MRink - Finance and Income Tax

Just two days back at office, I was discussing with one of my colleagues regarding increased rate of interest and its impact on country’s economy and individual’s finances and in that discussion, I come to know from my colleague that from his home loan’s EMI of ~₹30k, credit towards principal portion is only ~ ₹700...!!!!!  Being a finance person, I got furious that how come this possible and going further deep in discussion with him I have perused from his loan amortization schedule that tenure of loan also has got extended from 30 years to around 42 years along with increase in EMI from ~₹25k to ~₹30k (for outstanding loan amount of ~ ₹35lacs). The reason behind such abnormality, was hike in rate of interest from ~7% (applicable rate at the time when loan sanction) to ~9.5% (currently applicable rate of interest).  This might be the situation for most of the people who has borrowed for forming his/her dream home and many of you have also taken the right actions on time by ma...

Details released by government regarding PLI Scheme for textile: If you have any query related to the article please reach us via mail:-mrinkblog@gmail.com  Advisory: Information relates to the law prevailing in the year of publication as indicated. The above article is only to enable public to have a quick and an easy understanding. Viewers are advised to ascertain the correct position/prevailing law before relying upon any document.

Government approves Production Linked Incentive (PLI) Scheme for Textiles with a budgetary outlay of ₹10,683 crore Press release details: Government has approved Production Linked Incentive (PLI) Scheme for Textiles. With this, India is poised to regain its dominance in Global Textiles Trade Leveraging Economies of Scale, the scheme will help Indian companies to emerge as Global Champions Help create additional employment of over 7.5 lakh people directly and several lakhs more for supporting activities Scheme will also pave the way for participation of women in large numbers  Incentives worth Rs. 10,683 crore will be provided to industry over five years  It is expected that this scheme will result in fresh investment of above Rs 19,000 crore and additional production turnover of over Rs.3 lakh crore in five years  Higher priority for investment in Aspirational Districts & Tier 3/4 towns Scheme will positively impact especially States like Gujarat, UP, Maharashtra,...

Regarding the acquisition of Just Dial Limited, Reliance in its statement has said the following: Reliance Retail Ventures Limited acquires Sole Control of Just Dial Limited on September 1, 2021. Reliance Retail Ventures now holds 40.98% in Just Dial Limited. Further to media release dated July 16, 2021 regarding acquisition of controlling stake in Just Dial, Reliance Retail Ventures Limited ("RRVL"), has now taken sole control of Just Dial Limited ("Just Dial") in accordance with the SEBI Takeover Regulations with effect from September 1, 2021. a) On July 20, 2021, RRVL acquired 1.31 crore equity shares of Rs.10/- each of Just Dial at a price of Rs. 1,020/- per share from Mr. VSS Mani on the floor of the stock exchange through the block window facility. The acquisition represents 15.63% of the post-preferential issue paid-up equity capital of Just Dial. b) On September 1, 2021, Just Dial, pursuant to the preferential issue, allotted 2.12 crore equity shares of ...

" Goal of Debt Free Company " In the AGM of FY 2018-19, Mr. Mukesh Ambani had shared his goals of growing businesses through partnerships and achieving a Net Debt Free Balance Sheet by Mar’21 and this goal has been fulfilled well ahead of the timelines that had been set. In a short span of a few months, they have raised a record amount of capital and forged several new strategic partnerships.  Reliance raised Rs.1.52 lakh crore from global tech investors by stake selling in Jio Platforms Ltd and another Rs.13,300 crore through a rights issue. Taken together with sale of 49% stake in fuel retailing venture to BP Plc of UK for Rs.7,629 crore, the total fund raised is about of Rs.2 lakh crore. This fund raising process is mentioned hereunder: A. Right Issues by RIL RIL's Rs.53,124 crore rights issue was India's largest-ever rights issue. It was also the world's largest rights issue by a non-financial institution in the last ten years. It ended last week with a 1....