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INDIA Bloc Proposes Adjournment Motions in Parliament Over NEET Issue

Opposition parties from the INDIA bloc are set to introduce adjournment motions in both Houses of Parliament on June 28, addressing alleged irregularities in the National Entrance-cum-Eligibility Test  NEET issue   and other public exam paper leaks.

This decision was finalised at a meeting at Congress President Mallikarjun Kharge’s residence. Key figures, including Kharge and Rahul Gandhi, were present alongside floor leaders of the alliance. Gandhi is expected to outline the Opposition’s strategy at a media briefing on Friday morning, ahead of the Lok Sabha session.

An adjournment motion, which seeks to halt all other House business to address the issue at hand, is anticipated to be a focal point. Despite government reluctance, Education Minister Dharmendra Pradhan is prepared to address queries about NEET and other exams. He will also discuss steps taken to fortify the National Testing Agency (NTA) during the debate on the Motion of Thanks to the President’s Address.

President Droupadi Murmu, in her address, assured that the Union government is committed to fair investigations into recent paper leaks, emphasising the need for a bipartisan approach. However, Kharge criticised the President’s address, asserting it lacked actionable solutions for the NEET issue. He highlighted that of the 66 recruitment exams conducted by the NTA in the last five years, 12 experienced leaks, affecting over 7.5 million youth.

Kharge stated, ‘The Modi government cannot escape responsibility by merely urging us to rise above partisan politics. The youth demand justice. The Union Education Minister must be accountable. Every second young person in the country is unemployed, and no concrete policy to address unemployment was mentioned.’

Kharge also pointed out omissions in Murmu’s speech concerning price rises, unemployment, violence in Manipur, terror attacks in Jammu and Kashmir, train accidents, and atrocities against Dalits, Adivasis, and minorities in BJP-ruled states.

CPI General Secretary D. Raja echoed these sentiments, stating, ‘The first 15 days of Modi 3.0 have seen significant mismanagements, including frequent paper leaks, jeopardising the future of lakhs. Yet, the government persists with a centralised education system that has clearly failed.’ As Parliament prepares for a heated debate, the Opposition remains resolute in addressing the NEET issue and other pressing national issues.

The INDIA bloc’s push for adjournment motions in Parliament over the NEET controversy signals a pivotal moment for accountability in public examinations. As debates intensify, navigating the legal intricacies surrounding educational reforms becomes paramount. Vakilsearch offers specialised legal services tailored to  business owners and individuals alike to   ensure compliance with evolving regulatory standards. Contact us today to leverage our expertise and safeguard your interests amidst these critical discussions in Parliament.

CM Announces Construction of International Airport in Hosur

 Tamil Nadu Chief Minister M K Stalin announced on Thursday the construction of a new international airport in Hosur, Krishnagiri district, capable of handling 30 million passengers annually. The airport will cover 2,000 acres, marking a significant infrastructural development for the region.

Hosur is emerging as a major hub for electronics and electric vehicles, attracting substantial investments. The new airport is expected to further stimulate this growth. State Industries Minister TRB Rajaa expressed his gratitude to the Chief Minister, noting that the airport has been a long-standing dream project for him since his tenure at the state planning commission.

Rajaa emphasised the airport’s potential impact: ‘The announcement of the new airport in Hosur is a monumental step forward for the region. This project will greatly enhance connectivity and stimulate economic growth, benefiting not only Hosur but also neighbouring districts such as Dharmapuri and Salem, while also providing a significant boost to various parts of Bengaluru.’

With Hosour’s favourable weather, the new airport aims to create a twin-city ecosystem with Bengaluru, driving growth in both Tamil Nadu and Karnataka.

The announcement of Tamil Nadu’s new international airport in Hosur heralds a new era of growth and connectivity for the region. As this transformative project takes shape, navigating the legal landscape effectively is crucial for stakeholders.  From a legal perspective, such large-scale infrastructure projects necessitate meticulous regulatory compliance, land acquisition procedures, and environmental clearances.  

Vakilsearch offers expert legal services tailored to meet the complex demands of   regulatory compliance to contract negotiations. Trust Vakilsearch to safeguard your interests and ensure the successful realisation of your projects. Contact us today to leverage our expertise and secure your role in shaping the future of Hosur’s development.

Indians Embrace AI Optimism Despite Global Concerns: BCG Report

A Boston Consulting Group study reveals Indians are notably optimistic about AI’s impact on work, with 54% confident and only 13% anxious. Globally, confidence has risen to 42%, but worries persist, highlighting the dual reactions to AI’s transformative potential.

Jeff Walters, BCG Managing Director, emphasises the need for effective change management amid these shifts, stressing that human responses to AI pose challenges beyond technological adoption.

In India, 88% foresee significant job transformations due to AI, with over half anticipating job loss within a decade. This dichotomy, notes BCG’s Sylvain Duranton, reflects GenAI’s profound impact and the mixed sentiments it evokes.

The survey underscores a global trend towards integrating AI tools, with 64% of leaders already implementing GenAI to reshape their organisations. Notably, Indian frontline workers lead in AI tool adoption, leveraging it nearly twice as much as the global average.

Training disparities also emerge, as more Indian frontline workers (53%) than managers (47%) feel adequately prepared for AI’s job implications, contrasting with lower global training rates.

Moreover, those using GenAI report significant time savings, with 58% reclaiming up to five hours weekly for strategic or experimental tasks.

The report, titled ‘AI at Work: Friend and Foe,’ draws insights from over 13,000 respondents globally, highlighting AI’s evolving role in the workplace across diverse regions and sectors.

India Cements Soars to 52-Week High as UltraTech Cement Announces 23% Stake Purchase

Shares of India Cements surged 14% on Thursday, hitting a 52-week high of ₹ 299 on the BSE. This sharp rise follows news that UltraTech Cement plans to acquire a 23% stake in the company. The market capitalisation of India Cements climbed to ₹ 9093 crore.

UltraTech Cement, part of the Aditya Birla Group, confirmed that its Board of Directors approved the purchase of up to 70.6 million shares of India Cements at ₹ 267 per share. This transaction, valued at ₹ 1662.34 crore, is expected to be completed within a month.

The stock of India Cements has seen a significant rise of 31.31% over the past year and has gained 7.58% in 2024. On Thursday, a total of 625.11 lakh shares were traded on the BSE.

Meanwhile, UltraTech Cement’s shares also reached a 52-week high of ₹ 11,766.25, pushing its market cap to ₹ 3.40 lakh crore.

In an official statement, UltraTech Cement said, ‘The Board of Directors of the Company at its meeting held today approved making a financial investment to purchase up to 7.06 crores equity shares of The India Cements Limited, a company incorporated under the Indian Companies Act, 1913, having its registered office at Dhun Building, 827, Anna Salai, Chennai 600 002, (‘ICL’) at a price of up to ₹ 267/- per share. This non-controlling financial investment constitutes around 23% of the equity share capital of India Cements Limited.’

This strategic move by UltraTech is expected to bolster its presence in the cement industry and strengthen its financial position.

ITR Filing 2024: How to File Income Tax Returns After the Death of a Taxpayer

Filing income tax returns is essential for all Indian taxpayers, including those who have passed away. When a taxpayer dies, the legal representative takes on the responsibility of fulfilling their tax obligations. Understanding the intricacies of this process is crucial, including the timing, the role of the legal representative, and the transfer of property.

Filing Income Tax for the Deceased

If a taxpayer’s income exceeds the basic exemption limit, their income tax return must be filed, even after their death. The legal representative of the deceased must ensure compliance with tax regulations and manage the deceased’s financial affairs.

Income Thresholds for Mandatory Filing

  • Individuals below 60 years: Income exceeds Rs. 2.5 lakh
  • Individuals between 60 and 80 years: Income exceeds Rs. 3 lakh
  • Super senior citizens above 80 years: Income exceeds Rs. 5 lakh

Role of the Legal Heir

The legal heir must register on the income tax website to file the return for the deceased. This step ensures compliance with tax laws and facilitates the transfer of assets. However, the legal heir’s tax liability is limited to the value of the inherited assets.

Claiming Deductions and Exemptions

The deceased taxpayer retains the right to claim all deductions and exemptions for the entire fiscal year in which they passed away. Taxable income generated up to the time of death is subject to taxation.

Income from Investments After Death

Any earnings from investments after the taxpayer’s death are considered the income of the legal heirs and are taxed according to their tax brackets.

Legal Heir’s Tax Obligations

The legal heir must pay the taxes associated with the deceased person’s income tax return. Their responsibility is confined to the value of the inherited assets, meaning they are not personally liable beyond this amount.

Steps to Register a Legal Heir

  • Log in: Go to the income tax department e-filing portal and log in with your user ID and password.
  • Register as Representative: Scroll to ‘Authorised Partners’ > ‘Register as Representative’ and click ‘Let’s Get Started’.
  • Create New Request: Click ‘Create New Request’.
  • Enter Details: Select the category, enter PAN details, date of death, and reason for registration.
  • Upload Documents: Upload the required documents.
  • Verify and Submit: Click ‘Proceed’ and ‘Verify the Request’. Then, click ‘Submit Request’ to get an acknowledgment from the department.

Required Documents

  • Death Certificate
  • PAN Card of the deceased
  • Self-attested PAN card copy of the legal heir
  • Legal Heir Certificate
  • Applicable orders passed in the name of the deceased

Handling the tax obligations of a deceased loved one can be complex, but following these steps ensures compliance with Indian tax laws and proper management of the deceased’s financial affairs.

ITR Filing: 10 Must-Know Tips for FY 23-24

Tax season is here! Filing your Income Tax Return (ITR) for FY 23-24 has begun, and the Income Tax Department has opened its portal. Here are ten essential tips to ensure a smooth and accurate filing process:

Know the ITR Deadline:

The deadline for filing ITRs is usually July 31. For FY 23-24, the due date is Wednesday, July 31, 2024, for individuals not subject to audit.

Understand Your Tax Regime:

Choose between the old and new tax regimes. The new regime offers lower tax rates but fewer deductions, while the old regime allows more tax-saving deductions.

Identify Your Tax Bracket:

Familiarise yourself with the tax brackets and your taxable income to determine your tax liability, fill out the correct forms, and plan your finances.

Gather Required Documents:

Collect all necessary documents, such as income proofs, deduction receipts, and tax payment records, to substantiate your ITR.

Select the Correct ITR Form:

Choose the applicable ITR form based on your income sources:

  • ITR-1: For residents with income from salary, one house property, and other sources (up to ₹ 50 lakh).
  • ITR-2: For individuals/HUFs with capital gains or foreign assets.
  • ITR-3: For individuals/HUFs with income from a proprietary business or profession.
  • ITR-4: For individuals/HUFs with presumptive income from business or profession.

Verify Personal and Bank Details:

Ensure your personal and bank account details are accurate to avoid delays in refunds. Verify your name, address, email, and PAN.

Choose the Correct Assessment Year:

Mention the correct assessment year (AY). For FY 23-24, the AY is 2024-25 to avoid double taxation and penalties.

Check Form 16 Details:

Verify that your Form 16 details, such as salary components, TDS deducted, and tax-saving investments, match your pay slips and investment statements.

Aggregate Income from Multiple Form 16s:

If you had multiple employers, aggregate the income from all Form 16s to claim accurate deductions and report total income.

Reconcile with Form 26AS and AIS/TIS:

Ensure your income details match those in Form 26AS (Tax Credit Statement) and AIS/TIS (Annual Information Statement/Tax Information Statement).

Expert Tip:

If your tax situation is complex or you’re filing for the first time, consider consulting a qualified tax professional, such as a chartered accountant or tax consultant, to guide you through the process and maximise your tax savings.

Filing your ITR accurately and on time ensures compliance and helps maintain transparency in your financial affairs. Happy filing!

Trade Body Urges FinMin to Remove 28% GST, Include Fuel Under GST

The Tamil Nadu Chamber of Commerce and Industry has called on Finance Minister Nirmala Sitharaman to eliminate the 28% GST slab and bring petroleum fuel under the GST regime. N Jegadeesan, the chamber’s president, attended the pre-budget meeting in New Delhi on Tuesday and submitted a memorandum to the finance minister.

The trade body highlighted that the 28% GST rate is excessively high and unique to India, leading to tax evasion and deterring honest traders. They stressed the need for a more reasonable tax structure to promote fair business practices.

During the 53rd GST Council meeting, chaired by Sitharaman in New Delhi, discussions included state representatives, economists, and industry stakeholders. These comprehensive pre-budget consultations aimed to incorporate diverse economic perspectives and state-specific demands, ensuring a balanced financial strategy for the Union Budget 2024-25.

In light of current challenges, the government plans to use the central bank dividend to tackle economic issues and garner public support amidst electoral uncertainties.

The upcoming Budget might raise the standard deduction limit for income taxpayers while maintaining the existing capital gains structure. Public consultations are focused on providing concessions for the middle class and addressing concerns over tax returns. The new regime offers a standard deduction for salaried taxpayers and an increased rebate under Section 87A, benefiting those with taxable income up to ₹ 7 lakh.

Expert Opinion:

‘Ensuring a balanced and fair GST structure is crucial for economic growth,’ said a senior economist. ‘Bringing petroleum fuel under GST could significantly streamline the tax system and reduce costs for businesses and consumers alike.’

The Tamil Nadu Chamber’s recommendations, if implemented, could lead to substantial changes in the country’s tax landscape, benefiting both traders and the general public.

Proceedings Against BYJU’S Under Companies Law ‘Still Ongoing’: Government

The Ministry of Corporate Affairs (MCA) has confirmed that proceedings against BYJU’S under companies law are still ongoing. Last year, the ministry ordered an inspection of BYJU’S books following various issues, including the company’s failure to finalise statements and the resignation of an auditor.

On Wednesday, the MCA clarified that reports suggesting BYJU’S has been cleared of financial fraud are ‘factually incorrect and misleading.’ The ministry emphasised, ‘The proceedings initiated by MCA under the Companies Act, 2013, are still ongoing, and no final conclusion should be drawn in this matter at this stage.’

The scrutiny of BYJU’S financial practices comes amid significant challenges for the edtech giant. Over the past year, BYJU’S has faced several obstacles, including difficulties in closing financial statements on time and the departure of its auditor. These issues have raised concerns about the company’s financial transparency and governance.

Experts in corporate law and financial regulation have highlighted the importance of thorough investigations in such cases. ‘Ensuring corporate compliance is crucial, especially for high-profile companies like BYJU’S,’ said a senior corporate lawyer. ‘The ongoing proceedings by the MCA will help establish clarity and accountability.’

BYJU’S, once celebrated as a leader in the edtech industry, has seen its reputation take a hit due to these ongoing investigations. The company has yet to publicly respond to the latest statements from the MCA, but it remains under close observation by both regulators and stakeholders.

As the investigation progresses, stakeholders and the public eagerly await further updates from the Ministry of Corporate Affairs. The outcome of this scrutiny will have significant implications for BYJU’S future operations and its standing in the industry.

Music Industry Titans Sue AI Music Companies Suno and UDIO Over Copyright Infringement

In a dramatic escalation, major record labels, including Universal Music Group, Sony Music Entertainment, and Warner Records, have filed Copyright Infringement lawsuits against AI music companies Suno and Udio. These federal lawsuits, filed in Boston and New York, accuse the AI firms of extensive unauthorised use of copyrighted sound recordings to train their models.

‘This is a straightforward case of copyright infringement involving unlicensed copying of sound recordings on a massive scale,’ said RIAA chief legal officer Ken Doroshow. ‘Suno and Udio are attempting to hide the full scope of their infringement rather than putting their services on a sound and lawful footing.’

The plaintiffs claim Suno and Udio used copyrighted works from various artists without proper licenses or consent, seeking damages of up to $150,000 per infringed work, plus legal fees.

The record labels argue that Suno’s ability to produce convincing imitations of a wide range of human musical expression is directly tied to their unauthorized use of copyrighted recordings. Suno and Udio, however, maintain that their training data is ‘confidential business information.’

This legal action mirrors last year’s lawsuit where UMG and others sued Anthropic for distributing copyrighted lyrics through their AI chatbot, Claude 2. The rise of AI-generated music, capable of mimicking popular artists, has stirred concern within the music industry. Artists and labels fear their creative work is being exploited without compensation and that AI ‘deepfakes’ could undermine their control over their musical identities.

As AI technology evolves, the debate over copyright, compensation, and ethical use of creative works in AI training data will likely intensify. The clash between the music industry and AI companies like Suno and Udio exemplifies the complex challenges as AI integrates further into the creative landscape.

In the rapidly evolving landscape of AI and creative industries, safeguarding your intellectual property has never been more critical. The recent lawsuits against AI music companies Suno and Udio underscore the importance of robust legal protection. At Vakilsearch, we specialise in comprehensive intellectual property services, from copyright registration to legal representation in infringement cases. Protect your creative works and ensure fair compensation for your innovations. Contact Vakilsearch today to fortify your rights in the digital age.

 

Dabur and YouTuber Dhruv Rathee Resolve Trademark Dispute

The year-long Trademark Dispute between Dabur India and YouTuber Dhruv Rathee concluded on  18 June 2024, with Rathee agreeing to blur the packaging of Dabur’s Real fruit juice in his videos. The dispute originated from a video comparing the health impacts of packaged fruit juices and fresh fruit juices, prominently featuring the Real fruit juice logo and trademark.

Justice Krishna Rao, presiding over the single-judge bench, closed the case after both parties agreed to Rathee’s proposal. Rathee will blur or use generic fruit juice packaging in his videos, maintaining his right to freedom of speech and fair comment.

Dabur accepted Rathee’s modifications, which included removing any references to the ‘REAL’ trademarks, copyrights, labels, packaging, and advertisements. Consequently, Dabur raised no objections to the video’s continued circulation on social media.

The conflict began when Dabur objected to Rathee’s use of their ‘REAL’ trademarks in a YouTube video. In March 2023, Justice Ravi Krishan Kapur ordered YouTube and other social media platforms to block or take down the contentious video.

 As Dabur India and YouTuber Dhruv Rathee settle their year-long legal battle over trademark use, it highlights the importance of proactive trademark protection. At Vakilsearch, we specialise in safeguarding your intellectual property rights through meticulous trademark registration and dispute resolution services. Whether you’re facing a dispute or need to protect your brand, our dedicated team ensures comprehensive legal support tailored to your specific needs. Protect your brand integrity. Contact Vakilsearch today.