The guidelines, which have made service charge "totally voluntary and not mandatory", will be sent to states for necessary action
This time, the global appetite for risk is in favour of India.
Also on the anvil is abolition of distinction between Plan and non-Plan expenditure and replacing it with capital and revenue expenditure
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.
Clarifies 'profit-split' will not be only method to compute tax
The mandatory use of the Indian flag on SCI's ships has been a bone of contention with prospective buyers, on account of the costs it will entail in terms of taxation and vessel registration.
Facing an acute shortage of COVID-19 vaccines, the Odisha government on Monday decided to float a global tender for procuring the vaccine to inoculate the states entire population, Chief Secretary S C Mohapatra said.
There is no official confirmation to reports that the IPS officer was caught red-handed by his wife of 32 years at a woman's house, after which he assaulted her.
Outlay for infra is also expected to see a significant increase in view of the government's Rs 111-trillion investment plan under the national infrastructure pipeline to develop social and economic infrastructure over five years.
While the virus out there meddling big-time with our lives, danger is lurking in our email boxes too.
In 2019-20 Budget, the government had increased surcharge from 15 per cent to 25 per cent on those with taxable income between Rs 2-5 crore and from 15 per cent to 37 per cent for income above Rs 5 crore. Following the increase, the effective income tax rate for individuals with a taxable income of Rs 2-5 crore will go up from 35.88 per cent to 39 per cent and for those above Rs 5 crore it would go up to 42.7 per cent.
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.
Initially it will procure only e-rickshaws and e-autos for leasing to operators
The ED case has been booked under the Prevention of Money Laundering Act (PMLA) and the agency will record the statement of the accused. The central agency will investigate if proceeds of crime were generated by the accused by laundering of funds that were earned through the alleged gold smuggling racket.
Capital markets regulator, I-T department suspect tax evasion and market manipulation
Coming Wednesday, Finance Minister (FM) Nirmala Sitharaman will present the 2023 Union Budget - the last full Budget ahead of the 2024 Lok Sabha elections. While India exited 2022 as a relatively bright spot in the global economy, the FM will endeavour to present a Budget that insulates India's economy against global headwinds and recession in advanced economies, while sticking to the path of fiscal consolidation. In this, she is being helped by her core team of trusted advisors.
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.
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.
With Goods and Services Tax (GST) officers under pressure to exceed the Rs 1-trillion collection mark per month, industry has faced a barrage of recovery notices and summons issued over the last one month across sectors, according to company executives. Industry bodies have claimed harassment by field officers, blocking of input tax credit, cancellation of GST registration, threats of arrest and steep penalties, impacting their working capital and operations. Company executives pointed at an atmosphere of apprehension and fear due to such notices and summons.
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.
In a dazzling resurgence, foreign investors have graced the Indian equity markets with an influx of nearly Rs 1.5 lakh crore in 2023, fuelled by optimism over the country's resilient economic fundamentals amid shadows of a gloomy global scenario. Experts believe that the positive trend may continue in 2024. This follows Indian equities witnessing the worst-ever net outflow of Rs 1.21 lakh crore by FPIs in 2022 on aggressive rate hikes by the central banks globally after net inflows for three consecutive years.
In his second term in office, UP Chief Minister Yogi Adityanath has retained 34 portfolios.
The new ITR forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions.
Sectors throw up a wishlist for the Finance Minister.
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 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.
ED had earlier issued summons to Mallya for "personal appearance" on March 18 under the provisions of the Prevention of Money Laundering Act (PMLA).
Gujarat is a flourshing state but its business model is not so well accepted at national level.
The tax dept has served notices on about 36 foreign investors.
The two leaders are expected to make brief remarks at the top of the meeting.
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.
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.
Officers from various departments including the finance ministry to be part of rehearsal event
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.
Industry experts say that the government needs to further relax FDI norms to attract investors to the sector.
About 25-30% of total units launched are unsold across country.
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.
