This comes after the ministry of home affairs issued guidelines for the fourth phase of the nationwide lockdown, giving power to states and union territories to delineate red, green and orange zones as per the COVID-19 situation taking into consideration the parameters shared by the union health ministry.
Provisions in the Central GST Act say reduction in GST rates or the benefit of ITC must be passed on to consumers.
With the former prime minister stepping aside on Sunday night saying it was "simply not the right time" for his comeback, the prospect of a Diwali victory for Sunak cannot be ruled out.
A day after the Reserve Bank of India's (RBI's) Monetary Policy Committee hiked the policy repo rate by 50 basis points (bps), several commercial banks, including ICICI Bank and Bank of Baroda, raised their external benchmark-linked loan rates by an equal amount on Thursday. HDFC, the country's largest mortgage lender, too, increased its interest rates on housing loans by another 50 bps. In total, it has raised rates by 85 bps since May 4, when the RBI had increased the repo rate by 40 bps in an off-cycle meeting.
India is witnessing trailers of future conflicts and its adversaries will continue with efforts to achieve their strategic aims, Army Chief Gen MM Naravane said on Thursday delving into national security challenges emanating from China and Pakistan.
The government on Thursday proposed to tighten the norms for taxation of cryptocurrencies by disallowing set off of any losses with gains from other virtual digital assets. As per the amendments to the Finance Bill, 2022, circulated among the Lok Sabha members, the ministry proposes to remove the word 'other' from section relating to set off of losses from gains in virtual digital assets. This would mean that loss from the transfer of virtual digital assets (VDA) will not be allowed to be set off against the income arising from the transfer of another VDA.
However, Trump refused to concede defeat, saying that the election was "far from over".
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
The people behind the killing of a police sub-inspector in Khanyar locality in Srinagar have been identified and will be brought to justice soon, Jammu and Kashmir Police chief Dilbag Singh said on Sunday.
A British court on Tuesday opened the continuation appeal hearing in the extradition case of Nirav Modi, who is wanted in India on the charges of fraud and money laundering amounting to an estimated $2 billion in the Punjab National Bank (PNB) loan scam case. The 51-year-old diamond merchant had lodged an appeal last year against his extradition order on mental health grounds. Lord Justice Jeremy Stuart-Smith and Justice Robert Jay presided over an initial hearing at the High Court in December last year to determine whether District Judge Sam Goozee's Westminster Magistrates' Court ruling from February 2021 in favour of extradition was incorrect to overlook the diamond merchant's "high risk of suicide".
Default on repayments from March 25, the day when the nationwide lockdown began to curb coronavirus infections, would not be considered for initiating insolvency proceedings for at least six months.
The Supreme Court on Thursday reserved its verdict on a batch of petitions challenging the Karnataka high court judgment refusing to lift the ban on hijab in educational institutions of the state.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
'We continue to believe that the global economy will narrowly avoid a recession, despite expecting the US, Canada, and most of Europe to fall into recession at some point over the next year or so.'
Uber on Thursday said it is now showing trip destination to drivers before they decide to accept a ride to enable them to make informed choices as the ride-hailing app announced a host of new measures promising to improve platform experience for drivers as well as riders. Upfront destination feature is already live across 20 cities and will be expanded to all others, Uber said in a statement. The move assumes significance as the government recently warned cab aggregators, including Ola and Uber, of strict action unless they improve their systems and redress mounting consumer complaints.
In impressive form throughout the season, Lucknow Super Giants will look to bounce back from the reverse they suffered in their previous match and beat Rajasthan Royals in the IPL fixture at the Brabourne Stadium in Mumbai on Sunday and confirm a berth in the play-offs.
In order to promote the housing sector, Reserve Bank of India on Friday decided to rationalise risk weightage on housing loans, making the product attractive for both borrowers and lenders. With revision in the risk weightage, the requirement of capital provision for banks will come down. This will encourage banks to push housing loan products with attractive features.
The Reserve Bank is likely to maintain status quo on interest rates in its forthcoming monetary policy review but may change the stance in view of retail inflation piercing its upper tolerance limit, global uncertainties created by the ongoing Russia-Ukraine war, and the urgency to protect and boost growth, feel experts. The RBI governor-headed rate setting panel -- Monetary Policy Committee (MPC) -- will be holding its first meeting of the 2022-23 fiscal from April 6 to 8. The outcome will be announced on April 8.
Concerned over inflationary pressures in the economy, the Reserve Bank of India (RBI) is bringing down surplus liquidity in the system rapidly. It has fallen to pre-Covid levels and almost 2 per cent of banks' net demand and time liabilities (NDTL). NDTL shows the difference between the sum of demand and time liabilities (deposits) of a bank (with the public or the other bank) and the deposits in the form of assets held by the other bank.
'We revolutionised the system in a manner so that the chances of leakage will be much lower than it was in the beginning.'
He said India too had started its new journey after Independence. 'By the time 25 years were completed, a lot of work should have been done for standing on our own feet but a lot of time has been wasted,' he said.
The Competition Commission of India has approved Tatas' proposal to acquire up to 64.3 per cent stake in BigBasket, a deal that will provide the diversified group a strong foothold in the fast-growing online grocery market.
With the ICC finally terming it 'run out' and removing 'unfair play' in its rule book, the de-stigmatization of running players out at non-striker's has started.
The stellar rise in corporate earnings in financial year 2021-22 (FY21) and FY22 did not result in a corresponding boom in capital expenditure (capex), with listed companies' investment in fixed assets rising just 2.3 per cent year-on-year (YoY) in FY22, growing at the slowest pace in the last six years. In comparison, the firms' combined net profit jumped 63.5 per cent YoY in FY22, while net sales increased 31.1 per cent - the fastest pace in over a decade. The 955 non-financial companies in Business Standard's sample reported combined net profit of Rs 7.18 trillion in FY22, compared with Rs 4.39 trillion in FY21 and Rs 2.59 trillion in FY20.
Union Finance Minister Nirmala Sitharaman on Tuesday announced that income from digital asset transfers will be taxed at a rate of 30 per cent. This move is seen as 'crypto tax'.
The faster-than-expected rise in interest rates by the US Federal Reserve (US Fed) shook global financial markets in early 2022. And now the ongoing war between Russia and Ukraine has lifted commodity prices, with Brent crude oil hitting a 14-year high of $139 a barrel in intraday trade. All these developments have sent the equity markets across the world into a tailspin.
The Supreme Court has agreed to hear on Wednesday a plea related to the economically weaker section quota in NEET-PG admissions, after the Centre sought urgent hearing in the matter.
Wanted diamond merchant Nirav Modi appeared via videolink from his London prison for a regular call-over hearing at Westminster Magistrates' Court on Friday, when he was further remanded in custody until February 25, when the judgment in his extradition case is to be handed down. District Judge Angus Hamilton informed Modi that he would most likely be appearing again via videolink on the day of the ruling, which will decide whether the 49-year-old jeweller has a case to answer before the Indian courts on fraud and money laundering in relation to the Punjab National Bank (PNB) scam case. Last month, District Judge Samuel Goozee had confirmed the timeline for the judgment at the end of closing submissions in the case, during which he heard that Modi is responsible for overseeing a "ponzi-like scheme" that caused enormous fraud to PNB.
Veteran lyricist Javed Akhtar submitted in a court here on Friday that actor Kangana Ranaut's petition seeking transfer of the criminal defamation case filed by him against her was "devoid of any merits" and aimed at delaying the proceedings.
The government on Tuesday raised the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax-exempt.
According to the study, 'mixed' schedules of these vaccines induced high concentrations of antibodies against the SARS-CoV2 spike IgG protein when doses were administered four weeks apart.
The central bank's tough new rules spell major changes in the competitive landscape for financial services audits.
Debt-ridden Vodafone Idea (VIL) has decided to opt for converting about Rs 16,000 crore interest dues liability payable to the government into equity which will amount to around 35.8 per cent stake in the company, as per a regulatory filing of the telecom firm. If the plan goes through, the government will become the biggest shareholder in the company which is reeling under a debt burden of about Rs 1.95 lakh crore. "...the board of directors, at its meeting held on 10th January 2022, has approved the conversion of the full amount of such interest related to spectrum auction instalments and AGR dues into equity.
This survey also shows how things have moved forward since the last large-scale sample survey conducted by NSSO in 2012-13
'There are no drugs to be given in the first week, if you have been hospitalised.' 'If you're getting any drug, that drug is likely to be unnecessary.' 'Or the hospitalisation is unnecessary.'
Life Insurance Corp of India (LIC), which is aiming to launch its initial public offering (IPO) next month, is set to alter the pecking order of top listed companies in the country. Depending upon where the government prices the IPO, the stock could end up becoming India's most valuable company on the first day and even get fast-tracked into global benchmark indices given its sheer size. According to market sources, LIC's IPO is targeting to mop up Rs 63,000 crore and Rs 75,000 crore.
New projects fell 6.3 per cent in the December quarter compared with the September quarter. The value of new projects in the just-concluded quarter was Rs 2.1 trillion, according to the data from Centre for Monitoring Indian Economy (CMIE), which was lower than the Rs 2.2 trillion seen in the September quarter. It is, however, higher than Rs 1.5 trillion recorded for the quarter ended December 2020, the first year of the Covid-19 pandemic. This data ties in with the November data for core sector growth, an index of eight core industries, which grew at its slowest pace since early 2021.
The new PN3 norms and lack of clarity on what constitutes beneficial ownership are the primary reasons for the decline in investments from China and Hong Kong.
Foreign portfolio investors (FPIs) who invest from Mauritius into Indian companies that dole out bonus debentures will get impacted by the tax avoidance provisions on bonus stripping. The FY23 Budget has extended these provisions - applicable only to MFs, so far - to shares and units of REITs, InvITs and AIFs. The move will especially affect large institutional investors who sell original units within nine months after the record date because the loss arising from sale of original units would have to be ignored for the purposes of computing taxable income and cannot be set off against any other capital gain.
United States First Lady Melania Trump has joined other members of her husband Donald Trump's inner circle asking him to accept his loss and concede defeat to President-elect Joe Biden, informed a source familiar with the conversations.
