Tag: Income Tax

Received an SMS on TDS from Income Tax Dept? Do not panic

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Some salaried taxpayers across the nation may have received messages from the Income Tax Department regarding their total tax deducted at source (TDS). The message, sent as an SMS, includes details of TDS deducted by the employer for the quarter ending December 31 and the cumulative TDS for the financial year 2023-24.

The message, which reads, “Total TDS by employer of PAN xxx for Qtr ending Dec 31 is ₹xxx and cumulative TDS for FY 23-24 is ₹xxx. View 26AS for details. ITD Team,” aims to provide acknowledgment of the TDS deposited during the final quarter and the previous financial year.

However, some taxpayers could have misinterpreted this message, speculating whether they owe more taxes to the department.

This SMS alert service was introduced at the end of 2016 with the purpose of notifying taxpayers about their total TDS deductions.

It serves as a useful tool for individuals to match their office salary slips with the details provided in the message.

Wait till June 15

In fact, salaried individuals will have to wait till mid-June to file income tax returns (ITR) for the financial year 2023-24 as this is the time when employers issue Form 16.

As per the rule, employers must issue Form 16 every year on or before June 15, soon after the financial year in which the tax is deducted.

However, taxpayers eager to file early can use the e-filing portal enabled by the Income Tax Department.

Despite this option, experts suggest waiting for a while to ensure that Form 26AS and AIS are duly updated, thereby streamlining the ITR filing process.

Form 16, a certificate issued by employers, contains essential information required for ITR filing, including details of TDS and tax collected at source (TCS) for various transactions between the employer and employee.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tax dept’s new update on TDS and refunds: Here’s what taxpayers should do

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Income Tax Department has recently announced an interim action plan for the financial year 2024-25. This focuses on streamlining processes related to Tax Deducted at Source (TDS), refunds, and dispute resolutions.

The move aims to enhance efficiency and transparency in tax administration, with potential benefits for taxpayers across the country.

Identification of potential prosecution cases and faster refund disposal

One of the pivotal aspects of the action plan is the identification of potential cases of prosecution due to short-payment of TDS.

This means tax department will scrutinise these closely and may take action against the offenders for non-compliance with tax laws.

Additionally, efforts will be made towards expediting the approval of refunds, providing much-needed relief to taxpayers.

Cases where seized assets are due for release are slated for resolution by June 30, 2024, adding a timeline-driven approach to asset management and refunds.

Proposals and appeal disposal

The plan also emphasises the finalisation of proposals pending as of March 31, 2024, and the disposal of a substantial number of appeals by June 30.

The priority will be given to appeals filed before April 1, 2020, indicating a systematic approach to clearing long-standing cases and enhancing the efficacy of the appeals process.

The action plan also addresses the resolution of audit objections, aiming to settle a significant portion of them by June 30, 2024.

Measures for taxpayers

Sandeep Sehgal, Partner-Tax at AKM Global said taxpayers should file applications for pending refunds directly with the assessing officer, streamlining the refund process.

By doing so, they can expedite the refund process.

Furthermore, Sehgal highlighted another important commitment made by the tax department regarding applications for Nil/Lower Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) Certificates.

The commitment entails resolving these applications within a month of their receipt starting from April 1, 2024.

This assurance indicates that taxpayers can expect quicker processing of their requests for lower TDS or TCS deductions, which, in turn, can lead to better management of their cash flow.

Overall, these measures aim to provide relief to taxpayers and enhance their experience with the tax filing process.

ALSO READ | Income Tax Department clarifies no ‘special drive’ to reopen cases for HRA scrutiny

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Income Tax Department clarifies no ‘special drive’ to reopen cases for HRA scrutiny

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Central Board of Direct Taxes (CBDT) has reassured taxpayers that no special drive is underway to scrutinise all house rent allowance (HRA) claims. Clarifying recent reports, the CBDT stated that data analysis was specifically focused on select high-value cases of mismatch between rent payments by employees and rent receipts for the financial year 2020-21.

The department stressed on its commitment to address discrepancies without causing undue disruption to taxpayers.

This statement comes amidst media reports suggesting widespread reopening of cases related to HRA claims.

In its official press release, the Income Tax Department acknowledged instances of mismatch between rent payments by salaried employees and receipts by landlords for the financial year 2020-21.

CBDT clarifies that apprehensions about retrospective taxation on re-opening of cases on issues pertaining to HRA claims are completely baseless.

CBDT has reiterated that there is no special drive to re-open such cases, and media reports alleging large-scale re-opening by the… pic.twitter.com/5AfOtHeK9g

— Income Tax India (@IncomeTaxIndia) April 8, 2024

“The data analysis was carried out in some high-value cases of mismatch between the rent paid by the employee and receipt of rent by the recipient for the FY 2020-21. This verification was done in a small number of cases without re-opening bulk of cases, especially since Updated Return for FY 2020-21(AY 2021-22) could have been filed by the taxpayers concerned only till 31.03.2024,” the statement read.

House rent allowance (HRA) is an integral part of salary income and is subject to taxation.

Taxpayers can claim tax exemption for HRA received if they reside in rented accommodation, provided they furnish original rent receipts as proof.

However, this exemption does not apply to taxpayers who have opted for the new tax regime under Section 10(13A) of the Income Tax Act.

ALSO READ | Income tax return filing for FY23-24: Form 16 issue date, ITR forms and more

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Income tax return filing for FY23-24: Form 16 issue date, ITR forms and more

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Salaried individuals will have to wait till mid-June to file income tax returns (ITR) for the financial year 2023-24 as this is the time when employers issue Form 16. As per the rule, employers issue Form 16 every year on or before June 15, immediately after the financial year in which the tax is deducted.

This timeline consequently pushes the ITR filing window for salaried individuals to around mid-June.

Nevertheless, taxpayers eager to file early can utilise the e-filing portal enabled by the Income Tax Department.

Despite this option, experts counsel waiting for a while to ensure that Form 26AS and AIS are duly updated, thereby streamlining the ITR filing process.

Form 16, a certificate issued by employers, encapsulates essential information required for ITR filing, encompassing details of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for various transactions between the employer and employee.

ClearTax, a prominent income tax e-filing website, delineates Form 16 into two parts: Part A and Part B.

Part A furnishes crucial particulars such as the employer’s name, address, TAN and PAN, employee’s PAN, and a quarterly summary of tax deducted and deposited, duly certified by the employer.

On the other hand, Part B offers a detailed breakdown of salary, exempted allowances under section 10, and deductions permitted under the Income Tax Act.

In the event of misplacement, individuals can request a duplicate Form 16 from their employer.

Furthermore, in cases of job changes within a financial year, each employer issues a separate Part A of Form 16, covering the duration of employment.

Traditionally, taxpayers are mandated to file their ITR by July 31 of any given year, unless extended by the government. The act of filing ITR allows individuals to claim refunds for excess tax paid/deducted during a financial year.

The Income Tax Department has established a dedicated portal for e-filing income tax returns, which has recently notified six forms for this year’s filing, along with ITR-V (verification form) and ITR acknowledgement form.

These forms cater to various categories of taxpayers, with Sahaj (ITR-1) being applicable to residents with a total income up to ₹50 lakh, encompassing income from salaries, one house property, other sources, and agricultural income up to ₹5,000.

Similarly, there is ITR-3 which is applicable for income from business or profession and ITR-4 for the presumptive method of taxation such as for freelancers.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ITR e-filing option available for taxpayers but experts warn against rushing: Here’s why

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Income Tax Department’s decision to release income tax return (ITR) forms 1, 2, 4, and 6 on the e-filing portal from April 1, 2024, marks a shift towards improving taxpayer services. Notably, over 46,000 returns have already been filed for the financial year 2023-24 (assessment year 2024-25) as of April 5, 2024.

Of these, 42,598 returns have been verified and 2,940 verified ITRs have been processed, according to information available on the tax department portal.

However, experts emphasise exercising prudence amid the early availability of forms.

One major concern highlighted by tax professionals is the lag in updating crucial documents such as the Annual Information Statement (AIS) and Form 26AS, according to Indian Express report.

These documents, pivotal for accurate tax filings, remain unrefreshed until March 31, 2024, the final day of the previous financial year.

The AIS, which encapsulates financial transactions from reporting entities like banks and financial institutions, undergoes updating post-March 31.

Consequently, the comprehensive financial picture crucial for precise tax calculations only emerges after this updating process.

Similarly, Form 26AS, crucial for verifying tax deducted at source (TDS), awaits updating until the income tax department processes TDS returns.

Rushing into filing before these crucial documents are refreshed could lead to errors and discrepancies.

Additionally, employers are yet to issue Form 16 for the financial year 2023-24 too.

Form 16 is a certificate issued by an employer and it contains the information that one needs to file the income tax return (ITR). These certificates provide details of TDS/TCS for various transactions between the deductor and deductee.

As per the rule, employers must issue it every year on or before June 15 of the next year, immediately after the financial year in which the tax is deducted.

It is mandatory to issue Form 16 to taxpayers.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

HDFC Life Insurance gets GST notice of ₹103 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

HDFC Life Insurance Co Ltd has received a goods and services tax demand notice of nearly ₹103 crore from the state tax department of Gujarat for the assessment year 2018-19 (April–March), the company notified the exchanges today.

While the tax demand is ₹51.23 crore, the interest on the tax is ₹46.11 crore, and the penalty is ₹5.12 crore, the filing said.

The demand notice was on account of excess availment of input tax credit, short reversal of proportionate input tax credit towards exempt supplies, and short payment of GST on outward supply by treating the adjustments made to its turnover as a part of taxable turnover, the filing said.

“The said order is appealable before the appellate authority. The company will file its appeal within the specified period,” the company said.

#JustIn | #HDFCLife gets GST, penalty order of ₹102.5 cr for April 1, 2018 to March 31, 2019 period pic.twitter.com/xsUd5c1jtN

— CNBC-TV18 (@CNBCTV18Live) April 5, 2024

At 2.27 pm, HDFC Life shares were up 0.7% at ₹627 on the National Stock Exchange.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

No new change in income tax regime from April 1: Finance Ministry

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The finance ministry on Monday said there is no change in the new income tax regime for individuals for the current fiscal year and individual taxpayers can opt out of the regime at the time of filing their ITR. Clarifying on social media posts claiming certain changes in the new tax regime effective April 1, the ministry said, “There is no new change which is coming in from 01.04.2024.” A modified new income tax regime was rolled out from the financial year beginning April 1, 2023, for individuals under which the tax rates are “significantly lower”. However, the benefit of various exemptions and deductions (other than standard deduction of ₹50,000 from salary and ₹15,000 from family pension) is not available, as in the old regime.

“New tax regime is the default tax regime. However, tax payers can choose the tax regime (old or new) that they think is beneficial to them… Option for opting out from the new tax regime is available till filing of return for the AY 2024-25,” the ministry said. Under the new I-T regime, income of up to ₹3 lakh is exempt from tax. A 5% tax is levied on income between ₹3-6 lakh, 10% for income between ₹6-9 lakh. Income between ₹9-12 lakh and ₹12-15 lakh is subject to 15% and 20% tax, respectively. A 30% I-T would be applicable on income above ₹15 lakh. The new tax regime was set as “a default regime” from 2023-24 and the Assessment Year corresponding to this is AY 2024-25. This can be changed by the taxpayer at the time of filing Income Tax Returns (ITR) by an individual. Eligible persons without any business income will have the option to choose the regime for each financial year. So, they can choose new tax regime in one financial year and old tax regime in another year and vice-versa, the ministry said in a statement.

The old tax regime which is still in force and offers a host of deductions and exemptions, exempts income up to ₹2.5 lakh from taxes. Income from ₹2.5-5 lakh attracts 5% tax, and 20% for income between ₹5 lakh and ₹10 lakh. A 30% tax is levied on income above ₹10 lakh.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Cong gets fresh I-T notice of over ₹1,745 crore, total tax demand rises to Rs 3567 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

In mounting trouble for the Congress, sources in the party said it has received fresh notices from the Income Tax department, raising a tax demand of ₹1,745 crore for the assessment years 2014-15 to 2016-17. With this latest notice, the Income Tax department has raised a total demand of ₹3,567 crore from the Congress.

According to sources, the fresh tax notices relate to 2014-15 (₹663 crore), 2015-16 (around ₹664 crore) and 2016-17 (around ₹417 crore). The authorities have ended the tax exemption available to political parties and have taxed the party for the entire collections, they added. The Congress has also been taxed for “third-party entries” made in diaries seized from some of its leaders by probe agencies during raids, the sources said.

The main opposition party on Friday said that it has received notices from the I-T department, asking it to pay around ₹1,823 crore. The tax authorities have already withdrawn ₹135 crore from the party’s accounts for a tax demand relating to previous years.

The Congress has moved the court against the ₹135 crore tax demand and the case is likely to come up before the Supreme Court on Monday April 1. The party has failed to get any relief from the High Court of the Income Tax Appellate Tribunal in this regard.

Congress leaders have contended that similar third-party entries naming BJP leaders in other diaries have not been levied any tax. They have accused the BJP of indulging in “tax terrorism” and financially crippling the principal opposition party during the 2024 Lok Sabha elections. They are disturbing the level playing field during elections, the Congress has alleged. It has also complained to the Election Commission in this regard and urged it to maintain a level playing field.

Mumbai Congress chief Varsha Gaikwad dubbed the fresh notice from the income tax department a bid for extortion and an act of revenge by the Central government after the BJP’s electoral bonds “scam” was exposed. “The Income Tax notice was issued on the orders of the Central government. Why didn’t the ₹I-T department serve a notice to the BJP?” Gaikwad questioned while speaking to reporters.

She alleged the BJP-led “dictatorial regime” was making a last-ditch attempt to weaken the Congress financially sensing imminent defeat in elections. She said ahead of the poll code, the I-T department froze 11 bank accounts of the Congress and took out ₹135 crore directly.

“All this has been done out of revenge after the BJP’s electoral bonds scam was exposed,” the Congress leader alleged. “Elections must be conducted in a free and fair atmosphere. The situation is conducive for a power change,” she added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Income Tax dept issues demand notice of ₹1,700 crore to Congress

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Income Tax Department on Friday, March 29, issued a demand notice of ₹1,700 crore to Indian National Congress. The fresh demand notice is for assessment years 2017-18 to 2020-21 and includes penalty and interest, ANI reported.

On March 28, the Delhi High Court rejected petitions by the Congress challenging the initiation of tax reassessment proceedings against it for a period of four years by tax authorities. A bench of Justices Yashwant Varma and Purushaindra Kumar Kaurav said the pleas were dismissed in terms of its earlier decision refusing to interfere with the opening of reassessment for another period.

The present matter pertained to assessment years 2017 to 2021.

In the earlier petition, which was dismissed last week, the Congress party had challenged initiation of reassessment proceedings pertaining to assessment years 2014-15 to 2016-17.

On March 22, the high court had, while rejecting those pleas, said that the tax authority had prima facie collated “substantial and concrete” evidence warranting further scrutiny and examination under the Income Tax Act.

It had, however, left open the question as to whether the delay in commencement of proceedings would be fatal to the assessment.

The assessment of the INC was reopened for seven years (from assessment year 2014-15 to assessment year 2020-21) based on incriminating material seized, during searches in April 2019, reflecting extensive use of cash in elections, as revealed by sources to CNBC-TV18. These proceedings were getting barred on March 31 as per law, the source added.

It said that on the basis of the material which was gathered in those searches, the assessing officer also drew corresponding satisfaction notes for initiation of proceedings against the Congress.

The I-T department had, however, asserted there was no violation of any statutory provision by the tax authority and that as per the material recovered, the “escaped” income of the party is more than ₹520 crore. Recently, the high court had also refused to interfere with the order of the Income Tax Appellate Tribunal declining to stay a notice issued by the Income Tax department to the Congress for recovery of outstanding tax of more than ₹100 crore.

The assessing officer had raised a tax demand of more than ₹100 crore for the assessment year 2018-19 when the income was assessed to be more than ₹199 crore.

With inputs from PTI

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

New financial year begins today: A look at key changes slated for April

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

With the new financial year beginning today, numerous changes are poised to take effect. This may affect individuals across various domains. From revisions in some credit card policies to shifts in banking and investment regulations, here’s a comprehensive overview of what lies ahead:

Credit card changes

SBI Card to overhaul reward points policy

SBI Card has updated its policies on the accrual of reward points. Commencing from April 1, 2024, the accrual of reward points on rent payments will be discontinued for a range of credit cards offered by the lender. AURUM, SBI Card Elite, SimplyCLICK SBI Card, are among the cards primarily affected.

ICICI Bank to raise minimum spend for lounge access

ICICI Bank has revised its criteria for complimentary airport lounge access. Starting from April 1, 2024, customers will have to spend a minimum of ₹35,000 in the preceding calendar quarter to unlock one complimentary airport lounge access for the subsequent quarter. This modification applies to a variety of ICICI Bank credit cards, including the Coral credit card, MakeMyTrip ICICI Bank Platinum credit card, and others.

YES Bank to adjust lounge access benefits

Yes Bank will revamp its domestic lounge access benefits from April 1, 2024. The bank has officially communicated that, for all its credit cards, cardholders will be required to spend a minimum of ₹10,000 in the ongoing quarter to qualify for lounge access in the subsequent quarter.

Axis Bank to change Magnus Credit Card benefits

Axis Bank has announced changes to its Magnus Credit Card from April 20 onwards. These revisions include adjustments to reward earnings, lounge access programmes, and annual fee waiver exclusions.

Spends on insurance, gold/jewellery and fuel categories will no longer qualify for reward points.

Benefits, including complimentary concierge services and airport meet and assist services, will be discontinued.

The lender will also make changes to the domestic airport lounge access programme, necessitating a minimum spend of ₹50,000 in the preceding three months for lounge access.

The number of complimentary guest visits for both domestic and international lounges will also be reduced from eight to four per calendar year.

Debit card changes

SBI to increase annual maintenance charges by ₹75 on some debit cards

State Bank of India (SBI) has announced a hike of ₹75 in the annual maintenance charges associated with certain debit cards. The same will be effective from April 1, 2024, as per the information available on the SBI website.

Mutual fund changes

Mutual funds to stop fresh inflows in overseas ETFs

The Securities and Exchange Board of India (SEBI) has directed asset managers to halt inflows into schemes investing in overseas exchange-traded funds (ETFs) effective April 1. Experts believe that SEBI’s move come on the back of overall industry surpassing the $1-billion (approximately ₹8,311 crore as of March 21, 2024) limit.

Consequently, the Association of Mutual Funds in India (AMFI) issued a letter to fund houses instructing them to cease accepting subscriptions to funds investing in overseas ETFs from April 1, 2024.

Investment changes

New login mechanism for NPS accounts

Starting April 1, 2024, National Pension System (NPS) users will be required to undergo Aadhaar-based login authentication, which will be integrated with the existing user ID and password-based login process.

The Pension Fund Regulatory and Development Authority (PFRDA) said this new login process seeks to address concerns related to unauthorised access and potential security threats within the NPS framework.

Aadhaar’s two-factor authentication system introduces additional layers of verification to certify the authenticity of fingerprints.

Insurance changes

Insurance regulator’s final rules on surrender value from April 1

The Insurance Regulatory and Development Authority of India (IRDAI) has announced its final regulations concerning surrender value. Effective April 1, 2024, surrender value is expected to remain the same or even lower if policies are surrendered in a period of within three years.

However, policies surrendered between the fourth and seventh years may witness a marginal increase in surrender value.

For non-single premium life insurance policies, a guaranteed surrender value will be provided upon payment of premiums for at least two consecutive years.

E-insurance to become mandatory

The Insurance Regulatory and Development Authority of India (IRDAI), has announced the compulsory digitisation of insurance policies starting April 1, 2024. Under this directive, all insurance policies across various categories, including life, health, and general insurance, will be issued electronically.

FASTag protocol update

Come April 1, 2024, a significant change is slated for FASTag users too.

Failure to update the Know Your Customer (KYC) details of one’s FASTag with the bank may lead to disruptions in toll payments. Banks will deactivate FASTags lacking updated KYC information post-March 31.

Even with a balance, payments won’t be processed, necessitating double toll tax payments at plazas.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow