Those people without the Aadhaar number have found a loophole in the system
'The prospects for both India and the global economy is that we are headed towards a very difficult time.' 'I see very uncertain at least 8-10 months for both India and the rest of the world.'
India can sustain 8 per cent annual GDP growth and the conducive macroeconomic configuration may become a launching pad for a step-up in the country's growth trajectory, said an article on the 'State of Economy' in the central bank's March Bulletin published on Tuesday. Over the period 2021-24, gross domestic product (GDP) growth has averaged above 8 per cent. The global economy is losing steam, with growth slowing in some of the most resilient economies and high frequency indicators, pointing to further levelling in the period ahead, said the article authored by a team led by RBI Deputy Governor Michael Debabrata Patra.
Operational and compliance challenges foreseen for fund houses in deducting tax at source, resulting in possible TDS mismatches and disputes with investors.
The Supreme Court-appointed Special Investigations Team on black money has also proposed that holding more than Rs 15 lakh in cash be made illegal for individuals and for companies, report Tinesh Bhasin and Sanjay Kumar Singh.
A panel will draft direct tax legislation, keeping in mind the system in other countries, international best practices and economic needs of the country
SEZs account for just about a third of India's merchandise exports (and roughly the same proportion of services exports). Yet, the notion of creating global manufacturing centres of the kind that propelled China to superpowerdom retains a durable appeal within the Indian policy-making establishment, notes Kanika Datta.
The DMK also warned of legal action against those who attempt to link Sadiq with either the party or its leaders.
Democracy does not begin and end with elections and the integrity of election process is pivotal for sustaining the democratic form of government, the Supreme Court said on Thursday while striking down as unconstitutional the electoral bonds scheme for political funding.
The Election Commission on Tuesday ordered the delisting of another 86 'non-existent' registered unrecognised political parties, raising the number of such organisations red flagged by the poll panel for failing to comply with electoral rules to 537.
Government on Monday formed a multi-agency group to monitor exposes in this regard and vowed to take action against all "unlawful" accounts held abroad.
Under the new system, Infosys will handle end-to-end solution - from e-filing to return assessment to refund processing. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers.
The Congress, however, dismissed it saying that the BJP was levelling baseless charges as it sensed imminent defeat in the Bihar assembly elections.
Avoid getting into a debt trap by using your credit judiciously. Anil Rego explains how
Against a turbulent and uncertain background, Budget 2017-18 hewed a steady, forward-looking course, says Shankar Acharya, former chief economic adviser to the government.
A summary of sports events and sports persons, who made news on Wednesday
The biggest-ever seizure of cash in new currency grew to over Rs 5 crore on Friday even as the Income Tax department said it detected unaccounted income worth Rs 152 crore after it conducted searches in a dozen premises in Bengaluru and other locations.
Who is the brand ambassador for Swachh Bharat Campaign?
It is the duty of a tax payer to record all his/her transactions, to explain sources of payments made by him/her and to declare the true income in the returns of income filed every year.
Long-term tax on capital gains arising from selling a house can be invested in another property under Section 54.
In nearly 100 seats, the BJP stands almost no chance of winning. In 200 seats, it is a direct fight between the BJP and the Congress where the BJP has an upper hand. In 243 seats, the BJP is pitted against regional parties and it is not going to be easy. That is why 400 seats may end up as a pipe dream, states Ramesh Menon, author of Modi Demystified: The Making of a Prime Minister.
Leading up to the International Women's Day on March 8, this is the first of a four-part series that talks about how women can invest to achieve their long-term financial goals.
An enormous amount of black money flows in and out of the banking system and still remains black.
The Income Tax department probing alleged financial irregularities in the IPL has collected TDS of nearly Rs 4 billion (Rs 400 crore) from the third edition of the T20 tournament.
The trick is to know how long you are supposed to hold which document, observes Bindisha Sarang.
Jaitley said the Congress leaders created a 'Chakravyuh' for themselves through a series of financial transactions where tax-exempt income of a political party was transferred to a real estate company.
The probe gave a clean chit to the tax department that was being alleged to have harassed Siddhartha.
It will be in Modi's interest to reinvent his party, read the writing on the wall that voters wrote, and move ahead. He has little choice now. The country is watching, asserts Ramesh Menon.
Justice G Jayachandran disposed of the petitions filed by Bharathi and another one by the non-governmental organisation 'Arappor Iyakkam' represented by Jairam Venkatesh seeking a direction to the DVAC to probe the complaint. "...The inquiry has to be completed as expeditiously as possible...," the judge said.
Meanwhile, the Directorate General of Civil Aviation has also ordered an engineering audit of the airline after the carrier is said to have found it difficult to provide equipment to operate some flights.
A case was registered against Burman under the Income Tax Act for the offences relating to concealment of income and tax evasion.
Last year's Budget had created uncertainty about the quantum of tax to be withheld on dividends paid to non-residents, as the exact tax rate was not specified under section 195.
A hearing on making the income tax returns of members of Parliament public was held on Thursday at the Central Information Commission premises in New Delhi.
Congress on Monday left it to the government to proceed against Bharatiya Janata Party chief Nitin Gadkari following a TV channel's finding that a company which allegedly got benefits when he was a Maharashtra minister later gave him a loan of Rs 165 crore.
The IT department is into computerisation and reform, and we are committed to making the taxpayer's life easy, says Urvashi Saxena, Chief Commissioner of Income Tax, Mumbai.
NRIs could run into difficulties if they possess discontinued currency notes amounting to a high value.
The faceless authority has suggested a host of changes in the assessment process following conflicts and practical difficulties raised by taxpayers since the new regime was introduced. On August 3, the National Faceless Assessment Centre issued a set of standard operating procedures (SOPs) to address several anomalies in the regime. The faceless centre, constituted by the Central Board of Direct Taxes, is the nodal authority and works as an interface for the faceless regime.
India is often viewed as an aggressive tax jurisdiction by domestic and overseas taxpayers, and making the charter as part of the Act may help restore confidence among taxpayers.
It suggested reforms in the real estate sector.
