According to an order issued by the Central Board of Direct Taxes, the department will share 'bulk information', starting from Permanent Account Number (PAN) to the taxpayer's name and all the individual data that it captures like father's name, gender, date of birth, photograph and signature or thumb impression.
Telecom companies have been desperately waiting for a bailout package from the government after a Supreme Court order put their statutory liabilities at Rs 1.47 lakh crore.
'What happened was that over a period of time, the data analytics showed that many were claiming it and that it was being misused'
The Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks.
'Under this government, tax laws have become more draconian, and the government itself is setting stiff, unrealistic targets for tax officials, who have got more powers to harass us,' points out Debashis Basu.
The finance minister has emphasised on the quick disbursal of additional loans to MSMEs, to simplify process, formats and documentation.
The income tax department has also launched a faceless e-assessment scheme to eliminate interface between an assessing officer and a taxpayer.
Vodafone Idea, which reported a loss of Rs 6,439 crore in the December quarter, said it had received letters from the department of telecommunications (DoT) directing immediate payment of dues amounting to Rs 54,000 crores after the SC judgment. "The company is currently assessing the amount that it will be able to pay to DoT towards the dues calculated based on AGR, as interpreted by the Supreme Court in its order dated October 24, 2019. The company proposes to pay the amount so assessed in the next few days," it stated.
Promising swift action on the debit card data compromise issue, Economic Affairs Secretary Shaktikanta Das on Friday said there was no need to panic over the feared security breach that affected over 32 lakh cards.
In big bang reforms, the Union Cabinet on Wednesday approved a relief package for the telecom sector that includes a four-year moratorium on payment of statutory dues by telecom companies as well as allowing 100 per cent foreign investment through the automatic route. Briefing reporters on the decisions taken by the Cabinet, Telecom Minister Ashwini Vaishnav said nine structural reforms for the telecom sector were approved. The definition of AGR, which had been a major reason for the stress in the sector, has been rationalised by excluding non-telecom revenue of telecom companies.
Amid the opposition UDF's sloganeering against him, Kerala Governor Arif Mohammed Khan on Friday delivered the customary address to the assembly with the policy document outlining the Left government's administrative achievements and criticising the Centre for allegedly pushing the state to financial constraints by reducing its resource allocations.
Proper documentation can help take half the pain out of filing your income tax return, says Amar Pandit.
This provision is a very smart rule against fraudster and would not affect any genuine business entities or Ease of Doing Business in any manner, said a source.
All the Gujarat cadre officers have one thing in common. They do not need Modi's 'informal interactions' and advice because they are from the so-called 'Modi school of governance.' They know Modi well enough to perform their assigned roles.
Although the industry is disappointed with the government decision not to lower spectrum prices at a time telcos are saddled with over Rs 4-trillion debt and an estimated Rs 1.43-trillion licence fee dues, the DCC has relaxed the payment structure to offer some relief to the financially stressed sector.
The Vigilance Commission has asked DoT to justify its decisions regarding spectrum allocation to GSM operators.
Bidding for the sixth round of spectrum auction for radiowaves worth Rs 3.92 lakh crore will start from March 1, according to a notice issued by the Department of Telecom on Wednesday. The long-awaited spectrum auction is being held after a gap of four years and over two years after the Telecom Regulatory Authority of India (Trai) calculated and recommended base price for the radiowaves. The DoT has fixed January 12 for the pre-bid conference and January 28 as the last date for seeking clarification to the notice.
Even with the Rs 20,000 crore distributed among states, it will still be a fraction of what they have been demanding in financial support and clearance of pending dues.
The court said in its order, "If we have not imposed a lockdown it does not mean that we do not believe in it. We are still of the view that if we want to break the chain a lockdown for a duration of at least two weeks is a must."
The combativeness reflects her insistence not to meekly acquiesce to what has been going on in Raisina Hill for years or decades, observes Kartikeya Tanna.
The police's Crime Branch wing registered a criminal case against Thomas for penning his bare-all autobiography Sravukalkkoppam Neenthumbol (Swimming With Sharks) without seeking prior permission from the higher-ups.
The Union finance ministry is planning to make rules regarding wilful defaulters more stringent, so that criminal charges can be pressed against such entities.
While everybody is talking about the vast potential of 5G, the uptake of such services in India depends on operators getting around 100 Mhz 5G spectrum. At the reserve price proposed by Trai, getting this spectrum will cost a telco around Rs 490 billion. Which amount could be difficult for operators to mop up, given the financial stress they are undergoing, says Kiran Rathee.
Protests at this time when efforts are underway to strengthen the PLA and keep morale high would be worrying for the military leadership, observes Jayadeva Ranade, the retired senior RA&W officer and distinguished China expert.
The budgetary allocation for the sector is Rs 60,908.22 crore, with Rs 6,400 crore earmarked for the centre's flagship health insurance scheme Ayushman Bharat- Pradhan Mantri Jan Arogya Yojna (AB-PMJAY).
The incoming government will have to encourage private investments, bring down cost of capital
Globally, the focus has moved back to India, especially in terms of telecom assets. Vodafone Idea, with some 300 million customers, continues to be attractive with shares available at a low price.
ISRO needs next generation launchers and new facilities to manufacture and launch them.
As corporate India gears up to be GST-ready, the ongoing litigation and tax dispute cases are something most businesses are cagey about.
Anti-profiteering authority puts Baba Ramdev-led company in the dock for allegedly not passing on benefits received from the reduced rate of taxation under the GST regime. Patanjali to respond to notice at January 28 hearing.
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
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.
'It will take a long time for people's memory to be misled by a prime minister who is so arrogant and who refuses to acknowledge his own faults.'
DEA officials to push for this at a meeting with FM Jaitley.
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
The tax dept has served notices on about 36 foreign investors.
For the PMO this is urgent as the Digital India framework would depend on how the telecom companies perform. It is also linked to the proposed auction of 5G airwaves.
The young are most vulnerable to self-harm and suicidal ideas at this time.
IMF believes it is mostly cyclical, not structural, but because of the financial sector issues, recovery will be not be quick. IMF said, it saw an opportunity with the strong mandate of the new government to reinvigorate the reform agenda to boost inclusive and sustainable growth.
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