As the Indian currency hovers around its lowest versus the US greenback, several smaller and mid-sized companies are expected to face rough weather as almost 44 per cent of the foreign loans taken by Indian companies remained unhedged. According to the data sourced from the Reserve Bank of India, Indian companies raised around $38.2 billion in the financial year ended in March. Of this, only 56 per cent of the loans are hedged while the rest of the foreign loans remain unhedged, thus risking the companies to forex volatility.
Holding out no assurance of an absolute confidentiality to those disclosing foreign assets on their own, the government on Tuesday said details of information provided during the one-time compliance window can be revealed in the public interest.
Balakrishnan refused to react to the India Inc criticism of growing incidents of tax terrorism following Siddhartha's letter. Appearing unfazed, he said, "I only believe in doing my job well."
Taxmen have come across instances where global firms - charged a withholding tax of 6 per cent - are underreporting the exact income they earned from an Indian user.
Providing comfort to the government on the revenue front amid fiscal stress, direct tax collection is moving closer to the revised Budget target for 2021-21 and may get a further thrust from the last instalment of the advance tax payment, the deadline for which ended on Monday. The contraction in net direct tax collection narrowed to 5 per cent year-on-year as on March 15 compared to a 9 per cent decline seen in January. In absolute terms, net collection stood at Rs 8.2 trillion against Rs 8.67 trillion in the same period last year, according to the provisional numbers shared by a government official.
There are over 25 crore PAN card holders in the country while Aadhaar has been issued to 111 crore people.
The Supreme Court said on Thursday that it will hear "as and when required" a public interest litigation challenging the government's notification authorising 10 central agencies to intercept, monitor and decrypt any computer system.
The government is exploring legal options, including bringing an Ordinance, to tackle the problem of income-tax litigation on reassessment notices under old, time-barred norms, according to official sources. This has come in the wake of writ petitions filed by companies and individuals in recent weeks to challenge the validity of the notices issued by the tax department between April 1 and June 30 and under the old norms.
There are about 31,000 pending cases, locking revenue worth Rs 500 crore.
The Parthasarathy Shome committee gives its second reform report to finance ministry.
Of the 23 companies, eight have raised funds after Shark Tank India.
It had declined by slightly over 4 per cent in December. The city contributes 37 per cent to the total direct tax revenues. If the trend continues, it could affect the Budget estimates of Rs 13 trillion for the current fiscal year.
The Directorate of Revenue Intelligence, the lead agency to check customs frauds and smuggling, has decided to post officers at India's Mission in New York (US), Singapore, Brussels (Belgium) and in Nepal's Birgunj.
The RTI reply also stated that the interception of communication was being carried out in accordance with the Telegraph Act of 1885 and Telegraph (Amendment) Rule of 2007, a clause that finds a mention in the clarification issued by the government over the December 20 order.
As many as 30 sub-groups and committees worked tirelessly to devise rules and laws as well as fix tax rates for over 1,200 goods and services.
In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
I-T department's direct taxes target for the current financial year is Rs 6.36 lakh crore (Rs 6.36 trillion.
As part of efforts to boost revenue collection, CBDT has asked the Income Tax Department to monitor cases of over five lakh taxpayers who have not filed their latest tax returns.
As Centre cedes power to states in indirect tax, it wants to all ystaffers' worry of little work.
'The kind of tax which will be generated from the second pillar may far outweigh what we may be losing in the first pillar.'
The Allahabad high court on Monday dismissed a petition filed against the allotment of land in Ayodhya's Dhannipur village for the construction of a mosque, following the Supreme Court verdict in the Ram Janmabhoomi-Babri Masjid dispute.
Finance Secretary Hasmukh Adhia vacates his post on November 30 and Expenditure Secretary Ajay Narayan Jha, the second seniormost bureaucrat in the finance ministry, retires on January 31, the day before Jaitley presents the 2019-20 interim budget.
Modi said officers must fix clear targets to improve the country's tax administration by 2022, the 75th anniversary of Independence.
While the Centre is criticised for not cutting excise duty on petroleum products, it is the states which gain more from the rise in their prices
Customs sleuths will be posted in London, Hong Kong, Dubai and Brussels in an effort to check trade-based money-laundering among others.
Though the system is called faceless, it would have a room for inviting tax payers through video conferencing.
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
'Domestic will remain very much the core of what IndiGo is.' 'But the emphasis in our next growth phase is going to be on the international side.'
It said the searches that were launched on July 22 in nine cities like Bhopal, Indore, Delhi, Ahmedabad, Noida and some others are "continuing and further investigations are in progress."
The Centre is likely to introduce the Central GST and integrated GST bills in late November or early December in the ongoing session in the form of money Bills.
Delhi Chief Minister Arvind Kejriwal announced that primary schools will be closed from Saturday in view of spike in pollution levels in the national capital.
According to the government's notification, 10 central probe and snoop agencies are now empowered under the Information Technology Act for computer interception and analysis, ministry of home affairs officials said.
Tax shortfall: Finmin asks banks to deposit March TDS by month end.
The anti-corruption watchdog posts have been vacant for the last nine months.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
According to forecasting agencies, the city is set to record its best air quality for the day after Diwali since 2015 on Tuesday.
While the two-phased assembly polls voting has concluded in Assam, in West Bengal two phases have completed while four more remain.
His vision drove ITC to pursue business models that today support over 6 million livelihoods, many amongst the weakest in society.
'So far we have paid our salaries and pension in full because we had some reserve fund.' 'But we cannot afford to do so for more than another three months.'
'For the common man, the economic conditions are not going to get better.'
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