This will add to the woes of the conglomerate that had received a show-cause notice from the Directorate of Revenue Intelligence (DRI) last week for alleged over-valuation of imported machinery by Rs 2,000 crore.
Under new government, tax office to explore ways to reduce disputes.
A decision by P Chidambaram in his last days as finance minister has annoyed the revenue department.
Indirect tax collections saw only a meagre 3.5 per cent growth, as mop-up from Customs fell sharply on account of a drop in imports.
Many ministries couldn't use the allocated funds since it came into force, resulting in much-needed savings.
A tax reforms panel, headed by finance minister's advisor Parthasarathi Shome, is considering moving away from setting fixed tax-collection targets and linking these with the changing economic scenario during the year.
The US has been widely criticised for using pressure tactics to secure information from other countries, without reciprocity.
The committee's suggestion that existing commercial banks be allowed to hold payment banks as subsidiaries is also seen as unviable by RBI and the finance ministry.
IBA has commissioned a study to evaluate the pros and cons of keeping banks shut on Saturdays.
Two key depts in ministry cold to rationale for one; postal dept says it's more eligible than IDFC or Bandhan, feels 'strong lobby' scuttling its plans.
Generally,profit of a partnership firm is divided among its partners in sync with their partnership deal.
The RBI wants to enforce more transparency in public sector banks. Manojit Saha The Apex bank wants the government t oreduce stakes in PSUs.
FY14 sees 16% decline in adjustments; department adds only Rs 59,000 crore to the profits attributed by multinationals, against Rs 70,000 crore a year ago
Delhi High Court quashes reassessment proceedings by Income Tax department.
The RBI needs to maintain a healthy contingency reserve so that it can lend its support in case of a bank failure.
The Jalan panel has recommended to the RBI to keep shady entities out of banking licence race.
The Finance Ministry is of the opinion that Vodafone might drag its tax dispute to court.
The government managed to raise revenues by sending notices to high net individuals to did not file I-T returns last year.
The Finance Ministry has asked top rung exectives of United bank of India to furnish bad loan recovery report on daily basis.
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It would be fair to say that markets are coming to the end of a down-cycle and are at the cusp of the next up-cycle.
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