ICDS is silent on the prudence aspect of accounting standards.
Ramon Magsaysay winner Anshu Gupta, whose non-governmental organisation Goonj has been leading the relief efforts in Nepal which was ravaged by a devastating quake in April this year, speaks to Ankita Mishra.
One of the key concerns of foreign investors is how the general anti-avoidance rule would apply in case an investor is availing benefits under double taxation avoidance agreement.
The compliance window is proposed to be open from June 1 to September 30, 2016 and the payment can be made within two months of declaration.
The entire HSBC list features names of 1,668 Indians
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It depends on the assessing officer's interpretation. To be on the safe side, have a separate trading account.
The government has detected over Rs 1 lakh crore of undisclosed income in the last financial year, a figure more than double as compared to the search and seizure action undertaken by the Income Tax department during 2012-13 to check black money.
The first high-level meeting of the Special Investigation Team on the issue of black money and special probe into cases of unaccounted funds stashed away abroad by Indians will be held in New Delhi on June 4.
The SIT was created by Supreme Court and notified by the government last year to curb black money.
Debashis Basu lists various reasons why laundering through the stock market thrives.
Truckers on Thursday proceeded on a nationwide indefinite strike.
'A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department.'
Has the Modi government been more at odds with institutions than other governments? There is no doubt that there have been more run-ins. While the RBI and CBI cases have drawn attention, there have been others, less publicised, Subhomoy Bhattacharjee points out.
Andhra Pradesh has been demanding a Special Category State status from the Centre ever since the state's economic powerhouse Hyderabad, which housed several IT and pharmaceutical companies as well as PSUs, went to Telengana in the bifurcation
Government on Monday formed a multi-agency group to monitor exposes in this regard and vowed to take action against all "unlawful" accounts held abroad.
The black money law provides for tax and a penalty of 120 per cent of assets' value.
In the first tranche, the department will send out letters in 100,000 cases where the money spent is at least Rs 1 crore (Rs 10 million) each a year.
'The IAS officers are after the rich people, the IRS officers are after the middle class and the IPS officers are after the poor. This is the new varnashrama created by the bureaucracy.'
Former Central Board of Direct Taxes chief K V Chowdary and Information Commissioner Vijai Sharma were on Monday appointed Central Vigilance Commissioner and Chief Information Commissioner, posts which have remained vacant for over nine months on which the government drew some flak.
Senior most Information Commissioner Vijai Sharma is tipped to be new Chief Information Commissioner, while former Central Board of Direct Taxes chief K V Chowdary is understood to be in the running for the Central Vigilance Commissioner's post.
The 90-day compliance window to declare overseas wealth ends on September 30.
Wooing overseas investors, government on Wednesday decided against challenging the Bombay High Court decision favouring Vodafone in the Rs 3,200 crore (Rs 32 billion) tax case and adopt a similar approach in transfer pricing litigations involving other MNCs like Shell.
Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
More than 900 entities have been banned from the capital markets by Sebi
Sanjay Jalona, CEO & MD of LTI says the push would be to increase digital business and look at outcomes in projects for customers.
'Debt mutual funds are a good option now because interest rates are coming down.' 'Retail investors must put a majority portion of your money in short-term debt funds (1 to 3 years) and only a small portion in actively managed dynamic funds.'
Anyone who has specific and definite information on black money can share it with Supreme Court-appointed Special Investigation Team going into the issue that can crack down on those stashing money abroad and at home.
In a nation divided by many things, the 12-digit unique identity number is holding lives to ransom.
L&T Infotech hits the refresh button, rebrands itself as LTI With a new name, colour palette and business focus, L&T Infotech looks to break free of its past
Road Transport and Highways Minister Nitin Gadkari promised pan-India electronic toll system by December to address their concerns but ruled out complete scrapping of the toll system.
Clarity on the roadmap necessary to assess its likely impact on near-term fiscal health and investment.
Jaitley sets condition of 50% assets for applicability of capital gain tax.
There are tell-tale signs of a slide in the quality of Budgets presented by the current administration, says Parthasarathi Shome.
Jaitley said, "I welcome this investigation. I think it is a healthy step that these kind of exposes are being made. I have been repeatedly saying that the world is now going to increasingly become more transparent, countries are cooperating with each other and slowly all this information is going to come out as a result of various global initiatives which have been launched."
The SIT found and reported that there was no amount shown in almost 289 HSBC Geneva entries, while 122 of them were repeated twice in the same list.
Any company resident in a country has to pay both indirect taxes as well as Income Tax.
At ATMs, as a step to avoid getting Rs 2,000 notes, people are withdrawing Rs 1,900 in Rs 100 notes and then putting another request for the balance Rs 600, so that they remain within the limit of Rs 2,500 per day of withdrawal.
A new CBDT directive actively makes India-dedicated funds comparatively unattractive for institutional investors. It makes no sense, says Akash Prakash.
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
