Union Finance Minister Nirmala Sitharaman, along with her team of bureaucrats, delved into the fine print of the 2024-25 Budget documents in a press conference, detailing the government's road map on bringing down the debt-to-GDP ratio and bold tax measures.
'We are in a position to start due diligence and private data room access shortly.'
'We have now drastically simplified it, primarily to two rates in long-term capital gains: 20% and the applicable rates. Similarly, in short-term capital gains.' 'For listed shares, there is a slight increase, but for unlisted shares, where indexation benefits are removed, there is a reduction in rates, benefiting unlisted companies, venture capital firms, etc.' 'Similarly, in real estate, wherever returns are higher, the new structure is beneficial. In very few cases, returns are lower, and those are more of an exception.'
'Quite a few notices have been issued in both black money and benami transactions.'
The much-anticipated cryptocurrency bill, however, is missing from the list, reports Shrimi Choudhary.
Money changers operating behind the RBI HQ in Mumbai said they would charge a 15% fee to convert Rs 1 crore.
Indians having undisclosed income in the United States (US) may face proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, this financial year. Also, those named in global leaks may be searched, show-caused, and prosecuted, according to the FY23 internal action plan of the Central Board of Direct Taxes (CBDT). The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets.
'In equities, it has diversified portfolios.' 'So the short-term movement of individual stocks does not impact them.'
The CBI and ED are keeping a close eye on several bank accounts.
The finance ministry has initiated an internal survey of the faceless regime to examine its effectiveness.
An assessing officer can initiate proceedings for prosecution from three months to two years, along with a fine.
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
IT Department asks car dealers to furnish ledgers of all customers who have booked vehicles from November 1.
'We will have to get together internally and figure how this will happen.' 'Suffice to say, it is feasible and will be done in a logical way.'
The EC has asked all departments to deploy round-the-clock flying squads, quick-response teams, and high-tech machinery to check money inflow. They are also to examine vehicles passing though check-posts, reports Shrimi Choudhary.
FinMin's project will enable tax man to track electronic transactions like RTGS or NEFT.
Operator syndicate could be behind stock hammering, suspects regulator.
The move is aimed at protecting investors from parking their money in dubious schemes.
The total direct tax collection stands at a little over Rs 9 trillion, giving the taxman just few days to reach the 2018-19 revised target of Rs 12 trillion., reports Shrimi Choudhary.
Apart from INX Media and Aircel-Maxis, the four other firms which are under the scanner are Diageo Scotland, Essar Steel, Katara Holdings and Elforge Ltd. These firms were granted FIPB approval when Chidambaram was the FM, reports Shrimi Choudhary.
The finance ministry has asked the tax department to impose hefty penalties on those hospitals found with unaccounted cash, and such entities could be booked under anti-money laundering laws and prosecuted, reports Shrimi Choudhary.
'We revolutionised the system in a manner so that the chances of leakage will be much lower than it was in the beginning.'
If the BJP comes to power, sources say it may change the financial year (April-March) to the calendar year (January-December).
'I believe the modified scheme is much more beneficial and simpler.'
Karvy group's commodity broking arm, too, is facing a liquidity crisis because of some issues related to NCDEX, said people in the know.
The department will impose a penalty, which could be between 30 per cent and 120 per cent.
The regulator will conduct forensic audit of all the seized documents, laptops, and mobile phones, which are suspected to be involved in the fraudulent activity, reports Shrimi Choudhary.
I-T officials are also looking into the finances of candidates who contested state elections in Uttar Pradesh, Punjab, Gujarat, and Karnataka, reports Shrimi Choudhary.
The health and family welfare ministry spent 70 per cent of its allocation till October. The ministry may need additional funds for the vaccination drive which is expected to be kicked off from January.
The highest collection target has been given to Mumbai at Rs 4.39 trillion, followed by Delhi and Bengaluru.
Sebi's surveillance department has red-flagged unusual trading patterns in some stocks. Shares of some companies were seen going up ahead of a sharp sell-off.
Delhi brokers under SEBI's glare for drawing investors through ads promising unrealistic returns.
A list of at least 20 individuals has been sent to the immigration department to prevent them from flying overseas.
At $37 per dose, the Pfizer vaccine is much more expensive compared to $3 per dose for the Covishield.
'When you plot the growth, -- 7.5 per cent for Q2, 0.4 per cent for Q3, 1.6 per cent for Q4 and 20.1 per cent for Q1 now -- all you see is a 'V'.' 'You don't see any other alphabet in the shape there.'
Income tax officials have directed property dealers and registration authorities to prepare a list of top property deals that have taken place in the last three years.
'We have already given Rs 1.59 trillion to states.' 'So, there is no question of giving them more.'
Regulator probing jewellery houses for violation of collective investment scheme rules, says Shrimi Choudhary.
The regulator is also planning to widen the ambit of 'deemed fraudulent activities'.
A key demand is to reduce the dividend distribution tax on listed firms.
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