Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance. The insurers also want reduction in the goods and services tax (GST) rate of 18 per cent currently applied on health insurance products to 5 per cent to make such products more affordable to common people. Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1.
The trouble for Ashok Lavasa's family began a few months back when his wife, Novel Singhal Lavasa, came under the scanner of the income tax department on charges of alleged tax evasion.
A 10-member delegation of Trinamool Congress (TMC) had announced the dharna after meeting a full bench of the Election Commission (EC) to press their demand.
While it was technically not possible to block the deal, the tax department could resort to arm-twisting.
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The minister was speaking at a review meeting of Principal Chief Commissioners, Principal Directors General, Chief Commissioners of I-T in New Delhi on Thursday in order to assess the revenue collection target for 2014-15 fiscal.
This, said Sitharaman, would remove the possibility of unauthorised communication "and consequent harassment", which was a cause of concern for bankers.
The former Congress president alleged that PM Modi had a "monopoly over corruption".
'Maharashtra's asmita was crushed under Delhi's feet.' 'Marathi Manoos is definitely angry.'
Dept to focus on real estate, infra, mining and manufacturing to detect evasion.
The raids were conducted on Wednesday evening to Thursday morning, he said. There was no objection to the raids by Hossain, a two-time TMC MLA and a businessman.
K V Chowdary, who is set to take over as the new Chief Vigilance Commissioner on Tuesday said he has full respect for both Prashant Bhushan and Ram Jethmalani, who have opposed his appointment to the top post in the country's apex anti-corruption watchdog.
Vadra was asked to join the investigation at the tax authority's office but as he cited COVID-19 restrictions, a team of officials visited his premises in Delhi's Sukhdev Vihar area.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
While the Congress party has said that the deal was transparent as payment of Rs 2 crore was received by Vadra from Kapoor through cheque and was reflected in income tax returns, the ED is probing if the painting was owned by her or the AICC.
Roopa had alleged that Rs 2 crore had exchanged hands to provide special facilities to Sasikala.
Rediff.com's Syed Firdaus Ashraf traces the journey of PM-CARES from its founding to finally admitting it is not a government fund.
Tax department sends notices saying they are liable to pay MAT.
Calling the action of the ED as harassment, he questioned the timing of the summons when the Congress' Bharat Jodo Yatra was on and when the State Assembly session was underway.
It will be in Modi's interest to reinvent his party, read the writing on the wall that voters wrote, and move ahead. He has little choice now. The country is watching, asserts Ramesh Menon.
'Exposure to small and midcap stocks exceeded desired levels in many portfolios, prompting rebalancing.'
Between 2011 and 2014, they indirectly determined the price of tyres in the market, says report
Reliance Industries chairman Mukesh Ambani might have made news for purchasing the most expensive beach-side villa in Dubai recently, but he is not the only Indian eyeing the city for investment. Since Dubai allowed foreign investors full ownership in specific sectors in June 2021, a horde of Indian companies have moved or expanded into the desert city. The list even includes a kindergarten, an elementary and middle school, and a hotel that has sought 100 per cent ownership.
Aam Aadmi Party has moved the Bombay high court seeking registration of an FIR against Maharashtra Public Works Department Minister Chhagan Bhujbal for allegedly misusing his official position to award contracts for rebuilding Maharashtra Sadan in Delhi and Mumbai and receiving kickbacks from the contractor.
The agency recorded his statement under criminal sections of the Prevention of Money Laundering Act (PMLA), officials said.
'The current budgetary practice of shifting expenditures off-balance sheet in order to be seen to be meeting fiscal targets should be discontinued; additional fiscal stimulus would be imprudent; individual income tax rates should not be cut; GST rates should not be raised now,' advise Arvind Subramanian and Josh Felman.
About Rs 2,280 crore (Rs 22.80 billion) unaccounted income being allegedly routed through Private Placement Programme (PPP) has been detected by economic intelligence sleuths.
A three-judge bench headed by Justice Sanjay Kishan Kaul was hearing the pleas seeking reconsideration of the July 27, 2022 verdict by a three-judge bench on certain parameters.
Sitharaman's Budget missed deficit target for the third year in a row, pushing shortfall to 3.8 per cent of GDP in the current fiscal as compared to 3.3 per cent previously planned.
Plug-in hybrids have two engines and the electric part has a much larger battery than in the regular hybrids. Car companies, led by the Japanese, are pushing the Indian government to look at hybrids in the interim if it wants to reduce carbon emission.
AAP alleged that the BJP had struck a deal with the "conman sitting in Tihar''.
Do you have financial planning queries? Ask rediffGURU Kirtan A Shah.
The government is expected to dole out some populist policies, especially for the rural / farm sector while presenting the interim budget, given that the country is heading towards general elections over the next few months.
Demonetisation was aimed at removing black money and corruption, but undisclosed income keeps being unearthed from various parts of the country.
The inter-ministerial committee will coordinate investigation against Rajiv Gandhi Foundation, Rajiv Gandhi Charitable Trust and Indira Gandhi Memorial Trust.
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The notice also said service tax amounting to Rs 28.08 crore (Rs 280.8 million), in addition to education cess of Rs 56 lakh and secondary and higher education cess of Rs 28 lakh (Rs 2.8 million) for the period between October 2007 and September 2012, should be recovered from Amity under the provision to sub-section 1 of section 73 of the Finance Act.
In two months, as many as 25 complaints have been sent to Enforcement Directorate, Competition Commission of India, Reserve Bank of India and income tax department, beside various state agencies, to thwart the deal.
A bench comprising Justices R F Nariman and S Ravindra Bhat rejected the request of the Solicitor General, appearing for the Enforcement Directorate, to issue a notice to the other side on the appeal.
The searches are linked to suspected movement of hawala money during the ongoing polls season and tax evasion, they said.
The Supreme Court on Monday directed the Central Bureau of Investigation to file remaining five of the six charge sheets by March 28 in the coal block allocation scam, declining to grant more time sought by the agency for this purpose.
The cash was neatly packed in 94 packets and envelops on which the ward number, number of voters and the amount of Rs 300 per voter was written.
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