The ED is contemplating a special audit of the account in the backdrop of rating agencies downgrading various debt papers of IL&FS.
Apart from INX Media and Aircel-Maxis, the four other firms which are under the scanner are Diageo Scotland, Essar Steel, Katara Holdings and Elforge Ltd. These firms were granted FIPB approval when Chidambaram was the FM, reports Shrimi Choudhary.
The I-T officer can go back up to six years to scrutinise the books of accounts of the assessees.
CBDT has sought explanation from B R Balakrishnan, former director-general of I-T (investigation wing) and former principal chief commissioner of I-T for Karnataka and Goa, who had ordered attachment of CCD's shares when he was in charge of the Bengaluru region. He retired last month.
The rising price of the precious metal has helped the central bank increase overall forex reserves despite currency reserves not rising, and sometimes even falling.
Smuggled gold, which is selling sharply lower than the spot market price, is also responsible for discounts not ending. Some consumers are selling high amounts of gold.
A social stock exchange, broadly, is understood to be a platform that allows investors to buy shares, bonds or units in a social enterprise that has been vetted by the exchange. These allow firms operating in sectors such as health, environment and transportation to raise risk capital.
Taxmen have come across instances where global firms - charged a withholding tax of 6 per cent - are underreporting the exact income they earned from an Indian user.
India consumes around 24-25 million tonnes of pulses, but sowing trends show this year production is expected to be lower compared to last year.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
Standard Chartered Bank is setting up an international banking unit primarily to look after Indian company requirements. The bank is looking for a $2-billion loan book in the first five years of business.
At present, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, covers only resident Indians. The Finance Bill has expanded the definition of assessees to include NRIs.
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
This move was triggered by a whistleblower complaint sent to Sebi against senior management interference in ensuring good ratings specifically in IL&FS and its subsidiaries.
The main difference of opinion between RBI and FinMin is over the transfer of the RBI's 'excess' capital reserves. The Jalan panel seeks to convince finance secretary Subhash Garg to soften his dissent note language. The move is aimed at maintaining the now-cordial relations between the RBI and the finance ministry.
A substantial fluctuation is likely because for a long period gold has moved in a narrow range of $ 50-60 and at higher levels short positions were built.
If hallmarking data are anything to go by, the proportion of spurious jewellery in the country might have shrunk significantly in the past five years.
A list of at least 20 individuals has been sent to the immigration department to prevent them from flying overseas.
Mumbai collected Rs 17,174 crore of advance taxes against Rs 7,356 crore in the same period last year. The tax authorities believe that such a staggering growth rate is a positive sign for the economy.
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