Mahindra Satyam has reportedly requested Khurshid to take up the issue of taxation with the Finance Ministry as it would be unjust to tax income that was never there.
The government has finally accepted the resignation of Team Anna member Arvind Kejriwal from the Indian Revenue Service, almost six years after he quit the job.
India's second-largest IT services firm, Infosys Technologies, has set up a separate unit within its business process outsourcing arm (Infosys BPO) to concentrate solely on the domestic BPO market.
The one-page form will mandatorily seek the taxpayers name.
India is set to sign an agreement with the US to resolve transfer pricing disputes, which will then serve as a template for settling such rows with multinational companies based in the UK, France and other European countries.
Rahul Gandhi's mother and senior Congress leader Sonia Gandhi has also got at least five refunds since the assessment year 2001-02, but there is no adjustment against any outstanding demand for her in this time period.
Markets closed in the red on domestic worries.
The deadline extended till March 31, 2019.
'What happened was that over a period of time, the data analytics showed that many were claiming it and that it was being misused'
Balakrishnan refused to react to the India Inc criticism of growing incidents of tax terrorism following Siddhartha's letter. Appearing unfazed, he said, "I only believe in doing my job well."
Rajasthan is reeling under a huge financial burden with the state's debt having gone beyond Rs 5.59 lakh crores. Rajasthan has increased expenditure on education by 203.4 percent, by 105.4 percent on health, by 227.14 percent on housing. Its expenditure on social welfare schemes has increased by almost 2,475 per cent.
If an assessee misses the December 31 deadline, s/he can file a belated tax return by paying a late filing fee. 'This must be done within three months from the original filing date.'
In a relief to two-wheeler major Hero Honda Motors, a tax tribunal has ruled in favour of the company in a case filed by the Excise department for alleged duty evasion to the tune of Rs 2 crore (Rs 20 million).
Government on Friday turned down in the Supreme Court the plea of Tata Group Chief Ratan Tata's for steps to stop the publication in the media of the leaked transcripts of tapped conversations between him, his corporate lobbyist Niira Radia and others.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
The 17-lender consortium, led by State Bank of India had put on auction the property with a reserve price of Rs 115 crore, which was 15% less than the second auction of the property held in August
The government has now made quoting of Aadhaar mandatory for filing income tax returns as well as obtaining a new PAN.
However, the government is readying a relief package and it could include a cut in the licence fee to 5 per cent, two years' moratorium on paying spectrum charges with interest, and referring the GST tax refund issue to the Council.
Those people without the Aadhaar number have found a loophole in the system
A prominent Indian American neurosurgeon, Dr Arvind Ahuja, of Milwaukee, Wisconsin, has been convicted for hiding $8 million (about Rs 44.8 crore) in secret offshore accounts in India, and is scheduled to be sentenced on January 13, 2013.
Thackeray inaugurated Lines 2-A and 7 of Mumbai Metro, which connect the western suburbs of Andheri and Dahisar.
The Delhi High Court on Thursday asked the Income Tax (IT) department to take a decision on the offer of Finnish mobile maker Nokia to pay a minimum deposit of Rs 2,250 crore (Rs 22.50 billion) to it towards the tax liability of the company which is nearly Rs 6,500 crore (Rs 65 billion).
The government has exempted from service tax all services to foreign diplomatic missions and consular posts in India of official use.
Aadhaar-based electronic verification code will do away with need to send physical ITR-V copies to I-T centre
Referring to her party's pre-poll alliance with the Samajwadi Party in Uttar Pradesh, she said it was based on "mutual respect" and "honest intentions", adding that "the SP-BSP alliance is perfect enough to defeat the BJP, especially in Uttar Pradesh.
In a letter to the Prime Minister, Reddy said though the CB-CID had been in constant touch with other investigating agencies, there were issues that needed to be looked into by central government organisations such as the Income Tax department, Enforcement Directorate, Registrar of Companies, Ministry of Company Affairs, Serious Fraud Investigation Office and the Securities and Exchange Board of India.
The summons was issued to Mallya under provisions of the Prevention of Money Laundering Act in connection with the IDBI case.
The Central Board of Direct Taxes has asked all Chief Commissioners of Income Tax across the country to make special arrangements and keep open the I-T offices and receipt counters on March 29 (Saturday), March 30 (Sunday) and 31st (Monday) for the normal duration of office hours.
Providers write to Sebi, FinMin; launches may hit pause.
The employees have alleged that Mallya, who has been giving them false promises, has been able go away scot free by eliciting "political favours".
Court cases likely over interpretation of the new levy proposed in the Budget for digital economy.
There are four simple ways to link PAN to Aadhaar; make the most of the deadline to avoid hassles later, explains Bindisha Sarang.
But the government will present a second tranche of Supplementary Demands for Grants during the Budget session of Parliament in February, when it can seek additional spending.
The department had initiated proceedings against Vodafone and TTSL in 2011 on the ground that the companies had allegedly failed to deduct tax deducted at source (TDS) for those assessment years.
In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
Revenue from divestment has fetched Rs 40,000-50,000 crore against target of Rs 2.10 trillion.
While presenting her 2021-22 Union Budget, Finance Minister Nirmala Sitharaman had set a fiscal deficit target of 6.8 per cent of nominal gross domestic product (GDP) against the 2020-21 Revised Estimate of 9.5 per cent. The fiscal correction in the upcoming 2022-23 Union Budget is unlikely to be that steep. Even as discussions among top Budget-makers are ongoing, the fiscal deficit target for 2022-23 may likely be in the range of 6.5-6.8 per cent.
'What is proposed is that we tax payers pay Rs 1,000 per month to selected JanDhan accounts of poor families.' 'I am sure there are at least 10 crore Indians for whom Rs 1,000 is no big deal.'
7 key areas that the Budget must address to re-energise the infrastructure sector, suggests Vinayak Chatterjee.
Jaitley assured that both the banking system and the government will make the resources available to them.
