Business
FICCI Flags Tax And Customs As Key Demands From Union Budget 2026-27
New Delhi: The Federation of Indian Chambers of Commerce and Industry (FICCI) has set out its key expectations from the Union Budget 2026-27, calling for faster tax appeals, simpler TDS rules, clarity for cross-border supply chains and targeted customs facilitation to cut delays and disputes.
FICCI calls for immediate steps to reduce a large backlog of appeals before the Commissioners of Income Tax (Appeals), saying pending cases and blocked refunds strain taxpayers and the system according to a press release.
It recommends filling vacancies, setting differentiated, time-bound targets for small and complex cases, enabling virtual hearings on a fixed schedule, and granting stays on recovery if an appeal crosses two years without taxpayer fault. It also urges better coordination between faceless units and jurisdictional officers on remand reports, and proposes sharing draft orders with appellants to correct factual errors early.
On cash flow pressure during disputes, FICCI has asked that the current expectation of a 20 per cent deposit for a stay be rationalised. It proposes real-time integration of stay orders with the Central Processing Centre (CPC) to stop automatic refund adjustments against stayed demands and suggests allowing bank guarantees or indemnities as alternate security, with safeguards and monitoring.
To lower compliance burden, FICCI proposed a simpler TDS framework: slab-based TDS for salaries, maximum marginal rate for lotteries and online games, and only two standard rates for other payments. It suggests exempting B2B payments already reported under GST from TDS, removing low-yield TDS/TCS on purchase or sale of goods, and publishing a negative list covering items such as payments to senior citizens, exempt incomes, banks and registered GST entities.
For manufacturing supply chains, FICCI requests explicit assurance that storing components or deploying free-of-cost equipment in India for just-in-time production by contract manufacturers does not create a “business connection” for non-residents under the Income-tax Acts of 1961 and 2025. It says this clarity would support technology deployment and competitiveness while limiting unintended tax exposure and litigation.
FICCI also sought for restoration in the new Income-tax Act, the earlier definition of “Associated Enterprise” to avoid widening transfer pricing coverage to commercially unrelated parties, which could trigger fresh disputes for lenders, contract manufacturers, and brand owners.
On capital distribution, the chamber has recommended aligning taxation of buybacks with capital reduction at least where buybacks use share premium or fresh issue proceeds, noting that treating the full consideration as a dividend can tax capital rather than profits. It has also asked for clarity on interaction with anti-abuse provisions and treaty treatment to prevent inconsistent field practices.
For customs, FICCI has urged more benches of the Customs Authority for Advance Rulings beyond New Delhi and Mumbai to serve the south and east, and a mechanism to extend rulings when facts and law remain unchanged. It has recommended allowing newly incorporated companies in groups already accredited under the Authorised Economic Operator programme, domestically or abroad, to apply for AEO status, and to continue Tier-II status post-merger through simple intimation. It has further called for a single, real-time national database of trade notices to ensure uniform practices across ports.
FICCI stated that these measures would ease working capital stress, reduce litigation, and improve investor predictability as the government prepares the 2026-27 Budget.
Deliveroo is set to significantly broaden its offerings beyond its core takeaway service, introducing a new feature that will allow customers to book restaurant reservations directly through its platform.
The initiative, named Deliveroo Reservations, is scheduled to launch initially in London this Thursday.
Customers will gain the ability to secure tables at a range of prominent London eateries, including Dishoom, Dove, Hide, Kricket, Barrafina, and Kolae. This expansion marks a strategic move for the company, which was acquired by US-based DoorDash for £2.9 billion last year.
The new reservation system integrates technology from SevenRooms, a restaurant booking platform business that DoorDash also purchased for approximately £900 million.
This integration follows DoorDash’s own expansion into restaurant bookings on its platform in the United States late last year, setting a precedent for Deliveroo’s latest venture.
This move is central to Deliveroo’s ambitions to grow beyond its established takeaway delivery model in the UK. While the feature will first be rolled out to restaurants in London, Deliveroo has indicated plans to extend the service across the wider UK later in the year.
Suzy McClintock, vice president for consumer and new verticals at Deliveroo, commented on the development: “This launch is about supporting restaurants to grow in new ways. Whether it’s a Deliveroo order or a reservation in store, we want to drive discovery, demand and revenue across every channel.”
She added: “By fully integrating SevenRooms into the Deliveroo app, we’re giving restaurants access to new customers and giving diners an easier way to discover and book some of London’s best tables – all in one place.”
Joel Montaniel, vice president and co-founder of SevenRooms, echoed this sentiment, stating: “Bringing reservations into the Deliveroo app gives London restaurants a new way to connect with diners and grow, while making it easy for consumers to discover and book great restaurants.”
Business
Warner Bros. Discovery books $2.9 billion net loss tied to Paramount deal, restructuring costs
An American flag flies at Warner Bros. Studio in Burbank, California, on Sept. 12, 2025.
Mario Tama | Getty Images
Warner Bros. Discovery on Wednesday reported a staggering net loss for the first quarter, but it has an explanation.
The company booked a net loss of $2.9 billion, far larger than the net loss of $453 million it reported in the year-earlier quarter.
The figure included $1.3 billion of “pre-tax acquisition-related amortization of intangibles, content fair value step-up and restructuring expenses” as well as the $2.8 billion termination fee that Warner Bros. Discovery owed Netflix after their pending transaction fell through in February.
Netflix walked away from its proposed deal to buy WBD’s assets after Paramount Skydance came in with a higher offer. Paramount agreed to pay the termination fee as part of its agreement to buy the entirety of WBD, but the cost lives on WBD’s books until the close of that deal.
Since the amount is refundable to Paramount under certain circumstances, such as if it were to terminate the deal with Paramount for a higher offer, the obligation would be shifted to WBD.
Paramount’s proposed acquisition received approval from WBD shareholders in April and is currently in the midst of a regulatory review process. On Monday, Paramount said in its earnings release that it has “made significant progress” toward closing the deal, which it expects to be completed in the third quarter.
WBD on Wednesday also reported first-quarter revenue that was down 1% year over year to $8.89 billion. The company’s adjusted earnings before interest taxes, depreciation and amortization was up 5% to $2.2 billion. WBD had $33.4 billion in gross debt at the end of the quarter.
Streaming continued to be a highlight for the company.
Total streaming revenue was up 9% to about $2.89 billion as subscriber revenue increased due to the expansion of HBO Max — WBD’s flagship streaming platform — in international markets. Advertising revenue for the unit was up 20% due to an increase in customers subscribing to the ad-supported tier.
The company said in a shareholder letter it exceeded its guidance of more than 140 million global streaming customers at the end of the first quarter, and it remains on track to surpass 150 million global subscribers by the end of the year.
WBD’s portfolio of pay TV networks, which includes CNN, TBS and the Discovery Channel, continued to weigh on the company. The linear TV networks reported $4.38 billion in revenue, down 8% from the prior year. The company said linear advertising revenue was down 11%, which was primarily driven by the absence of NBA media rights from its portfolio.
Revenue for the film studio division, meanwhile, increased 35% to $3.13 billion year over year.
Virgin Media O2 recorded its highest-ever broadband traffic spike as millions across the UK tuned in to watch Arsenal‘s Uefa Champions League semi-final victory over Atletico Madrid.
Peak downstream traffic on the network surged by 17 per cent compared to an average Tuesday evening, marking an unprecedented event in Virgin Media’s broadband history.
This figure was 4.2 per cent higher than the previous record, established during Liverpool’s Champions League match against Real Madrid last November.
Jeanie York, chief technology officer at Virgin Media O2, commented on the phenomenon: “Live sport is one of the biggest drivers of broadband traffic in the UK and last night’s Champions League semi-final set a record on our network.
“As more people stream the biggest sporting moments from home, reliable, high-capacity connectivity has never been more important.”
Bukayo Saka delivered the decisive goal at the Emirates Stadium on Tuesday night as Arsenal secured a 2-1 aggregate triumph over Atletico Madrid to reach the Champions League final in Budapest on May 30 – their first on Europe’s grandest stage for 20 years.
And although Arsenal have received an official allocation of just 16,824 tickets from UEFA for the final at the 67,000-capacity Puskas Arena, Declan Rice wants the Hungarian capital to be a sea of red for the fixture against either Bayern Munich or Paris St Germain.
He said: “Bring it on, bring it on, I’ll be ready. I want every Arsenal fan out there, 200,000 of you, come out. Let’s try and do it because we’re going to need all the support, all the energy and let’s make it special.”
Mikel Arteta, meanwhile, hailed his “incredible” players for “making history” after securing the win.
Arteta said: “It was an incredible night. We made history again together and I cannot be happier and prouder for everybody that’s involved in this football club.
“The supporters were with us for every ball. They made it special and unique, and I have never felt it like that in this stadium.
“We knew how much it meant to everybody, we put everything on the line, the boys did an incredible job and after 20 years, and the second time in our history, we are back in the Champions League final.”
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