'For weeks, months and years, it would continue to be debated if India should have pushed the early advantage and decapacitated Pakistan militarily.' 'India refused to bite the provocatively proverbial bullet and escalate it into a full-fledged war,' notes N Sathiya Moorthy.
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
'As negotiations continue, the path forward demands not only diplomatic skill, but also vigilance against legal asymmetries embedded in America's trade playbook.'
Move to address MNCs' taxation woes; UK likely to be the next.
Also, a dedicated cell, headed by a member of the Central Board for Direct Taxes (CBDT), will be set up to address concerns faced by start-ups.
The bank made a Rs 67 crore net profit, up 21% from the previous year. Its deposits grew 8%, the loan book 10%. Net bad loans dropped from 7.53% to 6.07%. So why was the banker, who headed the bank, not promoted?
The department found various expatriates were acting as business heads for Indian operations and certain employees were actively involved in concluding sales for the foreign entities of GE in India.
The risk-reward for the Indian markets, Morgan Stanley said, is turning favourable.
Tahawwur Hussain Rana, a key accused in the 26/11 Mumbai terror attacks, was brought to India on Thursday after being "successfully extradited " from the US, the National Investigation Agency (NIA) said. The 64-year-old Canadian citizen of Pakistani origin landed in Delhi in a special plane on Thursday evening, ending days of speculation of when and how he will be extradited, officials said. The NIA said in a statement that it had secured the successful extradition after years of sustained and concerted efforts to bring to justice the key conspirator behind the 2008 mayhem that claimed 166 lives. Rana is accused of conspiring with David Coleman Headley alias Daood Gilani, and operatives of designated terrorist organisations Lashkar-e-Taiba (LeT) and Harkat-ul-Jihadi Islami (HUJI) along with other Pakistan-based co-conspirators, to carry out the the three-day terror siege of India's financial capital.
Real Madrid forward Cristiano Ronaldo has reached a deal with the Spanish tax authorities
While recalling the order, the bench agreed to the contention of the law officer that there was a "breach of principle of natural justice" as the government department was not accorded the hearing.
The Insurance Regulatory and Development Authority of India (Irdai) has asked at least 10 general and life insurance companies to submit a detailed road map for their listing strategies by the end of this month, according to multiple sources with direct knowledge of the matter. "The regulator met four life and six general insurers last month and asked them to provide their listing strategies by the end of February," said one of the sources.
The Supreme Court on Wednesday rejected the Centre's plea for prospective effect of its July 25 verdict, which upheld the power of states to levy tax on mineral rights and mineral-bearing land, and allowed them to seek refund of royalty from April 1, 2005 onwards.
The gross tax revenues have touched 65 per cent of the Budget estimates at Rs 17.81 lakh crore during the first eight months of the current fiscal till November, propelled by corporate and personal income tax mop-up, according to the Economic Survey 2022-23 presented in Parliament on Tuesday. The survey, authored by Chief Economic Advisor V Anantha Nageswaran, said the 'substantial reforms' in India's taxation ecosystem post-2014 and policy reforms have removed the distortionary incentives from the economy. Reforms like GST, reduction in corporate taxes, exemption of sovereign wealth funds and pension funds from taxes, and removing Dividend Distribution tax have reduced the tax burden on individuals and businesses.
India on Friday said that the United States' administration's information regarding funding in India is 'deeply troubling' and has led to concerns regarding foreign interference in India's internal affairs.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Vodafone, which had earlier challenged the $2-billion tax demand by tax authorities, has now filed a revised draft with the Bombay High Court seeking to challenge the government's move to change tax laws. The petition will come up for hearing before the high court on June 23. The ministry had amended Section 201 of the I-T Act with retrospective effect from 2002. The amended law stipulates that the buyer of the shares of a company is liable to pay taxes in India.
The "construct of the DPDP Act" cannot be changed at this stage, though there may be some minor tweaks in the language of the Rules and formats in certain legitimate cases.
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
Gyanesh Kumar, a 1988-batch Kerala Cadre IAS officer, has been appointed as the next Chief Election Commissioner (CEC) of India. Kumar, who was previously an Election Commissioner, will serve until January 26, 2029. His appointment comes amidst controversy as the Congress party demanded the government defer its decision until the Supreme Court concludes its hearing on a petition challenging the composition of the selection panel. Kumar's tenure will see him oversee several state assembly elections, including Bihar, Kerala, Puducherry, Tamil Nadu, and West Bengal.
A tax authority has ruled that Mauritius-based companies will have not have to pay capital gains tax in the country, a decision that will encourage global business entities to route investment from the island nation.
Online food delivery aggregator Zomato on Wednesday said it has received a GST demand order along with interest and penalty amounting to Rs 17.7 crore from the Assistant Commissioner of Revenue, West Bengal. The demand order, received by the company on Tuesday, is with respect to non- payment of GST on delivery charges and interest, penalty thereon.
I-T department has fixed Rs 12,000-crore tax claim on the 2007 deal in which Vodafone bought Hutch's 67 per cent stake in Hutchison Essar for $11.2 billion.
The income tax department has sought to prosecute Reliance Group chairman Anil Ambani under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts.
After Vodafone and Shell, it seems to be the turn of Cadbury.
The Central Board of Excise and Customs (CBEC) have tightened noose on commercial renting of immovable property and telephone companies by receiving information through other sources to detect any possible evasion of service tax.
Crorepatis build wealth through disciplined saving, smart investing, and strategic risk-taking, proving that true financial freedom is earned, not inherited, says Ramalingam Kalirajan
The income tax authorities have put banks and companies disclosing losses in their foreign exchange derivative structures under the scanner. Banks and companies have been called to explain the extent of losses and structures initiated in both Indian and overseas markets through their branches and subsidiaries. The income tax department will then ascertain whether banks and companies entered into transactions to hedge their portfolio or for purely speculative purposes.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The Guardian reported that accounts filed in Dublin showed that in 2009 Her Majesty's Revenue and Customs settled a dispute with the British telecoms provider over its Irish tax returns.
India and New Zealand have signed a pact to institutionalize their defence ties and vowed to boost cooperation in the Indo-Pacific. Prime Minister Narendra Modi raised concerns about anti-India activities by some illegal elements in New Zealand with his Kiwi counterpart Christopher Luxon. The two sides also signed six agreements to enhance cooperation in areas including education, sports, agriculture, and climate change. They also agreed to prepare a roadmap for cooperation in the defence industry sector and explore early implementation of cooperation in the digital payments sector.
Names of 100,000 a/c holders in HSBC's Swiss unit recently became public.
American search engine Google, which recently accused the Chinese government of blocking its services, has been charged with tax evasion along with three of its affiliate companies.
The company made the announcement on Tuesday as it reported a 2013 loss of $556 million after costs for unsuccessful exploration in Morocco and the North Sea soared.
The Spanish prosecutor claims the Real Madrid forward had knowingly used a business structure to allegedly hide his image rights income in Spain between 2011 and 2014.
Once again, tax demands on foreign investors cause worry.
This will be the first full-year Budget of the BJP-led National Democratic Alliance government since it came to power for a third consecutive term in July last year.
The income tax authorities have initiated proceedings for payment of service tax.
