Union Finance Minister Nirmala Sitharaman on Monday said banks need to focus more on being customer-friendly so that the process of availing credit becomes more hassle-free for borrowers. However, the minister made it clear that banks do not have to be lenient on credit underwriting standards by taking any adverse risks on a proposal. At a meeting between industry representatives and the finance minister, a startup founder in the baking business suggested for credit to be available hassle-free, to which largest lender SBI's chairman Dinesh Kumar Khara said a startup's worries are more on the equity side and assured full support in lending if sufficient equity is on the table.
The bill was passed in the assembly in December last year but was pending before the council where the ruling Bharatiya Janata Party is one short of a majority.
Governor Banwarilal Purohit administered the oath of office and secrecy to 68-year old Stalin, for whom this would be the first stint as CM
Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
The government has already sanctioned Rs 4,200 crore for upgradation of information technology infrastructure of Central Board of Direct Taxes (CBDT) for processing returns, refunds, faceless scrutiny and verification.
Vodafone had however sought Rs 4,759.07 crore in tax refund from for AYs - 2014-15, 2015-16, 2016-17 and 2017-18.
All India Anna Dravida Munnetra Kazhagam (AIADMK) interim general secretary Edappadi K Palaniswami (EPS) and ousted party leader O Panneerselvam on Tuesday moved the Madras high court against the sealing of the party headquarters by the Tamil Nadu government following violence there on July 11.
The Central Board of Direct Taxes has urged the Income-Tax department to ensure enhanced accountability and probity in public dealings and see to it that honest and tax compliant people are treated with "dignity and courtesy".
Prime Minister Narendra Modi on Wednesday undertook an aerial survey of affected areas in Gujarat and the adjoining Union territory of Diu to assess the devastation caused by Cyclone Tauktae.
The companies have offered to pay upfront the principal amount due for licence fees and spectrum usage charges (SUCs) on the basis of adjusted gross revenue (AGR). This amount will not include the interest, the penalty, and the interest on the penalty.
It shows that states would require a compensation to the tune of at least Rs 1.67 trillion in 2024-25, as none of them would be able to achieve a 14 per cent growth every year.
"God save the King" were the words with which those gathered reaffirmed the proclamation made by the clerk of the council.
Functioning in several departments related to revenue collection has also been affected. Revenue collection has reduced by Rs 17,000 crore in March.
Tourism Minister Anand Singh and Municipal Administration and Small Scale Industries' Minister N Nagaraj (MTB) have openly expressed displeasure over their portfolio, and have sought "weighty" ones.
A day after two cases of the new Omicron variant of coronavirus was detected in the state, the Karnataka government on Friday ordered a probe into test reports of the 66-year-old South African national, that allowed him to leave the country.
The new cabinet, predictably, has a sizeable number of Yadavs and Muslims, though members of other sections of the society also find a place.
The average rate of COVID-19 vaccination in the country has been 10.8 million per week. At that rate, it will take India till December 2024 to complete two billion doses.
Govt may tighten presumptive taxation norms and also do away with some deductions.
Telecom companies have been desperately waiting for a bailout package from the government after a Supreme Court order put their statutory liabilities at Rs 1.47 lakh crore.
Cash-strapped telco Vodafone Idea's proposal for investment of up to Rs 15,000 crore through foreign direct investment (FDI) has been approved by the Union government, according to officials. A top-level group, comprising representatives from the ministries of home affairs, external affairs, finance and commerce and industry, took the decision. The nod, which is an enabling provision, would help the financially-stressed company raise funds to pay up some of its dues linked to adjusted gross revenue (AGR), reduce debts and use the money for operational expenses.
Aiming to intensify government's drive on black money, the PMO has asked the revenue department to look for ways other than bilateral tax treaties to bring back funds stashed abroad.
The latest move, even if it is symbolic, is the first rate hike after the one announced end of 2019.
CBDT has directed officials to start scrutinising information from tax evasion petitions, and take them up on a priority basis.
As the low-pressure area in the south-eastern Arabian Sea intensified into a severe depression on Friday, heavy rains lashed many parts of Kerala and huge tidal waves started hitting low-lying coastal areas.
In a major expansion into sportswear and lifestyle wear segment, the Kumar Mangalam Birla-led Aditya Birla Fashion & Retail has signed a long-term licensing agreement with Authentic Brand Group of New York, which has the marketing and branding rights of Reebok, to run the operations of the global sportswear, athletic and lifestyle major in the country and ASEAN markets. The new agreement between the largest domestic multi-brand fashion retailer and Authentic Brand is an extension of their existing relationship as ABFRL already markets and sells some ABG brands like Forever 21. The agreement follows the global transfer of ownership of the Reebok brand from Adidas to ABG, which is expected to close in the first quarter of 2022.
The COVID-19 experts in Karnataka expect that the state may witness coronavirus infections touching the peak on January 25 before coming down gradually, Karnataka revenue minister R Ashoka said on Monday.
Success in Karnataka's assembly polls will hinge on two factors: Drop a large number of incumbent MLAs and project Modi and not the state leaders, least of all Bommai.
As per norms, sanction for prosecution of government employees accused of corruption has to be given within four months' stipulated time.
Now, the chief minister is under pressure to make good his promise after the December 4 incident in Nagaland's Mon, where 14 people were killedAFSPA has eclipsed all other achievements of the Biren Singh government.
On Tuesday, Rao said there was a possibility of the PM's visit to Pune, and if that happens, it would be aimed at reviewing the status of the vaccine candidate for coronavirus infection and to know about its launch, production and distribution mechanisms.
'Bottomline, hairline and waistline -- you have to watch them always.'
Officials have admitted that the problem of frothing will continue until sewage treatment plants in Delhi are upgraded to meet the new standards.
The Union Cabinet has approved the modalities for holding 5G spectrum auctions, and 72097.85 MHz of radio waves will be put on the block by July-end, an official release said on Wednesday.
'OPS is the first person in history to ransack his own party office.'
The survey was stalled last week amid objections by the mosque committee, which claimed that the advocate commissioner appointed by the court for the survey did not have the mandate to film inside the premises.
The government is considering withdrawing legal cases against telecom companies, involving disputes of about Rs 40,000 crore, a source said on Tuesday. In line with this, the Department of Telecom has already filed an affidavit before the Supreme Court in a case against Anil Ambani-promoted Reliance Communications to take an informed decision whether to proceed with the present appeal or not, the source said. DoT has said the telecom sector is passing through a financial stress due to various circumstances and telecom services providers are making losses.
FinMin does not expect tax or non-tax revenue to reach anywhere close to the targets set in the interim Budget. Sources say that the challenge before the new government will be either to accept the reduced projection and tailor the Budget accordingly or set a more ambitious target.
It was a repeat of scenes witnessed last month as motorists struggled to manoeuvre their vehicles on flooded roads and subways while showers led to traffic congestion in Chennai and suburbs.
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
Officials say that such a list, to be updated on a real-time basis, will serve as a ready reckoner in identifying those committing multiple economic offences
