The Income Tax department will hold public meetings every Wednesday to resolve taxpayers grievances and tax issues as part of the 'Good Governance' initiative mooted by Prime Minister Narendra Modi.
Portfolio investors based out of the US and other countries with which India does not have favourable tax treaties will have to pay a 15 per cent tax on their derivative transactions, after the Budget decided to classify income from all foreign portfolio investment as capital gains.
The key demand drivers -- such as low home loan rates and income tax sops, particularly for affordable housing -- that supported the recovery in H2 FY2021, remain in place and will spur recovery again, feel experts.
Congress president Sonia Gandhi has sought more time from the Enforcement Directorate to appear before it as she is still suffering from Covid, party sources said on Tuesday.
The Bharatiya Janata Party today asked Congress to come clean on reports alleging that close associates of a former Union minister and a Congress vice president were beneficiaries of the bribes paid in the VVIP chopper deal.
Journalist Rana Ayyub rejected allegations on Friday that she "misused" donor funds raised in the wake of the Covid-19 pandemic, saying money-laundering charges levelled against her are "preposterous and wholly mala fide".
Corporate India continues to be generous in rewarding its shareholders with big dividend payouts. This is especially true for shareholders of companies such as Tata Consultancy Services (TCS), Hindustan Zinc (HZL), and Coal India (CIL) which are seen as cash cows of large business groups and the government. Boosted by a big payout by these three companies, the combined equity dividend payout by listed companies was up 38 per cent year-on-year (YoY) to a record high of Rs 2.27 trillion in 2022-23 (FY23), compared with Rs 1.65 trillion in 2021-22 (FY22).
Gandhi, 75, was earlier asked to depose on June 8 but she sought a fresh date from the federal probe agency after she contracted the coronavirus infection.
The case was registered recently to probe alleged financial irregularities in the party-promoted Young Indian that owns the National Herald newspaper.
Duty cut on raw material imports are not likely.
The Enforcement Directorate has issued a fresh summons to Trinamool Congress member of Parliament Abhishek Banerjee, asking him to appear before it for questioning on March 29 in a money-laundering case linked to an alleged coal scam in West Bengal, officials said on Thursday.
Initially, she was summoned by the agency on Monday but it was deferred by a day.
Make sure you read the policy wording. Some policies cover pre-existing diseases while others don't. Many need a minimum 24-hour hospitalisation, advises Bindisha Sarang.
The Mukerjis and their friends cheer for Ajay Devgn!
An NCD's credit rating will tell you whether risk possibility is high or low. Instruments rated below AA are regarded as high-risk.
Speaking to media persons after a team of Central Bureau of Investigation, Income Tax and Enforcement Directorate left his Kamaraj Lane residence in New Delhi, Kalmadi said: "I welcome the investigations. I would fully cooperate with the agency. Those documents, which they have not been able to locate, would be traced and handed over the agency."
The net profit of the listed Adani group companies more than doubled year-on-year (Y-o-Y) in the first half of 2023-24 (H1FY24), even as their revenue declined in this period. The nine firms posted a 107.7 per cent jump in net profit at Rs 23,929 crore in April-September compared to the year-ago period. Net sales, on the other hand, were down 14 per cent to Rs 1.49 trillion in H1FY24, data collated by Business Standard showed.
The Central Bureau of Investigation on Monday arrested Income Tax Commissioner Daya Shankar in Mumbai for allegedly accepting a bribe of Rs two lakh from a private company for passing a favourable order in an appeal matter.
Over Rs 2 crore was on Friday seized allegedly from a car owned by the younger brother of an independent Rajya Sabha candidate. "The cash was seized near Rampur haat under Namkum police station between 6.30 am and 7 am from the car," said Income Tax department's Jharkhand Director Ajay Kumar. "The car belongs to Suresh Agarwal, the younger brother of (independent RS candidate) R K Agarwal, while the cash came from his relative Praskash Khemani's place at Jamshedpur," he added
Equity investors should thank cash-rich biggies such as TCS, ITC, HUL, Nestl, and Bajaj Auto for this.
Congress leader Rahul Gandhi appeared before the Enforcement Directorate (ED) on Wednesday for the third consecutive day of questioning in the National Herald money laundering case, with the agency seeking answers on decisions taken with regard to the media organisation and its owner Young Indian.
It said the searches that were launched on July 22 in nine cities like Bhopal, Indore, Delhi, Ahmedabad, Noida and some others are "continuing and further investigations are in progress."
The agency on Friday also carried out searches on the premises of the Gitanjali Group at 20 places in Mumbai, Pune, Surat, Jaipur, Hyderabad and Coimbatore.
There may be those who could want to go slow, citing the large pendency of follow-up action and court cases that they would have to process and/or proceed with, before raiding more politicians, observes N Sathiya Moorthy.
The specialised wing -- Directorate of Criminal Investigation (Income Tax) -- will be manned by hand-picked officers who are experts in financial and forensic investigations.
The Income Tax (I-T) Department has embarked on a plan to create a national data centre to facilitate a management information systems-based, real-time analysis of data for quick and effective decision making.
Burman had sought permission to travel to Dubai from May 3-7.
Senior Congress leader Kishore Chandra Deo, who headed a parliamentary panel that probed the 2008 'cash-for-votes' scam allegedly involving some members of the Lok Sabha, on Thursday said there cannot be any inquiry on the basis of "so-called" cable leak as its authenticity has to be verified
While planning significant consolidation of its vast expanse of business in the next five years, the Rs 17,000-crore (rs 170 billion) Indian Farmers Fertilizer Cooperative Ltd (Iffco) has demanded "physical support by the government" through excise and Customs exemptions and income tax holidays.
Amid charges of black money playing a part in the IPL, Sports Ministry has asked the Finance Ministry to order an expeditious probe into it.
Raj Kundra's stake in the franchise is legally questionable. The Income Tax department and Enforcement Directorate the two agencies investigating the Indian Premier League franchisees -- have come across a web of transactions that violated FIPB and RBI guidelines.
Official sources said on Wednesday, that the "source probe" commenced after a controversy broke out this week over the share holding patterns of the a consortium led by Rendezvous which bagged IPL's Kochi franchise. The probe is only to determine the source of funds though there is no specific input that fuelled suspicions, the sources said.
The Income Tax department and Enforcement Directorate have been asked by the government to pull up their socks and expedite disposal of cases related to terror financing in various parts of the country.
Rashtriya Janata Dal chief Lalu Prasad on Monday declined to comment on the ongoing probe into the alleged hawala transactions and investments involving former Jharkhand chief minister Madhu Koda. "I will not comment as the topmost investigating agencies, the Enforcement Directorate and the Income Tax Department, are conducting their probe. The media should not be a police officer nor is it competent (to reach conclusions)," Prasad told reporters.
Former Jharkhand Chief Minister Madhu Koda, against whom the Enforcement Directorate and the Income Tax Department are investigating money laundering charges, will not be discharged from hospital on Saturday, as he has an upset stomach. Koda got himself admitted to the hospital on complaints of stomach pain on November 3, after the launch of Income Tax raids on his residence in connection with alleged hawala transactions and illegal investments, amounting to Rs 2000 crore.
The country-wide raids by the Income Tax teams on properties allegedly owned by former Jharkhand chief minister Madhu Koda and his associates continued for the second day on Sunday.
The searches, which began at 9:30 am, were carried out after the Enforcement Directorate registered a case against 38-year-old Koda for alleged money laundering and diversion of state funds.
There will be a lot to repair and rejuvenate -- if that opportunity even presents itself, warns Rathin Roy.
It proposes to bring down the corporate tax from the current 35 per cent to 15 per cent, significantly lower individual tax rates, and eliminate several tax rates like the death tax.
Air India had stopped the practice of issuing tickets on credit to government agencies for the travel of their officials in December last year because of accruing pending bills.
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