The agency has also summoned Rajasthan Chief Minister Ashok Gehlot's son Vaibhav Gehlot for questioning in a case related to alleged contravention of the foreign exchange law, official sources said on Thursday.
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.
Among the Sensex firms, Larsen & Toubro, UltraTech Cement, JSW Steel, Titan, Bajaj Finance, Wipro, Tech Mahindra and Nestle were the major laggards. Maruti, Power Grid, Axis Bank, State Bank of India, NTPC, HDFC Bank, ITC and IndusInd Bank were the gainers.
Treasury gains helped ICICI Bank post a nearly 10 per cent increase in the consolidated net profit for the April-June quarter at Rs 11,696 crore on Saturday. Growth in the core income slowed for the country's second largest private sector lender, but the treasury operations helped it report a 14.62 per cent rise in its post-tax profit at Rs 11,059 crore on a standalone basis. The core net interest income (NII) growth came at a multi quarter low of 7.3 per cent to Rs 19,553 crore for the reporting quarter.
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.
This, said Sitharaman, would remove the possibility of unauthorised communication "and consequent harassment", which was a cause of concern for bankers.
The HC has also directed the premier agency to submit an action taken report before February 22 in the case registered under the Prevention of Corruption Act.
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.
Life Insurance Corporation of India (LIC) February 8 for the first time ever crossed the Rs 7 trillion market capitalisation, as the stock price of state-owned insurer hit a new high of Rs 1,144,45, on rallying 10 per cent on the BSE. The board of directors of the Corporation are scheduled to meet today i.e. February 8, 2024, to consider a proposal for declaration of interim dividend for the financial year 2023-24 (FY24). The board will also consider and approve the unaudited financial results for the quarter and nine-month period ended on December 31, 2023.
FDs are not advisable for long-term wealth creation as their post-inflation, post-tax returns are not very attractive.
Dept to focus on real estate, infra, mining and manufacturing to detect evasion.
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.
'This mega corruption scandal, as certified by the Supreme Court, will expose the unholy nexus between the BJP and its corrupt corporate masters'
The DMK also warned of legal action against those who attempt to link Sadiq with either the party or its leaders.
'We are not worried about raids. We have nothing to hide.'
Roopa had alleged that Rs 2 crore had exchanged hands to provide special facilities to Sasikala.
Tax department sends notices saying they are liable to pay MAT.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
Purchase of three plots of land in Haryana in 2005-06 by Congress leader Sonia Gandhi's son-in-law Robert Vadra from a real estate agent is being probed along with a land deal made by his wife Priyanka Gandhi Vadra, the Enforcement Directorate (ED) claimed in a recently filed money laundering case charge sheet.
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.
Experts say you should be certain of living in a city and locality for a long time before purchasing a home.
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.
The interim Budget proposals that will be presented on February 1 in the backdrop of the general elections scheduled in April/May 2024 are likely to have a hint of populism, believe analysts, but are unlikely to derail the government from its path of fiscal prudence.
The bulk of an investor's portfolio should be in shorter-duration funds of up to one year portfolio duration.
Between 2011 and 2014, they indirectly determined the price of tyres in the market, says report
Rediff.com's Syed Firdaus Ashraf traces the journey of PM-CARES from its founding to finally admitting it is not a government fund.
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.
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.
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.
Demonetisation was aimed at removing black money and corruption, but undisclosed income keeps being unearthed from various parts of the country.
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.
The Enforcement Directorate (ED) on Wednesday told the Delhi high court that Chief Minister Arvind Kejriwal, arrested in a money laundering case linked with the alleged excise scam, cannot claim "immunity" from arrest on the ground of upcoming elections as law is applied equally to him and an aam aadmi.
'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.
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.
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.
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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.
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.
Long-term investors should never stop their SIPs during market corrections.
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.
