IT sector has lots of hope from the Union Budget 2014-15.
Officials said there had been no official word or indication from the top yet. The expectation from officials is to do what they can, but it is understood that all fiscal and budgetary targets don't matter anymore.
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."
Reserve Bank Governor Shaktikanta Das on Wednesday said underlying economic activity in India continues to be strong, but external factors will cause some "dent" to the economy. Speaking at the BFSI Insight Summit 2022 organised by Business Standard, Das said the RBI tracks 70 fast moving indicators and most of them are in the "green box". It is the external sector, mired by a fear of recession or clear visibility about slowing growth in a large part of the world, where the challenges lie, he said, adding that the impact of external demand will "dent" the economy.
Switzerland will not share details about accounts held prior to September 2018.
The Panama Paper leaks were originally revealed by the International Consortium of Investigative Journalists on April 4, 2016, following which, the government had set up the MAG to probe the matter.
Fifty other entities, including the Congress, have been served notices
The Supreme Court appointed Special Investigative Team, which is looking into the black money cases, on Thursday said it will go after the offenders "big or small" but also made it clear that the confidentiality of account holders abroad will not be violated.
In its interim order, the court also said use of National Council for Educational Research and Training books be made mandatory.
In a maiden initiative, the Election Commission has introduced e-filing of affidavits by candidates for the forthcoming Lok Sabha and assembly polls.
The parties, including the Communist Party of India-Marxist, the Samajwadi Party, the Rashtriya Janata Dal and the Trinamool Congress, said they will collectively oppose the Union home ministry's order issued on Thursday.
This will boost availability of these items as well as make them cheaper, it said, adding that Modi also directed the revenue department to ensure seamless and quick custom clearance of such equipment.
The National Stock Exchange (NSE) has got into firefighting mode to control the reputational damage caused by the Securities and Exchange Board of India's (Sebi's) order against its former managing director and chief executive officer Chitra Ramkrishna and others. According to sources, the exchange's management over the past one week has met several key stakeholders, including officials in the finance ministry and Sebi, major shareholders, and trading members, trying to distance itself from the controversy. The exchange plans to hold more meetings in the coming week to ensure that trading volumes and confidence in the bourse don't get impacted, they added.
Harsh Roongta, Mahesh Padmanabhan, Anil Rego answer the most sought after questions on Budget Day.
Budget 2016 may hold some answers to start-up cooncerns.
Domestic I-T laws require you to deduct tax on software, e-books and music albums; must report every such transactions while filing returns.
The BJP said it is legal with adequate safeguards and in the interest of national security..
The CBDT has begun the process of matching the deposits in accounts opened under the Pradhan Mantri Jan-Dhan Yojana (PMJDY), or Jan-Dhan accounts, with the profile of the depositors.
A stream of people, including those from Rajasthan and Karnataka, walked into the only designated office before the closure of the one-time compliance window.
A K Bhattacharya lists three reasons why Finance Minister Arun Jaitley will most likely present a full Budget on February 1, 2019.
The very design of the GST will bring in revenue buoyancy.
The 30-share Sensex ended down 297 points at 27,438 and the 50-share Nifty closed 93 points lower at 8,305.
India studied the Malaysian model, which was scrapped on Wednesday, before implementing the GST and borrowed the anti-profiteering clause to ensure GST benefits are passed on to the end-consumer by the industry
A new CBDT directive actively makes India-dedicated funds comparatively unattractive for institutional investors. It makes no sense, says Akash Prakash.
The letter was written on February 20, two weeks after the Cabinet Committee of Economic Affairs had approved the 100 per cent ownership proposal of Vodafone Plc in Vodafone India, at a proposed investment of Rs 10,141 crore (Rs 101.41 billion).
Senior officials say the government might come up with an incentive package for the SEZs following the release of Foreign Trade Policy.
Keen to salvage its engagement with Washington DC that has gone southbound ever since the Trump administration came in, India has called for a final set of meetings with US trade officials, soon, reports Subhayan Chakraborty.
The focus will be on tackling the unfinished agenda requiring immediate attention like tax structure for solar projects, uniform tax rate on state-organised and state-authorised lotteries, taxing non-potable alcohol besides certain changes in the law, extension for NAA and rate rationalisation.
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It depends on the assessing officer's interpretation. To be on the safe side, have a separate trading account.
The I-T department said NuPower's balance sheet did not substantiate the high premium paid by Singapore-based DH Renewables for its shares, and suspects it could be a case of round-tripping of unaccounted income by NuPower.
While the black money declarations may go up further once all the online and manual filings of undisclosed assets filed at the end of the four-month window on September 30 are compiled, the government will get this fiscal nearly Rs 14,700 crore or half of the total taxes due.
'This has to be seen in the context not only of the legacy we inherited, but also of global economic weakness.'
'If after inheriting the very bad situation we have reached this level despite consecutive years of drought and no growth in the world economy, it is no accident.' 'It is a result of the sound macro economic policies followed by this government.' 'We have eschewed populism and stuck to a path of fiscal prudence.'
The Jammu and Kashmir administration is planning to set up India's best mythological theme park near the famous Vaishno Devi shrine in Reasi district and has sought investors for the project, officials said.
The mosque is coming up in the Uttar Pradesh district pursuant to the Supreme Court verdict in the Ram Janmabhoomi case.
For some, he's a bully and probable 'blackmailer' who targeted the rich and famous, especially in Bollywood, for fame, and allegedly, ransom. For others, he's finally the one brave narc who decided to do his job, no matter how powerful his quarry, observes Shekhar Gupta.
While the crackdown is a major step in combating tax evasion and improving transparency, it might also impact the flexibility and genuine corporate structures created to achieve legitimate objectives, says Suresh Surana.
As deputy governor, Patel headed the RBI panel to draft the monetary policy report, which became the basis of the ongoing reforms at the apex bank
'With the top court's judgment declaring the Right to Privacy a Fundamental Right, the powers under the provision need to be looked afresh.' 'To utilise such sweeping powers in the right manner will also be a challenge.'
Several exemptions have been given to reduce the cost of raw materials.
Questions on the efficacy of the government's drive towards filing of more returns by individuals and on whether raising tax exemption levels has led to reduced compliance in filing of returns by those who go out of the tax net, says A K Bhattacharya.
