The bank made a Rs 67 crore net profit, up 21% from the previous year. Its deposits grew 8%, the loan book 10%. Net bad loans dropped from 7.53% to 6.07%. So why was the banker, who headed the bank, not promoted?
GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST).
Face Rs 1,000-cr minimum alternate tax demand
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.
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.
The move is believed to be coming after Directorate General of Central Excise Intelligence slapped a notice demanding Rs 252 crore (Rs 2.52 billion) that was allegedly evaded by the chocolate maker for its new unit in Baddi, Himachal Pradesh even before it came into existence, official sources said.
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.
The income tax department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
If you think that revenue officials are going berserk, acting on their own, while the government chants the mantra of 'ease of doing business', you would be wrong. These moves appear to have full official backing, points out Debashis Basu.
He said the new short-term treasury bills will be part of the government's same borrowing programme. To meet its burgeoning expenditure, necessitated by the slowing down economy, the government has pegged its market borrowing at over Rs 4.5 lakh crore (Rs 4.5 trillion) for the current fiscal, bulk of which is being raised in the first half.
Farmers have either dropped or delayed sowing of summer crops due to poor rains.
The Income Tax department has issued notices to Knight Riders Sports Private Limited and Gameplan Sports to appear before it in connection with the recent search operations at the offices of the two entities.
At least 120 insurance intermediaries and aggregators from across the country are under scrutiny, mainly from Mumbai, Gurugram and Bengaluru.
Directors that are shareholders will also face more problems.
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.
Aditya Birla Management Corporation has received cash from certain group companies through hawala operators in Delhi, say investigators
The action came after investigations carried out by an inter-ministerial committee formed by the home ministry in 2020.
CBDT has sought explanation from B R Balakrishnan, former director-general of I-T (investigation wing) and former principal chief commissioner of I-T for Karnataka and Goa, who had ordered attachment of CCD's shares when he was in charge of the Bengaluru region. He retired last month.
Ramalingam Kalirajan dives into the specifics of NPS withdrawal rules to help you understand the conditions under which and when partial withdrawals are allowed.
Stopping SIPs during a downturn undermines the benefit of rupee-cost averaging.
Follow this 15 x 15 x 15 rule to become a crorepati without taking big risks. Ramalingam Kalirajan explains how
Ramalingam Kalirajan explains the pros and cons of both investment types.
The Centre and states are looking to further tighten the GST registration process and legal measures to deal with the rising cases of fake invoicing. A meeting of the law committee of the GST Council has been convened on Wednesday to discuss these issues, finance ministry sources said. The committee, comprising senior central and state tax officers, would also discuss the GST fake invoice frauds, further tightening of the GST registration process and work out other legal measures including necessary law amendment required in the GST Act to curb the menace of fake invoicing, they added. Also the provisions related to deemed registration under Goods and Services Tax (GST) law may be tightened to prevent the misuse of such provisions by fake dealers and the provisions related to suspension of registration may also be streamlined to make the procedure of suspension and cancellation of registration more efficient and faster, so that such fraud operators can be prevented in time from continuing to pass on fake credit down the chain.
Crorepatis build wealth through disciplined saving, smart investing, and strategic risk-taking, proving that true financial freedom is earned, not inherited, says Ramalingam Kalirajan
'Investors with a long-term investment horizon and the risk appetite for fluctuations in property values may find SM Reits a viable option.'
From how to open an NPS Vatsalya account to knowing how this scheme compares to investing in mutual fund or in provident fund, Ramalingam Kalirajan offers a 360-degree view and the pros and cons of investing in a scheme that has the potential to secure your child's financial well-being.
Isn't the goal of retirement planning to create a balanced portfolio that aligns with your financial goals, rather than chasing returns blindly, asks Ramalingam Kalirajan
Meanwhile, the Directorate General of Civil Aviation has also ordered an engineering audit of the airline after the carrier is said to have found it difficult to provide equipment to operate some flights.
As government makes effort to bring illicit money stashed abroad, Finance Minister Arun Jaitley on Monday asked the I-T department to focus its effort on unearthing 'quite large' black money within the country as well.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
The Income Tax department is likely to initiate prosecution against close to 300 people whose names have been submitted to the Supreme Court in connection with the probe into alleged black money accounts in HSBC Bank in Geneva.
For those looking for more affordable options, purchasing an under-construction property could be a smart move, as these generally cost less than ready-to-move-in properties.
Seems daunting? With right financial planning, patience, and commitment, this goal is entirely achievable, says Ramalingam Kalirajan. Here's how
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.
"Had corona (COVID-19) not been there, the prime minister would have dedicated NATGRID to the country. I am hopeful that the prime minister will dedicate NATGRID to the country in some time," Union home minister Amit Shah said during the 51st Foundation Day event of the Bureau of Police Research and Development (BPRD) here on September 4.
Experts, however, said that it is a very nominal benefit to the salaried class.
GAAR will not override the recently revised double taxation avoidance agreements with Mauritius and Singapore.
Delhi faces a severe financial crunch and the deficit is largely due to numerous welfare schemes without adequate revenue flowing in. The success of welfare schemes and electoral promises will need careful financial planning and out of the box thinking to whip up additional revenue, notes Ramesh Menon.
