'For the first month, we have only had 5.5 million who have paid the tax.' '40 per cent have paid nil as tax; 95 per cent of the taxation for the first two months has come from only 400,000 assessees.' 'So even now, the tax-paying habit, of paying a marginal or negligible amount, or not paying anything at all, is quite prevalent,' reveals Finance Minister Arun Jaitley.
The leaked list contains the name of Union minister Jayant Sinha, who responded by saying that the transactions were not done for any 'personal purpose'.
In the April-June quarter (Q1) of 2023-24 (FY24), growth in sales of FSN E-Commerce Ventures (the parent company of Nykaa) decelerated to 24 per cent year-on-year (Y-o-Y), and 9 per cent quarter-on-quarter (Q-o-Q), compared with 34 per cent in the previous quarter, due to a decline in the beauty & personal care (BPC) and fashion division's gross merchandise value (GMV). But Nykaa claimed it gained market share in both divisions. The earnings before interest, taxes, depreciation, and amortisation (Ebitda) margin of 5.2 per cent expanded 120 basis points (bps) from a year earlier.
Home Minister Amit Shah on Sunday lashed out at opposition Indian National Developmental Inclusive Alliance (INDIA) parties over Dravida Munnetra Kazhagam leader Udhayanidhi Stalin's remarks against 'Sanatan Dharma', accusing them of insulting 'Sanatan Dharma' for votebank and appeasement politics.
The political-electoral calculus favours spending thousands of crores on vanity projects like Sardar Patel's statue and the Central Vista over building up our military to handle the confrontations and conflicts that loom large, points out Ajai Shukla.
The 50-share NSE Nifty was trading lower by 24 points.
Encouraging results for PayTM (One97 Communications) for the 2022-23 financial year (Q4FY23) have led to a surge in the company's stock price, gaining nearly 5 per cent during Monday's trade. PayTM reported Q4FY23 revenues at Rs 2,330 crore, up 51 per cent on year-on-year (YoY) basis (13.2 per cent quarter-on-quarter or QoQ), led by monthly transaction user (MTU) growth of 27 per cent and average revenue per user or ARPU growth of 19 per cent YoY. MTU is defined as users with at least one transaction/month.
Most of the individuals hail from Mumbai, Kolkata, Ahmedabad, Surat, and Delhi
The Reserve Bank of India's (RBI) new rules for credit and debit cards came into effect from October 1. These include tokenisation, one-time password (OTP) for activation after 30 days, written permission for enhancement of credit limit, and greater clarity on interest calculation.
Both prime ministers believed in crafting schemes to help the common man. Modi used quite effectively the instruments Dr Singh introduced. In assessing Modi's success with many schemes, Dr Singh's fundamental work should not be ignored, points out A K Bhattacharya.
Security and intelligence agencies will soon be provided with a new platform which is technologically advanced, secure and helpful in dealing with new age criminals and anti-social elements, officials said on Wednesday.
Before participating, consider company's long-term prospects, premium offered and acceptance ratio.
Market participants are hoping for a few tweaks on the taxation front which will encourage consumers and businesses to spend.
The Finance Ministry is of the opinion that Vodafone might drag its tax dispute to court.
As a result, the deadline for filing June quarter results ends on August 15. However, only 1,538 companies out of the 4,000-odd listed firms managed to declare their results within the usual deadline.
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.
The exemption from MAT does not apply retroactively.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
Moody's Investors Service on Friday warned that the rout in Adani Group shares could hurt the conglomerate's ability to raise capital, while its peer Fitch saw no immediate impact on its ratings. Adani Group's listed companies have lost over USD 100 billion in value in just over a week after short-seller Hindenburg Research's scathing report flagged concerns about the ports-to-energy conglomerate's debt levels and alleged stock manipulation, accounting fraud and the use of tax havens.
Other forms of securities such as compulsorily convertible debentures (CCDs), optionally convertible debentures (OCDs) and some derivatives could remain out of the scope of the amendments
Sebi imposed trading restrictions on 33 entities.
GAAR will not override the recently revised double taxation avoidance agreements with Mauritius and Singapore.
According to an Election Commission statement, the two have decided not to avail exemption from income tax on sumptuary allowance and to surrender two of the three Leave Travel Concessions (LTC) available each year.
'The middle class you can hurt anytime. For revenues, politics, pleasure, anything,' notes Shekhar Gupta.
The crackdown on black money has led to seizing of Rs 3,963 crore of smuggled goods in two years.
"Had corona (COVID-19) not been there, the prime minister would have dedicated NATGRID to the country. I am hopeful that the prime minister will dedicate NATGRID to the country in some time," Union home minister Amit Shah said during the 51st Foundation Day event of the Bureau of Police Research and Development (BPRD) here on September 4.
The Centre has no objection to a proposal for setting up a panel of domain experts to look into strengthening the regulatory mechanisms for the stock market, the Supreme Court was told on Monday while it was hearing pleas relating to the Adani stocks rout after the Hindenburg report.
The proposed Central Bank Digital Currency (CBDC) to be issued by the Reserve Bank will play a critical role in improving the speed of transactions and reducing the cost of cash, a Deloitte report said on Wednesday. The Reserve Bank of India is planning to come out with a central bank-backed digital currency, using blockchain technology in 2022-23. As a financial services innovation, CBDCs are likely to play a pivotal role in shaping the 'future of value transfer', the report said, adding that most central banks worldwide are now in various stages of their evaluation of launching their national digital currencies.
'The government's projections for 2019-2020 will be disappointing big time.'
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
Having a single point KYC that is automatically used across all financial and non-financial entities is a single piece of reform that should be an easy win to achieve, points out Harsh Roongta.
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
Regulated electronic platforms such as e-spot markets or spot exchanges may be deemed as authorised markets.
There are tell-tale signs of a slide in the quality of Budgets presented by the current administration, says Parthasarathi Shome.
Investment guru and mutual fund expert Ashok Kumar, answers all your MF related queries.
The finance ministry on Saturday asserted that Indian customer deposits in Swiss banks have fallen since 2019, but said it is seeking details from Swiss authorities on the relevant facts along with their view on possible reasons for changes in the funds parked by individuals and entities in 2020. In a statement, the ministry said the deposits have halved but did not give numbers. Quoting data from Switzerland's central bank, PTI had reported on June 17 that funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 13-year high of 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 14-year-high of 3.83 billion Swiss francs (over Rs 30,500 crore) in 2021 on a sharp surge in holdings via securities and similar instruments while customer deposits rose as well, annual data from Switzerland's central bank showed on Thursday.
Details of identity and residence will not be required for exchange of notes between April 1 and June 30.
The group's digital news site had put out reports, along with pictures, on dead bodies of suspected coronavirus patients floating down the river Ganga in Uttar Pradesh and Bihar which had led to nationwide consternation.
Even as India's internet base continues to widen, with the country set to have over 900 internet users by 2025, a parallel rise in cyber threats has become a matter of huge concern. Experts say that the sudden surge in digital adoption left little time to develop a cybersecurity backbone for the country. This has put large amounts of data at risk.
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