From April onwards, the government have sensitised the ministries to live within the Budget.
Those conducting their businesses predominantly in cash and evading income tax have reasons to worry.
Leaving behind apprehensions of a rise in interest rates and petro duty cut impacting budget numbers, the officials are now confident of keeping the fiscal deficit within the targeted 4.6 per cent of the gross domestic product.
Empowered CIB to play lead role in recovering tax evaded.
Empowered CIB to play lead role in recovering tax evaded.
"It is felt there should be an arm's-length distance between the fund manager and the custodian of securities. There should be separation between fund manager, banker and the custodian," a senior labour ministry official said.
A senior CBDT official said the idea was to use TDS as a major driver to meet the stiff direct tax collection target of Rs 5.33 lakh crore in the current financial year.
India is pushing for speedy implementation of a globally networked customs (GNC) platform, which envisages an interconnected customs-to-customs information sharing system.
Implementation of GST demands full support from all states.
Agencies to help get data on assets of taxpayers.
As part of the stepped-up efforts to track transfer of funds parked overseas in India, the investigating agencies have brought Cross Border Bank Guarantees (CBBGs) and Standby Letters of Credits (SLOCs) under the scanner.
Economy grew by 8.6 per cent in 2010-11.
Regulator proposes mutual fund model for infrastructure debt funds.
In an extensive exercise to track overseas bank accounts of Indians and round-tripping of funds, top investigating agencies in the country are gathering actionable intelligence on chartered accountants, brokers, legal firms and professionals involved in these areas.
The reservations of Environment Minister Jairam Ramesh on the projected additional electricity generation capacity of 100,000 Mw during the 12th Five-Year Plan (2012-17) period has failed to cut much ice with the Planning Commission.
The Income Tax (I-T) Department has embarked on a plan to create a national data centre to facilitate a management information systems-based, real-time analysis of data for quick and effective decision making.
Plans joint venture with private ATM service providers.
The Reserve Bank of India (RBI) is likely to soon notify that the information about an individual captured in 'Aaadhar', issued by the Unique Identification Authority of India (UIDAI), would be sufficient to fulfill the KYC (know your customer) norms for all financial products.
A senior Central Board of Direct Taxes official told Business Standard the Income Tax department had decided to intensify its vigil on the non-payment of TDS on interest earnings and non-disclosure of such income in the tax return.
A senior finance ministry official said, on the condition of anonymity, that the top echelons of the government tried to convince the Central Board of Direct Taxes (CBDT) for a sympathetic consideration of the company's plea in the case pertaining to the income of the erstwhile Satyam Computer Services Ltd (SCSL) from abroad.
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