Responding to a question, he said, "It may also deal with fake news, though there is no specific mention in this regard."
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Indian government could lose a staggering $3 billion in revenues over a five-year period on account of differential import duties levied on refined and unrefined gold, says a report.
Their downside is that the donor relinquishes all control over the transferred property, and certain tax implications may also arise.
In the three decades since reservation of seats for women in panchayati raj institutions was introduced, the country saw women dismantling gender barriers to take the lead in the political field at the grassroots level and excel in it.
National Payments Corporation of India (NPCI) on Wednesday said there is no charge for the bank account to bank account-based UPI payments or normal UPI payments.
With the total tax burden currently at 53 per cent, 19.5 per cent and 56 per cent, respectively for cigarettes, bidis and smokeless, tobacco taxation in India is much lower than the level recommended by the World Health Organisation.
Spurs tie-up with F1 for karting track under stadium
Every banker loves the four-letter word Casa as it plays an important role in lowering the cost of deposits. Every bank wants to increase its Casa, as a higher portion of Casa in the overall deposit liability brings down its cost of money, points out Tamal Bandyopadhyay.
Finance Minister Nirmala Sitharaman on Wednesday said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class. The Budget 2023-24 has proposed changes in the optional tax regime, which was introduced in 2020-21. Speaking to reporters after presentation of the Budget, Sitharaman said the country has been waiting for a direct tax regime which is simplified and easy in compliance.
Packed frozen 'paratha' is not 'roti or chapatti' as it requires further cooking before consumption and despite wheat flour being the 'common thread' there are other ingredients used in making parathas, said an order by the Gujarat Appellate Authority for Advance Ruling. Such parathas, whether named Malabar, Mixed vegetable, Onion, Methi, Alu, Laccha, Mooli or Plain, have ingredients like margarine, salt, emulsifying agent, oil, potato, peas, cauliflower, coriander powder, bread improver and water, apart from wheat flour, which make 'quite different' from plain roti or chapatti and hence are not eligible for 5 per cent Goods and Services Tax (GST) rate, the ruling said. The percentage of wheat flour used by Vadilal Industries, which had approached the AAAR, in the eight varieties of paratha manufactured and supplied by it ranges from 36-62 per cent, whereas the ingredient for plain roti or chapatti is wheat flour apart from water.
Budget planners for now have been told to prepare with the assumption that GST will apply from April 1.
India's top oil and gas producer ONGC wants the government to scrap windfall profit tax levied on domestically produced crude oil and instead use the dividend route to tap into bumper earnings resulting from surge in global energy prices. The firm also favours a floor price for natural gas at $10 per million British thermal unit -- the current government-dictated rate -- to help bring deposits in challenging areas to production, two sources aware of the matter said. State-owned Oil and Natural Gas Corporation (ONGC) management during discussions with government officials stated that levying windfall profit tax on domestic oil producers, while at the same time reaping rich savings from buying discounted oil from Russia was unfair.
The Enforcement Directorate (ED) on Monday conducted raids at over a dozen locations in Chhattisgarh including at premises linked to state Congress leaders as part of an ongoing probe into the alleged coal levy scam, officials said.
The interest charged on an inter-state loan given to a credit card holder without the use of a plastic card would not be subject to the integrated goods and services tax (IGST), a two-judge bench of the Calcutta high court has ruled. In this connection, it recently set aside a ruling by a single judge of the high court. The issue was a loan of Rs 650,000 granted by Citi Bank with an EMI of Rs 58,056 for 12 months and inclusive of integrated GST (IGST) on each installment of interest.
The ruling Congress is seeking to retain power in Chhattisgarh by banking on the welfare schemes of the Bhupesh Baghel government, while the Bharatiya Janata Party is hoping to corner it on the issues of alleged corruption, religious conversions and unfulfilled poll promises.
India's recent move to remove additional 'retaliatory' duty on eight products from the United States (US), including apples and walnuts, would not have any negative impact on the domestic producers, the government clarified, even as the issue threatened to snowball into a political slugfest between the ruling and Opposition parties. The move would, in fact, result in competition in the premium market segment, ensuring better quality at better prices for consumers, especially for apples, a senior government official said. "There were certain concerns that were being raised on the mutually agreed solution that has come in, more specific to seven-eight agriculture products where we had levied additional import duties in retaliation to the steel and aluminum measures (imposed by the US)," Peeyush Kumar, additional secretary in the commerce department, told reporters in a briefing.
The Congress has pinned its hopes on many of the old-timers and also given representation to some new faces in its first list of candidates announced for the Chhattisgarh assembly polls scheduled next month.
Arsenal claimed their first Premier League win at Everton for six years as Leandro Trossard's second-half strike proved enough to secure the points at Goodison Park on Sunday.
Your awareness about the effect of the home loan tenure and EMI on your loan empowers you to take better decisions, explains Gaurav Mohta.
ITC's move to demerge the hotel business into a new entity, ITC Hotels Ltd, is a step in the right direction and will allay investor's concerns on the company's capital allocation strategy in the medium-to-long term, said analysts at Morgan Stanley in a note. According to the company, the board of directors has approved in principle the demerger of the hotels business, wherein ITC will hold a 40 per cent stake in the new entity, and the remaining 60 per cent will be held directly by shareholders. The scheme of arrangement shall be placed for approval of the Board at its next meeting to be convened on 14th August 2023.
The decision was taken back on Wednesday after directions from higher officials, Varanasi Samart City project PRO Shakhambhari Nandan said.
Images from the English Premier League matches played on Sunday night.
Fliers may have to shell out more with the government mulling to impose a two per cent cess on air tickets
The Sikkim Government has confirmed that 14 people have died so far in the flash floods that occurred in Sikkim in the early hours of Wednesday.
The Cabinet is believed to have asked the Department of Telecom to examine imposing a Swachch Bharat cess on spectrum charges paid annually by service providers.
The convicted person, who sexually assaulted a minor girl in 2015, was sentenced to 10 years of rigourous imprisonment by a Special Judge at Eluru in West Godavari district in 2016, including a penalty of Rs 5,000 levied on him.
Even before NCP-Ajit Pawar leaders came to meet in Delhi, the central government decided to buy 200,000 tonnes of onions from farmers at Rs 24.1 per quintal. This was among the highest prices at which onions have ever been bought from farmers.
Antonio Conte's increasingly fractious relationship with Tottenham Hotspur came to an end with the English Premier League club announcing they had parted ways with the Italian on Sunday.
His value lifestyle brand Zudio signals a coming of age of retail in small town India.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
Rishi Piparaiya lists three simple steps to manage the impact of rising prices and protect your financial future
BCCI could lose as much as Rs 955 crore if the government sticks to its decision to levy 21.84 percent tax surcharge on ICC's broadcast revenue from the 2023 ODI World Cup.
IMAGES from the English Premier League matches played on Sunday
DoT plans to initiate move that might lower the revenues telcos share with government.
A taxpayer whose deductions and exemption claims are less than Rs 3.75 lakh annually would be advised to opt for the new income tax regime and pay less tax than they gave in the old regime, a senior finance ministry officer said on Wednesday. The Income Tax Department has arrived at the figure after making due calculations for ensuring a "hassle-free and less tax rate" filing regime for the assessees, he said. Union Finance Minister Nirmala Sitharaman, while presenting the Budget for 2023-24, said the government has made the new income tax regime more attractive for taxpayers bringing "substantial changes" in its structure for the benefit of the middle class.
From the Sensex firms, Tech Mahindra jumped 5.58 per cent, followed by Nestle, Tata Steel, NTPC, Tata Consultancy Services, Asian Paints, Wipro and Bajaj Finserv. Mahindra & Mahindra, Hindustan Unilever, Axis Bank and Bajaj Finance were among the major laggards.
In Conte's absence, Stellini guided Spurs to wins over Manchester City, West Ham United and Chelsea.
Automobile dealers' body FADA on Thursday sought a cut in GST on two-wheelers from 28 per cent to 18 per cent, saying the segment being essential for millions should not be categorised as luxury item. The industry body said it has appealed to the finance minister, chair of the GST Council, all GST Council members, the ministry of heavy industries, which supervises the automobile sector, and the ministry of road transport & highways. This timely and decisive intervention would help in making two-wheelers more affordable, reviving demand and reinvigorating an industry that has seen a significant slump in sales over the past few years, the Federation of Automobile Dealers Associations (FADA) said in a statement.
The Supreme Court on Thursday ruled that the Goods and Service Tax (GST) Council's recommendations are not binding on Union and State but have a persuasive value as the country has a cooperative federal structure.
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