GST reform has been hanging fire since 2006-07.
Add to it, associate sponsor companies like Unacademy, Dream11, CRed, Upstox, and Tata Motors, who pay in the range of Rs 120 crore each. Some subsidiary sponsors are also there.
The IT department has a designated official to execute these rare powers.
K V Chowdary, who is set to take over as the new Chief Vigilance Commissioner on Tuesday said he has full respect for both Prashant Bhushan and Ram Jethmalani, who have opposed his appointment to the top post in the country's apex anti-corruption watchdog.
The recently promoted Commissioners will now take charge and ensure faster work.
Finance Minister Arun Jaitley, in his Budget speech on Monday, announced a new dispute resolution mechanism for such companies who are in confrontation with the taxman's action.
The CEOs and owners, most of whom are yet to reach UAE, are also allowed in the bio-bubble but any SOP violation will send them into a seven-day quarantine.
The one-page form will mandatorily seek the taxpayers name.
Even erstwhile independent directors were being paid substantial remuneration including commission. The median annual salary of IL&FS employees was Rs 13.1 lakh.
A recent data released by the Central Statistics Office (CSO) confirm that both the manufacturing and mining sectors shrunk in 2013-14 with fall in output.
The Directorate of Revenue Intelligence (DRI) has slapped a Rs 5,500-crore show-cause notice on Adani group for alleged over-valuation of capital equipment imports.
The SIT on black money on Tuesday sought update from multiple probe agencies on the role of Lalit Modi in alleged financial irregularities in the T-20 cricket tournament.
They will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.
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.
Sourav Ganguly hinted on Monday that a contract system will soon be in place for the thousands of first-class cricketers in the country.
This time, the linking of the Aadhaar number with of a taxpayer has been made mandatory for filing of an ITR, beginning July 1.
The manner in which India has allowed the rule of law to be subverted for over eight years is tragic, notes former additional solicitor general of India Bishwajit Bhattacharyya.
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.
Clarifying on reports that it cannot scrutinise tax returns of political parties, CBDT said: "There are enough provisions in the Income Tax Act to scrutinise the accounts of the political parties and these political parties are also subject to other provisions of income tax including filing of return."
highlights of the Supreme Court judgment in which it unanimously granted the entire 2.77 acre of the disputed Ram Janambhoomi-Babri masjid land in Ayodhya to deity Ram Lalla.
In its essence, GST is a national level system of value added taxation of goods and services, says Shankar Acharya.
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.
There are seven items on the agenda and right at the top of the list is domestic cricket, which also includes junior and women's categories.
The government has merged the Department of Public Enterprises (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the disinvestment ministry - created under the Atal Bihari Vajpayee government - was merged with the finance ministry and is now a department under it. Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of foreign investments was given to the finance ministry (FinMin).
As the Tata group inches closer to taking over Air India in January 2022, the $242-billion conglomerate will also inherit a stake in Kerala's Cochin airport. The Tatas would become the only airline to have an operational stake in a major Indian airport. The airport is a strategic hub connecting India to Middle East nations - home to the largest share of Indian migrant workers. In addition to Air India and Air India Express, private carrier Indigo also uses Cochin to ferry the lucrative 'Malayali Gulf traffic' to multiple locations like Jeddah, Riyadh, Sharjah, Dubai, Abu Dhabi, Doha, Kuwait and Bahrain, among others. According to regulatory filings, Air India has a three per cent stake in Cochin International Airport.
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
The CBDT asks ministry of corporate affairs not to oppose its application to restore the companies struck off by the Registrar of Companies, as it would prevent the board from launching tax recovery proceedings against them.
To validate and continue using the existing PAN cards, citizens will have to link them to Aadhaar. Or else, they will be permitted to use Aadhaar instead for filing returns and while making other high-value transactions, specified under the Income Tax Act.
'The corporate tax cuts will obviously result in lower tax payments by companies,' says Central Board of Direct Taxes member Akhilesh Ranjan who retires after 37 years in government service.
Since December 2018, monetary policy has been eased substantially by RBI with policy rates being cut by 75 bps and policy outlook being changed to 'accommodative'.
This is the first time that this important nodal national agency for economic intelligence has obtained data on suspected offshore stash of Indians as, till now, such information was only received by the exclusive wing of the Central Board of Direct Taxes.
The case of alleged bribery of Syndicate Bank Chairman-cum-Managing Director S K Jain may come up for discussion in the meeting of Special Investigation Team on black money, as it is a "classic" case of how proceeds of corruption were transferred through hawala channels.
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
Treats gains on sale of as capital gains, not business income, spares him from huge tax liability.
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
Will Ishan Kishan get Rs 15.25 crore for one year, or for three years? Do the players get their IPL payments, whether it is in full or in part, and what is the payment schedule? Harish Kotian/Rediff.com explains all you need to know about IPL player payments.
The assessee will also have to declare whether such items and their value were disclosed at the time of filing wealth tax returns earlier.
The development is expected to pave way for greater transfer pricing cooperation between the two countries, enhance investment flow
The Indian cricketers' central contracts saw a two-fold rise with top players in group A earning Rs 2 crore annually. Earlier, they were drawing Rs 1 crore.
"The underlining theme with which we have been working till now is that we trust the taxpayers and from purely an enforcement agency, we are shifting our focus to being a service-oriented department," says CBDT chairman Pramod Chandra Mody.
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