Saturday, September 19
Indian promoters and several family offices using limited liability partnerships (LLPs) to own shares of companies, other securities, and invest in private equity and venture capital funds are in for a nasty surprise lurking in the new income tax (I-T) Bill.Such LLPs, which have emerged as a convenient investment vehicle over last decade, will have to shell out more tax on their profits from sale of securities if the new Bill is enacted in its present form. The tax rate on profits from sale of shares or other investments could rise from 12.5%—the existing tax applicable for long-term capital gains—to 18.5% for these investment entities.This looming tax arises with the proposed law widening the scope of the alternative minimum tax (AMT) on LLPs. AMT is aimed at collecting taxes from non
The ongoing monsoon in Himachal Pradesh has caused major disruption across the state, with heavy rain leading to landslides, blocked roads, damaged power lines, and water shortages.Roads, Power and Water Systems HitAccording to the latest report by the State Emergency Operation Centre (SEOC) and the State Disaster Management Authority (SDMA), a total of 432 roads have been blocked, 534 power distribution transformers (DTRs) are down, and 197 water supply schemes have been affected.Mandi district has been the worst-hit, with 260 roads blocked, while Kullu has reported the highest number of damaged DTRs at 123. Water supply disruptions are widespread, with Chamba (57) and Kullu (44) being among the most affected areas.Death Toll Rises to 135The monsoon’s impact has also proven deadly. Offi
