India can be rated as among the best performing economies in the world
'He also granted the temple freedom from all taxes and decreed that no one could litigate against it ever.'
Sitharaman also said that the government's capital expenditure was on track and Budget estimates would be met.
Changes in threshold not to have a significant revenue impact, say officials
'We can only hope that the government has finally 'got it' and will stay focused on improving productivity, demand, and governance,' says Debashis Basu.
ED orders Chanda Kochhar to appear with asset lists also provide income-tax returns in her individual capacity and of companies if she was a director or held any position.
There is an acute imbalance of power between the various organs of the State, including the executive, the legislature, the judiciary, and the ultimate sovereign -- the people, argues R Jagannathan.
A panel will draft direct tax legislation, keeping in mind the system in other countries, international best practices and economic needs of the country
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.
If the property is inherited from one generation to another, the person who inherits it cannot pass it on as s/he wishes, points out Rajesh Narain Gupta, managing partner, SNG & Partners.
The move is a part of an exercise to streamline taxation structure and improve the country's image as an investment destination
Sunday's Indian Grand Prix will go ahead as scheduled after the Supreme Court deferred hearing in a case seeking its cancellation over tax issues to next week.
PwC wants to know what will happen when a company with substantial reserves is merged into a new concern and the resultant entity is converted into a limited liability partnership.
The Supreme Court on Wednesday declined a plea filed by Padmanabhaswamy Temple Trust seeking to exempt it from the audit of 25 years as ordered by the top court last year.
In simple terms, it refers to a deduction allowed in income tax, irrespective of expenses incurred or investment made by assessees.
The CJI has also kept with himself matters concerning arbitration, habeas corpus, criminal cases, contempt of court and ordinary civil matters.
Transfer pricing legislation was introduced in India in 2001 and has emerged as the single biggest source of courtroom battles between Indian tax authorities and companies, a large number of which are multinationals with operations in India.
Amid dwindling spectator count and mounting administrative hassles, the Formula One carnival is all set to hit the national capital this Sunday with the third Indian Grand Prix, which faces an uncertain future after being pulled off next year's motorsport calendar.
With the disruption caused by the second wave of Covid-19 pandemic, the 'fear of unknown' is looming over the government's privatisation drive. Although there is a lot of uncertainty and unpredictability on how things will unfold, the government is hopeful of completing the transactions listed in the Budget with a delay of one to two months, said a top government official. However, "there are many unknown factors now, and we do not know whether there could be a third wave. But we are trying to carry on with our work", the official said." Since there is a lot of uncertainty, the estimates will have to be revised as rating agencies are revising their outlook for growth.
While the PM sees zero tax on long-term capital gains and dividend income as unfair since the beneficiaries are not poor, he is silent on the fact that rich farmers too don't pay taxes, since farm income is tax-free, a loophole exploited by many netas and babus, says Debashis Basu.
In a statement on Wednesday, Toyota had said it would take a one-time, $1.1 billion pre-tax charge against earnings to 'cover the estimated costs of the economic loss settlement and possible resolution costs of civil litigation brought in California by the District Attorney of Orange County and an investigation by a multi-state group of Attorneys General stemming from previous recalls.'
Finance Minister Arun Jaitley takes a protectionist stance in favour of domestic companies, increases customs duty on certain products.
Highlighting the pendency of cases in various courts of the country, he said Indian legal system is marked by long delays and some of the reasons for it are infrastructure gaps and considerable vacancies, particularly in subordinate courts.
Around 576,000 housing units, worth Rs 4.64 trillion, are delayed in seven major cities of the country
Refusing to grant any relief, the Bombay high court on Friday dismissed a public interest litigation filed by a Pune-based activist seeking investigations into Anna Hazare's Hind Swaraj Trust.
The proposed measures aim to bring stricter norms to curb holding of illegal cash and mismanagement of unaccounted cash seized by the probe agencies during investigations.
Electricity has also been kept out of the GST ambit.
'Coupled with e-filing procedures it would really enhance the ability of the judiciary to provide speedier justice.'
Covering 37 different legislations such as the Partnership Act of 1932, Insolvency and Bankruptcy Code, and laws on environmental protection, consumer protection and labour interests, the recommendations have been shared with Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.
Poor performance of the banking, oil and exploration industries have impacted corporate tax collections.
In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
It is the duty of a tax payer to record all his/her transactions, to explain sources of payments made by him/her and to declare the true income in the returns of income filed every year.
The sops being given to the IT firms in metro cities should be extended to companies in tier 2 and 3 cities as it will generate greater employment opportunities and boost growth, industry body Nasscom has said.
The recently promoted Commissioners will now take charge and ensure faster work.
The Supreme Court said on Thursday that it will hear "as and when required" a public interest litigation challenging the government's notification authorising 10 central agencies to intercept, monitor and decrypt any computer system.
In this moment there has to be honest acknowledgement of how so many in our community willingly voted for another four years of Trump, based on the morally flimsiest of reasons, points out Suleman Din.
The Union finance ministry has asked field officers of the income tax department to not be adversarial to assessees, and to not send high-pitched demands without a proper basis.
Customs and excise duty rates have been amended mainly to promote Make in India.
Uttar Pradesh Chief Minister and Bahjan Samaj Party supremo Mayawati's fad for building memorials and the obsession for installing her own statues has put her in a tight spot.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances