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 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.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
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.
Sebi's move will help curb the illicit practice of keeping the parent company's account clean while maintaining debt in its subsidiaries.
The move is aimed at protecting investors from parking their money in dubious schemes.
If the BJP comes to power, sources say it may change the financial year (April-March) to the calendar year (January-December).
ED orders Chanda Kochhar to appear with asset lists also provide income-tax returns in her individual capacity and of companies if she was a director or held any position.
An assessing officer can initiate proceedings for prosecution from three months to two years, along with a fine.
The tax department was given the land at Mumbai's posh location, measuring 2,786 square metre, with a minimum capacity of 100,000 sq ft, in 1992. Instead of constructing an office building, the department recently took a few floors on rent at the nearby Air India building.
CBDT asks for urgent action, especially with respect to recovery of arrears and current demand, to achieve the collection target.
The total direct tax collection stands at a little over Rs 9 trillion, giving the taxman just few days to reach the 2018-19 revised target of Rs 12 trillion., reports Shrimi Choudhary.
The income-tax department has created various functionalities under its Project Insight, which will provide the 360-degree profile of taxpayers, including new and non-filers to gauge their accountability and tax liability. The tax department had on March 15 put out instructions for tax officials for accessing the insight.
SBI-led consortium expects to make over Rs 13,000 crore from sale of assets
In April last year, tax authorities had questioned Deepak Kochhar over a Rs 405-crore investment by Accion Diversified Strategies Fund through its Mauritius subsidiary, DH Renewables Holding
To make sure liquid schemes reflect the underlying portfolio risks, Sebi has said all debt papers with maturity of 30 days or more to be marked to market. Earlier, fund houses didn't have to do so for securities that had less than 60-day maturity.
The apex body also wants to bring in systemic reforms, especially to redress grievances of the small taxpayers such as - increased automation of the processes, e-filing, centralised processing of the tax returns and other bulk operations.
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