The chief minister, who had on Wednesday expanded his new cabinet by inducting 29 ministers, had played it safe by and large retaining old faces, as 23 of them were Ministers in the previous Yediyurappa cabinet, while six were new.
Oil India and other PSUs had filed clarificatory /modificatory petition before the Supreme Court. These companies own and operate telecom networks though they do not provide telecom services.
Two local leaders were arrested for allegedly inciting violence during the eviction drive at Sipajhar in Assam's Darrang district on September 23 in which two persons, including a 12-year-old boy, were killed in police firing and over 20 injured, an official said.
With the flood situation in Assam remaining critical on Monday and affecting a population of nearly 43 lakh in 33 of its 35 districts, Chief Minister Himanta Biswa Sarma directed air dropping of food and other relief materials in areas where there is heavy inundation, officials said.
LIVE! Incessant rains: Red Alert in 5 Kerala districts
The government is open to 'some tinkering' in the varied rates and holding period for computation of capital gains tax on shares, debt and immovable property, in a bid to make it simple, revenue secretary Tarun Bajaj said on Wednesday. Under the Income Tax Act, gains from sale of capital assets, both movable and immovable, are subject to 'capital gains tax'. The Act, however, excludes movable personal assets such as cars, apparels, furniture from this tax.
The finance ministry said the notification pertains to putting in place an efficient mechanism for collection of stamp duty on security market instruments transactions through stock exchanges or clearing corporations authorised by stock exchanges and depositories.
'...Market-linked debentures, high-value insurance, exemptions from capital gains by investment in real estate, etc.' 'So, there are a number of measures directed at collecting a fair share from higher income individuals.'
The total direct tax collection stands at a little over Rs 9 trillion, giving the taxman just few days to reach the 2018-19 revised target of Rs 12 trillion., reports Shrimi Choudhary.
Discussing the prospect of more reform earlier this month, telecom minister Ashwini Vaishnaw announced a delay in the 5G spectrum auction. India's telecom sector regulation has to be benchmarked with the global best, he said. It's another matter that many countries have either introduced or are about to roll out 5G services that will enable cutting-edge tech in diverse areas. For India, too, it will mean a lot for healthcare, robotics and unleashing a new chapter in Digital India perhaps.
The aim of the exercise was to further simplify GST forms and make the filing process more user-friendly, the finance ministry said in a tweet, reports Dilasha Seth.
Debt-ridden telecom operator Vodafone Idea is evaluating the option of converting interest dues arising out of the deferment of statutory payments into equity, a senior company official said on Monday. The company is also in talks with banks and investors for raising funds and part of the proceeds is likely to be utilised towards meeting obligations related to debt maturing this fiscal, Vodafone Idea Limited (VIL) chief financial officer Akshay Moondra said during the company's earning call. VIL MD and CEO Ravinder Takkar said the company expects to conclude fund raising plan by the end of the current financial year.
The case relates roughly to assessment years 2000-01 to 2002-03 and 2004-05 to 2007-08
The government is likely to file draft papers for the mega initial public offering of LIC with market regulator Sebi by next week, while a portion of the issue would be reserved for anchor investors, a top official said on Wednesday.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
Union finance secretary T V Somanathan recently said the Centre had saved Rs 10,000 crore in FY22 on interest payments after adopting new accounting mechanisms for central government agencies and centrally sponsored schemes (CSS) for state governments. Speaking at an event, Somanathan said due to these, there was an unspent balance of Rs 1.2 trillion with state agencies from CSS as on March 31, 2022. This means this amount will be reduced from the Centre's borrowing for now and it can be considered a short-term saving for the exchequer.
'The road ahead for the government's fiscal management will be full of many new challenges,' warns A K Bhattacharya.
The government is planning to merge Bharat Broadband Nigam Limited (BBNL) with the loss-making state-run telecom operator Bharat Sanchar Nigam Limited (BSNL) this month, a senior official has said. BSNL chairman and managing director PK Purwar at a recent event organised by the All India Graduate Engineers and Telecom officers Association (AIGETOA) said that the government is giving the telecom firm an opportunity for a turnaround. "The government has taken a policy decision that BBNL is going to be merged into BSNL. "This means all work of BBNL at the pan-India level is going to come to BSNL," Purwar said at the All India Conference of AIGETOA on March 13.
The levy of retrospective tax on the UK's Cairn Energy Plc is a tale of bizarre twists and turns that saw its attached shares being sold in May 2018 amid the passing of the baton from a full-time finance minister to interim one and the talks at the highest level to resolve the dispute, to claims that levy of back taxes was a result of an investigation into Panama Papers leak. The government late last month refunded about Rs 7,900 crore it had collected from selling residual shares of the British firm in its erstwhile India unit, seizing dividend and withholding tax refunds, to settle an eight-year-old dispute that had tarred the country's reputation as an investment destination. But, this did not come about easily. For seven years, the establishment vehemently justified in courts and outside seeking of Rs 10,247 crore in back taxes plus interest and penalty from a firm that gave India its biggest onshore oil discovery.
The Madhya Pradesh government has decided to set up a 'gau cabinet' for the protection and promotion of cows in the state, Chief Minister Shivraj Singh Chouhan said on Wednesday.
If the fiscal deficit for the year can be maintained at Rs 7.04 trillion, the deficit as a percentage of GDP will slip to 3.44 per cent
Any league restart would see matches played in front of empty stands.
'The kind of tax which will be generated from the second pillar may far outweigh what we may be losing in the first pillar.'
'The economy has to become the government's No. 1 priority, which it is not at the moment,' says T N Ninan.
The proposal may provide relief to the tune of Rs 9,000 crore to service providers.
Apart from the chief minister and deputy chief minister, 13 cabinet and 10 ministers of state were allocated portfolios.
No longer Bengal's finance minister, Amit Mitra, Mamata's principal chief advisor, will still advise and aid the 'chief minister and finance department on all matters relating to management of state finance', represent the 'state government in national and international events/meetings/committees' and examine 'important proposals/files and policy issues relating to financial matters referred to him for advice/views'.
A Ganesh Nadar/Rediff.com spends a day at the Manapaddu beach in Tuticorin where nearly 100 whales were mysteriously beached and many died despite the best efforts of the fishermen and authorities.
The IMD director said, the cyclonic storm Tauktae in the Arabian sea is moving away from the Kerala coast and is now approaching the Karnataka coast.
Most of the services of the postal department are incurring losses.
Northern Army commander Lieutenant General Upendra Dwivedi on Monday said the targeted killings of Kashmiri Pandits and non-local labourers by militants was to keep terrorism alive in Kashmir.
In a rare face off, captains of the auto industry have hit out at the government for not walking the talk. At an industry event in the capital on Wednesday, R C Bhargava, chairman of India's largest carmaker Maruti Suzuki, and Venu Srinivasan, chairman of TVS Motor, questioned the government's intent to support the auto sector. Revenue secretary Tarun Bajaj sat in the audience listening, before his turn came to counter them.
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
'The deaths of the children in the Gambia would batter India's reputation as the developing world's pharmacy.'
A 14-member council of ministers was sworn in Patna by Governor Phagu Chauhan on Monday and the BJP bagged seven berths.
Taxmen have come across instances where global firms - charged a withholding tax of 6 per cent - are underreporting the exact income they earned from an Indian user.
When Nirmala Sitharaman announced her new privatisation policy, there were serious doubts if the move had the BJP's full political backing. All those doubts were dispelled when her initiatives were endorsed by Modi in Parliament, observes A K Bhattacharya.
HUFs are not used for tax evasion but for tax avoidance/to save the tax within the four corners of the law. Experts say that there will be little or almost insignificant change in tax revenues.
While Eddings cast Roberts's departure as a mutual decision, he also said CA wanted a "new leadership style" and the permanent successor would need strong communication skills.
Taxmen also claimed that the signature of Siddhartha on the letter being circulated on the social media under his name "does not match" with the record available with the department.
