of nearly Rs 80 lakh by a man she met on a matrimonial site. The two had been in a live-in relationship for months under the pretext of marriage down the line, and the accused also convinced her to quit her job. Additional DCP (Noida) Sumit Shukla said that the complainant, a Bhopal native who currently lives in the city, met a man named Nehul Surana from Jaipur in August of last year on a matrimonial site. Surana, who claimed to own his own business, connected with the complainant and the two agreed to marriage. They also introduced each other to family and friends. However, Surana claimed his business was not doing well and delayed the marriage. The two took a trip to Goa, after which Surana said he would move to Noida and run his business from there. He convinced the complainant to enter into a live-in relationship with the promise of marrying her soon. A few months later, he convinced her to quit her job as well, promising to buy a house and a car as his business was doing well. While they lived together, Surana siphoned Rs 13.5 lakh that the complainant had invested in SIPs and also took out loans worth around Rs 40-50 lakh in her name. When she questioned him, he said he bought his parents gold and silver jewellery and a car and a flat for their wedding. She spoke to his parents, and they confirmed the same. However, after this Surana went to Jaipur and did not return. He stopped answering calls and when the complainant's mother spoke to Surana's mother she was told the marriage was off. Surana and his family later threatened to kill the complainant if she tried to contact them again. Distraught, she approached the police to get her money back. An FIR has been registered under BNS sections 69 (Sexual intercourse by employing deceitful means etc), 318(2) (cheating), and 351(2) (criminal intimidation). The man is being traced and will be arrested soon, Shukla said.
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Business Standard
3 days ago
- Business
- Business Standard
Paid taxes abroad as an Indian resident? Here's how to claim tax credit
If you're an Indian resident earning income overseas and have already paid tax on that income abroad, you may be eligible for a foreign tax credit (FTC) while filing your tax returns in India. However, experts caution that to successfully claim it, careful documentation and timely filing are critical. Who can claim foreign tax credit in India? Any Indian resident, individual or entity, who has paid taxes in a foreign country on income that is also taxable in India, can claim the foreign tax credit. 'FTC can be claimed whether or not there is a Double Taxation Avoidance Agreement (DTAA) between India and the foreign country,' said SR Patnaik, partner (head-taxation), Cyril Amarchand Mangaldas. 'The credit is allowed in the year in which the corresponding income is taxed in India,' he added. According to Abhishek Nangia, senior associate at SKV Law Offices, 'FTC helps avoid double taxation and can be claimed under Section 90 or 91 of the Income Tax Act. The credit is limited to the lower of the foreign tax paid or the Indian tax payable on that income.' Documents needed to claim foreign tax credit The experts suggest that filing Form 67 before submitting your income tax return is a mandatory requirement. This should be accompanied by: A statement of foreign income taxed in India Proof of foreign tax payment (such as bank challans, tax certificates) Nature and amount of income Tax Residency Certificate (TRC) from the foreign country (recommended, especially when claiming DTAA relief) In some cases, Form 10F and a No Permanent Establishment declaration 'A self-declaration along with proof of tax deduction or payment abroad is also necessary,' noted Suresh Surana, chartered accountant. Common mistakes to avoid while claiming foreign tax credit All three experts agree that filing Form 67 late or with incomplete details is a major reason for rejections. Errors in reporting foreign income, mismatches with Form 26AS, or claiming FTC on income that is exempt in India also trigger scrutiny. 'Disputed foreign taxes cannot be claimed unless resolved, and penalties or interest paid overseas are not eligible for credit,' Nangia added. Surana warns that 'claiming more credit than allowed under Indian tax rates or without proper documents may attract notices or disallowance.' How credit is calculated The credit allowed is the lower of the foreign tax paid or Indian tax payable on that same income. 'If the foreign tax is higher, you only get credit up to Indian rates; the rest is your loss,' said Nangia. Patnaik clarified that Rule 128 governs this, and DTAA provisions apply if beneficial to the taxpayer, except where GAAR is invoked. In DTAA cases, Surana said, credit may be given under the exemption or credit method, and if no DTAA exists, unilateral relief is allowed under Section 91 of the Income Tax Act. Bottom line: Claiming foreign tax credit is not difficult, but missing even a single step can cost you. To stay on the right side of the tax department, stick to timelines, maintain thorough documentation, and consult a tax professional if needed.
Time of India
3 days ago
- Business
- Time of India
Strait of Hormuz remains key flashpoint for India's Oil, gas flows: Probal Sen
"We are in a wait and watch mode. We have put out sensitivities in a note that we released a couple of days ago in terms of what the impact could be, but as of now we would want to look at really how this conflict plays out before taking a definitive view on where the crude price estimates could be for the full year," says Probal Sen ICICI Securities. How about you because your base case for FY26 for Brent was about $68 per barrel. Would you be revising your estimates to factor in the recent geopolitical turmoil ? Probal Sen: No, at this point of time it is too probably premature to take a call in either direction in terms of where crude will end up. Obviously, we have looked at sensitivities and very clearly with the spike that has happened even if it were to stay at 75 odd dollars, that does have a material impact on our base case retail margin assumptions for the OMCs and has a positive impact on the other side as far as upstream earnings are concerned. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo Because even earlier when crude had spiked in the aftermath of the Russia-Ukraine conflict, the government stepped in only when the price went above $75 and stayed there for a while before imposing windfall taxes. So, at the bare minimum if you assume that 74 to 75 is allowed upstream benefits, but OMCs very clearly every Rs 2 to 3 retail margin decrease can have as much as a 30-35% impact on their EPS. So, it is a major risk on upside as well as downside. But at this point of time as Surana sir was saying given how fluid the situation is and given that the market fundamentals still support a bearish environment as far as crude prices is concerned, the key monitorable therefore really is how much does this conflict actually escalate, number one, and does the escalation actually get the Strait of Hormuz into play in terms of actual disruptions because if you remember India actually is impacted more than a lot of other countries on both the oil and gas front from the Strait of Hormuz. Almost 40% of our imports reportedly come through this route into India and almost 50% of our LNG imports also since the largest contract we have is with Qatar that also flows through this particular strait. So, both of them can actually see an impact. With three days in, four days in if we start to change estimates, we will have to change estimates every week at this point of time. Live Events So, we are in a wait and watch mode. We have put out sensitivities in a note that we released a couple of days ago in terms of what the impact could be, but as of now we would want to look at really how this conflict plays out before taking a definitive view on where the crude price estimates could be for the full year. Just wanted to have your take on what the implications could really be when it comes to the OMCs and especially your take on the valuations as well because the chatter that still persist in the markets and what these analysts have been highlighting is that yes, of course, the crude volatility is at play but if we look at the valuation, some of these stocks like HPCL , BPCL they are really trading cheap. So, since you also believe that this uncertainty should subside in some time from now, you are not changing any of your estimates or the base cases rather, this valuation picture still looking good? Probal Sen: Oh yes, absolutely. If we look at our estimates and obviously admittedly at this point of time those estimates can come under pressure. But at the current level all the three OMCs are trading between five to seven times one-year forward earnings. When I say one year forward, I mean, FY27 there or thereabouts, which is obviously a fairly attractive level specifically after the fall that they have seen in the last couple of sessions. Also, I would just like to add that while we are talking about the retail price impact and as Surana sir really said that the chances of a pushing through a price hike will probably be remote, therefore, the $6-7 hit if one has to take, that alone counts for around a three, three-and-a-half rupee hit on the current retail margins which are at about nine-and-a-half, ten rupees. So, even after taking that hit the margins at Rs 6 will still be well above historical levels and if prices do increase and product prices catch up, you could also see a short-term impact in terms of higher GRMs and some inventory gains as well, so which is basically what makes it very difficult to take a definitive view right now on what the earnings could look like and that is what makes us still a little bit optimistic that when the storm really settles down, as long as prices do not go completely out of whack at $70 to $75 or even at $75-77 range, we still see a lot of value in these stocks from a long-term perspective. What happens to refiners, your IOC , ONGC , Vedanta , etc? Probal Sen: So, whenever prices do rise in this environment given that it is geopolitical worries that are driving it, product prices may not actually rise in perfect correlation because the product demand on the ground is not really changing. Having said that, there will be some correction upwards and what we have been seeing in any case over the month of May is that GRM have actually recovered quite at a healthy pace. Singapore GRMs are anyways at $6.5 plus if we look at Q1 FY26 average till date. So, one would expect that on the GRM front you could actually see a little bit more of positive delta and at least for the first quarter given the sharp reaction that the prices have seen, you could probably have an inventory impact as well on the positive side at least in the refining business.
Time of India
6 days ago
- Sport
- Time of India
MPL: Rewa Jaguars secure 6-run win over Gwalior Cheetas; Second back-to-back defeat for Gwalior
Gwalior: in a nail-biting finish at the Madhya Pradesh Premier League 2025, Rewa Jaguars secured a six-run victory against Gwalior Cheetas. Saransh Surana emerged as the standout performer, contributing 64 runs from 25 deliveries and claiming two wickets while conceding 25 runs in his four-over spell. Rewa posted a formidable total of 188 runs, with Gwalior managing 182 in response. Following their impressive batting display in Friday's rain-shortened match, Rewa demonstrated their batting prowess once again. Their bowling unit also showed excellence, securing the win on the final delivery. Despite a sluggish start with 51 runs in the powerplay and losing three wickets for 66, Captain Himanshu Mantri remained steady at one end. Sagar Solanki's aggressive intent was cut short after a four and a six. The score stood at 121 after 15 overs, following which Surana launched an assault on Gwalior's bowlers, reaching his fifty in 19 deliveries. He struck two sixes and a four in the 18th over, accumulating 20 runs, followed by 14 runs in the subsequent over. Surana's explosive innings of 64 runs, featuring five sixes and five fours, ended in the final over. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo Gwalior's Arpit Patel emerged as the most effective bowler, securing three wickets while conceding just 23 runs in four overs. In their chase, Gwalior reached 54 runs in the powerplay, losing three wickets. At 116/7, they required 73 runs from 29 balls. Rishabh Chauhan and Arpit revived hopes with a 56-run partnership off 21 balls. Arpit's innings of 28 from 14 balls concluded in the 19th over. Kumar Karthikeya, despite conceding 43 runs, claimed four wickets. With 15 needed off the final over and Rishabh (55 off 32) at the crease, Surana's excellent bowling secured Rewa's victory, despite conceding a four off the first delivery. Follow more information on Air India plane crash in Ahmedabad here . Get real-time live updates on rescue operations and check full list of passengers onboard AI 171 .
India Today
12-06-2025
- Business
- India Today
Got an income tax notice? Don't panic, here's how to deal with it
Filing your income tax return might feel like ticking off the last task on your to-do list, but it's not always the end of your tax journey. For many honest taxpayers, the unexpected arrival of an income tax notice in their inbox can trigger before panic sets in, here's the good news! Most of these notices are routine and manageable, provided you respond appropriately and on Today spoke to CA (Dr) Suresh Surana to decode what these notices really mean, why they're sent, and what you should do if one lands your DO TAX NOTICES ARRIVE? In today's data-driven tax system, the chances of receiving a notice have increased, not because you're doing something wrong, but because the tax department now has greater access to your financial footprint. CA Surana explained, 'With enhanced data analytics, information integration (via AIS, TIS, 26AS), and increased reporting obligations, the issuance of notices has become both structured and data-driven.'The tax system tracks your financial transactions, like your salary, bank interest, stock trades, and mutual fund investments. If something doesn't match or seems off, a notice might be sent to you for this isn't necessarily a sign of wrongdoing. Often, the notice is just a formal nudge asking for more information, missing documents, or explaining a MOST COMMON NOTICES – AND WHAT THEY MEANadvertisementSection 143(1): Intimation After Return ProcessingThis is one of the most frequently issued notices and is sent after your return has been processed. It compares your declared income and deductions with the department's own data. If everything matches, no action is needed. But if there's a mismatch, like incorrect TDS or deductions, you may be asked to pay more tax or may receive a to CA (Dr) Suresh Surana, 'This is a preliminary assessment, not a final order. You still have time to revise your return under Section 139(5) if needed.'Section 142(1): Inquiry Before AssessmentThis is more of an information request. You may receive it if you haven't filed your return, or if the tax officer needs further documents to complete your assessment. This can include income details, bank records, or rent receipts.'Non-compliance can lead to Best Judgement Assessment under Section 144 and may attract penalties or prosecution,' Surana 139(9): Defective ReturnThis notice appears when your return is found to have issues, like using the wrong ITR form, leaving out income details, or missing tax payment information. You're usually given 15 days to fix it.'If not corrected in time, the return is treated as invalid, with consequences as if no return was filed at all,' Surana explained. This could mean losing out on exemptions or carry-forward 245: Adjustment Against Tax DuesIf you're due for a refund but still owe tax from previous years, the department can adjust the two. A notice under Section 245 is issued to inform you about this, giving you a chance to accept or dispute the adjustment.'This adjustment can only be made after a written intimation, and the taxpayer usually has 21 days to respond,' Surana noted. Common reasons for defective returns include incorrect ITR form used, incomplete information, and non-disclosure of tax payment details, he 148: Income Escaping AssessmentThis notice is more serious. It's sent when the department believes that you've failed to disclose certain income in past returns. The Assessing Officer must have credible evidence for reopening your case. You'll be asked to file a fresh return for the year in question, and possibly explain the source of the income in noted that reassessments are governed by Sections 147 to 153 and can involve recalculations of losses or SHOULD YOU RESPOND TO A TAX NOTICE?The first rule is simple: do not ignore it. Every notice carries a response deadline. Missing it can lead to penalties, disallowance of claims, or even reopening of your by logging into the income tax portal and reading the notice carefully. Check under which section it has been issued and verify its authenticity using the Document Identification Number (DIN). If it's a valid notice, gather all supporting documents, like ITR copies, Form 16, salary slips, bank statements, investment proofs, and submit a clear and complete response through the e-filing advised, "Taxpayers need to submit a comprehensive and fact-based response via the income tax e-filing portal in accordance with the requirements set out in the notice."Further, he added, 'Once the response is submitted, retain copies of your reply and acknowledgement receipts. Track the status on the portal and be alert to further updates from the department.'If you're not satisfied with the outcome, don't hesitate to explore remedies. These include seeking a rectification under Section 154, filing an appeal with the Commissioner (Appeals), or requesting a revision under Section 264, depending on your other words, receiving a tax notice isn't the end of the world. In most cases, it's just the department doing its job, cross-checking information and ensuring everything adds up. Staying calm, reading the notice carefully, and responding with the right documents on time can help you resolve it if you're ever in doubt, don't try to guess your way through it. Reach out to a qualified tax professional who can guide you through the Watch
