In order to provide relief in respect of gains arising on account of appreciation of rupee against a foreign currency at the time of redemption of masala bonds to secondary holders, the government has decided to amend the Income Tax Act.
A bench of Justices A K Sikri and Ashok Bhushan observed that there were several other mosques in Agra and the non-residents could offer the customary prayers there.
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.
Taxmen have come across instances where global firms - charged a withholding tax of 6 per cent - are underreporting the exact income they earned from an Indian user.
The organizers unveiled a 'playbook' detailing COVID-19 measures that will be taken during the Summer Games this year.
They include a woman who came from Nigeria along with her two daughters to meet her brother in adjoining Pimpri Chinchwad area, the official said.
In a bid to provide a level playing field, the government has decided not to levy 2 per cent digital service tax if goods and services are sold through Indian arm of foreign e-commerce players.
The government said that far from targeting any US entity, the purpose was to ensure fairness, healthy competition, and to exercise the ability of governments to tax businesses having a nexus with the Indian market through digital operations.
The currency market won't care for our moans, groans, cries and sighs. The rupee will find its own level, explains Tamal Bandyopadhyay.
This election will decide in what shape and form the Akali Dal will survive.
NRI demand would help offset the liquidity problem, which is presently affecting realty sales.
Last October's circular meant that downstream investment by such funds by way of subscription or acquisition of shares would have been considered "indirect foreign investment" if their investment manager or sponsor is owned or controlled by a non-resident. The finance ministry has now said that mutual funds that invest more than 50 per cent in equity shall be omitted from the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.
A total of Rs 396 crore has been mopped up, as on August 20 against Rs 407 crore collected in the same period last year. This was despite the expansion of the levy to online e-commerce players from this financial year.
India's current account swung to a deficit for the first time in the current fiscal, with the gap coming at $1.7 billion or 0.2 per cent of the GDP in the December quarter. In the current fiscal, as the pandemic impacted trade, the current account had been in surplus in the previous two quarters, at $15.1 billion and $19 billion, respectively, as per the data on balance of payments released by the RBI on Wednesday. The critical measure of a country's external strength now stands at a surplus of 1.7 per cent of GDP for the first nine months of the fiscal year as against a deficit of 1.2 per cent in the year-ago period. In the December quarter, there was a rise in the merchandise trade deficit to $34.5 billion from $14.8 billion in the preceding quarter, and an increase in net investment income payments.
The US is pressing for taxing digital economy through the 'marketing intangibles' principle and the UK through a 'user-base' principle.
This year, former Japanese Prime Minister Shinzo Abe has been conferred Padma Vibhushan for his achievement in the field of public affairs.
The manner in which India has allowed the rule of law to be subverted for over eight years is tragic, notes former additional solicitor general of India Bishwajit Bhattacharyya.
Australia's Victoria state Premier Daniel Andrews said he opposed special arrangements to let unvaccinated athletes compete in the state, which is scheduled to host the Grand Slam at Melbourne Park in January.
New Delhi and Washington have agreed to count the benefits of a global agreement on taxation from the next financial year. However, the benefits would actually accrue once the global pact comes into effect or March 31, 2024, whichever is earlier, in the form of credit.
The US launched an investigation, focusing on whether the tax in India and other countries discriminated against American companies, were retroactive, and reflected unreasonable tax policy.
Chief Minister Arvind Kejriwal had on Thursday said the city government will declare black fungus an epidemic if need arises.
Clarifying norms for single brand retail trading, government on Tuesday allowed foreign investors to conduct business through more than one joint venture in India.
Such holders will earn only post office savings account rate of 4 per cent and not the higher rate on those instruments when the status was one of resident.
Immigration Minister Alex Hawke's office said he was still considering whether to use his discretionary power to cancel Novak Djokovic's visa.
The government on Monday said it proposes to incentivise incorporation of one person companies, a move that will benefit startups and innovators.
Marking a key milestone in the Indian government's fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
Ahead of the second instalment of advance tax, the revenue department is scrutinising entities that have registered negative growth in their tax deducted at source (TDS) payments, even when they reported healthy advance tax payments. According to sources, taxmen have observed a mismatch in TDS payments from at least 60-65 small to mid-sized companies. Officials said it is unusual for TDS to not increase, given the improved turnover and profits - if higher advance tax payments are any indication.
In the wake of an increase in COVID-19 cases in the state, the government has taken a decision to strengthen precautionary measures against the spread of coronavirus, the government said in an explanatory note with the Gazette notification.
As the Tata group inches closer to taking over Air India in January 2022, the $242-billion conglomerate will also inherit a stake in Kerala's Cochin airport. The Tatas would become the only airline to have an operational stake in a major Indian airport. The airport is a strategic hub connecting India to Middle East nations - home to the largest share of Indian migrant workers. In addition to Air India and Air India Express, private carrier Indigo also uses Cochin to ferry the lucrative 'Malayali Gulf traffic' to multiple locations like Jeddah, Riyadh, Sharjah, Dubai, Abu Dhabi, Doha, Kuwait and Bahrain, among others. According to regulatory filings, Air India has a three per cent stake in Cochin International Airport.
The bank is offering a preferential rate on foreign currency conversion, giving special offers on housing loans and providing assistance for searching properties.
India's external debt stood at $554.5 billion at end-June, recording a decrease of $3.9 billion over its level at the end of March 2020, the RBI said on Wednesday. Further, the external debt to GDP ratio increased to 21.8 per cent at June-end 2020 from 20.6 per cent as on March 31.
Kovind, who is on his first visit to Ayodhya after the landmark 2019 Supreme Court verdict paved the way for the construction of the temple, also offered prayers at the Hanumangarhi shrine, about 2 km away.
The new interest rates will be effective from August 19 and will be applicable to both resident and non-resident customers.
Traders who pay in rupees generate over Rs 50 crore in daily cryptocurrency volumes. Indians actually invest a great deal more in forex-denominated trades, observes Devangshu Dutta, explaining why it is impossible to ban cryptocurrency.
Before repeal of Article 370 and Article 35-A in August last year, non-residents could not buy any immovable property in Jammu and Kashmir. However, the fresh changes have paved the way for non-residents to buy land in the union territory.
The ministry said it was an anti-abuse provision amid growing instances of NRIs shifting their stay in low or no-tax jurisdiction to avoid tax payment in India.
The government on Wednesday permitted NRIs to invest up to 100 per cent stake in disinvestment-bound Air India. The decision comes at a time when the government has sought preliminary bids for 100 per cent stake sale in the national carrier. "Today's decision on Air India is one milestone decision where NRIs... will get permission to invest 100 per cent in the airline," Union Minister Prakash Javadekar told reporters at a briefing about the Union Cabinet's decision.
Left behind after elections will be the Biharis with their stagnant conditions of poor education, poor health infrastructure, poverty, unemployment, division of society and the aftermath of coronavirus. What will remain is the Bihari tenacity, observes Asmita Bihari.
'The kind of tax which will be generated from the second pillar may far outweigh what we may be losing in the first pillar.'
Novak Djokovic said he would do whatever was required to play at the Australian Open but hoped the government could also be accommodating.
