"It is a logical step. The information gathered through annual information returns will now be compared with the tax returns of individuals to see if taxes are paid correctly or not," said a consultant with a leading tax advisory firm.
The Central Board of Direct Taxes is considering a proposal to restrict the exemption on long-term capital gains only to companies constituting the BSE-500 index.
Liquidity is expected to remain comfortable this week, albeit the rate at which it is available may inch up rather than remaining below 1 per cent.
To consider open offer if price falls below Rs 2,100 a share.
The Reserve Bank of India is exploring a dedicated currency futures exchange, after taking an in-principle decision to launch rupee-denominated futures.
The Reserve Bank of India has issued a fresh directive to banks having less than the required capital to address ownership issues and take steps to increase their net worth to a minimum of Rs 300 crore (Rs 3 billion).
The Reserve Bank of India is unlikely to sanction higher capital market exposure limits to banks which are closer to reaching the regulatory ceiling.
In an interview to Business Standard on the eve of the UTI bank's rechristening to Axis Bank, its head honcho P Jayendra Nayak, talks about his vision for the bank in the next two years.
The outlook on liquidity depends on various factors this week. If the Reserve Bank of India decides to remove the cap on the amount raised under the reverse repo, it will immediately modulate the liquidity.
The apex court has upheld the treatment of its business process outsourcing hub, Morgan Stanley Advantage Services, as a service permanent establishment.
The RBI had raised the issue with thegovernment, stating that foreign banks buying majority stakes in non-deposit-taking NBFCs (NBFC-ND) would provide room for regulatory arbitrage.
The two had signed an operating agreement for cross-selling each other's products recently.
The central bank fears the Asian market may impact interest rate derivatives.
The government is planning to relax the recent diktat of clubbing non-convertible, optionally convertible or partially convertible preference shares as External Commercial Borrowings for some companies.
By passing on the information to income tax department, the regulator wants to send a clear signal that manipulation could prove to be costly.
With pressure mounting on 18 regional exchanges to demutualise, some bourses have decided to shut shop, while others are going in for demutualisation - leading to an eventual consolidation.
Foreign banks say they have been caught in a "conflict" situation with respect to the manner in which the Reserve Bank of India (RBI) conducts inspections at their branches.
The Reserve Bank of India (RBI) has finally retreated from its position that UTI Bank split the post of chairman and managing director when the incumbent P J Nayak's term ends on July 31, 2007.
Objective of the examination is to study the tax implications of such deals.
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