Hospitality and travel sector players on Tuesday demanded infrastructure status for the hotel industry besides measures such as tax exemption on LTA annually to boost domestic tourism ahead of the Union Budget. They also recommended removal of the current TDS levied on automated bookings for internal or closed user groups such as business travel platforms and reducing the total number of licenses required to establish a hotel. "A full-blown infrastructure status for the hotel sector and further rationalisation of the Goods and Services Tax (GST) and a Central single window clearance for hotel projects are some of the major expectations from the Budget 2024," Roseate Hotels & Resorts CEO Kush Kapoor said in a statement.
Leaders of the Indian National Developmental Inclusive Alliance (INDIA) have decided to raise the NEET issue in both houses of Parliament on Friday and members will give notices in this regard, sources have said.
These officers also have been divested of their current duties on charges of violating Rules 9 and 3(1)(xx) of the Central Civil Service Conduct Rules.
Recent documents by NITI Aayog and periodic labour force surveys on employment show that the importance of agriculture is rising in the Indian economy.
Speaking at the Congress manifesto launch programme, Gandhi said it is a much closer contest than what is propagated by the media, and expressed confidence in winning the polls.
The draft direct tax code that will lead to overhaul of the Income Tax Act, has created uncertainty among the developers and units in the special economic zones over continuation of the tax sops.
Many salaried taxpayers hold the misconception that they don't need to disclose any other income since TDS is deducted from their salary.
The DCI, to be set up with immediate effect, would collect information about persons and transactions connectedwith criminal activities and initiate prosecution proceedings against them.
Tina Ambani, wife of Reliance ADA Group chairman Anil Ambani, on Tuesday appeared before the Enforcement Directorate (ED) in Mumbai for questioning and recording her statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Anil Ambani had recorded his statement in the case on Monday under sections of the Foreign Exchange Management Act (FEMA) and he is expected to appear before the central agency again later this week for completion of the exercise.
ED officials said that Subhash was produced before a special PMLA court on Sunday morning and was sent to judicial custody.
The department said that total confidentiality is ensured to those who declare their black assets and funds
The Delhi High Court on Monday issued notices to the finance ministry and the Director General of Income Tax (Department of Revenue) on a petition challenging a scheme to train educated youth as Tax Return Preparers (TRPs).
The government on Wednesday extended the tenure of Enforcement Directorate Director Sanjay Kumar Mishra by a year till November 18, 2022, days after the Centre brought ordinances to allow ED and Central Bureau of Investigation directors to occupy the office for up to five years.
Crorepatis build wealth through disciplined saving, smart investing, and strategic risk-taking, proving that true financial freedom is earned, not inherited, says Ramalingam Kalirajan
The form, introduced by the Central Board of Direct Taxes in April, is supposed to make filing tax returns easier.
Kailash Gahlot, a key minister in the Aam Aadmi Party (AAP) government in Delhi, has resigned, potentially impacting the party's ambitious plan to roll out a Rs 1000 monthly honorarium scheme for women ahead of the Assembly polls in February. Gahlot, who represented the Jat-dominated Najafgarh constituency in West Delhi, cited several issues, including the "Sheeshmahal" controversy over his former official residence, the Delhi government's tussle with the Centre, and the failure to clean the Yamuna River, in his resignation letter. Delhi BJP leaders welcomed Gahlot's resignation, fueling speculation that he could join the party before the assembly polls. However, AAP leaders claimed Gahlot resigned due to pressure from central agencies, including the Enforcement Directorate, and that joining the BJP was his last option. Gahlot's resignation has sparked speculation about his future and the impact it will have on the AAP's electoral prospects.
Rai also asserted that the Congress will win the upcoming Assembly elections in all five states.
Funds raised by banks through certificates of deposit in December clocked the highest in the financial year 2023-24 as liquidity remained tight in the system with the Reserve Bank of India (RBI) infusing Rs 2.01 trillion on Monday, the highest in the current financial year. The liquidity deficit in the banking system widened to more than Rs 2 trillion on Monday on the back of advance tax outflows, market participants said. Around Rs 4 trillion worth of outflows are expected because of advanced tax and goods and services tax (GST) payments in December.
Raising slogans against the Bharatiya Janata Party, Trinamool Congress (TMC) leaders ended their 24-hour protest at the Mandir Marg police station in New Delhi on Tuesday evening, a day after they were detained while staging a dharna outside the Election Commission's office.
The accountants body was reacting to reports about a tax assessment order by the I-T department, which found violations by ICAI such as failure to get their accounts signed by auditors, providing loans to partners without guarantee and interest and hiding income from coaching business. However, the institute pointed out that a view taken by a particular officer in the department in a specific year is not final and said that it is sure to be eligible for exemption.
Stopping SIPs during a downturn undermines the benefit of rupee-cost averaging.
Search and seizure operations are necessary in an India that seems more dishonest.
The BBC is not driven by an "agenda" but by purpose and will not be put off reporting impartially and without fear or favour, the UK-headquartered media organisation's chief has said days after the income tax department survey operation at its New Delhi and Mumbai offices.
Statements of five 'Angadiya' firm operators have also been recorded by the ED to establish the "money trail" of this alleged Rs 45 crore bribe amount.
If you fail to make the lump sum deposit before April 5, do so at least before the 5th of the next month (May). That way you will only lose out on the interest for April.
In a major crackdown on Chinese mobile companies, the Income Tax department is conducting searches on leading Chinese mobile companies across the country. Mobile companies including Oppo, Xiaomi and One Plus are being covered in this search, sources told ANI on Wednesday. More than two dozen premises are covered in the search which started on Tuesday. "Raids are ongoing in Delhi, Mumbai, Bengaluru, Greater Noida, Kolkata, Guwahati, Indore and some other places," sources told ANI.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Leaders who built and manage these incredible global companies cannot be tyrants, slave-drivers, or idiots. Essentially what they are saying falls under the definition of rallying the troops, inspirational talk, like the usual coach-speak with the team before a match, asserts Shekhar Gupta.
Face Rs 1,000-cr minimum alternate tax demand
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The department, according to officials, has reportedly traced instances of tax evasion by various Telecom firms that have been named by the CBI and the ED in their charge sheets.
A sharp rise can be attributed to the significant changes in India's share buyback tax regime, which will come into effect from October 1, 2024.
State-owned Indian Renewable Energy Development Agency's (Ireda's) chairman and managing director Pradip Kumar Das has announced that the company has requested the government to allow it to carry out a follow-on public offer (FPO) as it will need further equity infusion to maintain the pace of growth. The FPO would aim to raise between Rs 4,000 crore and Rs 5,000 crore. Ireda, which provides funding assistance and other services to renewable energy and energy efficiency/conservation projects and is 75 per cent owned by the government of India, has requested the Union Finance Ministry to be included under Section 54EC of the Income Tax Act, which will help reduce borrowing costs.
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
Maharashtra Chief Minister Eknath Shinde on Wednesday claimed that the protest at Badlapur in Thane district over the alleged sexual abuse of two kindergarten girls was politically motivated and aimed at maligning the state government.
If you have any grievances or disputes regarding the demand stated in the notice, consider seeking professional help.
FMCG major Hindustan Unilever Ltd on Wednesday reported a 19.18 per cent rise in consolidated net profit at Rs 2,989 crore in the December quarter.
A court in New Delhi on Thursday extended the Enforcement Directorate custody of Chief Minister Arvind Kejriwal till April 1 in the excise policy case.
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