'Among corporates, about 60% of income is now reported under the new tax regime.'
Enforcement agencies have highlighted risks related to money laundering and terror financing, prompting closer scrutiny of crypto platforms operating in India.
The CBDT is investigating Jane Street for possibly misusing the India-Singapore tax treaty.
'Because of the size and complexity of the economy, we can address almost every job that is there, from agriculture farming to healthcare.'
In September last year, India received financial information from over 108 countries regarding foreign accounts and income in the form of interest and dividend earned outside India.
The share of rent in consumption expenditure has risen to 6.58%, according to the Household Consumption Expenditure Survey 2023-2024. This is the highest it has been in surveys going back to the turn of the millennium.
The Union government is expecting to rake in Rs 100-200 crore in additional revenue from Pillar Two, only under specific circumstances, a senior finance ministry official said requesting anonymity. It is proceeding cautiously, and is unlikely to implement rules anytime soon, the source said.
Talks on global climate finance virtually ground to a halt last week at COP29, the annual United Nations (UN) Climate Change event in Baku, Azerbaijan, as the developed world, led by the European Union (EU), and developing countries including India, Brazil, South Africa, and a clutch of island nations and African countries faced a wide chasm between their expectations. This has raised doubts about whether an agreement can be reached this week or whether talks will spill over to COP30, to be held next year in Benem, Brazil.
Foreign portfolio investors (FPIs) from Mauritius may face higher scrutiny after the amendment in the India-Mauritius tax treaty introduced a principle purpose test (PPT) to prevent treaty abuse by taxpayers. The Mauritius government had in February decided to amend the double taxation avoidance agreement (DTAA) with India to align with the Organisation for Economic Co-operation and Development's proposal on base erosion and profit shifting. Although the agreement between India and Mauritius was signed on March 7, the protocol of the amendment was made public for the first time on Wednesday, said legal experts.
96 per cent is being collected through TDS, advance tax, self-assessment tax, and other receipts.
If you work for 30 years, a two per cent difference in pension returns can reduce your final retirement nest egg by 40 per cent. The Rs 9-trillion National Pension System (NPS) seems to be delivering incrementally higher returns than the twice-as-large Employees' Provident Fund Organisation (EPFO), shows a Business Standard analysis of data over the last seven years for the two retirement fund bodies. An investor who put in Rs 100 in retirement savings seven years ago would have seen her NPS nest egg grow to Rs 182 by 2023, according to the analysis based on the Pension Fund Regulatory and Development Authority's recently released Handbook of National Pension System Statistics 2023.
The summit is being attended by more than 30 heads of state and top officials from the European Union and invited guest countries and 14 heads of international organisations.
Crypto exchanges have been asked to furnish details this month itself.
The biggest question looming over the summit is whether there will be a joint leaders' declaration in view of the sharp differences between the West and the Russia-China combine on the text to describe the Ukraine conflict in the document.
While the economy seems to be on a firm growth path, the fight against inflation is not over yet. Shaktikanta Das seems to be in no hurry. After playing well through a five-year Test match, he doesn't want to get out hit wicket, observes Tamal Bandyopadhyay.
These countries provide the highest quality of life.
Let's take a look at how much time people spend on leisure in some countries, including India.
Let's take a look at some countries, including India, where people have longest working hours.
There have been concerns in India about limited flow of tax information from Switzerland about Indian citizens, who have allegedly stashed away unaccounted money in Swiss banks.
The silver lining for India's presidency is likely to be the support by almost all G20 countries to its proposal to include the African Union as a permanent member of the bloc that has emerged as perhaps the most influential multilateral forum after the United Nations.
Switzerland finally signed an agreement to exchange information on potential money launderers and tax dodgers last week but neither this nor a modified tax avoidance treaty is likely to help India.
Guess what four of the 10 best countries for entrepreneurship have among the smallest economies in the developed world!
Let's take a look at some nations that have low income inequality.
population of about 2.54 crore will be at risk!
Sweeping reforms are urgently needed to boost productivity and lower barriers to trade if the world is to avoid a new era of slow growth and stubbornly high unemployment.
In several countries, the average hours worked per year has fallen by more than 20.
OECD has ranked countries in the block based on quality of life.
About 5,000 students from China, included for the first time in the The Organisation for Economic Co-operation and Development educational test, PISA, stunned the world by coming first across 65 countries in all three tested categories -- science (ahead of Finland), reading (beating Korea) and math (outperforming Singapore).
The rich-poor divide has been growing despite the economic boom in several countries.
Indians work for 8.1 hours every day, more than the average figure for the entire developed world and individual countries like the United Kingdom, Australia, France, Italy and Germany.
Prime Minister Narendra Modi Wednesday said the International Monetary Fund (IMF) sees India as a "bright spot" in the global economy and as per the World Bank, India is in a better position to deal with the global headwinds than many other countries. This is because of India's strong "macroeconomic fundamentals", Modi said while virtually addressing the inaugural function of the 7th edition of Invest Madhya Pradesh-Global Investors Summit in Indore. In the past eight years, the government has increased the speed of reforms and removed many hurdles in the way of investments.
The Swiss authorities have never considered tax evasion a reason for breaking banking secrecy on an account; what they have acknowledged now is that they will cooperate in cases of tax fraud, which has a tighter definition.
The Organisation for Economic Co-operation and Development (OECD) has in its latest report applauded the Indian economy's resilience and has projected a growth rate of 7 per cent in 2010 and 7.5 per cent for 2011. However, it says that India's central bank must tighten its monetary policy fairly soon to contain the rising inflation. "Given the speed at which inflation has bounced back, monetary policy will need to be tightened fairly soon," the Paris-based OECD.
Reflecting a strained labour market even as signs of economic recovery are rising, the unemployment rate in the OECD region rose to 8.6 per cent in August.
Most of the world's major economies are now close to the low point of their slowdowns, in a sign that the global recession is easing, according to data published on Monday.
Despite New Delhi's self-reliant public stance, India receives almost twice as much development assistance for water and sanitation as any other country, according to data from the Organisation for Economic Co-operation and Development.
The US on Thursday raised concerns over India's Personal Data Protection (PDP) Bill and draft non-personal data governance framework, claiming these could potentially threaten innovation and economic growth. In its latest 'Special 301' Report, the US Trade Representative (USTR) kept India on the priority watch list, maintaining the country remains one of the world's most challenging major economies with respect to protection and enforcement of intellectual property (IP). In December 2021, a joint parliamentary committee released a report recommending changes to the PDP Bill, 2019, that could undermine important IP protections in India.
Regulatory reform will not stimulate improvements in the informal sector as long as the workers remain at current skill levels.
According to the OECD database on the foreign-born and expatriates, more than half of Indian immigrants possess at least tertiary education.
That most Indian settlers abroad have fared well is a known fact but when it comes to the number of migrants to the developed world, Chinese are far ahead, says the latest report by OECD on migrants.
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