Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, declined by 11 per cent in 2022 to 3.42 billion Swiss francs (nearly Rs 30,000 crore), annual data from Switzerland's central bank showed on Thursday.
'Whether I am optimistic or pessimistic is not the issue; I am just going by the evidence available.' 'The Indian economy and financial sector are now well-placed and very resilient in dealing with any kind of spillover coming from the external world.'
There are about 31,000 pending cases, locking revenue worth Rs 500 crore.
Apart from its enforceability through courts due to it being part of the I-T Act, two other factors will help ensure the taxpayers' charter is implemented, at least in letter (if not in spirit) this time around, points out Harsh Roongta.
Wooing overseas investors, government on Wednesday decided against challenging the Bombay High Court decision favouring Vodafone in the Rs 3,200 crore (Rs 32 billion) tax case and adopt a similar approach in transfer pricing litigations involving other MNCs like Shell.
The government has proposed that political parties cannot be designated public authorities as defined in the RTI Act. Anita Katyal reports
Finnish phone maker Nokia may have to exclude its Chennai plant from the $7.2 billion deal with Microsoft if tax issues facing the India unit are not resolved by next week.
A three-judge bench headed by Justice Sanjay Kishan Kaul was hearing the pleas seeking reconsideration of the July 27, 2022 verdict by a three-judge bench on certain parameters.
Former Rajasthan minister Rajendra Singh Gudha claimed that Congress leaders dragged him out of the state assembly on Monday.
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.
'For HNIs, shifting economic activities outside India by creating regional hubs for businesses is a better option.'
The one-page form will mandatorily seek the taxpayers name.
The Panama Paper leaks were originally revealed by the International Consortium of Investigative Journalists on April 4, 2016, following which, the government had set up the MAG to probe the matter.
The period of assessment of these defaulters range from 1989-90 to 2013-14.
Finance Minister Nirmala Sitharaman will set a record by presenting the sixth Budget in a row -- 5 annual Budgets and one interim -- a feat achieved so far only by former Prime Minister Morarji Desai. With the presentation of interim Budget on February 1, Sitharaman will surpass the records of her predecessors like Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, who had presented five budgets in a row. Desai, as Finance Minister, had presented five annual Budgets and one interim Budget between 1959-1964. The interim Budget 2024-25 to be presented by Sitharaman on February 1, will be a vote-on-account that will give the government authority to spend certain sums of money till a new government comes to office after the April-May general elections.
The Income Tax department is likely to initiate prosecution against close to 300 people whose names have been submitted to the Supreme Court on Wednesday in connection with the probe into alleged black money accounts in HSBC bank in Geneva.
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
RNOR status is a sub-set of the Resident Status.
The Rashtriya Swayamsewak Sangh (RSS) on Sunday distanced itself from an article critical of Indian software major Infosys that was published in Panchjanya, a magazine associated with the saffron organisation.
The amount saved in a PPF account is actually saving for a rainy day.
God forbid, if bad days fall upon someone and debts pile up. A fascinating excerpt from Anil Lamba's Financial Affairs Of The Common Man: Master The Art Of Personal Finance Management.
Unique Identification Authority of India (UIDAI) on Monday appealed people to register or update their mobile numbers in Aadhaar for easy access of various government services online.
Journalist Rana Ayyub rejected allegations on Friday that she "misused" donor funds raised in the wake of the Covid-19 pandemic, saying money-laundering charges levelled against her are "preposterous and wholly mala fide".
While the responses of the candidates were predictable, depending on which side they belonged to, an interesting point slipped through when Rahul Shewale cited the Dharavi Redevelopment Project as a scheme that would add to Mumbai's importance. No big infrastructural project in Mumbai, he said, could be successful without the Centre's nod.
The industry status will help the sector access bank lending at average interest rates
Foreign portfolio investors (FPIs) who invest from Mauritius into Indian companies that dole out bonus debentures will get impacted by the tax avoidance provisions on bonus stripping. The FY23 Budget has extended these provisions - applicable only to MFs, so far - to shares and units of REITs, InvITs and AIFs. The move will especially affect large institutional investors who sell original units within nine months after the record date because the loss arising from sale of original units would have to be ignored for the purposes of computing taxable income and cannot be set off against any other capital gain.
A total of 194 people were booked after raids on some 249 places all over the country.
Enhancing your credit score is the key to improving loan eligibility and securing a favourable interest rate.
When the landslide hit, Sruthi's house was washed away, along with its inhabitants. She lost her entire family and some relatives. All she had left for a close confidante was her fiance Jenson. Days after the landslide and the loss of her family, Jenson died in a road accident that also left Sruthi with serious injuries. News of the accident and Sruthi's backdrop as the lone surviving member of a family wiped out in the July landslide, was picked up by the media, and people rushed to help.
Instruments such as Reits, InvITs, unsponsored GDR, GIFT find few takers.
In a major relief to Indian information technology (IT) companies operating in Australia, Canberra has agreed to amend its domestic laws to stop taxing offshore income of such Indian companies, as part of the free trade deal inked. This may lead to savings up to $200 million each year for over 100 Indian IT companies operating in Australia. "The Government of Australia has agreed to amend the domestic taxation law to stop the taxation of offshore income of Indian firms providing technical services to Australia. "This will resolve the issue that the Indian government has raised about the double taxation avoidance agreement (DTAA) between the two governments for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income," said a commerce ministry official.
'The BJP is trying to bribe or unleash the income tax authorities (on us).'
West Bengal Chief Minister Mamata Banerjee on Saturday accused NIA officials of attacking villagers in Purba Medinipur district, the BJP hit back at her saying that the attack on the NIA officials is Sandeshkhalli 2.0 orchestrated by the state.
The Union Budget 2016-17 has cheered the NBFC sector
A tax reforms panel, headed by finance minister's advisor Parthasarathi Shome, is considering moving away from setting fixed tax-collection targets and linking these with the changing economic scenario during the year.
This is, say tax experts, the first time that a car race circuit has been held to be the permanent establishment of an assessee.
Speaking at the inauguration of the magazine's new office, Vaidya went on to suggest that in such a war, sometimes 'good people' have to be targeted because they are on the side of wrong.
From the date you put in your papers, the employer will promptly freeze your salary payouts and you will get everything along with the full and final settlement.
