Sebi on Thursday sent a notice to fugitive businessman Mehul Choksi asking him to pay Rs 5.35 crore in a case pertaining to fraudulent trading in the shares of Gitanjali Gems Ltd and warned of arrest and attachment of assets as well as bank accounts if he fails to make the payment within 15 days. The demand notice came after Choksi failed to pay a fine imposed on him by the Securities and Exchange Board of India (Sebi). Choksi, who was the chairman and managing director as well as part of promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi.
Debroy, in an interview with India TV news anchor Karan Thapar, said there would be no shortage of currency notes and the demonetisation exercise was justified -- it would be a deterrent for future generations.
Chidambaram showed a total income of Rs 8.58 crore for 2014-15, while his wife Nalini showed income of Rs 1.25 crore for the same period.
The CM, however, said he would abide by the high command's decision.
The I-T dept has issued 87 notices under section 24 of the said Act
As much as 73% of total income of national political parties is unaccounted for, says Association for Democratic Rights.
The saffron party received Rs 460.78 crore while the Congress got Rs 186.04 crore.
President Pratibha Patil on Monday made public her movable and immovable properties worth over Rs 2.49 crore on the request of Central Information Commissioner as she completed four years in office. Rediff.com takes a look at the total worth of some other politicians in the country, and tries to find out where our President stands.
All India Anna Dravida Munnetra Kazhagam supremo Jayalalithaa was acquitted on Monday by the Karnataka high court in the 19-year-old disproportionate assets case, a verdict that is sure to put her back in the Tamil Nadu chief minister's seat.
'Which fund manager in the world will put money into a company that hasn't filed its annual account?'
Several income tax proposals, including 30 per cent tax on income from trade in cryptocurrencies will come into effect from Friday. Also, the revised norms for levy of 1 per cent TDS (tax deducted at source) on sale of immovable property exceeding Rs 50 lakh will come into effect from April 1, the beginning of the new financial year. As per the revised norms, TDS of 1 per cent shall be deducted on consideration or stamp duty value, which ever is higher, as against the earlier provision of consideration.
All ministers in the Narendra Modi government will have to submit details of their assets, liabilities and business interests to the prime minister within two months.
The Congress unit described Ramesh's suicide an outcome of "targeted harassment" of their rank and cadre to keep them away from the party.
The total value of Naveen Patnaik's assets has swelled by Rs 4 crore from Rs 7.98 crore to Rs 12.06 crore between 2009 and 2014. This increase is because of appreciation of property value instead of acquisition of any new property.
A FIR registered by the CBI claimed that Major General Anand Kumar and his family members had six immovable properties worth a total Rs 5.33 crore in Delhi, Shimla and Gurgaon. The accused and his family members also had bank balances and fixed deposits to the tune of Rs 57.86 lakh and various other investments totalling Rs 1.21 crore.
Undisclosed overseas assets such as immovable property, jewellery, shares and art works will be valued at fair market price for the purpose of tax and penalty under the new black money law.
Proceeds may be used to partly pay off its Rs 46,570-cr debt
A quick computation puts the following value to the seizures.
The crackdown on black money has led to seizing of Rs 3,963 crore of smuggled goods in two years.
The threat to Sasikala won't come from the Tamil Nadu chief minister or New Delhi, but from her 20-plus kin, reports R Rajagopalan.
The government has decided to relax angel tax norms for startups, including increasing the investment limit to Rs 25 crore for availing income tax concessions.
The PMGKY will not allow declarants to use claims made for refunds for advance taxes paid, tax deducted at source and tax collected under the scheme.
Some of the defaulters have not paid up amounts as small as Rs 15,000, while the majority of individual penalties are worth a few lakhs of rupees and a few others amounting to a few crores of rupees.
Indian banks on Thursday rejected the loan repayment offer made by Vijay Mallya.
The top boss of the I-T department said that till now, the taxman has attached 621 properties, including some bank accounts, and the total amount involved in these cases, being probed under the Benami Transactions Act, is about Rs 1,800 crore.
The mandates which Pakistan has failed include action against all United Nations-designated terrorists like Jaish-e-Mohammed chief Azhar, Lashker-e-Tayiba founder Hafiz Saeed and the outfit's operational commander Zakiur Rehman Lakhvi.
With auditing under the scanner and two of the Big Four firms stopping non-audit services for audit clients, auditors will now be subjected to a more stringent standard of reporting.
Satyam Case has not ended after court verdict, there's lot to unfold say insiders.
Penalties for undisclosed foreign income and assets extend up to 300%.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Finance Minister Nirmala Sitharaman has rebutted Congress leaders Rahul Gandhi and Randeep Singh Surjewala's allegations regarding "wilful defaulters, bad loans and write-offs", and stated that they have "attempted to mislead people in a brazen manner".
Xi Jinping is winning the war without firing a shot in Sri Lanka, observes Colonel R Hariharan (retd).
In the first tranche, the department will send out letters in 100,000 cases where the money spent is at least Rs 1 crore (Rs 10 million) each a year.
The central probe agency has also issued a notice asking general public 'to furnish information and particulars of properties, both movable and immovable as well as bank accounts, in the state of West Bengal and other places, if any, related to Saradha group known to them, with specific details' to it.
Policy lays out a 5-year road map seeking creation of 3.5 mn jobs and promoting 10,000 start-ups.
The government on Thursday clarified that black money declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability.
The SIT on black money has widened its probe.
A total of 64,275 declarations were made under the scheme, an average of Rs 1 crore per disclosure. This is expected to translate into tax collection of about Rs 30,000 crore from the scheme, of which the government exchequer should get around Rs 15,000 crore by the end of 2016-17.
The agency on Friday also carried out searches on the premises of the Gitanjali Group at 20 places in Mumbai, Pune, Surat, Jaipur, Hyderabad and Coimbatore.
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On Wednesday, RBI reduced the cap on individual remittances abroad from $200,000 (about Rs 1.2 crore) to $75,000 (Rs 45 lakh) and also barred individuals from using funds under the scheme to buy immovable properties abroad.
