NEW DELHI: The Lok Sabha on Wednesday passed the Finance Bill, with 32 amendments moved by finance minister Nirmala Sitharaman, including specifying that in case of buyback of shares, additional income tax on capital gains made by promoters will face a 12% surcharge.The Finance Bill had proposed to replace dividend tax applicable to buybacks and had reintroduced capital gains tax. It had provided for an additional capital gains tax applicable in a case where the buyback of shares was from a promoter, where the amendment will now apply.“The Finance Bill 2026 shifts buyback taxation to the shareholder level, but the applicable surcharge was initially unclear, especially for promoters and high-income taxpayers. The amendment now suggests that surcharge on buyback income will be taxed at 12%, which would reduce the effective tax burden,” said Amit Maheshwari, managing partner at consulting firm AKM Global.Besides, there are changes related to tax holiday for startups too which applies to those with turnover up to Rs 100 crore.“The threshold has been increased to Rs 300 crore, with the result that an eligible start-up with turnover up to Rs 300 crore can now qualify for the tax holiday from financial year 2026-27,” said Pranav Sayta, partner and national leader for international tax and transaction services at consulting firm EY India. “Most of the amendments are largely to bring about greater clarity and ensure that the language is in line with the intent of provisions,” he added.He also pointed out that currently, there is no stipulated minimum time for a taxpayer to file an income tax return in response to notice for reopening or reassessment. “Now the amendments specifically provide that the taxpayer must be given a minimum time of 30 days for filing such a return in response to a notice for reopening/reassessments,” Sayta added.Replying to the debate in the Lok Sabha, Sitharaman said that the budget has taken several “facilitative” steps for the middle class and small businesses. She also said there is a trust-based tax administration, that is being improved by reducing unnecessary hardship for honest taxpayers. FM said India is riding on the “reform express” with reforms not happening out of compulsion, but out of conviction, clarity, confidence and commitment.

NEW DELHI: The empowered group of officials to deal with the fallout of the West Asia conflict got down to business on Wednesday, and began mapping the demand and supply situation, and also started identifying potential sources to ensure that supply chains are not disrupted.Food and fuel availability are top priority and detailed reports have been sought, including from the states. At the same time, when it comes to fuel, the panel led by petroleum secretary Neeraj Mittal is studying industry consumption trends and comparing it with the availability levels.Products are being identified where there are disruptions and sources are being studied along with measures – including possible duty cuts – in a bid to keep industries going without burdening them and consumers with a significant increase in prices. Chemicals, pharma and petrochemicals have been identified as areas where there is a need to augment supplies.Govt had set up seven empowered groups on Tuesday. For most businesses, gas has been an area of concern, which is sought to be addressed, especially with petroleum minister Hardeep Puri telling an all-party meeting on Wednesday that the curbs on commercial cooking gas cylinders are temporary.While govt has tapped alternate markets, such as Surinam, Guyana, Canada and the US to get LNG, getting LPG (cookig gas) has been more challenging as India relied on imports to meet 60% of its demand with 90% of the quantities coming from West Asia.Although govt is working to get supplies from other countries, there will be a lag in organising the required quantities of fuel. For instance, it takes around 11 days from ships to deliver goods from the Gulf region and 36-37 days from Russia. From the US and Canada, the sail time can be 40-45 days. Supplies are expected to normalise once oil companies align production with the new cycle.For the moment, they are focusing on tapping as many sources as possible. Over the last few years, starting 2023, India had stepped up purchases from Russia, which was a source for around 1.5% of the crude around four years ago. After acquiring more than 30% share, they accounted for nearly 20% of the pie in Feb. With sanctions on Rosneft and Lukoil lifted, Russian oil share is expected to move up again, with some quantities from Iran also adding to the supply.

Kalyan: A 42-year-old businessman cycling on an incomplete stretch of Kalyan’s Ring Road was killed after a speeding car allegedly driven by a 17-year-old boy hit him, briefly flinging him in the air, on Tuesday night. The boy fled from the spot, went into hiding and was apprehended the next evening.An FIR has been lodged for rash and negligent driving, along with non-bailable charges. Senior police inspector Amarnath Waghmode said his mother, who owns the vehicle, has also been named as an accused. The boy told police he had informed her before taking the car out. The boy’s father is a lawyer. Police sources said the boy posted on social media soon after the hit-and-run that he had had a “small accident” and feared being scolded by his father. The post was later deleted. The brother of the victim, Srinivas Tandle, said he had picked up cycling that very day in the hopes of getting fitter. Locals said many motorists speed and perform stunts on the stretch, which has led to accidents, including one less than a month ago. Police said Tandle, the owner of multiple garments stores in Kalyan, had borrowed a bicycle from a friend two days before the accident. CCTV footage showed that while he was cycling on the road around 8pm on Tuesday, a car being driven at high speed swerved, crashed into him and sped away. Locals alerted Khadakpada police, who rushed Tandle to a nearby private hospital, where doctors declared him dead on arrival. Police tracked down the car and found it in a parking lot of the building in which the 17-year-old’s family lives. The vehicle had minor damage. Tandle’s brother, Ganesh, said the CCTV footage showed that the car driver was driving recklessly before hitting him. While demanding strict action, a family friend, Vimal Thakkar, urged Kalyan-Dombivli Municipal Corporation to expedite the pending Ring Road work and enhance safety measures to prevent more accidents. Outraged locals, especially walkers and cyclists who use the stretch daily, echoed him and sought installation of additional speed breakers, CCTV cameras and police barricades to improve safety. On Feb 21, a 50-year-old man sustained serious injuries after a car hit him on the same stretch. Police took action against three persons and got their driving licences cancelled. The Ring Road project is being developed in multiple phases by MMRDA. Work on the stretch between Barave and near Vadavali bridge has been stalled for the past two years owing to land acquisition issues. As a result, a significant portion of the road remains partially closed and is frequently used by residents for walking and cycling.

United States has put forward a 15-point plan to end the ongoing war with Iran, even as Iran has denied that formal talks are taking place.The war, which began on February 28 wth the US and Israel atacking Iran and killing its suprme leader Ali Khamenei, has led to heavy casualties and disrupted global markets.

As pressure grows on all sides to find a way out, the reported plan outlines what Washington is willing to offer and what it expects in return, reported Al Jazeera.However, there is still no official confirmation from the US, Iran or Israel on the details.

What’s in the US’s 15-point plan?

The US proposal reportedly includes a temporary pause in fighting while both sides negotiate a longer-term settlement. Key points include:

• A 30-day ceasefire
• Dismantling of Iran’s nuclear facilities in Natanz, Isfahan and Fordow
• A permanent commitment from Iran to not develop nuclear weapons
• Handover of enriched uranium stockpile to the International Atomic Energy Agency (IAEA)
• Full IAEA monitoring of Iran’s nuclear infrastructure and no domestic uranium enrichment
• Limits on the range and number of Iran’s missiles
• Ending Iran’s support for regional proxies
• Ending Iranian strikes on regional energy infrastructure
• Reopening of the Strait of Hormuz
• Removal of US sanctions on Iran and end of the UN snapback mechanism
• US support for electricity generation at Iran’s Bushehr nuclear plant

Even as this plan is being discussed, the US is also preparing for possible escalation, with reports of troop deployment to the region.

What Iran wants

Iran on Wednesday called US proposals excessive, and said it will not allow Trump to dictate the timinig if the end of the war, Press TV said, citing an official, according to Reuters.Iran has maintained that no negotiations are taking place and has taken a firm position against US demands. Its military leadership has ruled out talks, especially after repeated attacks during earlier negotiation phases.“Has the level of your inner struggle reached the stage of you negotiating with yourself?” Iranian military spokesperson Ebrahim Zolfaqari had said on Tuesday. “People like us can never get along with people like you; no one like us will make a deal with you. Not now. Not ever.”While Iran’s IRGC has made it clear that it does not want to negotiate with the US, the country has still laid down certain conditions for peace.President Masoud Pezeshkian had said, “The only way to end this war was recognising Iran’s legitimate rights, payment of reparations, and firm international guarantees against future aggression.”Iran is reportedly also seeking the lifting of sanctions, closure of US military bases in the region and a new mechanism to control transit through the Strait of Hormuz.