Shrimi Choudhary

All stories by Shrimi Choudhary

Faceless scheme: Changes that revenue officers want

Faceless scheme: Changes that revenue officers want

Rediff.com2 Sep 2020

Some of the proposals include redrafting transfer and placement policy for IRS officers, strengthening the cadre restructuring, rebranding of IRS, robust deputation policy and creation of encadred post in other ministries and government department.

Google tax contributes merely 1% of direct tax kitty

Google tax contributes merely 1% of direct tax kitty

Rediff.com26 Aug 2020

A total of Rs 396 crore has been mopped up, as on August 20 against Rs 407 crore collected in the same period last year. This was despite the expansion of the levy to online e-commerce players from this financial year.

I-T evaders beware! Taxmen are on prowl

I-T evaders beware! Taxmen are on prowl

Rediff.com23 Jul 2020

CBDT has directed officials to start scrutinising information from tax evasion petitions, and take them up on a priority basis.

Google tax: India likely to face US trade action

Google tax: India likely to face US trade action

Rediff.com20 Jul 2020

The US launched an investigation, focusing on whether the tax in India and other countries discriminated against American companies, were retroactive, and reflected unreasonable tax policy.

New FDI policy in, FB seeks legal advice on Jio investment

New FDI policy in, FB seeks legal advice on Jio investment

Rediff.com1 Jul 2020

Sources say the Mark Zuckerberg-led company wants to ensure there are no issues in its investment in the subsidiary of Reliance Industries and has roped in one of the Big Four consultancy firms to advise it on how the new "beneficial ownership" norms would apply to the proposed investment in Jio.

Home ministry may stall FDI plans of 6 Chinese firms

Home ministry may stall FDI plans of 6 Chinese firms

Rediff.com29 Jun 2020

The ministry of home affairs has received more than 20 proposals for foreign direct investment (FDI), including from China and Hong Kong, requiring security clearance between April and May. 'We are vetting some of these proposals which have come from various sectors. One of the applications is from a well known start-up,' an official said. 'We await inputs from Research and Analysis Wing, intelligence agencies, external affairs ministry, and embassies.'

Staff unhappy as Sebi hunts for external EDs

Staff unhappy as Sebi hunts for external EDs

Rediff.com29 Jun 2020

Sebi had recently put out an advertisement inviting applications for recruitment of two EDs on contractual or deputation basis for a three-year period and asked candidates to apply by July 17.

Another Nirav Modi-like scam involving BJP's Mohit Kamboj surfaces

Another Nirav Modi-like scam involving BJP's Mohit Kamboj surfaces

Rediff.com18 Jun 2020

CBI has registered a case against general secretary of Mumbai BJP Mohit Kamboj, his jewellery manufacturing firm Avyaan Overseas, its directors, few mid-level bankers and others for alleged diversion of funds by availing fraudulent foreign bills negotiation limit and export packaging credit limit, issued by lender Bank of India between 2013 and 2018.

YES Bank fraud case: Cox & Kings top brass under ED lens

YES Bank fraud case: Cox & Kings top brass under ED lens

Rediff.com9 Jun 2020

The probe agency found irregularities in loans amounting Rs 3,642 crore sanctioned by Yes Bank to the travel firm.

Templeton's investment in Rana Kapoor's YES Capital under ED lens

Templeton's investment in Rana Kapoor's YES Capital under ED lens

Rediff.com3 Jun 2020

Schemes among the six wound up by the fund house had given a loan of Rs 518 crore against non-convertible debentures to the firm in March 2019, according to ED's chargesheet.

ED attaches JP Morgan India accounts worth Rs 187 crore

ED attaches JP Morgan India accounts worth Rs 187 crore

Rediff.com28 May 2020

This follows an investigation into alleged violations of foreign exchange rules involving foreign direct investment of Rs 85 crore and Rs 140 crore by JP Morgan India and Amrapali Group firms.

Huge scam in YES Bank for many years, say ED

Huge scam in YES Bank for many years, say ED

Rediff.com26 May 2020

Proceeds of the crime had been siphoned off and laundered or concealed, or layered and integrated into the main financial system through the acquisition of properties. His wife Bindu Kapoor has been charged with being aware of the source of monies that were being routed through these companies.

'Google tax' may be deferred till September

'Google tax' may be deferred till September

Rediff.com14 May 2020

E-commerce giants such as Amazon, Netflix and Flipkart, whose headquarters are not in India, potentially have to pay the additional levy of 2 per cent from April 1.

YES Bank: Rs 5,500-crore kickback charge slapped on Rana Kapoor

YES Bank: Rs 5,500-crore kickback charge slapped on Rana Kapoor

Rediff.com7 May 2020

Other than Kapoor, the complaint, running into more than 10,000 pages, named his wife, Bindu; three daughters Rakhee, Roshini, and Radha; and three firms, Morgan Credits, RAB Enterprises, and Doit Urban Ventures, allegedly controlled by them.

Gold smugglers locked down, no seizure in April

Gold smugglers locked down, no seizure in April

Rediff.com6 May 2020

Custom authorities have been keeping strict vigil on the cargo movements from Bhutan, Taiwan, China, Afghanistan, South Korea Japan, and Dubai since January.

Deadline for tax settlement scheme may be extended

Deadline for tax settlement scheme may be extended

Rediff.com1 May 2020

The revenue department has not seen a single deposit, owing to the outbreak of the COVID-19 pandemic.

Rights issue pricing norms for NRIs tightened

Rights issue pricing norms for NRIs tightened

Rediff.com29 Apr 2020

Experts said the rules will help curb market manipulation and money laundering, which could take place during the transfer of shares between residents and NRIs.

Direct tax shortfall likely to be at 20-year high

Direct tax shortfall likely to be at 20-year high

Rediff.com31 Mar 2020

The income tax department estimates total collection to be between Rs 10.5 trillion and Rs 10.7 trillion against the revised target of Rs 11.7 trillion.

Rana Kapoor's properties may soon be attached by ED

Rana Kapoor's properties may soon be attached by ED

Rediff.com14 Mar 2020

The properties overseas include two luxury hotels - one in New York and one in London - two residential apartments in London valued at 15 million each, and a yacht stationed in the UK. In India, Kapoor's six bungalows in Delhi's upscale localities, including Jor Bagh, Hauz Khas, and Kautilya Marg, were also identified.

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.

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