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CAG flags tax irregularities by banks, NBFCs

New Delhi: The Comptroller and Auditor General (CAG) flagged widespread irregularities in tax exemptions and deductions claimed by banks and non-banking financial companies (NBFCs), with a potential revenue impact of ₹74,766 crore, according to a report tabled in Parliament on Thursday.The report, based on a sample of 2,378 cases examined till June 2023 by the CAG, reviewed the Income Tax Department's handling of deductions and exemptions, and found systemic weaknesses, compliance failures and gaps in oversight across the sector. The CAG called for alignment between tax rules and central bank guidelines, and highlighted the need to address gaps in provisions governing NBFC taxation.The audit identified 1,847 observations, including 671 systemic issues and 533 compliance lapses. The largest discrepancies related to improper deductions for bad debts, provisions for doubtful loans and transfers to special reserves. from Economic Times https://ift.tt/2a0nThC
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IIT PhDs in demand for high-end R&D jobs

New Delhi | Bengaluru: PhD students at the Indian Institutes of Technology (IITs) are increasingly getting corporate job offers for high-end research and development (R&D), a shift from recruitment largely for teaching roles in the past. It is the result of the institutes boosting in-house R&D to develop innovative and competitive products, said professors at the IITs including Kharagpur, Kanpur, Guwahati, Roorkee and BHU.Companies such as Denso, Japan Meteorological Corporation, Caterpillar, Aditya Birla Science & Technology, Tata Steel, AMD, Google, Microsoft, Philips, Samsung, CDAC, Siemens, L&T and Qualcomm have recently hired PhD students from the IITs, according to the institutes.For the first time, two PhD students at IIT Kharagpur have received overseas job offers, both from Japan. In addition, a PhD student received an offer of a ₹1 crore-plus annual package. 127951042 "This year, hiring of PhD students in corporate R&Ds is a new trend. This is an effo...
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India Inc turn to non-bank routes for funding

Mumbai: Corporate India is increasingly tapping non-banking channels to meet its funding requirements, with nearly half of the total resources raised in FY25 coming from equity markets, bonds, and loans from non-banking financial companies (NBFCs), Reserve Bank of India (RBI) data showed. The total flow of financial resources to the corporate sector rose to Rs 35 lakh crore in FY25, marking a modest 3% increase over the previous year. However, the composition of this funding reflects a shift away from traditional bank credit, signalling a broader economic slowdown. Of the Rs 35 lakh crore raised, Rs 17.1 lakh crore — or nearly 49% —came from non-bank channels such as corporate bonds, NBFC loans, equity issuances and foreign direct investment. By contrast, demand for bank credit declined 14% to Rs 17.9 lakh crore. Bankers attribute this shift to the strong performance of equity markets, which encouraged companies to raise capital through share issuances rather than debt. Non-financial c...
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