The Bombay high court on Monday directed the Income Tax department not to take any coercive action against Reliance Group chairman Anil Ambani till November 17 on a show cause notice issued to him seeking to prosecute him under the Black Money Act. The I-T department had issued the notice to Ambani on August 8, 2022 for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani (63) with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities.
The amendment would help check round-tripping of funds and boost the domestic consumption, Jaitley added
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.
Budget may bring exemption for those backed by Indian securities other than shares
The banking system neared Rs 1.47 trillion of liquidity deficit on Monday, the highest since January 29, 2020, when the banking system liquidity deficit went up to Rs 3 trillion. The Reserve Bank of India (RBI) injected Rs 1.47 trillion on Monday and Rs 1.46 trillion on Tuesday. Market participants say that the disbursement of Rs 25,000 crore as the second tranche of incremental cash reserve ratio (I-CRR) will not be enough, and the liquidity might tighten further to Rs 2 trillion in short term due to tax outflows and arrival of the festival season.
Kingfisher has said it is in talks with foreign carriers for bringing in FDI, a move that is expected help it overcome financial troubles.
An internal study by the Reserve Bank of India is understood to have found out that most of the foreign exchange inflows into India from non-resident Indians and portfolio investments are emanating from tax-haven countries.
A total of 635 declarants have filed declarations declaring undisclosed foreign assets worth Rs 4,160 crore.
Providers write to Sebi, FinMin; launches may hit pause.
Standard Chartered Bank is setting up an international banking unit primarily to look after Indian company requirements. The bank is looking for a $2-billion loan book in the first five years of business.
The government issued a fresh advisory with a ban on all existing foreign visas, except a few categories like diplomatic and employment, till April 15 in the wake of new positive cases of novel coronavirus in the country.
With filing possible only online, there is no scope for any error.
The levy has also been removed on low cost houses up to a carpet area of 60 square metres in a housing project under any housing scheme of the state government.
'The challenge in India will be reviving consumption/investment.' 'If the negative surprise in earnings is very sharp or lasts longer than March, it can trigger a sharp sell-off.'
Measures may include tax slab and rate revisions for individuals, companies.
Move may make it difficult for Indians to do business with these countries
The previous United Progressive Alliance government had undertaken some decisions, like introduction of retrospective tax amendments and GAAR, which had dented investor sentiments.
The Enforcement Directorate has issued a foreign exchange violation notice to internet giant Google for alleged irregularities in transfer of funds to its foreign entities.
'It is necessary to have a person at the top who can make strict decisions without hesitation. Modiji has done that.'
Several PE investors have appealed to the ministry to bring them at par with the foreign institutional investors as far as tax treatment is concerned.
Even joint owners and trustees have to maintain records for past 16 years.
Tax payers can now deposit income tax from the bank accounts of any person in addition to credit and debit cards, the Central Board of Direct Taxes said.
Following the sharp run in markets, valuations across the board have become elevated. The National Stock Exchange Nifty50 Index now trades at a 12-month trailing price-to-earnings (P/E) multiple of 24.3 times, 18 per cent higher than this year's low of 20.5 times. The valuation expansion in the broader markets has been sharper.
