Only those who stick to the old I-T regime will get this benefit.
The lawsuits allege that KPMG LLP assisted in and certified 'materially misstated financial statements', and that KPMG's international parent failed in its watchdog role and is responsible for "the severely reckless and grossly negligent acts of its agent", the report pointed out. New Century had been US's second-biggest sub prime mortgage lender that mainly served people with poor credit histories but had to file for bankruptcy in April 2007.
A British court on Monday granted a bankruptcy order against Vijay Mallya, paving the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines. "As at 15.42 [UK time], I shall adjudicate Dr Mallya bankrupt," Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs said in his ruling during a virtual hearing of the Chancery Division of the high court. "I have to decide if there is a real prospect of payment of petition debt in full within a reasonable period of time... there is insufficient evidence that [Mallya's asset realisations in India] will pay the debt in full within a reasonable period of time," Judge Briggs noted, in reference to defence arguments pointing to a restoration process in India following a Prevention of Money Laundering Act (PMLA) court order for the attachment of Mallya's assets.
'If you miss the deadline, you can still file a belated tax return till March 31, 2021, with a fee under Section 234F, which could be up to Rs 10,000, in addition to an interest under Section 234A and 234B of the Act.'
In this weekly self-help series, mental health and life coach Anu Krishna tells you how to take control of your life.
The arbitration of any court is legally binding and the government) can approach the Singapore high court.
A consortium of Indian banks led by the State Bank of India (SBI) on Tuesday moved a step closer in their attempt to recover debt from loans paid out to Vijay Mallya's now-defunct Kingfisher Airlines after the high court in London upheld an application to amend their bankruptcy petition, in favour of waiving their security over the embattled businessman's assets in India. Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs handed down his judgment in favour of the banks to declare there is no public policy that prevents a waiver of security rights, as argued by Mallya's lawyers. At a virtual hearing, July 26 was set as the date for final arguments for and against granting a bankruptcy order against the 65-year-old Mallya after the banks accused him of trying to "kick matters into the long grass" and called on the "bankruptcy petition to be brought to its inevitable end".
Revenue foregone on account of corporation tax exemptions is estimated to grow by 16 per cent in 2018-19 (FY19) versus 8.7 per cent in the previous year and 12 per cent in 2016-17, show the Budget documents.
Sebi on Monday barred Franklin Templeton AMC from launching any new debt scheme for two years and fined it Rs 5 crore for violating regulatory norms in the case of winding up of six debt schemes in 2020. Also, it has been asked to refund investment management and advisory fees to the tune of Rs 512 crore, including interest, collected with respect to the six debt schemes, Sebi said in its 100-page order. In a separate order, the regulator has barred Vivek Kudva, former head of Asia Pacific (APAC) for Franklin Templeton, and his wife Roopa from the securities market for one year for redeeming units of Franklin Templeton MF schemes while in possession of non-public information.
Those spending over Rs 2 lakh on foreign travel, incurring more than Rs 1 lakh electricity bills, or depositing over Rs 1 crore in current account will have to mandatorily file ITR even if their total income is below the taxable limit. The last date for filing has been extended to Nov 30 from Jul 31.
Startups in India need low-cost debt for working capital, which is impossible to get.
Other decisions piled up include rationalisation of GST rate slabs, correction of inverted duty on certain items and inclusion of petroleum products.
Whatever you do, continue to pay your loan EMIs and insurance premiums for term and health policies (not investment-based policies) on time. Then try to buy yourself some breathing space, says Harsh Roongta.
The Director of Federal Government Affairs for KPMG LLP has been named one of the top 25 corporate lobbyists on Capitol Hill.
A sector-wise analysis shows that a total of five PE transactions in the energy and natural resources sector led the value chart.
RIL's stake in Network18 would reduce to 64 per cent, from 75%, following the merger
Among the assets in question include the Force India and Indian Empress super-yacht - which was fitted with an Elton John piano around 2015, a fleet of high-value cars and some artwork from Mallya's Ladywalk property in the English village of Tewin in Hertfordshire.
A taxpayer filing ITR electronically without digital signature has to verify it using either Aadhaar OTP, or logging into e-filing account through net banking, or by Electronic Verification Code or by sending a duly signed physical copy of ITR-V through post to CPC Bengaluru within 120 days of uploading the ITR.
Any and every message on any chat interface does not require your response. Think whether it has any value and discard the rest to feel in control about what you read and respond to.
The diamond merchant wanted in India on charges of fraud and money laundering in the estimated $2-billion Punjab National Bank scam case, lost his legal battle against extradition as a UK judge ruled that he does have a case to answer before the Indian courts.
You struggle because, first you 'try' and second, you, 'talk', says mind coach, NLP trainer and Zen Lifestyle Expert Anu Krishna.
Based on a writ petition filed by some individual investors, the High Court while ordering the status quo on Friday, issued notices to SEBI, BSE, NSE, Sun Pharma, Ranbaxy, Daichii Sankyo and Silver Street Developers.
PwC wants to know what will happen when a company with substantial reserves is merged into a new concern and the resultant entity is converted into a limited liability partnership.
Vadra's anticipatory bail application is likely to be heard by the court on Saturday.
Any additions in demand made by a tax officer under the faceless assessment process for over Rs 5 lakh of income will undergo a rigorous review process before a final demand order is passed.
Why doesn't anybody ask the PSU State Bank of India under RTI on how much they are spending on legal fees trying to recover money from me in the UK when I have offered 100 per cent payback in India, asked Mallya.
He is the first Indian-origin person to head a 'Big-Four' audit co.
Train your mind to lead you to the secrets and keep the channel of communication open with it, so you become aware and act on it, says mind coach and mental health expert Anu Krishna.
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.
Deloitte India would not provide non-audit services to all listed companies and other entities where public money is involved such as banks and insurance companies, if they are its audit clients.
The due date for filing Income Tax returns for 2019-20 has already been extended till November 30, 2020.
Dr Nishant Joshi and his pregnant wife, Dr Meenal Viz, had initiated the legal action in April with a pre-action letter seeking answers from the UK's Department of Health and Social Care and Public Health England. They decided to push ahead with the case in the high court in London on Wednesday because they feel they are "no longer willing to wait".
While the Union Cabinet had in November last year approved the sale of the government's entire 52.98 per cent stake in BPCL, offers seeking expression of interest (EoI), or bids showing interest in buying its stake, were invited only on March 7. The EoI submission deadline was May 2, but on March 31 it was extended up to June 13. On Wednesday, the government said this deadline is further being extended up to July 31.
The government is keen to close the sale before March 31, 2021, to help meet a record Rs 2.1 lakh crore target which Finance Minister Nirmala Sitharaman has set from divestment proceeds in the Budget for 2020-21.
E-commerce giants such as Amazon, Netflix and Flipkart, whose headquarters are not in India, potentially have to pay the additional levy of 2 per cent from April 1.
The titular eighth Nizam of Hyderabad, Prince Mukarram Jah, says he wants a 'clean break' from a decades-old legal fight over funds lying in a United Kingdom bank account belonging to his ancestors, as he waived his right to a share in the estimated 4,00,000 pounds leftover after an English high court order from last year.
DDT is levied on dividends that a company pays its shareholders out of its profits. It is currently charged at the rate of 20.55 per cent, including a surcharge and education cess. Government may instead tax the shareholders receiving dividends, in a bid to help improve investor sentiment by addressing the multiplicity of taxes and bring down the effective tax rates for companies.
Knight Frank LLP, an international property consultancy, recently conducted a study on how many years worth of earning would it take for an average citizen to buy a 100-square-metre luxury or a high-end apartment in the world's most important cities. These numbers are according to an analysis of real estate and wages.
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
