Filling of Rs 100 and Rs 200 notes result in faster depletion and more frequent cash replenishment. This will cost banks and managed service providers more.
Information technology major Tata Consultancy Services (TCS) on Friday termed the tax demand notices received by several of its employees a "discrepancy," and the tax department will be reprocessing the returns. "We understand that the tax authorities will be reprocessing the returns, post which TDS shall be in sync with Form 26AS issued by the Income Tax Department, and Form 16 Part A issued by TCS. Associates that received the notice will receive a rectification intimation in due course and are not required to pay any demand amount.
Sector analysts in India feel that the new convention may not lead to a significant increase in the number of Indian employees being sent to the UK.
Pakistan on Tuesday increased its defence budget by 20 per cent, allocating PRs. 2,550 billion ($9 billion) for the fiscal year 2025-26, amid tensions with India.
Scammers sometimes misuse personal information collected during tax preparation, leading to identity theft or unauthorised financial transactions.
As RBI governor, Sanjay Malhotra will have to give the highest priority to the interest of the economy while deciding on the growth-inflation trade off at Mint Street.
They don't just want better returns -- they're looking for global opportunities, more variety and smarter ways to grow their money, says Soubho Moulik, CEO, Appreciate.
rediffGURU T S Khurana answers readers' personal income tax queries.
The dispute between Aakash Educational Services Ltd (AESL) and edtech firm Byju's has escalated, with Aakash filing a sharply worded petition before the National Company Law Tribunal (NCLT) in Bengaluru, alleging conflict of interest and professional misconduct by global consulting firm Ernst & Young (EY), according to court filings
In a double-dose bid to boost growth and employment prospects, the Union Cabinet on Tuesday approved a Rs 2.07 trillion outlay for a research development and innovation (RDI) Scheme to fund private sector innovations, and an employment-linked incentive (ELI) to create over 35 million new jobs over the next two years.
Finance Minister Nirmala Sitharaman will present her 8th straight Budget and all eyes will be on the much-expected tax relief for the middle class. Sitharaman had in her first Budget in 2019 replaced the leather briefcase -- which had been in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth.
On the back of robust tax collection, the ratio of direct taxes to gross domestic product (GDP) this financial year is likely to be the highest in this century so far. This, along with strong goods and services tax (GST) collection, may drive up receipts from central taxes as a proportion of GDP to the highest level or close to the highest since 2008-09 despite subdued excise and customs duty receipts. This will be due also to lower nominal GDP projected in the first advance estimates for 2023-24.
Dream11, Baazi Games, Zupee and WinZO among others are invited for the discussion with the anti-money laundering watchdog.
Finding solutions to address non-tariff barriers would be important for the proposed free trade agreement (FTA) between India and the European Union (EU) and both sides are actively working on resolving these issues, Commerce and Industry Minister Piyush Goyal said on Thursday. He said the two sides are "pretty" close to finalising the talks for the proposed free trade pact.
The AV Birla group flagship Grasim Industries has been an outperformer on the bourses. The company's stock price is up 56.5 per cent in the last
The gross GST collection rose 7.3 per cent year-on-year to Rs 1.77 lakh crore in December. The Central GST collection stood at Rs 32,836 crore, State GST at Rs 40,499 crore, Integrated IGST at Rs 47,783 crore and Cess at Rs 11,471 crore, according to government data released on Wednesday.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
March 31 marked 10 years since the Modi government introduced its first Foreign Trade Policy (FTP 2015-20) that lasted for 8 years before the current FTP 2023 came in. Here is a brief assessment. In 2015, the government said that it aims to increase India's exports of merchandise and services from $465.9 billion in 2013-14 to approximately $900 billion by 2019-20 and to raise India's share in world exports from 2 per cent to 3.5 per cent.
An accused is discharged at the stage of charge-framing when the judiciary is persuaded that the prosecution's claims do not contain adequate prima facie evidence to suggest criminal conduct.
Data since 2005 show that the five years with the highest rainfall saw average market returns of 8.98 per cent, while the five driest years returned 25.7 per cent on average.
'Rates go up, revenues go up, and the need for compensation diminishes.'
Income Tax department's online tool empowers you to verify any notice or order you receive. This free service is available to everyone, regardless of whether you're registered on the e-filing portal.
Taking possession without an OC can lead to legal complications, denial of utilities such as water and electricity, hurdles in availing home loans or reselling the property, and even eviction.
Aakash Educational Services (AESL) has accused EY of conflict of interest and breach of professional conduct in its ongoing dispute involving Byju's. It has also asked EY to disclose all documents, information, or communication it was privy to, in relation to transactions involving AESL.
India is well-positioned to deal with the negative effects of US tariffs and global trade disruptions as domestic growth drivers and low dependence on exports anchor the economy, Moody's Ratings said on Wednesday.
During negotiations, the officer allegedly agreed to reduce the amount to Rs 2 crore, with the condition that the first installment of Rs 50 lakh had to be paid to the middleman by Thursday evening, the complaint said.
The government on Tuesday announced that it will undertake a comprehensive review of the Income Tax Act to make it easy to read. Presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman also said the government will come out with SoP (standard operating procedure) for TDS defaults and simplify and rationalise compounding of such offences.
Goods and Services Tax (GST) collections in September, in gross terms, were at Rs 1.73 lakh crore, with a yearly jump of 6.5 per cent, according to data from finance ministry released on Tuesday. In September 2023, the total collection was to the tune of Rs 1.62 lakh crore. CGST, SGST, IGST, and cess all increased year-on-year in September, official data made available on Tuesday showed.
The finance ministry introduced the tax for the first time on July 1, 2010. PVR Pictures, in its petition, alleged that copyrights are treated as goods and the transfer of copyrights are treated as sale of goods, which falls within the domain of taxation by states under Article 246, and not the Union.
Adani Ports and JSW Infrastructure, India's leading private port operators, are expanding their logistics services to capture extra cargo while they run integrated transport services. "With incrementally less availability of lucrative port assets that can drive cargo volumes, port operators have naturally shifted their focus on deriving value in the upstream integration, i.e., the logistics space.
'Skirmishes with officials in the Press Information Bureau were an everyday affair as the newspapers sought clearances from the media censors for publishing the next day's editions'
Amid the Budget preparation, the revenue department is assessing the feasibility of further adjustments to maximise benefits for salaried individuals.
The time is ideal for a 'Dream Budget' akin to the 1991 reforms that sparked high growth and unlocked significant gains in productivity, points out Rajeswari Sengupta.
Industry associations and companies in the United States, including the US Chamber of Commerce, Coalition of Services Industries and the iconic bike company Harley Davidson have called on the Donald Trump dispensation to push India to reduce tariffs, non-tariffs, and regulatory barriers to boost American exports.
Venture capital (VC) and private equity (PE) funds had, in 2024, taken bets on traditional businesses rather than tech-first domains like consumer tech, software as a service (SaaS) and software. According to data from Bain & Co, Pitchbook, Venture Intelligence, VCC Edge and AVCJ, prominent VC funds like PeakXV saw their share in this traditional space go up sharply from 14 per cent in 2023 to 23 per cent in 2024.
The highest-ever goods and services tax (GST) evasion has been done by the online money gaming industry.
The panel, headed by the Union finance minister and comprising of representatives of all states and UTs, decided on tax rate based on recommendation of a group of ministers that looked at taxing casinos, horse racing and online gaming.
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