As many as 44 shareholders of Flipkart sold their holdings to Walmart. The income tax law requires the buyer to withhold tax while making payment to the sellers, in case they are not exempted from levy of capital gains tax.
Andhra train mishap: Railways, govt agencies blame each other
Service tax accounts for one-third of the total indirect tax collection in the country and the government expects to raise Rs 1.8 lakh crore (Rs 1.8 trillion) through the levy this fiscal.
The Income Tax department Wednesday conducted searches at the premises of Bengaluru-based pharmaceutical company Micro Labs Ltd, the manufacturers of Dolo-650 tablet that was widely used by COVID-19 patients during the last over two years, on charges of alleged tax evasion. Officials said the department is looking at financial documents, balance sheets and business distributor networks of the company as part of the searches. The PTI has sent queries on the action to the company and a response is awaited.
The finance ministry on Friday withdrew expenditure curbs on various departments and ministries imposed in June in the wake of the COVID-19 second wave, reflecting improvement in public finances and the urgency to step up growth.
The SET's findings have now been taken on record by the Central Bureau of Investigation which recently raided the 2008-batch Indian Revenue Service officer after it filed an FIR against him for corruption and alleged violation of rules in the raids that took place at the Cordelia cruise berthed at the Mumbai coast on October 2, 2021.
Income tax collection, by way of advance tax and TDS, in the April-June quarter was about 80 per cent of what was collected in the same period last year.
Sharma said 2,500 tankers that supply potable and non-potable water across Mumbai have been on strike since February 8 and it's a do-or-die situation for them.
If life has become a little less taxing, thank the reform measures initiated by Finance Minister Jaswant Singh in tax administration.
The issue of his wife appearing as counsel for the revenue department has caused P Chidambaram a lot of embarrassment. Tell us if he should quit.
Delhi ministers Manish Sisodia and Satyendar Jain on Tuesday resigned from the Cabinet, amid corruption allegations against them.
Post handing over of Air India to the Tatas, government officials will be free to book their travel with any airline that offers them the best price. And, the Centre will not have a tie up with any carrier, department of investment and public asset management (DIPAM) secretary Tuhin Kanta Pandey said. "The government is not mandating travel by any particular airline, going forward, after handing over Air India because there won't be any state-owned airline," he said. The department of expenditure (DoE) will soon issue instructions to government departments for official travel as this needs to be done before handing over Air India to the new buyer, he said.
Minimum taxes on foreign portfolio investors have been removed.
