The Himachal Pradesh government's Excise and Taxation Department inspected an Adani Group company, scrutinising records and checking the stock at the Adani Wilmar warehouse in Parwanoo, officials said on Thursday. The officials were apparently investigating possible GST violations by the company, a 50:50 joint venture between the Adani conglomerate and Singapore-based Wilmar. The inspection on Wednesday evening in the Congress-run state comes at a time when the group finds itself in the middle of a political row at the Centre, triggered by a scathing report by US-based Hindenburg Research.
The court, however, stayed the order till October 13 to enable the ED to file an appeal against bail.
Reserve Bank and the finance ministry on Wednesday asked top management of banks and representative of trade bodies to push exports and import transactions in rupee. It was stressed during a meeting that banks should connect with their foreign counterparts for opening special rupee vastro accounts to facilitate cross-border trade in Indian currency rather than popular mode dollar, sources said. Trade associations and their foreign trading partners should explore opportunities to make use of the framework, sources added.
For the last 15 years, Pitroda and Desai's team is working on the technology to pay through mobile phones. Pitroda already has 11 patents with him and some 20 patents related to this technology are pending for registration.
Punjab National Bank on Monday allayed concerns about its exposure to Adani companies and noted that its loans to the group are diversified into 8-9 companies, which are generating sufficient cash. Atul Kumar Goel, the bank's MD & CEO, in a post-earnings call said total exposure to Adani group, so far, stands at Rs 7,000 crore, of which Rs 2,500 crore is in the airport sector. He further said there is "no worry as the exposure is not very big" and that the bank is keeping an eye on the development that is taking place.
Despite their opposition based on ideology, both the political Right and the political Left possess similar behaviour, observes Shyam G Menon.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Finance Minister P Chidambaram said on Tuesday the Reserve Bank of India and Indian Banks Association have no objections on raising bank credit to minorities but difference of opinions need to be reconciled before a policy position is brought out.
The 40 per cent commission charge has once again come to the fore to haunt the Basavaraj Bommai-led government in Karnataka, with the state contractors association on Wednesday stating that they will be writing another letter to Prime Minister Narendra Modi in this regard.
'Individuals can consider dividing ownership of properties between related persons to ensure that the sale transactions are below the Rs 50 lakh limit and therefore not subject to TDS.'
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
Credit card association Visa said on Thursday spending in India via its cards issued both inside and outside the country rose 138 per cent in 2002 to $3.725 billion. \n\n
Brand India's societal divisions and distortions have remained as much relevant in 'liberal' America and Europe as it still is in the structurally stratified Indian society of the 21st century, observes N Sathiya Moorthy.
The pilot project for central bank digital currency (CBDC) in the retail segment went live on Thursday with the Reserve Bank of India (RBI) issuing Rs 1.71 crore to four participating banks based on their indents. The central bank has identified four banks for the first phase of the pilot - State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank - in four cities, Mumbai, New Delhi, Bengaluru and Bhubaneswar. The highest indent was received from one private sector bank.
Asserting that terrorism is not linked to any religion, National Security Advisor Ajit Doval on Tuesday said it is no coincidence that despite there being around 200 million Muslims, the involvement of Indian citizens in global terrorism has been "incredibly low".
The BJP could surpass its previous best showing of 127 seats in 2002 when Modi was the chief minister.
The CBI has been carrying out searches at various locations for the past few days to locate assets acquired from the proceeds of the scam, officials said.
The CBIC has come out with guidelines on blocking of tax credit by GST field officers, saying that such blocking should be on the basis of 'material evidence' and not just out of 'suspicion'. The guidelines laid down five specific circumstances in which such credit could be blocked by a senior tax officer. These include availment of credit without any invoice or any valid document, or availing of credit by purchasers on invoices on which GST has not been paid by sellers.
'Eddie Murphy was approached for Sanjay Dutt's role, Omar Sharif for Jackie's Shroff's. The title of Khalnayak was Be Negative then. I had started working on the screenplay with Hollywood writers. And then after three-four months...
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
The 32-year-old swashbuckling batter smashed an unbeaten 51-ball 112 against Sri Lanka in the third T20 International on Saturday to pave the way for India's 91-run victory and a 2-1 series verdict.
Gianiji had crafted his moves with the meticulous planning of a chess grandmaster. He did not know whether a checkmate was feasible, as his time was running out, but he wanted Rajiv Gandhi to smell the fear of loss. A fascinating excerpt from K C Singh's The Indian President: An Insider's Account of the Zail Singh Years.
The government has notified a host of procedural changes in the GST rules, including levy of interest for wrongful utilisation of ITC and turnover threshold for filing annual returns for the 2021-22 fiscal. The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week. With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.
Be wary of co-operative banks which have historically been most vulnerable.
GST officers can now launch prosecution against offenders in cases where the amount of evasion or misuse of input tax credit is more than Rs 5 crore, the finance ministry has said. However, this monetary threshold will not be applicable in the case of habitual evaders or in cases where arrests have been made at the time of investigation. "One of the important considerations for deciding whether prosecution should be launched is the availability of adequate evidence," the GST investigation wing under the finance ministry said, while issuing instructions for launching prosecution.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
Some of India's best-known royals gathered in New Delhi to watch the final of the Sir Pratap Singh Polo Cup, which is named after Sir Pratap Singh, the man credited with the foundation of modern polo in India.
'Cinema or the sentiment of a people, disgusted by contemporary politics and wanting to feel whole by collectively recalling a moment of great difficulty that was also a cause for togetherness?', asks Shyam G Menon.
In a mixed bag for HDFC Bank ahead of the parent HDFC's merger with itself, the Reserve Bank of India has declined to make exceptions on certain aspects, and has offered some leeway on others. The country's largest private sector lender, which is aiming to conclude the merger with the home finance major by July, had written to the central bank seeking certain forbearances after announcing the $40-billion merger in April last year. In an exchange filing this evening, HDFC Bank said it received a response from RBI on Thursday and also said that there are a few pending issues.
No longer a discretion of the tax administrator, the audit of returns filed by taxpayers is now based on a selection by algorithms, notes Tarun Bajaj.
The increasing involvement of Big Tech in the financial system could give rise to concentration risk and there are potential spillovers, which call for closer attention, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday. "...enormous amounts of consumer data is being generated and leveraged upon by a few entities (the so-called Big Tech) by virtue of their huge customer base. "Such developments raise concerns on concentration risk and potential spillovers as their level of engagement with the financial system strengthens in the years to come," Das said at the Global Fintech Fest 2022.
The Supreme Court on Monday said the ministry of defence cannot take law in its own hands by issuing communication on payment of One Rank-One Pension (OROP) arrears in four instalments.
'After exiting jail, I thought some of my IIM-A classmates would contact me. None did.' 'The case indeed scared people, which perhaps was the objective of the State.'
Many placement agencies are fly-by-night operators in New Delhi.
Portugal's shortage of health staff, especially those specialising in gynaecology and obstetrics, has led to the government considering hiring from abroad.
The Supreme Court on Tuesday took serious exception to political statements being made on the sub-judice matter related to the withdrawal of four percent Muslim quota in Karnataka, saying "some sanctity needs to be maintained".
Shah said that the people of the country will decide about the principal opposition party to BJP in the 2024 polls and they have not given this label to any party.
'Nobody told me upfront that you are a Marathi girl so we will not cast you.' 'I questioned myself: 'Am I not good enough?' 'Am I not good-looking to be in this industry?''
Remember, pension from EPS will be taxable at slab rate, reducing the post-tax income for people who remain in the higher tax brackets after retirement.
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