The Securities and Exchange Board of India on Tuesday barred Austral Coke and Projects from raising any further capital on finding that the company was involved in a fraud amounting to Rs 1,047 crore.
The finance ministry on Thursday appointed National Securities Depository Ltd to provide PAN cards to new taxpayers in 139 cities from next week.
Higher levy on dividends earned by individuals also on radar.
Telecom services providers have urged the Ministry of Finance to suspend the universal service obligation (USOF) till the existing corpus is exhausted. In their Budget recommendations, they have also pressed for an exemption from the service tax on "assignment of right to use natural resources" and the slashing of Customs duty on telecom equipment to zero. The Cellular Operators Association of India (Coai), which represents private sector telecom operators Reliance Jio, Bharti Airtel, and Vodafone Idea, called for abolishment of USOF levy.
The Budget has changed the rules for Indian citizens and persons of Indian origin visiting India. Instead of 182 days, the number of days has been reduced to 120. You will be treated as a resident of India for tax purposes if you stay in the country for more than 120 days in a financial year and 365 days in the past four years. One consequence of the change will be that people of Indian origin who reside outside India will be able to spend a smaller number of days in the country if they wish to keep their non-resident status intact, points out Sanjay Kumar Singh.
I-T dept launches Tatkal system for those who desire to help the victims of the earthquake in Nepal.
At a meeting held in Mumbai, Satish Loomba, custodian, handed over Rs 1,995.6 crore (Rs 19.95 billion) and Rs 199.25 crore (Rs 1.99 billion) to senior revenue and bank officials, respectively.
Life Insurance Corporation of India (LIC) February 8 for the first time ever crossed the Rs 7 trillion market capitalisation, as the stock price of state-owned insurer hit a new high of Rs 1,144,45, on rallying 10 per cent on the BSE. The board of directors of the Corporation are scheduled to meet today i.e. February 8, 2024, to consider a proposal for declaration of interim dividend for the financial year 2023-24 (FY24). The board will also consider and approve the unaudited financial results for the quarter and nine-month period ended on December 31, 2023.
The department has calculated and arrived at the figure and may raise two separate demands.
The tax portal problem is a goof-up by both sides, and making Infosys the only villain in the story is quite unfair, argues Shyamal Majumdar.
The Financial Intelligence Unit (FIU), the federal economic snoop agency under the Union finance ministry, sent 289 legal requests to its counterparts across the globe during 2018-19 as compared to 177 in 2017-18 and 138 in 2016-17.
The Income Tax Department and Tamil Nadu Directorate of Vigilance and Anti-Corruption officials raided houses and business establishments of former Chief Minister Pannerselvam and a former Minister Anitha Radhakrishnan.
If you are an individual, you will get your refunds quicker.
ED sought his custody for seven days, claiming it had knowledge of unidentified assets which value more than Rs 500 crore and his custodial interrogation was required.
India's second-largest IT services firm, Infosys Technologies, has set up a separate unit within its business process outsourcing arm (Infosys BPO) to concentrate solely on the domestic BPO market.
The central government's clarification on the 2 per cent equalisation levy on foreign digital operators in the Budget, which considerably expands the scope of the levy, might be challenged in court, with several companies contemplating filing a writ petition in the coming few weeks. The writs might be filed on the grounds of the levy's alleged extra-territorial overreach, as it aims to cover those entities that do not have a physical presence in India, going against international taxation rules.
She dubbed the I-T raids as "anti-democratic, deliberately planned and tested".
The government has become used to accounting for TDS as its income even though it knows a significant portion needs to be returned as refund
Clarity on the roadmap necessary to assess its likely impact on near-term fiscal health and investment.
A senior company executive said the company waited for seven years for the verdict and its shareholders needed to know when it would be concluded.
To resolve the so-called 'angel tax' issue, the start-ups and their investors who file requisite declarations and provide information in their returns will not be subjected to any kind of scrutiny in respect of valuations of share premiums, she said.
The Union home ministry has cancelled the Foreign Contribution Regulation Act (FCRA) registration of the Centre for Policy Research (CPR) for alleged violation of laws, a move the public think-tank termed "incomprehensible and disproportionate" and vowed to seek legal recourse against.
Mumbai, which adds 37 per cent to the total direct tax mop-up, has reported tax collection of Rs 4.93 trillion so far, against the full-year target of Rs 5.35 trillion.
I-T heat on thousands of firms for unusual cash deposits.
Multinational drug companies with research interests in India may soon find the market more lucrative. The government plans to revive, and may extend to foreign companies, the income-tax exemptions enjoyed by Indian research and development pharma companies till 2007.
The court had earlier allowed Burman twice to go abroad, including a trip to London to attend his ailing brother there.
2,138 firms deposited unaccounted Rs 5,000 cr in zero-balance accounts during the note ban
The Enforcement Directorate on Wednesday continued raids for the seventh day as it visited 17 locations across the country, including four shell companies in Mumbai, even as the Income Tax department attached assets worth Rs 145 crore in the alleged Rs 11,400-crore Punjab National Bank fraud.
With wages rapidly rising in China, all is still not lost. Wage costs in India are significantly lower and this fact could still help us turn the tide in our favour.
The former Congress president alleged that PM Modi had a "monopoly over corruption".
Banks in talks with temple trusts to push gold scheme
The EC has asked all departments to deploy round-the-clock flying squads, quick-response teams, and high-tech machinery to check money inflow. They are also to examine vehicles passing though check-posts, reports Shrimi Choudhary.
Modi also reached out to traders, saying their past records will not be checked by the income tax department if they join the formal economy by getting themselves registered under the GST regime.
Justice Handyala Lakshminarayanaswamy Dattu was appointed as the next Chief Justice of India on Friday and will have a tenure of 14 months. The President is pleased to appoint Justice Dattu as the CJI with effect from September 28, 2014, the law ministry announced in New Delhi.
If you have any grievances or disputes regarding the demand stated in the notice, consider seeking professional help.
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HC restrains Nokia from selling, transferring ownership rights in India.
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
