Arora was arrested under the criminal sections of the Prevention of Money Laundering Act after a long session of questioning.
Companies pay MAT on the book profits that do not come under the tax net because of various exemptions and incentives.
Auditor Deloitte flagged three transactions, including recoveries from a contractor identified in the Hindenburg report, as it issued a qualified opinion on the accounts of Adani Ports & Special Economic Zone.
The Reserve Bank of India on Tuesday banned chartered accountant firm Haribhakti & Co LLP from undertaking any type of audit assignments for regulated entities for a period of two years starting April 1, 2022.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
No time to sort out the issue in Budget: Khursheed
'Earnings will be the catalyst for markets to march higher from here on out.'
Goa excise commissioner Narayan Gad on Monday heard arguments over a complaint against a restaurant, which the Congress claimed was linked to Union minister Smriti Irani's daughter.
Before resigning as an auditor of an Adani Group firm, Deloitte had sought an independent external examination of allegations made by a US short-seller but the company said the allegations had no effect on financial statements and the reasons cited for quitting were not convincing to warrant such a move. In a 163-page filing with stock exchanges relating to Deloitte Haskins & Sells LLP's resignation, Adani Ports and Special Economic Zone (APSEZ) said that in meetings with its leadership, Deloitte indicated concern over a lack of a wider audit role as auditors of other listed Adani companies. However, the firm conveyed to the auditor that it was not within its remit to recommend such appointments as other entities are "completely independent".
A mass fan following or a large number of views on a YouTube channel can't possibly constitute 'credentials'.
These partnerships are engaged in a variety of businesses in the manufacturing and services sector. However, if the experience in the US/UK with similar vehicles (LLPs/LLCs) is anything to go by, there seems a long way before LLPs could become the default vehicle choice for private businesses, as in those countries.
The now-scrapped Delhi Excise Policy 2021-22 was brought in by the Aam Aadmi Party leadership, specifically former excise minister Manish Sisodia, to 'continuously generate and channel illegal funds' to themselves, the Enforcement Directorate said in its latest chargesheet in this money laundering case.
The income tax department has allowed non-resident taxpayers not having PAN to file Form 10F manually till March 31, 2023, a move which would ease their compliance burden and enable them to claim lower TDS rate. The Central Board of Direct Taxes (CBDT) had in July made it mandatory for non-resident taxpayers to file Form 10F electronically to claim benefit of lower Tax Deducted at Source (TDS). However, taxpayers faced problems in electronic filing of the form as the income tax portal did not allow a taxpayer who does not have a Permanent Account Number (PAN) to file Form 10F.
Larger firms feel that the smaller players have muddied the waters for the IBC process, leading to excessive regulation of resolution Professionals.
Ranveer Singh and his dad Jagjeet Sundersingh Bhavnani's firm Oh Five Oh Media Works LLP have bought a sea-facing luxury quadruplex worth Rs 119 crore (Rs 1.19 billion) in Bandra.
'It is nice that the banking system is in good shape.' 'It is a little early to call it too good because I think it was too bad in the past.'
Social activist Aires Rodrigues during a hearing before Goa excise commissioner on Monday produced a lease agreement signed between the owners of a controversial restaurant in North Goa and a company allegedly linked to Union minister Smriti Irani's family.
Abhishek Boinpally who was allegedly lobbying for certain liquor businessmen based in southern India was called for questioning on Sunday.
The Income-Tax (I-T) department has issued around 8,000 notices to salaried employees, self-employed individuals, and companies who made significant donations to charitable trusts. The department suspects potential tax evasion, as records of these donations do not correspond with the income and expenses of those making them. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, "Notices were issued for donations made during the assessment years of 2017-18 through 2020-21."
The government on Friday announced that no tax will be charged on overseas spending of up to Rs 7 lakh in a year using debit or credit as it looked to douse backlash from its earlier decision of levying TCS on all spending. The government had earlier this week brought overseas credit card spending under Liberalised Remittance Scheme (LRS). This meant that any spending using credit cards overseas would attract a 20 per cent tax from July 1.
A vast majority of the business leaders believe that the Production Linked Incentive (PLI) schemes have been beneficial and expect an extension to other sectors in the coming years, a Deloitte Survey said on Friday. An overwhelming number of survey respondents hope the budget will fuel growth across industries by building strong domestic demand and focussing on capital expenditure and believe that it would define the 'Amrit Kaal'. "Critical to this growth will be the pace of capital expenditure, infrastructure development, and the need to boost infrastructure financing through private partnership. 60 per cent of respondents suggested raising funds through Indian Government Bonds," the survey said.
I stumbled upon shares worth around Rs 300,000 in my late father's name, which are currently with the Investor Education & Protection Fund, points out Harsh Roongta.
Missing the deadline for filing Income Tax returns can lead to consequences.
Several income tax proposals, including 30 per cent tax on income from trade in cryptocurrencies will come into effect from Friday. Also, the revised norms for levy of 1 per cent TDS (tax deducted at source) on sale of immovable property exceeding Rs 50 lakh will come into effect from April 1, the beginning of the new financial year. As per the revised norms, TDS of 1 per cent shall be deducted on consideration or stamp duty value, which ever is higher, as against the earlier provision of consideration.
A growth scheme not only leads to lower tax payments than the dividend option. but also allows any income that is not withdrawn to compound, explains Harsh Roongta.
It will be just the four women and their killer machines.
The online world is filled with love gurus promising to teach "how to woo someone in minutes", unlike those who talk about the need to do the self-work.
The fear of rejection keeps many of us from experiencing the rich lives we deserve, notes Harsh Roongta.
The Central Board of Direct Taxes (CBDT) has proposed a new common income-tax return (ITR), with greater focus on disclosing income from virtual digital assets or crypto assets and foreign equity and debt instruments held by resident Indians. For non-resident Indians, the draft ITR seeks exhaustive details ranging from nature of business, permanent establishment (PE), business connection, whether the entity has significant economic presence (SEP) in India, along with the number of users in India. The ITR protocol for NRIs could widen the scope of the SEP principle that was introduced in the Finance Bill 2018-19, and the explicitly defined 'business connection' to include provision of download of data or software, if aggregate payments from such transactions exceed a prescribed amount, or if a multinational's interaction is with a prescribed number of users.
In a bid to pitch India as an uplinking hub, the government on Tuesday announced relaxation in guidelines for compliance for television channels and also made a 30-minute daily public interest broadcast mandatory, mainly for entertainment channels.
As many as seven firms, including JM Financial, Ernst and Young and Deloitte, have bid for managing the strategic sale of IDBI Bank. These firms would make a virtual presentation before the Department of Investment and Public Asset Management, which is handling the sale process, on August 10, according to a notice by DIPAM. The firms that have bid for acting as transaction advisor are Deloitte Touche Tohmatsu India LLP, Ernst and Young LLP, ICICI Securities, JM Financial Ltd, KPMG, RBSA Capital Advisors LLP and SBI Capital Markets.
If you feel that being around the person is physically and mentally draining, then it's a red flag that you should not ignore, warns mental health expert Anu Krishna.
The wholesale price-based inflation eased to a five-month low of 13.93 per cent in July on easing prices of food articles and manufactured products. The WPI-based inflation softened for the second consecutive month in July, raising hopes of further decline in wholesale prices in the months to come. The Wholesale Price Index-based inflation, after scaling a record high of 15.88 per cent in May, declined to 15.18 per cent in June. It was 13.43 per cent in February. It was 11.57 per cent in July last year.
'Individuals can consider dividing ownership of properties between related persons to ensure that the sale transactions are below the Rs 50 lakh limit and therefore not subject to TDS.'
The government on Friday proposed hiking the securities transaction tax on Futures & Options (F&O) contracts, a move that will increase the trading costs in the derivatives segment as well as help in curbing excessive trades. In the Finance Bill 2023, passed by the Lok Sabha on Friday, the Securities Transaction Tax (STT) on options is proposed to be increased to 0.0625 per cent from 0.05 per cent and on futures contracts to 0.0125 from 0.01 per cent. Analysts opined that higher STT will shore up the government's revenues to some extent and also discourage excessive trading since a large number of retail traders are losing money in the segment.
A disciplined, systematic investment habit started at a young age is normally sufficient to meet modest goals without having to sacrifice a normal comfortable lifestyle, suggests Harsh Roongta.
Toxic people are all around us. And they can cause us emotional and mental damage. Mental health coach Anu Krishna explains how to deal with toxic, abusive, people and relationships.
The dinner Jill Biden and her husband US President Joe Biden hosted for Indian prime minister Narendra Modi, June 22, at the White House brought together, Indians and Americans from so many firmaments.
This property has all the hallmarks of being owned and occupied by Vijay Mallya. A fleet of supercars making their way down the drive, hordes of people descending to party all night long and a constant delivery of goods and services.
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