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.
Overseas bourses may take similar action and stop providing data on foreign indices and commodities traded in India, Ashish Chauhan, chief executive officer, BSE said.
The opposition Bharatiya Janata Party on Friday came down heavily on the Congress government in Karnataka for flaunting their 'rich fortunes and luxury lifestyles' following a viral video on social media showing Chief Minister Siddaramaiah and his cabinet colleague B Z Zameer Ahmed Khan in a private jet.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Travelling on holiday is not only good for your health and fun but can also help you claim real tax benefits
The Central Board of Direct Taxes recently notified rules under which an entity based in a 'notified jurisdictional area' will have to give an undertaking to share information in a prescribed format.
But, majority might be left out, as only those investing in entities recognised by the government could qualify
The new service tax of 14% will jack up costs of shopping, travel, insurance premiums and property purchases
As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances.
Banks are in need of government support to manage the stressed assets
The US has been widely criticised for using pressure tactics to secure information from other countries, without reciprocity.
Compared to other emerging markets, accelerated growth in the domestic economy provided greater business opportunities to foreign banks in India, resulting in higher profitability.
With the Centre allowing the states to impose a host of local taxes on imported wines and spirits, the euphoria over the prospects of buying foreign liquor at cheaper rates may fizzle out.
While ECBs are pure loans, FCCBs have an in-built option for the lender to convert them into equity of the companies on maturity. Both in ECB and FCCB, till maturity, the borrower is expected to make interest payments on the amount borrowed. Incidentally, the AAR ruling of October 10 had been sought by a non-banking finance company. Till October 31, NBFCs were not allowed to borrow funds from overseas in foreign currency.
The IRS uses a John Doe summons to obtain information about possible tax fraud by people whose identities are unknown.
More than Rs 2 lakh crore was wiped off from the overall investor wealth
After the latest rout, the American depositary receipt (ADR) premium of HDFC Bank to its local shares has shrunk to nearly zero. Shares of HDFC Bank on Thursday fell 3.1 per cent to Rs 1,490, extending its two-day decline to 11 per cent. Meanwhile, the ADR has slumped over 15 per cent in the past two trading sessions.
Finance ministry has halved the tax rate on foreign dividend from 30 per cent to 15 per cent, but the rebate is allowed only for the financial year 2011-12.
Chanda Kochhar, managing director of ICICI Bank, says the new government must take effective action bringing clarity around tax laws.
According to sources close to development, the paper proposes four new concepts for making the taxation of foreign companies in India and foreign transaction of Indian companies, especially overseas mergers and acquisitions, more transparent.
Keep track of your foreign remittances to avoid giving incorrect declarations as these could be held against you.
P Chidambaram said tax rates that were announced in 1997 (in the Budget he had presented then), have remained and have survived four governments and four finance ministers.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Taxpayers might face several issues while filing returns this year.
Granting partial relief to foreign companies operating in the country, the Supreme Court on Thursday reversed the judgment of the Karnataka high court that there was an obligation in each and every case of remittance made to foreign payees to deduct tax at source and only the issue of proportionality of the tax could be decided by the revenue department under Section 195 (2) of the Income Tax Act.
Jaitley was replying to a debate in the Lok Sabha on Supplementary Demands for Grants for an additional expenditure of over Rs 12,500 crore (Rs 125 billion).
RBI norms on foreign control of corporations will clear the air.
Foreign investors made a net investment of Rs 1.1 lakh crore in equities in 2014-15.
Public purpose is not defined in any treaty that India has signed.
Through these engagements with more than 50 countries, the US is looking to implement information reporting and withholding tax provisions, commonly known as the Foreign Account Tax Compliance Act.
Lok Sabha on Friday passed the Finance Bill 2023 with 64 official amendments, including the one that seeks withdrawal of long-term tax benefits on certain categories of debt mutual funds and another for setting up the GST Appelate Tribunal. The Finance Bill that gives effect to tax proposals for fiscal year starting April 1 was passed without a discussion amidst ruckus by opposition members demanding a JPC (Joint Parliamentary Committee) probe into the allegations against the Adani group of companies. While moving the bill for passage and consideration, finance minister Nirmala Sitharaman also announced the setting up of a committee under finance secretary to look into pension issues of government employees.
Know what terms like anti-profiteering, CGST, SGST, IGST means in the new regime
The BJP is the preferred choice because it offers what the Mughals and later British offered in their time: A stable polity and an environment in which business could function, explains T N Ninan.
Retrospective claims may not stand the test in international courts.
The International Financial Services Centres Authority (IFSCA) has proposed key exemptions to the current listing framework and measures for setting up holding companies (holdcos) and special purpose acquisition companies (SPACs) to encourage domestic startups list at GIFT City, the country's only international financial services centre (IFSC). Under the current framework, to be eligible to list on IFSC exchanges, an issuing company should have operating revenue of at least $20 million in the preceding financial year and average pre-tax profits of at least $1 million during the preceding three financial years. An expert committee has noted these conditions have acted as hurdles to listing new-age companies, and they need a relook.
The income tax authorities have put banks and companies disclosing losses in their foreign exchange derivative structures under the scanner. Banks and companies have been called to explain the extent of losses and structures initiated in both Indian and overseas markets through their branches and subsidiaries. The income tax department will then ascertain whether banks and companies entered into transactions to hedge their portfolio or for purely speculative purposes.
The government on Tuesday said it is not considering imposing tax on foreign institutional investors to curb volatility in the stock markets.
Sentiments may get impacted as mutual funds have been gaining traction among investors as route to invest in stock markets
Income earned by foreign technical consultants for providing monitoring services to Indian entities will be taxed at higher rate as business profits, the Authority for Advance Ruling has said. Referring to the contract between the Australian company and GAIL, the AAR said that monitoring activities undertaken by the foreign company was not within the scope of the DTAA between Australia and India. The Australian firm was acting as a project monitoring consultant.
