The government said that service tax on foreign exchange transactions would be capped at Rs 5,000. The announcement will provide relief to market participants who feared high tax incidence would lead to a sharp decline in foreign exchange transaction volumes.
In a speech, Jaitley said that while he expected to hit targeted levels for direct taxes, reaching the goal for indirect taxes would be a "challenge".
Some companies are charged with undervaluing their assets.
The finance ministry on Friday amended the foreign exchange management rules to exclude international credit card spends from the purview of liberalised remittance scheme (LRS). The amendment to the Foreign Exchange Management (Current Account Transactions) Rules, 2000, will be effective retrospectively from May 16, the ministry said in a notification. "...the use of International Credit Card for making payment by a person towards meeting expenses while such person is on a visit outside India" will not be covered under LRS, the notification said while inserting Rule 7 in the FEM (CAT) Rules.
China has spent half a century plotting to defeat America and in some respects, the Chinese military is already at par with the US armed forces, Haley said in a major policy speech on the economy in the key early primary State of New Hampshire on Friday.
...Even if it means less democracy, so that their everyday problems get solved? argues R Jagannathan.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
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.
In order to facilitate purchase of crude oil from Iran, the Finance Ministry has issued a notification exempting payments made in Indian rupee for such imports from any local tax.
The government's step could push investors to choose riskier equity, or to fall back on bank deposits, thereby negatively impacting the debt market which actually needs to grow, points out T N Ninan.
The watchdog said the earlier amnesty schemes were premised on the ground that business houses and individuals would learn a lesson, declare income, and pay taxes in future.
'We had tremendous faith in honorable Modiji in his second term as he was well-settled. Sadly that has been belied.'
FATCA will facilitate flow of financial information between countries.
India agreed to give up the Poonch salient as well as Uri. To the north India also proposed to give up land in the Gurez sector giving the entire Neelam/Kinshanganga valley to Pakistan. In return India sought control of the post dominating Kargil town, points out Colonel Anil A Athale (retd).
"India is the best market right now in the world with the digital initiatives the government has implemented
Indians having undisclosed income in the United States (US) may face proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, this financial year. Also, those named in global leaks may be searched, show-caused, and prosecuted, according to the FY23 internal action plan of the Central Board of Direct Taxes (CBDT). The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets.
Modi brought up the emotive issue of the gurdwara in Kartarpur Sahib, a place sacred to Sikhs as Guru Nanak Dev spent the last years of his life there, and blamed the Congress for country's partition, saying they did it for sake of power.
Starting with the proposed retrospective amendment to Section 9 of the Income Tax Act, seen as a move to get over the adverse Supreme Court verdict on Vodafone, the controversy spilled over to taxation of foreign portfolio investments and taxation of foreign assets of Indians.
Yes, if you are planning to apply for a loan or want to claim refund
In a measure that will have far-reaching impact on foreign investment and the Vodafone case having a tax implication of Rs 11,000 crore (Rs 110 billion), the government proposed amendment in the Income Tax Act retrospectively from April 1, 1962.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
The Associated Chambers of Commerce and Industry of India has sought the restoration of Notification in the Finance Bill 2005-06
The alpona (artwork) on the steep, winding road leading to Makaibari bears testimony to the visit of G20 delegates for the second tourism working group meeting in April last year. The lush tea bushes, the delegates joining in for the moonlight plucking of Silver Tips Imperial first flush, a favourite of late Queen Elizabeth II, cut a picture of mystical magic. But it's not the Kurseong tea garden's only shining moment - the last few years have been busy for the estate and its bungalow.
The federal agency issued a summons to Vaibhav Gehlot (43) last week, asking him to appear before the investigating officer of the case at its headquarters on A P J Abdul Kalam Road here under the provisions of the Foreign Exchange Management Act.
These situations require mandatory filing of Income Tax Return as per the provisions of the Income Tax Act, 1961
Cairn files notice against India in $1.6 billion tax dispute.
A whirlwind trip of the dark underbelly of global finance, covering everything from tax law changes to aiding criminals to decamp with money from bank accounts.
'Is this the only way for India to become a $5 trillion economy?' 'When you have unused foreign exchange here, why borrow more dollars?'
Budget will get a welcome reception from the international biz.
Ahead of Budget, the Finance Ministry on Friday assured the global investor community of a simple and predictable tax regime.
This follows a renewed effort by CBDT to seek clarification on the issue.
... And what explains the directions of change? asks Ajit Balakrishnan.
The regulations will only apply to the share purchases that have been done after October 1, 2004
The RBI raked in a massive net income gain from foreign exchange currency sales as a buffer for the rupee during tumultuous geopolitical upheavals last year owing to Russia's invasion of Ukraine.
This follows a renewed effort by CBDT to seek clarification on the issue.
The case relates roughly to assessment years 2000-01 to 2002-03 and 2004-05 to 2007-08
The Central Board of Direct Taxes has advised its field formations to scrutinise all cases in which companies have amortised foreign exchange losses under the one-time discretion allowed by the government through an amendment to Accounting Standard 11 (AS-11).
