The Income-Tax Department on Sunday cautioned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of Rs 10 lakh under the anti-black money law. The department issued a public advisory as part a compliance-cum-awareness campaign launched recently by it on Saturday to ensure that such information is reported by the assessee in their Income Tax Return (ITR) for assessment year (AY) 2024-25.
Senior Congress leader P Chidambaram on Friday dismissed Finance Minister Arun Jaitleys' remarks that disclosure of the names of black money account holders can embarrass Congress amid speculation that the list could include a former United Progressive Alliance minister.
Mahindra has officially taken the covers off the BE 6 Formula E Edition, and let's just say it's loud, it's orange, and it's absolutely unapologetic, reports Rajesh Karkera/Rediff.com
Algo trading should be segregated in a separate account with only risk capital deployed.
It was in the first game that Anand had outplayed Kasparov and the former world No 1 survived thanks to some unforced error by the Indian ace.
Argentine superstar footballer Lionel Messi's touchdown in Kolkata in the early hours of Saturday sent the city into a frenzy.
The government has set up two income tax overseas units at its missions in Singapore and Mauritius and will create such units in eight more countries to facilitate exchange of information on tax-related issues, Parliament was informed on Tuesday.
With just 16 players out of 206 participants that started the event remaining in the fray, most of the players decided against taking undue risk and decided to wait for the next game.
The Securities and Exchange Board of India (Sebi) on Wednesday announced a slew of measures to ease the compliance burden in the stock markets ecosystem, encourage more companies to list on the bourses after reverse flipping to India, and facilitate greater foreign fund flows into government bonds.
Meet Zeenath PA, the Kochi social worker whose handmade wigs are helping Cancer survivors reclaim their identity.
Of the 700-odd Indians having foreign bank accounts, not all can be deemed to be operating these illegally.
'We've not seen a crypto exchange come back after about 45 per cent of the value on the platform was impacted.'
In keeping with an announcement made by party leader L K Advani, Bharatiya Janata Party MPs from both Houses of Parliament on Friday submitted declarations to their respective presiding officers stating that they do not have any illegal money stashed in foreign bank accounts.
Grandmasters Arjun Erigaisi and P Harikrishna had another good day as they sent veteran Peter Leko of Hungary and Swede Nils Grandelius packing in the fourth-round tiebreaker at the Chess World Cup, in Panaji on Thursday.
However, with competition catching up, is the new Venue up to the challenge of fending off its rivals?
It claimed doctors were being paid 'for referring medical tests'.
When Deepika Padukone wore a hijab for a promotional ad, she probably didn't expect the trolling to be this bad.
Plans to probe into financial details of more than 500 individuals, entities that might have secret offshore accounts at various places abroad
The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails.
The Curvv hasn't set the sales charts on fire and Tata needs another product aimed straight at the Hyundai Creta, which is where the Sierra fits in.
The return on investment (RoI) from technologies such as artificial intelligence (AI) will take time to materialise, and the immediate priority should be to increase spending on building governance frameworks around AI, top bank executives said.
The competitive intensity in the mutual fund (MF) industry is moving beyond scheme performance, cost structures, and distribution. In recent months, several fund houses have rationalised exit loads applicable on redemptions.
There is much more that the government can do to track money hidden abroad.
The raids that were launched at 22 premises of the group and the brokers on September 28 are underway, the statement by the Central Board of Direct Taxes said.
Dr Subhash C Kashyap, former secretary-general of the Lok Sabha and a well-known expert on Parliamentary affairs, has been involved in fighting corruption for years. The former member of the National Commission to Review the Working of the Constitution speaks to Rediff.com's Claude Arpi about the root cause of the massive corruption permeating the Indian system and the need to find a solution.
The CBDT is understood to be 'seriously considering' recommending to the government a scheme on the lines of the Voluntary Disclosure of Income Scheme announced in 1996 to tap funds lying abroad for productive use in India.
The Delhi high court on Monday refused to quash an Enforcement Directorate money laundering case against media baron Raghav Bahl, saying the plea was "premature".
Taxable assets have been defined to include deposits in banks outside India.
Tax Information Exchange Agreements between countries are one way to prevent, or at least curb, the flow of illicit funds.
'We do not need short-term measures but long-term ones. Companies seem to have given up on the infrastructure part. Long delays are fuelling more traffic crisis.'
Kubera is a well-intentioned addition to Shekar Kammula's cinematic universe that drags on but never loses its prescient quality, notes Arjun Menon.
The Bhartiya Janata Party will pressure the United Progressive Alliance government in the upcoming Parliament session to act on a 23-point charter formulated by its 'task force' for following constitutional, legal, political and geo-political measures to unearth and bring back the Indian monies illegally stashed abroad.
Innocent anchors in the media, especially electronic, are guilty of raising expectations of a gullible nation without realizing how these accounts operate.
What has surprised the industry is that the Bill has been tabled without any consultation. Critics warn the ban on real-money gaming could fuel black markets, endanger 200,000 jobs and billions in tax revenue.
SEBI's blockbuster reforms are rewriting the rules of mutual fund investing -- faster growth, sharper transparency, and smarter safeguards that put investors first, explains Ramalingam Kalirajan.
After black umbrellas, it was black shawls that Trinamool Congress members used in Lok Sabha on Thursday to rake up the issue of black money.
The Reserve Bank of India does not have any estimate of alleged illegal gold transactions going on in the country, according an RTI reply.
Alleging that the BJP would end democracy if it was not voted out, Kharge said it was because of this democracy that a tea-seller's son could become the prime minister of India and he, the son of a labourer, could become the president of the opposition Congress.
'Last year, I messed up some good positions against him, I think I did not beat him (in classical) for almost two years now, so finally it's good to get a win.'
