With the negative impact of demonetisation waning and the implementation of the GST, 80% of the CEOs surveyed said they were planning to hire more people in 2018
Prospective bidders had earlier termed the reserve price as too high, while multiple legal woes of Mallya-led UB Group are also being cited by many as reasons for lack of interest in buying this property
Employees should review the accuracy and completeness of the information provided in Form 16. They should confirm that all the tax deducted has been credited correctly.
Called Signature Villa, the property was gifted to him by Nakheel Public Joint Stock Company. The dispute was over whether this was a gift or payment for services Khan had rendered to the company.
FY22 will be the year to rebuild with the IMF projecting output growth at 11.5 per cent, economic survey at 11.0 per cent and the RBI's Monetary Policy Committee at 10.5 per cent.
The Income Tax department has trained its scanner on the burgeoning 'e-commerce' business in the country.
As corporate India gears up to be GST-ready, the ongoing litigation and tax dispute cases are something most businesses are cagey about.
Taxpayer satisfaction is a part of the matrix of key performance indicators of the administration.
Under a blueprint currently being vetted by the I-T department, the directorate will house a centralised repository of data culled from telephone and Internet intercepts, banking and market transactions, cross-border deals and even your friendly neighbourhood ATM.
The web page also enables filing of grievances in relation to the implementation of GST
He also rejected all charges of alleged cheating and siphoning off money by Congress in the matter.
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
If the fiscal deficit for the year can be maintained at Rs 7.04 trillion, the deficit as a percentage of GDP will slip to 3.44 per cent
Revenue Secretary Sunil Mitra admits tax collection target for 2011-12 is ambitious but achievable.
"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.
Tax rules that could land you in trouble
The board of GSM service provider Vodafone-Essar is expected to discuss the income tax issue at its meeting to be held on Friday.
The Gujarat high court on Monday said it does not have faith in the state machinery which gets into action only after innocent lives are lost, as it pulled up the Rajkot civic body over the purported lapses in functioning of the game zone facility where a massive fire killed 27 persons.
International hoteliers operating in the country through sales agreements with Indian hotels can expect some relief after the Delhi High Court ruled on January 30 that income paid by the Indian partner to its foreign counterpart is exempt from tax since it cannot be considered royalty or technical fees. The ruling in favour of US-based Sheraton International Inc was in response to an appeal filed by the Income Tax Department challenging the service agreement.
The Central Bureau of Investigation (CBI) is looking into the funding and transactions of Datacom Services (now Videocon Mobile), which was among the firms awarded a 2G telecom licence in January 2008.
Finance ministry tells PM fiscal deficit target will be met, capex expenditure won't be cut and GDP growth will surpass 7.5%.
The recently promoted Commissioners will now take charge and ensure faster work.
Finance Minister Nirmala Sitharaman on Monday assured the industry that momentum of economic reforms will continue to make India a hotspot of global investment. India has turned the crisis created by COVID-19 pandemic into an opportunity to push the economic reforms, which remained pending for decades, she said while addressing the National MNC's Conference 2020 organised by industry chamber CII.
Monthly and seasonal suburban railway tickets purchased through digital mode will get 0.5 per cent discount from January 1
In July, IRS officers in Mumbai held an incendiary meeting where they criticised the alleged interference in 'operational matters' by the department of revenue.
The project is expected to be activated by the end of this month.
This is perhaps for the first time the CBI raided a serving police chief of a state.
Group of ministers to review progress every fortnight.
Among large states, the lowest rate of filing was seen in Bihar at 5 per cent, followed by UP at 8.11 per cent - much below the national average of 12 per cent.
The finance ministry on Thursday appointed National Securities Depository Ltd to provide PAN cards to new taxpayers in 139 cities from next week.
Government think tank Niti Aayog has suggested 100 per cent income tax exemption for donations and provision of working capital loans with lower interest rates for not-for-profit hospitals to strengthen healthcare services in India. In a report titled 'Not-for-Profit Hospital Model in India', the Aayog also pitched for involving high performing hospitals in public private partnership (PPP) models for managing primary health care (PHCs), operations of government facilities and PSU hospitals. "Income-tax exemption could be increased from the current 50 per cent exemption to 100 per cent exemption for philanthropy toward the identified not-for-profit hospitals.
I-T dept to outsource PAN card allotment
GST collections in February grew 18 per cent to over Rs 1.33 lakh crore in February even as the Omicron wave dented the month-on-month collection momentum. This is for the fifth time in the current fiscal that the Goods and Services Tax (GST) collection has crossed Rs 1.30 lakh crore mark. Also, this is the first time, cess collection has crossed the Rs 10,000 crore mark, signifying recovery in certain key sectors, especially automobile sales, the finance ministry said on Tuesday.
Telecom operators pay 30 per cent of their revenue as levies like annual licence fee, spectrum charges, contribution to universal service obligation fund and the total burden adds up to 40 per cent along with service tax.
OSAT majors have concerns about India's ability to provide a stable, predictable, and lasting policy environment for years to come, which is key for making a decision in a capital-intensive business.
The Supreme Court on Monday sought reply from PricewaterhouseCoopers as to why the non-resident company should not pay advance tax on fee charged by it for providing services in India.
Earlier, the Sebi had interrogated and recorded the statement of Raju and his brother and Rama Raju for three days from February 4 in Chanchalguda Jail. In a petition filed in the court of 6th Additional Chief Metropolitan Magistrate, the I-T department sought three days time to examine and record the statement of Raju.
'If my understanding is correct, one has to file not less than 37 returns per year for every ordinary business, and that too per state.' 'If you are doing businesses in Chennai, Bangalore and Hyderabad, you have to file 37x3 returns every year!' 'The consequence of GST will be chaos, confusion and possibly economic crisis.'
In another instance of Indian tax authorities adopting a hard-nosed stance to prevent abuse of tax avoidance treaties, the revenue department recently opposed a proposal of a Cyprus-based company to increase its stake in an Indian telecom services company from 40 per cent to nearly 74 per cent.
