By KS Badri Narayanan Comments READ LATER IT major Infosys has been fined $3,142.02 (around ₹2.60 lakh) by the Texas Comptroller of Public Accounts, US.
The penalty was imposed due to non-payment of sales tax for the period of April 2024, according to a regulatory filing. The income tax department has imposed a penalty of over ₹4.68 crore on Larsen & Toubro Ltd , according to a regulatory filing.
The department levied a penalty of ₹4,68,91,352 in connection to the tax proceedings of erstwhile L&T Hydrocarbon Engineering Ltd, a wholly-owned subsidiary, which was merged with the company on April 1, 2021. Realty firm Puravankara Ltd has acquired 12.75 acres in the Mumbai Metropolitan Region (MMR) to develop a residential project, with an estimated revenue potential of ₹4,000 crore.
In a regulatory filing, the company said the land in Patlipada on Ghodbunder Road, Thane, has been acquired by its wholly-owned subsidiary Purva Oak Pvt Ltd. The city-based company did not disclose the name of the seller and the deal value. The government has reduced windfall tax on domestically-produced crude oil to ₹5,200 per tonne from Rs 5,700 with effect from Saturday.
The tax is levied in the form of Special Additional Excise Duty (SAED). SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at ‘nil’. The new rates are effective from June 1.
Shares such as Oil India , ONGC , Reliance Industries , IOC , BPC L and HPCL will be in focus. Shareholders of Wipro hav.