A salaried individual needs to file returns as a business owner if s/he has a high turnover while trading in stocks or futures & options, reveals Tinesh Bhasin.
'Political parties bring out money they have stashed away and start spending it. How large that spending will be depends on how much money has been stashed. So, you are going to have a strong upside coming from the election effect,' says Pronab Sen.
Efforts by Indian activists to challenge the Biotechnology Regulatory Authority Bill, now pending in Parliament, may get a boost from a controversy that has broken out in the US
Sanjay Kumar Singh draws up a mediclaim policy checklist.
Under current laws, a company cannot sell mines but only transfer leases when it is acquired by another firm.
StanChart India CEO Zarin Daruwala is building a culture of 'celebrating liabilities,' the tough negotiator tells Niraj Bhatt and Anup Roy over lunch.
While Visa and Mastercard slug it out for leadership, analysts say RuPay has the potential to cause disruption and eat into their market share.
US sanctions against Iran kick in from November 4, which will block payment routes. Sources said India and Iran are discussing reverting to rupee trade after November 4.
IOC, BPCL and HPCL on Thursday afternoon stopped ATF supplies to Air India at six airports - Kochi, Pune, Patna, Ranchi, Vizag and Mohali - over payment defaults. AI flights from these places were tanking up from other airports.
The exemption from MAT does not apply retroactively.
The finance ministry is working on a Cabinet note for establishing a full-fledged Public Debt Management Office, officials told Business Standard.
The onus to explain that the gold jewellery was inherited or bought from known sources of income would be on the owner.
"We will be guided by our national interest," he said.
The new 10 per cent dividend tax will be payable only on dividend income over and above Rs 10 lakh threshold in a year, according to an amendment to the Finance Bill 2016 approved by Lok Sabha.
Although the Congress leadership and UPA has given its nod for Telangana, the road to the separate state is surely going to be a complicated one, reports Anita Katyal.
It will not be to India's advantage to create misperceptions that it is bandwagoning with some Anglo-American project for regime change in Myanmar, argues Ambassador M K Bhadrakumar.
Data localisation, an overarching theme across recent government policy proposals, has been a thorny issue with industry
According to the draft, in the northeastern states the threshold is at Rs 500,000.
Moody's listed six agenda on the list of pending reforms -- land acquisition Bill, labour law reforms, significant infrastructure investment, tangible benefit from Make in India initiative, tax administration and PSU bank reforms
The 50-day deadline to deposit the old Rs 500/1,000 notes in banks comes to an end on Friday but the cash crunch and queues before ATMs are likely to continue for some more time as currency printing presses have failed to meet the huge demand for new bills.
The warning had come after SpiceJet's dues to AAI (including interest at 12 per cent) exceeded Rs 300 crore (Rs 3 billion) this month -- from Rs 230 crore (Rs 2.3 billion) early December last year.
The confidence that GST Network is capable of handling the returns, payments, reconciliation, refunds, etc., has been badly shaken.
The current 3-page form is simplified version of an income tax return form after removing mandated disclosure of foreign trips and dormant bank accounts introduced two years back.
India's public debt decreased marginally to Rs 46,25,037 crore (Rs 46.25 trillion) at end-March 2014 from Rs 46,29,689 crore (Rs 46.29 trillion) at end December 2013.
Jaitley also dismissed criticism that lower taxes were aimed at helping corporates.
Every river is a living person, argues Gopal Krishna on the basis of the recent Uttarakhand HC verdict.
The regulator has made it mandatory for insurers to have a minimum percentage of motor third-party business underwritten.
If companies get into trouble, the loan becomes a non-performing asset and "we very much want these assets to be back on track," Raghuram Rajan said.
The leader of the largest opposition party in Lok Sabha will be included in a panel to select the chairperson and members of Lokpal under the amended law, governing the functioning of the anti-corruption body, approved by the Union Cabinet on Wednesday.
The sector faces many challenges and calls for prompt corrective action.
The Income Tax Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns on deductions from income claimed.
When on October 24, the Supreme Court, on a petition moved by the government, ordered payment of past dues according to its new definition of AGR, the country's second-biggest carrier Vodafone-Idea Ltd warned of shut down if no relief is given. The total dues for the industry ran into a whopping Rs 1.47 lakh crore. For an industry that has come from 7-8 operators to just three private players and state-owned fourth operator, the warning by Vodafone-Idea sounded like a death knell.
The Supreme Court-appointed Special Investigations Team on black money has also proposed that holding more than Rs 15 lakh in cash be made illegal for individuals and for companies, report Tinesh Bhasin and Sanjay Kumar Singh.
With a new higher tax regime coming into effect from the new financial year, top corporates and wealthy investors are in a rush to restructure their shareholding.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
'In the name of pluralism-secularism, the kind of politics that was pursued revealed to many that it was basically a favour to Muslim conservatism and communalism -- a politics of minority-ism, rather than of secularism.' 'This is how significant sections of Hindus have been made to loathe the very idea of Indian secularism by now,' says Mohammad Sajjad.
The move may release funds locked in government securities and add to liquidity. With inflation expectations lowered, this should not impact bond sentiment in the short run
'While all would agree on the need to be ready to launch cross-border strikes on terror camps, there is sharp disagreement on how best to do it.' 'Through IAF fighters, or surface-to-surface missiles?' 'Or should army Special Forces be created to do the job?' 'If air strikes are the agreed priority, additional funding must be made available for the purchase of fighters and missiles.' 'If it is to be Special Forces, the army must be facilitated in raising a Special Forces Command,' notes Ajai Shukla.
RIL has proposed to charge the government- fixed rate for natural gas on a gross calorific value (GCV) basis, instead of net calorific value (NCV).
Given the importance of equipment modernisation, the overall defence budget should rise at least at the same pace as salaries and pensions, so that equipment modernisation is not hit.
