The bill to nullify retrospective taxation offers a fair solution within the framework of Indian law and Parliamentary sovereignty to companies which have been subjected to such demands, Finance Secretary T V Somanathan said on Thursday. Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws (Amendment) Bill, 2021' in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets. The Bill provides for the withdrawal of tax demand made on "indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 (i.e. the day the retrospective tax legislation came into being)."
DHFL has been generating funds through various means and has exited from its subsidiary units to tide over the current financial crunch.
The agency did not seek a reappointment in FY12.
More people using the internet for financial and e-commerce transactions has led to job creation in a niche segment. Specialists who can help deal with rising technology (tech) frauds are in high demand amid the surge in electronic transactions during the pandemic. Demand for tech fraud experts has risen upwards of 35 per cent, reveals employment and human resource services company TeamLease Services.
Franklin Templeton Mutual Fund, which has closed six debt schemes, has said the winding-up process will be delayed in the absence of authorisation from investors and further steps will be possible only after seeking fresh approval from them. It further said that investors who do not have an e-mail ID or mobile number registered with the fund house will not be able to participate in the voting process. The date on which the voting would start has not been disclosed yet.
The dinner Jill Biden and her husband US President Joe Biden hosted for Indian prime minister Narendra Modi, June 22, at the White House brought together, Indians and Americans from so many firmaments.
The I-T department issued a circular allowing manual filing of Form 15CA/15CB (required for foreign remittances) with banks till June 30, so that business transactions may go on. The forms will be uploaded online on the e-filing portal later, it added.
Investment by US PE firm KKR will add fire to Ambani's battle for dominance in the retail market that is also being eyed by Jeff Bezos' Amazon and Walmart's Flipkart.
Diverse marquee investors are becoming long-term shareholders of Jio Platforms because of a unique set of technologies and platforms under one entity.
Companies in India are expected to dole out an average increment of 7.3 per cent to employees this year amid faster-than-expected economic recovery and revival in business and consumer confidence, according to a survey. The first phase of the 2021 Workforce and Increment Trends Survey by Deloitte Touche Tohmatsu India LLP (DTTILLP) also said the average increment this year will be higher than 4.4 per cent seen in 2020 but lower than 8.6 per cent given by companies in 2019. As many as 92 per cent companies that participated in the survey plan to give an increment in 2021 compared to only 60 per cent last year.
While the Union Cabinet had in November last year approved the sale of the government's entire 52.98 per cent stake in BPCL, offers seeking expression of interest (EoI), or bids showing interest in buying its stake, were invited only on March 7. The EoI submission deadline was May 2, but on March 31 it was extended up to June 13. On Wednesday, the government said this deadline is further being extended up to July 31.
Other decisions piled up include rationalisation of GST rate slabs, correction of inverted duty on certain items and inclusion of petroleum products.
The government is keen to close the sale before March 31, 2021, to help meet a record Rs 2.1 lakh crore target which Finance Minister Nirmala Sitharaman has set from divestment proceeds in the Budget for 2020-21.
'If this first instalment of advance tax is paid by June 30, instead of June 15, then the interest on delayed payment will be levied at 0.75% per month instead of 1% per month,' notes Homi Mistry, a partner with Deloitte India.
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
The govt could allow start-ups and e-commerce cos to appropriate initial brand building expenses over several years for accounting benefits
"The Corporation has decided to offer a voluntary retirement scheme, with a view to enable employees who are not in a position to continue in service of the Corporation due to various personal reasons, to request for grant of voluntary retirement from the services of the Corporation," Bharat Petroleum Corp Ltd (BPCL) said in an internal notice to its employees.
Auditors raise red flags over Jet Air's robust financial status.
The norms will affect companies in pharma, energy, manufacturing, software sectors.
Finance Minister Arun Jaitley is likely to slash corporate tax rate by about one per cent and may put an end date for certain exemptions availed by the industry.
'There is a huge tax differential of 15% to 20% depending on income classification.'
Common items between Centre and states - bread, eggs, milk, vegetables, cereals, books and salt - will continue to be exempted.
From 100% tax deductions for contributions to PM-CARES fund to extending the due date for linking Aadhar and PAN card, the government has provided various tax relief and extensions in deadlines for statutory compliances, says Homi Mistry.
Aerated drinks, mineral water, travel packages, coaching classes and beauty parlour services might also cost more
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The GST will subsume most of the indirect taxes like excise duty and service tax
Electricity has also been kept out of the GST ambit.
These plans aren't likely to put substantial cash in your hands.
Documents such as PAN card, Aadhaar card, I-T return papers, which are used for KYC, can get leaked from a number of sources. Other prominent sources are the direct sales agents and photocopy shops, say Sanjay Kumar Singh.
The proportion in which a joint home loan is taken is important.
With its new hybrid annuity model, the government is confident of getting more funds from India Inc.
Arun Jaitley said he would put the DTC Bill in cold storage.
Mumbai Monorail was to be built in two phases - Phase I of 8.93 km and Phase II of 11.20 km. The first phase ran operations for around three years before services were abruptly halted, owing to a fire incident last year. The second phase now stands completed, but is lying closed.
This is the first time airwaves in 700 Mhz band will be put up for auction
Under the amended treaty with Mauritius, for two years beginning April 1, 2017, capital gains tax will be imposed at 50 per cent of the prevailing domestic rate.
The development is expected to pave way for greater transfer pricing cooperation between the two countries, enhance investment flow
The tax dept has served notices on about 36 foreign investors.
Finance Minister Arun Jaitley takes a protectionist stance in favour of domestic companies, increases customs duty on certain products.
TRAI said that Internet service providers would not be allowed to discriminate on pricing of data access for different web services.
Despite difficult working conditions, Indians are still seeking jobs in Gulf countries
Two case studies on how one can use the exemption method or the credit route
