Shrimi Choudhary

All stories by Shrimi Choudhary

Black money: SIT proposes to cap cash kept at home

Black money: SIT proposes to cap cash kept at home

Rediff.com5 Feb 2020

The proposed measures aim to bring stricter norms to curb holding of illegal cash and mismanagement of unaccounted cash seized by the probe agencies during investigations.

Tax dispute? Govt offers immunity scheme

Tax dispute? Govt offers immunity scheme

Rediff.com2 Feb 2020

The Vivaad se Vishwas scheme is a replica of the Sabka Vishwas (Legacy Dispute Regulation) Scheme, 2019 (SVLDRS) for indirect tax litigation. The hope is that this would unlock revenue blocked in long-drawn litigation at various forums. Sources in the department say the total value at stake in these disputes would be Rs 5-6 trillion.

How DHFL diverted Rs 12,700 crore to shadowy firms

How DHFL diverted Rs 12,700 crore to shadowy firms

Rediff.com30 Jan 2020

The ED, which is probing the DHFL promoters' role in financing funds to gangster Iqbal Memon (alias Iqbal Mirchi), said Kapil Wadhawan, former chairman and managing director of the debt-laden company, played a very crucial role in these "nefarious transactions" by way of money laundering.

Government headhunts for new Sebi chief

Government headhunts for new Sebi chief

Rediff.com28 Jan 2020

The finance ministry has put out an advertisement seeking applications from eligible candidates for the post and gave just two weeks against the usual practice of three months. Further, the tenure of the watchdog is again being extended to five years.

Direct tax collections from Mumbai dip 13%

Direct tax collections from Mumbai dip 13%

Rediff.com21 Jan 2020

It had declined by slightly over 4 per cent in December. The city contributes 37 per cent to the total direct tax revenues. If the trend continues, it could affect the Budget estimates of Rs 13 trillion for the current fiscal year.

Budget 2020: Tax changes for charitable trusts likely

Budget 2020: Tax changes for charitable trusts likely

Rediff.com13 Jan 2020

The new provision under the Income-Tax Act may enable the authorities to seize trustees' personal assets if there's a breach of objectives governing registered charitable trusts.

Mukesh Ambani's family in alleged black money net

Mukesh Ambani's family in alleged black money net

Rediff.com3 Jan 2020

The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.

Taxmen told to dispose of 5-year-old pending cases by March

Taxmen told to dispose of 5-year-old pending cases by March

Rediff.com31 Dec 2019

There are about 31,000 pending cases, locking revenue worth Rs 500 crore.

Budget 2020: Centre, Sebi spar over transfer of surplus funds to exchequer

Budget 2020: Centre, Sebi spar over transfer of surplus funds to exchequer

Rediff.com28 Dec 2019

In 2009, FinMin proposed to move regulators' reserves into public account. These accounts were finally opened in 2013-14. However, no funds have been deposited in it so far.

Karvy commodity clients now knock bourses' doors

Karvy commodity clients now knock bourses' doors

Rediff.com23 Dec 2019

Karvy group's commodity broking arm, too, is facing a liquidity crisis because of some issues related to NCDEX, said people in the know.

Karvy fiasco: How brokers exploited the loopholes

Karvy fiasco: How brokers exploited the loopholes

Rediff.com9 Dec 2019

What's required is proper implementation of the rules and better coordination between market intermediaries such as stock exchanges and clearing members who play a key role in monitoring brokerages.

Controversy over cancellation of Tata Trusts' registration

Controversy over cancellation of Tata Trusts' registration

Rediff.com6 Dec 2019

The contentious issue that Tata Trusts is challenging is the date of the order, which makes it liable to pay a much higher amount of tax under the new tax provision introduced in June 2016 concerning charitable trusts.

Brokers, investors come under scanner for fraudulent trades

Brokers, investors come under scanner for fraudulent trades

Rediff.com5 Dec 2019

This was a fresh probe based on the inspection of certain derivative contracts both on the BSE and NSE.

Videocon case: Kochhar yet to return ICICI Bank bonus

Videocon case: Kochhar yet to return ICICI Bank bonus

Rediff.com20 Nov 2019

Kochhar was directed to return about Rs 10 crore in cash bonuses she had received as CEO, and also give up close to 6 million shares of the bank she had as stock option, which was about Rs 350 crore.

Global leaks: Why ED can't probe these 'culprits'

Global leaks: Why ED can't probe these 'culprits'

Rediff.com19 Nov 2019

This is because no prosecution complaint has been filed in any of these cases under the Black Money Act.

Sebi chief Ajay Tyagi may get two-year extension

Sebi chief Ajay Tyagi may get two-year extension

Rediff.com4 Nov 2019

In his first two years, Tyagi, a Himachal Pradesh cadre IAS officer, has implemented challenging stock market reforms and taken action against high-profile corporate entities.

30,000 individuals under I-T lens for remitting money abroad

30,000 individuals under I-T lens for remitting money abroad

Rediff.com31 Oct 2019

The department apparently suspects the use of shell firms or front entities in some aspects of such remittance. Money might, it suspects, have moved in some cases from tax-free jurisdictions or tax havens to accounts in the UAE and some South Asian countries.

PMC case: Wadhawan's UK, UAE properties to be attached

PMC case: Wadhawan's UK, UAE properties to be attached

Rediff.com11 Oct 2019

ED has come across two immovable assets - one flat in Dubai and one land parcel in London. It is examining the valuation of both properties, estimated between Rs 150 crore and Rs 200 crore.

Corruption cases: ED's conviction rate is pathetic

Corruption cases: ED's conviction rate is pathetic

Rediff.com9 Oct 2019

It has registered 2,000-plus money laundering cases and about 12,000 forex violation ones in the 14 years since it was established. Yet, its probes have resulted in no more than 13 convictions from nine cases of money laundering since 2005.

Panel moots zero I-T till Rs 5 lakh, 35% for Rs 2cr+

Panel moots zero I-T till Rs 5 lakh, 35% for Rs 2cr+

Rediff.com24 Sep 2019

The panel has proposed lower rates of 10 per cent for annual income between Rs 5 lakh and Rs 10 lakh, 20 per cent for income between Rs 10 lakh and Rs 20 lakh. For income of Rs 20 lakh to Rs 2 crore, the suggested rate is 30 per cent.

E-assessment of taxpayers will be done via video

E-assessment of taxpayers will be done via video

Rediff.com14 Sep 2019

The new scheme came into effect on Thursday. However, even after a scrutiny assessment, appeals will continue to be done through personal representation.

Govt nominees likely on more Sebi panels

Govt nominees likely on more Sebi panels

Rediff.com12 Sep 2019

While experts' views are divided, the move is aimed at improving the coordination between the government and the regulator.

Forex dealers under lens for large overseas remittances

Forex dealers under lens for large overseas remittances

Rediff.com11 Sep 2019

ED and Directorate of Revenue Intelligence have detected a significant increase in the outflow of Indian money, specifically into four countries --Thailand, Dubai, Singapore and Hong Kong.

Customs nets 23% more illegal gold consignments in Q1

Customs nets 23% more illegal gold consignments in Q1

Rediff.com31 Aug 2019

A rise in import duty could be a reason for increase in illegal consignments, say experts.

ICRA sacks Naresh Takkar as MD following probe

ICRA sacks Naresh Takkar as MD following probe

Rediff.com30 Aug 2019

Without disclosing reasons, ICRA informed the stock exchanges on Thursday, 'The board, after due consideration and taking into account the best interests of the company and its various stakeholders, has decided to terminate the employment of Takkar with immediate effect.'

IL&FS arm's investment in Chennai Super Kings under ED lens

IL&FS arm's investment in Chennai Super Kings under ED lens

Rediff.com27 Aug 2019

The ED is contemplating a special audit of the account in the backdrop of rating agencies downgrading various debt papers of IL&FS.

Chidambaram: 'Probe points to irregularities in 4 other firms'

Chidambaram: 'Probe points to irregularities in 4 other firms'

Rediff.com22 Aug 2019

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.

Tax panel seeks major changes to reassessment rules

Tax panel seeks major changes to reassessment rules

Rediff.com20 Aug 2019

The I-T officer can go back up to six years to scrutinise the books of accounts of the assessees.

CBDT to probe CCD founder's death

CBDT to probe CCD founder's death

Rediff.com15 Aug 2019

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.

All you want to know about social bourses

All you want to know about social bourses

Rediff.com22 Jul 2019

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.

Why Facebook and Google are under I-T scanner

Why Facebook and Google are under I-T scanner

Rediff.com17 Jul 2019

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.

'High-risk remittance' data under Income Tax lens

'High-risk remittance' data under Income Tax lens

Rediff.com8 Jul 2019

The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not

Noose around NRI tax evaders, charitable trusts tightens

Noose around NRI tax evaders, charitable trusts tightens

Rediff.com6 Jul 2019

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.

Income tax filing to be lot easier

Income tax filing to be lot easier

Rediff.com6 Jul 2019

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.

Why ICRA chief Naresh Takkar was sent on sudden leave

Why ICRA chief Naresh Takkar was sent on sudden leave

Rediff.com2 Jul 2019

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.

Agencies to put restrictions on suspects going abroad

Agencies to put restrictions on suspects going abroad

Rediff.com19 Jun 2019

A list of at least 20 individuals has been sent to the immigration department to prevent them from flying overseas.

India Inc's advance tax mop-up surges 171% in Q1

India Inc's advance tax mop-up surges 171% in Q1

Rediff.com18 Jun 2019

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.

Net closing in on PNB, IL&FS, ICICI-Videocon, AugustaWestland

Net closing in on PNB, IL&FS, ICICI-Videocon, AugustaWestland

Rediff.com7 Jun 2019

'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'

Chanda Kochhar contests bonus clawback, ESOP termination

Chanda Kochhar contests bonus clawback, ESOP termination

Rediff.com20 May 2019

Until June 2018, the ICICI Bank board had given a clean chit to Kochhar with full backing and had said there was no question of favouritism, nepotism or conflict of interest on her part in granting loans to Videocon Industries or any other company. However, the stance changed soon after the regulatory and probe agencies initiated enquiry in the matter.

New Sebi rule make accountants more accountable

New Sebi rule make accountants more accountable

Rediff.com20 May 2019

Sebi's move will help curb the illicit practice of keeping the parent company's account clean while maintaining debt in its subsidiaries.

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