He reminded the officials that it was because of increased tax buoyancy and collection efforts of Revenue departments that the government was able to waive off the loans to farmers amounting to Rs 71,000 crore (Rs 710 billion).
Recovering from an order dry-up and change in market conditions, Gurgaon-based Rites is looking to bid aggressively in global export and consultancy tenders and run with a volume-led approach, its chairman and managing director (CMD) Rahul Mithal said. Rites is a railway consultancy public sector undertaking (PSU) under the aegis of the Ministry of Railways. "We started the year with two huge challenges - the export order book, where no new orders had happened, and the opening up of Indian Railways quality assurance works to four players.
The five Ahmedabad-based call centres that made calls to people living in the US are Hglobal, Call Mantra, Worldwide Solution, Zoriion Communications and Sharma BPO Services.
The coveted chief information commissioner's post in Jammu and Kashmir went to GR Sofi, presently chief commissioner, Income Tax, Amritsar region. Sofi, an Indian Revenue Service officer of 1977 batch will retire shortly.
Reliance Industries Limited (RIL), Viacom18 Media (Viacom18), and The Walt Disney Company announced on Thursday that they have completed the merger of Viacom18's media and JioCinema businesses into Star India (SIPL), creating a mega joint venture valued at Rs 70,352 crore. The new entity will be guided by three chief executive officers (CEOs), "who will lead the company into a new era of ambition and disruption", according to a joint statement. Kevin Vaz will lead the entertainment division across all platforms, Kiran Mani will head the combined digital division, and Sanjog Gupta will oversee the sports operations.
The company is eyeing sales of 8,000 units per month for the Kylaq, which starts at Rs 7.89 lakh (ex-showroom) and boasts 96 per cent localisation.
While Team Anna spokesperson Arvind Kejriwal is attending a meditation course at Sohna in Haryana, income tax department officials are losing their peace of mind over more worldly affairs involving their former colleague.
Kejriwal's supporters have bombarded Income Tax offices with cheques and demand drafts, offering to pay his tax dues.
IT service company Wipro on Friday reported 7.8 per cent year-on-year decline in its consolidated net profit for the March quarter to about Rs 2834.6 crore, and cautioned that the macroeconomic environment remains "uncertain". The Bengaluru-headquartered company, which recently saw a change of guard with Srinivas Pallia taking over at the helm as the new chief executive officer, has given an IT Services revenue growth guidance in the (-)1.5 per cent to +0.5 per cent band for June quarter on a constant currency basis.
While Paytm (One97 Communications) is not completely past regulatory hurdles, its share price has gained in the last month or two. The Paytm handle migration is complete along with FDI clearance necessary for the Payment Aggregator (PA) license. UPI consumer data indicates stable market share, and expansion in partner networks in financial distribution. All this implies Paytm could be set to meet guidance of turning Adjusted Ebitda breakeven by Q4FY25 (ex of UPI-incentives).
20-year old Shruti, who is simultaneously studying for CA, aims to join the Indian Revenue Service (IRS) in the future.
Dhoni endorses 42 brands to Bachchan's 41 and SRK's 34.
About 60 per cent of BRIC (Brazil, Russia, India and China) nations anticipate a rise in business activity whereas only two per cent expect a decline. These are the findings of the latest Business Outlook Survey conducted in April by advisory firm KPMG.
What some of our leaders were up to on Tuesday, December 6, 2022.
India topped the APAC region with 227 transactions in the first eight months of CY24. The US was second with 133 deals while China ranked third with 69 transactions.
With the last quarter of 2023-24 (FY24) expected to have been soft owing to lower discretionary spend and macro uncertainty, many are hoping FY25 will be a year of recovery for the information-technology (IT) industry. The fourth quarter, January-March, is considered soft, and will continue to see the headwinds the sector has been facing. And the sector has entered the new financial year on a weak footing. Analysts are expecting Tier-I firms to report sequential growth of -1 per cent to 1.5 per cent and midcap players' growth may range between 0.7 per cent and 4 per cent.
Private equity (PE) activity in India between January and November 2024 recorded a total value of $30.89 billion across 1,022 deals, a 22.7 per cent increase in value and an 18.4 per cent rise in deal count compared to $25.17 billion across 863 deals during the same period in 2023. Notable large deals during the period include Walton Street India Investment Advisors at $1.5 billion, and KiranaKart Technologies at $1.35 billion.
A Singapore court on Thursday granted a four-month moratorium to Indian cryptocurrency exchange WazirX, a period which the embattled firm will use to restructure its business without worrying about legal proceedings. A moratorium offers applicant temporary relief from legal proceedings. WazirX, India's biggest crypto exchange, suffered a major hacking attack in July this year losing close to $230 million.
Another trend: A preference for coloured diamonds among brides, who are pairing them with their groom's birthstone. So, along with yellow or white diamonds, they are choosing pink, green, blue sapphires, emeralds or red rubies.
The Budget should use the extra RBI surplus to better effect, suggests A K Bhattacharya.
The department of personnel and training, which acts as a nodal authority for IAS officers, is conducting the proceedings.
Former Mumbai zonal director of the Narcotics Control Bureau Sameer Wankhede on Thursday filed an affidavit in a court in Maharashtra's Washim district, stating their family belongs to a Scheduled Caste community and has not embraced any other religion.
Arvind Kejriwal returned over Rs nine lakh in dues to settle the issue of his resignation from the Indian Revenue Service, insisting that he was doing so in protest and it does not mean he has accepted any mistake.
43-year-old Kejriwal said his move should not be seen as admitting to the government's argument that he violated bond conditions and that he reserves his right to approach court against it.
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
Adding petrol and diesel to GST was a challenging task due to their significant role as revenue generators for both the central and state governments.
The 8,965 officials include an estimate for an extra 760 sanctioned personnel in the Indian Revenue Service. Apart from this, the department would have to create 42 posts of principal chief commissioner of Income Tax (Principal CCITs), 74 CCITs, 116 Senior CCITs and Deputy CITs. "This would have to been done through simultaneous abolition of posts in other grades," said the report.
The issue of delayed refunds was not a healthy trend and was tarnishing the department's image.
Scrutiny of Google's code of conduct in the Indian Android ecosystem is far from over with several start-ups preparing to appeal against the company's revised policies of service fee on in-app purchases and subscriptions, according to sources in the know. This comes days after the National Company Law Appellate Tribunal (NCLAT) granted partial relief to the tech giant, reversing four of the 10 key non-monetary directives that would have forced Google to allow uninstalling of its pre-installed apps on Android devices. Paytm, BharatMatrimony, and ShareChat are among the start-ups that are likely to file grievances against the tech major for alleged non-compliance with the Competition Commission of India's (CCI's) cease-and-desist order on Play Store policies.
After a strong show during the September quarter (Q2FY25) and favourable demand conditions, going ahead, the country's largest player in the room air conditioner segment, Voltas is well placed to improve its market share. Expectations of record volumes in FY25 for the sector and the company's strategy of prioritising market share over margins could help the leader expand share in the room AC segment.
The revenue growth of early birds or companies that have declared their Q4FY24 (March quarter) numbers is the highest in the last four quarters. The 178 companies (excluding their listed subsidiaries) that declared their results have reported a sales growth rate of 13.2 per cent year-on-year (Y-o-Y), taking aggregate revenue to Rs 9.1 trillion. Including other income, growth is at 16 per cent, the highest in the last four quarters.
As Odisha and West Bengal are bracing for a severe cyclonic storm, governments of both states started evacuating people and while deciding to close educational institutions in vulnerable areas.
There are reports that the government will soon cut income taxes by about Rs 50,000 crore to boost consumption.
Prime Minister Modi, I suggest that, instead, you distribute about one lakh crore rupees per year to the 80 crore poor, which will boost both consumption and economic growth, suggests Kalyan Singhal, McCurdy Professor of Business at the University of Baltimore.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
The Delhi high court granted bail to arms dealer Suresh Nanda, his son Sanjeev and two others who allegedly manipulated evidence in the case of alleged kickbacks in the Barak missile deal
The petition, filed through advocate Rizwan Merchant, claimed that after concluding the investigation in the case, a draft complaint was prepared by the department legal advisor, where charges were proposed against Aryan Khan among others.
The United Kingdom extracted USD 64.82 trillion from India over a century of colonialism between 1765 and 1900 and USD 33.8 trillion of this went to the richest 10 per cent -- enough money to carpet London in notes of 50 British pound almost four times over.
The law officer said the money trail showed that Rs 45 crore "kickback" used in the Goa assembly elections came from four hawala routes.
The counting of votes in Delhi election 2020 is currently underway. Early trends suggest that Aam Aadmi Party is on course to a victory. The victory is befitting as February 11 -- is also Kejriwal's wife Sunita's birthday.
For the first time in history, the luxury car market is poised to cross the sales mark of 50,000 units in 2024, with Mercedes leading the way
