After imposing 20 per cent export duty on non-basmati rice, the government has banned the export of broken rice with an aim to increase domestic availability, according to a government notification.
The Vivaad se Vishwas Tak scheme will be one area where some much-needed revenue can be collected by the government. The scheme can be more successful if some specific steps are taken, says investment advisor Harsh Roongta. This results in a very high tax demand. Investment advisor Harsh Roongta takes you through the maze of appeals and counter appeals.
Revenue secretary Tarun Bajaj along with senior finance ministry officials on Thursday held a meeting with Infosys managing director Salil Parekh to review the performance of the new income tax portal. More than 3.5 crore Income Tax Returns (ITR) have been filed so far for the financial year 2020-21 through the portal, which had faced glitches following which the ministry had directed Infosys to urgently address the issues. Infosys has developed the new income tax e-filing portal 'www.incometax.gov.in'.
A delegation of Meghalaya ministers led by CM Conrad K Sangma will meet Union Home Minister Amit Shah on November 24 to demand a CBI or NIA probe into the violence that left six people dead on the state's border with Assam.
IMD issued red alerts for Thiruvananthapuram, Kollam, Pathanamthitta, Alappuzha, Kottayam, Ernakulam and Idukki districts.
As rains continue to lash across Kerala days ahead of the expected onset of Southwest monsoon, the India Meteorological Department (IMD) on Sunday issued a red alert in five districts of the state for Sunday and Monday indicating extremely heavy rainfall.
The government will set up expert groups to explore the adoption of common chargers for mobile and all portable electronic devices, and submit a detailed report in two months, Consumer Affairs secretary Rohit Kumar Singh said. The department of consumer affairs on Wednesday called a meeting with industry stakeholders. After the meeting, Singh said India can initially think of exploring shifting to two types of chargers, including a C-Type port.
Hindu follows the path of truth. Hindutva robs under the guise of religion, Rahul Gandhi said.
Income tax officials on Monday conducted surveys at offices of engineering major Larsen & Toubro and media firm Zee Group for alleged GST evasion, an official of the tax department said. When contacted, L&T neither confirmed nor denied the development, while the media group has confirmed the tax survey. The tax official said surveys have been carried out at many L&T premises in the city, and in case of Zee, the surveys are underway at all its offices across the country since morning.
The searches are linked to suspected movement of hawala money during the ongoing polls season and tax evasion.
In a statement, it said 198 properties in the state were partially damaged and 30 houses completely destroyed in the rains from July 31 to till date.
Maharashtra Chief Minister Uddhav Thackeray on Wednesday visited the state secretariat 'Mantralaya' for the first time after recovering from a spine surgery which he underwent in November last year, and asked the state administration to focus on paperless governance with increased use of technology.
Vodafone Idea's (Vi's) search for a lifeline has turned longer and tougher even as it continues to lose customers and delay vendor payments. Vi's much-needed Rs 1,600-crore fundraising plan got stuck due to the government's silence on picking up a proposed 33 per cent equity in the financially stressed telco. The development spells further trouble for the company, which has an overall debt pile of Rs 2.2 trillion, including hefty dues to the government.
In a first of its kind move, the Indian Railways Catering and Tourism Corporation (IRCTC), the ticket booking arm of the Indian Railways, is looking to monetise its bank of passenger data while conducting business with private and government companies. IRCTC has a large bank of data related to every online railway ticket ever generated as it is the country's only railway ticketing platform, an IRCTC official told Business Standard. The public sector undertaking, which has sought the services of a consultant to assist with the monetisation process, plans to raise Rs 1,000 crore through this exercise.
Incessant showers lashed Mumbai and its neighbouring areas on Wednesday morning, leading to flooding in many low-lying areas and traffic snarls on roads.
Telcos participating in the upcoming auctions at the end of July say they expect only a fourth of the value of spectrum on offer to be sold. The government has put Rs 4.3 trillion of spectrum up for sale at the base price across seven bands including for 5G. An executive of a leading telco said he estimates that mobile operators collectively would buy spectrum of only around Rs 1.1 trillion.
'Quite a few notices have been issued in both black money and benami transactions.'
Thanks to an ambiguous law on the import of platinum alloys, some bullion importers are making big profits. A handful of them are importing refined gold cloaked as platinum alloy. Gold attracts 15 per cent import duty, as opposed to platinum alloy that invites a duty of 10.75 per cent. Industry sources say this is a case of mis-declaration and duty violation.
In 2017, when Infosys announced that Salil Parekh would be its next chief executive officer (CEO) and managing director (MD), very few in the industry or the analyst community doubted his ability to bring the company back to a healthy growth trajectory, improve morale within the company and, more importantly, win the promoters' trust and investor confidence. There were reasons for this confidence. He was not only the deputy CEO of the Paris-headquartered IT services major Capgemini, but also one of the only non-European faces on the executive board of the company.
If Kerala wants to sustain its room for independent thinking and talk back to Delhi when needed, it should put its finances in order. Or - if one takes the North East example - Kerala's political posturing may end up commensurate with its financial dependence on others, suggests Shyam G Menon.
There will be a blanket ban on the production, sale and use of all types of firecrackers in the national capital, including on Diwali, till January 1, 2023, Environment Minister Gopal Rai said on Wednesday.
The Delhi government's budget size for 2022-23 was Rs 75,800 crore and Rs 69,000 crore in the preceding year.
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.
Ganesh Chaturthi celebrations will not be held at Bengaluru's Idgah Maidan, the Supreme Court said on Tuesday while refusing to grant permission for the function and ordered status quo on the plot by both parties. Noting that no such function as Ganesh Chaturthi was organised at Idgah Maidan for the past 200 years, the top court asked the parties to approach the Karnataka high court for the resolution of the dispute.
Sacking Portuguese manager Jose Mourinho cost Manchester United 19.6 million pounds ($25.10 million), the English Premier League soccer club said.
The Department of Telecommunications (DoT) is in the process of issuing a show-cause notice to Vodafone Idea (Vi) for delaying the payment of licence fee. Companies pay 8 per cent of their adjusted gross revenue as licence fee. This also includes a universal service obligation levy. The fee is collected from each of the 22 telecom circles in the country on a quarterly basis.
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).
After reading posts on social media that medical oxygen was required for the child during the train travel, a number of people arrived at the Bhopal railway station in the early hours of Friday carrying oxygen cylinders with them.
"In democracy, a political party cannot be stopped from functioning by sealing its office", observed the Supreme Court Monday as it dismissed the plea of ousted All India Anna Dravida Munnetra Kazhagam leader O Panneerselvam (OPS) against the Madras high court order directing him to hand over the keys of party headquarter to party chief K Palaniswami.
The free trade agreement (FTA) talks with India are no longer working towards a Diwali deadline though negotiations are progressing well, UK Trade Secretary Kemi Badenoch has said as New Delhi expressed confidence on Friday of an "early date" for a mutually beneficial deal. "There are ongoing negotiations as we know on the FTA. There is interest on both sides to see if we can work towards a deal, an FTA, that is beneficial to both the countries at an early date," external affairs ministry spokesperson Arindam Bagchi told reporters in New Delhi. It came as External Affairs Minister S Jaishankar spoke to his UK counterpart, James Cleverly, and referenced the Roadmap 2030 bilateral agreement signed between Prime Minister Narendra Modi and former UK PM Boris Johnson in May last year, with no specific reference to the FTA.
Despite legal deterrent in place to discourage people from doing so, by dusk, residents in many neighborhoods, including some areas in south Delhi and northwest Delhi, had started bursting crackers.
According to the CBDT, if a social media influencer retains a product from the manufacturing company after using for the purpose of rendering service, then it will be treated as a benefit/perquisite under newly-introduced Section 194R of the IT Act.
The Supreme Court on Friday dismissed the applications filed by telecom majors, including Vodafone Idea and Bharti Airtel, seeking rectification of the alleged errors in calculation of Adjusted Gross Revenue (AGR) related dues payable by them. "All the miscellaneous applications are dismissed," a bench headed by Justice L Nageswara Rao said while pronouncing the order. The telecom companies had submitted before the apex court that arithmetical errors in the calculation be rectified and there are cases of duplication of entries.
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.
The Superintendent of Police of Tuticorin, where a father-son duo died after being allegedly thrashed by the police last week, was on Tuesday shunted out of the district and placed under "compulsory wait" by the Tamil Nadu government.
The revenue department has not seen a single deposit, owing to the outbreak of the COVID-19 pandemic.
Nearly 3.64 lakh educated and "semi-educated" youngsters had registered with employment exchanges across Gujarat till December 2021, according to state government data.
The apex court has settled the long-pending dispute between companies such as Samsung, IBM, HP & others and the tax department.
In a most perverse example of tax bullying, someone I know has got by three such notices reopening his assessment minutes before the midnight deadline of June 30, reveals Debashis Basu.
