The government is considering blocking internet protocol (IP) addresses of companies/exchanges on which trading in cryptocurrencies is happening, said a source in the know. Two months ago, the government had said it intended to bring a Bill to ban private cryptocurrencies and introduce India's own digital currency in line with what China and other countries had done. This move is part of that. The government had also proposed to promote technology like blockchain. Industry, however, says banning decentralised currencies like bitcoin and ethereum is not possible.
They have also called for giving cash to the poor, so that demand is generated in the economy.
In one of the steepest increases since daily price revision was started, petrol price on Thursday was hiked by 25 paise per litre and diesel by 30 paise as oil companies raised rates for the third straight day to pass on to consumers the increase in international oil prices.
Prime Minister Narendra Modi on Wednesday said that the country's economic growth is picking up pace again and the domestic industry needs to enhance its risk-taking appetite. Noting the recent reforms taken by the government, the Prime Minister said that bringing reforms is a matter of conviction for his government, which is ready to take all risks in the national interest. "We have taken bold decisions. Reforms continued even during pandemic. "The government is doing reforms not out of compulsion but out of conviction," he said while addressing the CII's annual meeting.
Petrol price on Tuesday was increased by 15 paise per litre and diesel by 18 paise as State-owned fuel retailers started passing on the increase in international oil prices to consumers after an 18-day hiatus.
The CJI said tax judiciary plays a very important role in resource mobilisation of the country and expressed concern over pendency of cases.
Indian billionaires saw their combined fortunes more than double during the COVID-19 pandemic, and their count shot up by 39 per cent to 142, while the wealth of the ten richest is enough to fund school and higher education of children in the country for 25 years, a new study showed on Monday. In its annual inequality survey released on the first day of the World Economic Forum's online Davos Agenda summit, Oxfam India further said that an additional one per cent tax on the richest 10 per cent can provide the country with nearly 17.7 lakh extra oxygen cylinders, while a similar wealth tax on the 98 richest billionaire families would finance Ayushman Bharat, the world's largest health insurance scheme, for more than seven years. The COVID-19 pandemic saw a huge rush for oxygen cylinders and insurance claims during the second wave last year.
'Investing in the stocks of holdcos can be a very efficient and inexpensive way of gaining exposure to the stocks of India's reputable growing business houses.'
'The markets have corrected almost 8-9 per cent from their highs, so one can accumulate quality stocks at reasonable prices.'
The pandemic has brutally highlighted the inadequacy of India's administrative systems. And, the government has demonstrated its culpable inability to speed up vaccination in a timely manner, says Jaimini Bhagwati.
This brings its tax treatment on par with the Prime Minister's National Relief Fund.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Ahead of the second instalment of advance tax, the revenue department is scrutinising entities that have registered negative growth in their tax deducted at source (TDS) payments, even when they reported healthy advance tax payments. According to sources, taxmen have observed a mismatch in TDS payments from at least 60-65 small to mid-sized companies. Officials said it is unusual for TDS to not increase, given the improved turnover and profits - if higher advance tax payments are any indication.
The cryptocurrency industry on Wednesday urged the government to take a nuanced approach towards regulating crypto assets in India and asked investors in the country to remain calm and not arrive at a rushed conclusion, a day after the government listed for introduction a Bill to ban all such cryptocurrencies, with some exceptions.
'The market was expecting the Budget to do more, given the domestic economic slowdown and global uncertainty. Over the next few days, the market is expected to absorb the volatility.'
The 15 ministers were sworn in on Sunday for the expanded Gehlot cabinet, fulfilling a key demand of former deputy chief minister Sachin Pilot whose rebellion last year shook the state's Congress government.
The IAS officer, who was posted for nearly 15 months in the sports and youth affairs department, headed by Minister Anil Vij, has been transferred over 45 times in his career so far.
PSU divestment, LIC IPO, fiscal deficit: Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation.
Congress leader and ex-finance minister P Chidambaram on Tuesday said the Union Budget was the "most capitalist" with nothing for the poor and farmers while sops were being provided to big industrialists turning India into a very "unequal country". At a press conference after Union Finance Minister Nirmala Sitharaman unveiled a Rs 39.45 lakh crore Budget, he said because of the ruling party's "brute majority" the Lok Sabha pass the Budget but people will reject it. He claimed the Bharatiya Janata Party was going to elections, scheduled in five states, not with their performance or with the promises and assurances to the people, but solely "with the agenda of dividing the country and bringing Hindutva back to power".
Most of the changes have come about in the last four years and ITC is now reaping the dividends - standalone revenues from the non-cigarettes FMCG business have grown 40 per cent from FY17 to Rs 14,728.21 crore in FY21 and pre-tax profits 30 times to Rs 823.69 crore. The business accounted for 30.58 per cent of gross revenues and 4.85 per cent of pre-tax profits in FY21. "In the last four years, our margins in FMCG have gone up by 640 basis points (bps) and EBITDA margins have been moving up consistently. "We created levers that enabled a sustained growth trajectory," said ITC chairman and managing director Sanjiv Puri. Puri took charge as the chief executive officer in 2017; in 2018, he was redesignated managing director and effective May 2019, he became chairman.
The government's programmes should be expected to generate some momentum, but the macro-economic numbers are not encouraging, observes T N Ninan.
With real estate -- NRIs's favourite investment vehicle in the past -- unlikely to do well in the near future, there is a strong case for NRIs to shift to equity and debt mutual funds, says Prateek Mehta.
The Centre submitted that it has sent communication to all states and Union Territories asking their comments on the issue and urged the court that the proceedings be adjourned till such time the inputs are received.
The apex court has settled the long-pending dispute between companies such as Samsung, IBM, HP & others and the tax department.
Given the expectations of growth in the packaged foods segment, the company seeks to become a Rs 1-trillion FMCG business by FY30.
Britain's Cairn Energy Plc has dropped lawsuits against the Indian government and its entities in the US and other places and is in the final stages of withdrawing cases in Paris and the Netherlands to get back about Rs 7,900 crore that were collected from it to enforce a retrospective tax demand. As part of the settlement reached with the government to the seven-year old dispute over levy of back taxes, the company - which is now known as Capricorn Energy PLC - has initiated proceedings to withdraw lawsuits it had filed in several jurisdictions to enforce an international arbitration award which had overturned levy of Rs 10,247 crore retrospective taxes and ordered India to refund the money already collected. Two sources with direct knowledge of the matter said Cairn on November 26 withdrew the lawsuit it had brought in Mauritius for recognition of the arbitration award and took similar measures in courts in Singapore, the UK and Canada.
Do you have parents who have turned 60? You may want to forward Sarbajeet K Sen's suggestions to them.
As the country moves towards creating a spot gold exchange, markets regulator Sebi's whole time member G Mahalingam on Wednesday suggested routing all the imports of the precious metal through the exchange ecosystem in the future. Such a "funnelling" would ensure that gold monetisation takes place right at the source as the metal enters the country, he said while addressing a conference organised by industry lobby Ficci. However, he also noted that the issue has not been dealt with in the papers floated by Sebi.
President Vladimir Putin proposed sweeping constitutional changes that could extend his hold on power for many years. Russian Federal Tax Service head Mikhail Mishustin to be the new PM.
'We would advise investors to invest in a disciplined way in equities for the long term.'
5 commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of GST's purview given the revenue dependence of state governments on these sectors.
'Allocate some parts of one's surplus income towards cryptocurrencies, considering the immense growth potential of this emerging asset class.'
'GST will increase the volume of taxation, there is no tax on tax and therefore makes goods, commodities and services little cheaper and far more convenient.'
By any economic theory or doctrine, this is no Budget that supports economic recovery, whether through supporting aggregate demand, or through expansionary stimulus, declares Rathin Roy.
Based on the holding period, the profit you make is liable to short-term or long-term capital gains tax, experts tell Tinesh Bhasin.
A cross-country comparison shows that India currently has the lowest number of taxpayers.
Union Finance Minister Nirmala Sitharaman on Friday said the Indian economy is on a sustained path of revival and cited rise in GST collections and direct taxes to support her assertion. She further said that the confidence in the Indian stock market is growing as retail and small investors are keenly investing money in the share market. She was addressing the media in New Delhi.
GST impact: Higher lease payouts may hit airlines, cab aggregators.
Audi's strategy seems to point to pushing technology to directly connect with consumers using digital platforms and marketing to synchromesh into one seamless experience, says Pavan Lall.
Those who have crossed 50 must show the greatest urgency. They need to achieve a corpus that can sustain them and their spouses for at least 25-30 years after retirement.
