Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The National Company Law Tribunal (NCLT) on Tuesday allowed Kishore Biyani-led Future Group firms to hold meetings of its shareholders and creditors to seek approval for the sale of assets to Reliance Retail Ltd. A Mumbai-based two-member NCLT bench comprising Suchitra Kanuparthi and Chandra Bhan Singh dismissed the application filed by e-commerce major Amazon opposing the scheme of merger of the Future group companies, sources close to the development said. Confirming the development, a Future group firm through a regulatory filing informed that NCLT has passed an order, allowing the company to hold meetings of its shareholders and creditors to seek approval for the scheme.
IOC and other oil firms have been paying LPG consumers in 54 districts up to Rs 500 to help them buy a 14.2-kg cooking gas refill at market price, which is more than double of Rs 410 per bottle rate in Delhi.
Some sectors like aviation, hospitality, travel and tourism, and automobile have witnessed zero cash flow since the lockdown began.
A 31-year-old Indian-American, caught in a Federal Bureau of Investigation sting operation, faces up to 15 years in prison after pleading guilty to providing thousands of dollars in material support to three terror groups operating under the Al Qaeda in war-torn Syria and Somalia.
The regulator has sought an increase in the investment limit for tax-saving equity mutual fund schemes to Rs 200,000 from the current Rs 150,000.
'Amendments in the past have created fear. This will take it further.'
Now STPs or variable SIPs can earn better returns than vanilla SIPs.
The approval for provisioning of Rs 20,000 crore as subordinate debt to provide equity support will benefit 2 lakh stressed MSMEs.
The Reserve Bank on Monday superseded the boards of Srei Infrastructure Finance as well as Srei Equipment Finance, citing concerns over governance and payment defaults, and decided to refer the two NBFCs for resolution under the insolvency law. This is only the second time in as many years that the Reserve Bank of India (RBI) is referring entities for the resolution process under the Insolvency and Bankruptcy Code (IBC) after taking first ever such step in the case of DHFL back in 2019. Superseding the boards of the crisis-hit Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), the RBI has appointed Rajneesh Sharma, former Chief General Manager of Bank of Baroda as the administrator to manage the affairs of the two companies.
In January, the Employees' Provident Fund Organisation had asked the field staff to ensure the collection of data in respect of member joining on or after March 1, on a monthly basis and in respect of existing members by June 30, 2013.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
The constable fired from his automatic weapon, killing an RPF Assistant Sub Inspector and three other passengers of the Jaipur-Mumbai Central Express shortly after 5 am, the official said.
The Cabinet on Wednesday approved the National Mission on Edible Oils - Oil Palm (NMEO-OP) with a financial outlay of Rs 11,040 crore to promote domestic cultivation of oil palm in the next five years, and reduce the country's dependence on edible oil imports. The decision comes after Prime Minister Narendra Modi announced the new central scheme on August 15 during his Independence Day speech at Red Fort. Briefing the media, Union Information and Broadcasting Minister Anurag Thakur said the Cabinet approved the NMEO-OP with a focus on the northeast region and the Andaman and Nicobar Islands with a financial outlay of Rs 11,040 crore.
Industry body CII has pitched for a reduction in personal income tax rates, decriminalisation of the goods and services tax and a relook at the capital gains tax rates as part of its agenda presented to the government for the forthcoming Budget. Arguing that the GST law already contains adequate penal provisions for deterrence against evasion of taxes, CII has suggested decriminalisation of GST law. Also, the applicability of prosecution provisions should not be based on the absolute amount of tax evasion but should be based on real intent to evade the taxes and a certain percentage of the tax payable, it stated.
By April, operational guidelines for the scheme will be finalised and shared with states
Apart from Bihar, Chhattisgarh and Jharkhand, where none of the estimated 6.7 million construction workers got cash transfer benefits, the coverage of the construction workers was the lowest in Delhi, where only about 5 per cent of the estimated workers received cash under the PMGKY, followed by Kerala and Uttar Pradesh (22 per cent), among major states. In India, construction workers belong to the unorganised sector but account for the highest share of non-farm jobs after manufacturing.
To select the right platform, get the opinions of a few existing users or browse online for feedback. Select a platform that offers a seamless experience. Check that the platform you are going with is a regulated entity, suggests Sanjay Kumar Singh.
Experts believe the new norms may be an indirect way for Sebi to apply the brakes on dividend option plans in MFs.
While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws isn't a concern, advises Bindisha Sarang.
The victims were duped of of their retirement savings ranging between $ 1,180 and $ 174,300, the Department of Justice said on Monday.
The question on who should borrow from the market and whether the borrowing will be under two buckets should be decided by the GST Council, and not by the Centre. If there is no consensus, there has to be a vote, says A K Bhattacharya.
Indian economy is expected to grow by 10 per cent or more in the current fiscal, and 8 per cent plus in the next fiscal year, Niti Aayog Vice-Chairman Rajiv Kumar said on Tuesday. Addressing a book launch event, Kumar further said that seven years of the Modi government has laid a strong economic foundation for businesses to thrive in India. "There was a hiccup (in economic growth) for two years due to COVID-19 pandemic.
A committee suggested that CSR expenditure be made tax deductible, in order to incentivise spending by companies. It also said that CSR should not be used as a means of resource-gap funding for government schemes.
Prime Minister Narendra Modi on Thursday launched his government's mega scheme ' Pradhan Mantri Jan Dhan Yojana', declaring that it was aimed at eradicating financial untouchability by providing bank accounts to the poor.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
The agency also alleged that Deshmukh exercised undue influence to pass favourable transfers and postings of the police officials.
It may sound bizarre, but incidents of public sector bankers dying by suicide could probably equal the number of such bankers quitting their jobs, reveals Tamal Bandyopadhyay.
Kumar said the Commission will follow the time-tested methods of consultations and consensus building in bringing about any reforms and will not shy away from tough decisions, according to an Election Commission (EC) statement.
With this, total inflows have reached Rs 3.98 lakh crore in the first 11 months of the current fiscal (2016-17). In comparison, Rs 2.07 lakh crore was invested in various mutual fund products during April-February period of 2015-16.
Mamata Banerjee accused Modi of trying to mislead the people with half-truth and distorted facts.
Investors have pumped in nearly Rs 54,000 crore into various mutual fund schemes in January, with liquid, income and equity funds attracting the most of the inflows.
Do you have parents who have turned 60? You may want to forward Sarbajeet K Sen's suggestions to them.
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
The challenge is to enhance opportunities for people to generate livelihoods through entrepreneurship, both big and small, argues R Jagannathan.
The central government has agreed in-principle to Air India employees' main demands. It fears an industrial dissension now could impede the process of privatisation. It has agreed to bear the cost of liquidation loss on account of transfer to the Employees' Provident Fund Organisation (EPFO) from company-owned trusts, inclusion of employees in the central government health scheme (CGHS), and encashment of leaves. The template of the Air India process will be followed for other public sector undertakings up for privatisation at a later date.
If the LPG consumer does not have an Aadhaar number, he can directly receive subsidy in his bank account without the use of Aadhaar number
The Supreme Court on Friday dismissed a plea seeking stay on further sale of electoral bonds ahead of assembly elections.
Jharkhand mining secretary Pooja Singhal, earlier arrested and remanded to the custody of the ED in a suspected money laundering case, was suspended by the Jharkhand government on Thursday, an official said.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
