MakeMyTrip filed its objections before the Commissioner of Income Tax (Appeals) on May 30.
It said the sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi.
The Supreme Court on Tuesday stayed the operation of a Delhi high court order holding as "unconstitutional" the imposition of the Integrated Goods and Services Tax (IGST) by the Centre on import of oxygen concentrators by individuals for personal use. A special bench of Justices D Y Chandrachud and M R Shah issued notice on the plea and sought response from the petitioner, who filed a PIL before the high court.
Also on the anvil is abolition of distinction between Plan and non-Plan expenditure and replacing it with capital and revenue expenditure
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Marking the end of strict banking secrecy practices, Switzerland earlier this month agreed to automatic exchange of information and mutual administrative assistance in tax matters with overseas authorities.
This time, the global appetite for risk is in favour of India.
Initially it will procure only e-rickshaws and e-autos for leasing to operators
The government on Monday asked online food business operators like Swiggy and Zomato to submit a proposal within 15 days on improving their consumer grievance redressal mechanism amid rising complaints from customers. The department of consumer affairs directed e-commerce FBOs "to transparently show consumers the breakup of all charges included in the order amount such as delivery charges, packaging charges, taxes, surge pricing etc." According to an official statement, "The Department of Consumer Affairs has directed major e-commerce Food Business Operators (FBOs) to furnish the current framework as well as a proposal on improving the consumer grievance redressal mechanism within 15 days."
Clarifies 'profit-split' will not be only method to compute tax
The Congress on Monday stepped up its attack on the BJP-led Centre over the issue of price rise with Rahul Gandhi saying the biggest problems facing the country were unemployment, inflation and growing hatred.
In fact, no other recent Union Budget has held so much significance for the Indian economy as the one to be presented in about six weeks from now, notes A K Bhattacharya.
The 0.5 per cent Krishi Kalyan Cess (KKC) on all services increases the total tax chargeable on services to 15 per cent, making it expensive to dine out or travel.
Capital markets regulator, I-T department suspect tax evasion and market manipulation
Peeved over the silence of leaders of separatist groups, their factions in Pakistan and in occupied-Kashmir are making desperate attempts to foment trouble in Jammu and Kashmir by giving calls from across the border for 'bandhs' and strikes to mark the death anniversary of Mirwaiz Farooq and Abdul Gani Lone, officials said.
As per the Economic Survey for 2013-14, India's gross domestic product growth rate will improve to 5.4-5.9 per cent in the current fiscal after remaining at sub-5 per cent level for past two years.
The new ITR forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions.
Sushil Chandra will conduct the UP, Punjab, Goa, Manipur, Uttarakhand elections before he retires in May 2022.
While the tax holiday for the factory coming to an end might be a factor, many say the business model of Microsoft (which acquired Nokia's handset division last year), as well as freebies offered by the Vietnamese government, might also have played a role.
Gujarat and Karnataka have been ranked as the best performers in developing startup ecosystem for budding entrepreneurs, according to the ranking of states and Union territories by the Department for Promotion of Industry and Internal Trade (DPIIT). Among smaller states having population of less than one crore, Meghalaya has been adjudged as the best performer. The rankings are based on the initiatives taken to develop the startup ecosystem for promoting budding entrepreneurs.
According to the EPFO estimates, there would be a surplus of Rs 151.67 crore after providing 8.65 per cent rate of interest for 2018-19 on EPF.
Sectors throw up a wishlist for the Finance Minister.
The aim of the exercise was to further simplify GST forms and make the filing process more user-friendly, the finance ministry said in a tweet, reports Dilasha Seth.
Sixty-six such parties claimed IT exemption in FY20 without complying with statutory requirements under the Representation of the People Act and 2,174 have not submitted contribution reports, the EC said.
The two leaders are expected to make brief remarks at the top of the meeting.
Finance Minister Nirmala Sitharaman will present her second Budget a little more than a month from now. Like any other FM, Sitharaman will depend on her team of bureaucrats and advisors to frame and present the Budget.
In one of the tweets, Khan, who is deputy secretary with the MP Public Works Department, had last week urged makers of The Kashmir Files to also make a film on the 'killings of large number of Muslims across several states' in India, and said members of this minority community are 'not insects, but citizens of the country'.
Among other things, the agenda is likely to focus on increasing private investment, employment generation and giving relief to the farm sector
ED had earlier issued summons to Mallya for "personal appearance" on March 18 under the provisions of the Prevention of Money Laundering Act (PMLA).
Officers from various departments including the finance ministry to be part of rehearsal event
The tax dept has served notices on about 36 foreign investors.
Gujarat is a flourshing state but its business model is not so well accepted at national level.
This week, as the I-T department scanned the deposits, reality hit them: Only a minuscule percentage of the Jan Dhan accounts had been used for money laundering.
The cancellation of over a million duplicate or multiple permanent account numbers belonging to the same person or entity may have led to the disappearance of many of those who used to file returns earlier, but now no longer exist, says A K Bhattacharya.
Thomas Isaac has been in and out of the national news in his role as Kerala's finance minister since 2018 for various path-breaking tax initiatives. But it is 2020 that he has become more prominent, principally in the GST council.
The GoM will meet on Saturday to finalise single-stage, simplified, return filing under the GST; report will be placed before GST Council on March 10.
'If because of El Nino, the monsoon is affected adversely in the current year, naturally it will affect income projections and consequently Budget numbers.'
Since December 2018, monetary policy has been eased substantially by RBI with policy rates being cut by 75 bps and policy outlook being changed to 'accommodative'.
About 25-30% of total units launched are unsold across country.
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