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 government is planning to merge Bharat Broadband Nigam Limited (BBNL) with the loss-making state-run telecom operator Bharat Sanchar Nigam Limited (BSNL) this month, a senior official has said. BSNL chairman and managing director PK Purwar at a recent event organised by the All India Graduate Engineers and Telecom officers Association (AIGETOA) said that the government is giving the telecom firm an opportunity for a turnaround. "The government has taken a policy decision that BBNL is going to be merged into BSNL. "This means all work of BBNL at the pan-India level is going to come to BSNL," Purwar said at the All India Conference of AIGETOA on March 13.
The levy of retrospective tax on the UK's Cairn Energy Plc is a tale of bizarre twists and turns that saw its attached shares being sold in May 2018 amid the passing of the baton from a full-time finance minister to interim one and the talks at the highest level to resolve the dispute, to claims that levy of back taxes was a result of an investigation into Panama Papers leak. The government late last month refunded about Rs 7,900 crore it had collected from selling residual shares of the British firm in its erstwhile India unit, seizing dividend and withholding tax refunds, to settle an eight-year-old dispute that had tarred the country's reputation as an investment destination. But, this did not come about easily. For seven years, the establishment vehemently justified in courts and outside seeking of Rs 10,247 crore in back taxes plus interest and penalty from a firm that gave India its biggest onshore oil discovery.
The case relates roughly to assessment years 2000-01 to 2002-03 and 2004-05 to 2007-08
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
'The road ahead for the government's fiscal management will be full of many new challenges,' warns A K Bhattacharya.
'The kind of tax which will be generated from the second pillar may far outweigh what we may be losing in the first pillar.'
The Madhya Pradesh government has decided to set up a 'gau cabinet' for the protection and promotion of cows in the state, Chief Minister Shivraj Singh Chouhan said on Wednesday.
'The deaths of the children in the Gambia would batter India's reputation as the developing world's pharmacy.'
If the fiscal deficit for the year can be maintained at Rs 7.04 trillion, the deficit as a percentage of GDP will slip to 3.44 per cent
Any league restart would see matches played in front of empty stands.
No longer Bengal's finance minister, Amit Mitra, Mamata's principal chief advisor, will still advise and aid the 'chief minister and finance department on all matters relating to management of state finance', represent the 'state government in national and international events/meetings/committees' and examine 'important proposals/files and policy issues relating to financial matters referred to him for advice/views'.
The proposal may provide relief to the tune of Rs 9,000 crore to service providers.
Northern Army commander Lieutenant General Upendra Dwivedi on Monday said the targeted killings of Kashmiri Pandits and non-local labourers by militants was to keep terrorism alive in Kashmir.
'The economy has to become the government's No. 1 priority, which it is not at the moment,' says T N Ninan.
The IMD director said, the cyclonic storm Tauktae in the Arabian sea is moving away from the Kerala coast and is now approaching the Karnataka coast.
In a rare face off, captains of the auto industry have hit out at the government for not walking the talk. At an industry event in the capital on Wednesday, R C Bhargava, chairman of India's largest carmaker Maruti Suzuki, and Venu Srinivasan, chairman of TVS Motor, questioned the government's intent to support the auto sector. Revenue secretary Tarun Bajaj sat in the audience listening, before his turn came to counter them.
Apart from the chief minister and deputy chief minister, 13 cabinet and 10 ministers of state were allocated portfolios.
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
A 14-member council of ministers was sworn in Patna by Governor Phagu Chauhan on Monday and the BJP bagged seven berths.
A Ganesh Nadar/Rediff.com spends a day at the Manapaddu beach in Tuticorin where nearly 100 whales were mysteriously beached and many died despite the best efforts of the fishermen and authorities.
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.
Most of the services of the postal department are incurring losses.
When Nirmala Sitharaman announced her new privatisation policy, there were serious doubts if the move had the BJP's full political backing. All those doubts were dispelled when her initiatives were endorsed by Modi in Parliament, observes A K Bhattacharya.
The Maratha community should get reservation, but it should be done without disturbing the existing quota of other communities, the senior Nationalist Congress Party leader said.
While Eddings cast Roberts's departure as a mutual decision, he also said CA wanted a "new leadership style" and the permanent successor would need strong communication skills.
Amid criticism over the formation of foam in the Yamuna -- a sign of its hazardous water quality -- the Delhi government on Tuesday deployed 15 boats to remove the froth with the help of ropes.
HUFs are not used for tax evasion but for tax avoidance/to save the tax within the four corners of the law. Experts say that there will be little or almost insignificant change in tax revenues.
Taxmen also claimed that the signature of Siddhartha on the letter being circulated on the social media under his name "does not match" with the record available with the department.
Vodafone Idea on Wednesday said its board has approved availing the four-year spectrum payment moratorium being offered by the government as part of its relief package for the telecom sector. The other options offered in the Telecom Department's notification will be considered by the board of directors within the stipulated timeframe, it said in a regulatory filing. "...we wish to inform you that the Board of Directors of the company has approved the exercise of the option of deferment of the company's spectrum auction instalments for a period of 4 years (October 2021 to September 2025) in accordance with ...the notification dated 14 October 2021 issued by the Department of Telecommunications (DoT) to the company," it said.
Heavy overnight rains in Uttar Pradesh on Friday led to the deaths of at least 22 people, including nine labourers who were buried alive under the debris when an under-construction wall in the state capital collapsed on their huts.
The government has so far received about Rs 26,000 crore from AGR payments, including adhoc/ buffer amounts given by telcos to meet any reconciliation differences with the telecom department.
A 1985-batch IAS officer with a reputation for industriousness, Murmu is currently special secretary in the revenue department.
From Covid-19 essentials, such as Vitamin C supplements and thermometers, to bicycles, laptops, and personal weighing scales, demand for certain items galloped during last financial year as the pandemic altered what Indians used on a day-to-day basis. Imports of outdoor sports equipment, handbags for women, and dentures, among others, plummeted. With outdoor activities coming to a halt last year and schools functioning virtually, imports of sports goods witnessed a decline, while inbound shipments of laptops and battery chargers saw a sharp uptick, according to the import data for the financial year 2020-21.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
The Centre's revenue from GST registered a decline of 10 per cent in 2017-18 compared to revenue of subsumed taxes in 2016-17.
While it is not clear whether the new form will be applicable from this year, some chartered accountants say that things can go both ways. The new deadline for filing ITR is November 30.
Among the current FTAs with significant trade deficits for India, five are with countries from the 10-nation Asean bloc. Exports to the 10 economies stood at $ 37.4 billion in 2018-19, up by 9% year on year. On the other hand, imports were higher at $ 59.31 billion, up by 25% from the previous year's $ 47.13 billion.
The bodies of 13 people who were killed in a landslide at Plaupally in Koottikkal village (Kanjirapally Taluk, Kottayam District) were recovered.
