In the previous Budget, the government had come out with a similar scheme.
LVB had faced some serious flak in terms of bad loans, earnings and credit rating downgrades, since 2016.
'The government believes there is still significant scope to bring more people under the tax net and collect the right amount of taxes, in cases where taxpayers are underpaying,' says Kuldip Kumar, partner and leader personal tax, PwC.
Swiss brokerage UBS joins European banking peer HSBC in shutting down its offshore derivative business
Revenue department would come out with more clarifications through FAQs on the Undisclosed Foreign Income and Assets Act.
The government has given a go-ahead to State Bank of India and other financial institutions to take over capital-starved Yes Bank, and an announcement is likely to be made soon, highly places sources said on Thursday. The board of SBI, the country's largest lender, is meeting in Mumbai on Thursday, but it could not be immediately ascertained whether the takeover of Yes Bank is on the agenda. Yes Bank, which is grappling with bad loans, is looking to raise fresh capital but the plans are facing uncertainties.
'The banking sector appears to be on course to recovery,' declares the RBI governor.
Indians having undisclosed property abroad will have to pay tax and penalty.
Promoters, who have a higher degree of accountability and public responsibility, should share more details about themselves.
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.
Amendment to the Act, sovereign guarantees, investment portfolio, realty holdings, and governance issues to shape valuation.
If General Asim Munir, Pakistan's new army chief, wants to help defuse the current polarised atmosphere and shepherd civilian politicians towards negotiations on an acceptable date for elections, he may need to distance himself from any perception of needless hostility to Imran Khan, explains Rana Banerji, who headed the Pakistan desk at RA&W, India's external intelligence agency.
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The Union government's offer of settling the retrospective taxation case with Cairn Energy may hinge on Vedanta withdrawing the ongoing arbitration from the Singapore Tribunal on the same issue. The government has offered to refund Cairn Energy Rs 7,900 crore that it had collected under the retrospective tax demand on fulfilment of certain conditions, including withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., would be filed. This condition is also part of the Taxation Laws (Amendment) Bill, 2021, passed by Parliament recently.
The department apparently suspects the use of shell firms or front entities in some aspects of such remittance. Money might, it suspects, have moved in some cases from tax-free jurisdictions or tax havens to accounts in the UAE and some South Asian countries.
After missing two self-imposed deadlines, billionaire Mukesh Ambani's Reliance Industries Ltd on Friday announced recalibration of a proposed $15 billion deal to sell 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco, saying the two firms have agreed to re-evaluate the proposed investment in light of the Indian firm's new energy forays. The stake sale talks, which were first officially revealed in August 2019, are being reset in light of Reliance making forays into new energy business in recent months by investing $10 billion in alternative energy over three years. To pivot to green energy, it has already bought a German maker of photovoltaic solar wafers and signed a deal with a Danish company to manufacture hydrogen electrolysers in India.
'Quality of management, corporate governance, allocation of capital, full disclosures should form the basis to decide investing in a particular stock.'
The apex court's 2017 order had come on a plea by consortium of banks led by SBI, which had said that Mallya had allegedly transferred $40 million received from British firm Diageo, to his children in 'flagrant violation' of various judicial orders.
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.
According to experts, declarations can be made with regard to capital gains or business income, which have escaped assessment
The sale of the NPA account is to happen through e-auction on January 30, as per the bid invite.
Besides 15 loan transactions to the Siva group of companies, the former directors also used unique methods to ensure the group did not get into the default list.
The guidelines for Real Estate Mutual Funds, which are being worked out by a panel appointed by the Securities and Exchange Board of India, are likely to contain suggestions for quarterly disclosure of net asset value.
For the near term, Gill will have to improve relations with the Reserve Bank of India, which have been strained in recent times. He will also need to strengthen the bank's asset quality and improve governance standards and internal processes.
Penalty must act as a deterrent. If it is too low, it could encourage the regulated entities to lap up penalty instead of complying with the norms, suggests Tamal Bandyopadhyay.
These mistakes can turn out very expensive and not just in terms of your finances, but also in the time it will take to resort to the conflict at hand. Having a legal hand can save you from any unforeseen troubles, alerts Harshit Malik, entrepreneur, wisdom coach and enrichment guide.
The income-tax department on Thursday nudged black money holders to make "honest" disclosures under the tax amnesty scheme -- Pradhan Mantri Garib Kalyan Yojana -- warning that non-declaration could attract 77.25 per cent tax and penalty along with prosecution.
Officials said Deshmukh, 71, was arrested under the provisions of the Prevention of Money Laundering Act.
Poor disclosure among India-listed firms is a turnoff for foreign investors.
The Attorney General said that Mallya has not disclosed full details of his assets.
Seeking to boost listing of start-ups, markets watchdog Sebi on Thursday decided a slew of relaxations to norms, including reducing holding period for pre-issue capital and allowing discretionary allotment to eligible investors. The changes have been approved to the framework for listing on the Innovators Growth Platform, Sebi said in a statement after the board meeting. Other proposals approved include easing delisting requirements and relaxation in guidelines for migrating to main board.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
Reliance Jio to take over mobile business assets of troubled RCom at an estimated value of Rs 24,000-Rs 25,000 crore.
he government will allow holders of black money abroad to declare their wealth.
The CIC's directive came while deciding on a plea by Lucknow-based activist Nutan Thakur, who had based her RTI application on some media reports that RBI deputy governor Viral Acharya in a lecture in 2017 had said accounts of some loan defaulters have been sent to banks for resolution.
After getting rapped for accepting Vedanta group's bid that would give just 5 per cent of their outstanding loans, lenders to Videocon Industries on Monday approached the insolvency appellate tribunal NCLAT seeking fresh bids for the debt-laden consumer durable firm. Billionaire Anil Agarwal's Twin-Star Technologies had offered Rs 2,962 crore to takeover Videocon Industries, which was 4.15 per cent of the admitted claims of Rs 64,838.63 crore of lenders. SBI, the leading lender of Videocon Industries, has approached the National Company Law Appellate Tribunal (NCLAT) requesting for a rebidding of the 13 companies of the debt-ridden group, on account of strong observations against Rs 2,962 crore takeover bid by Anil Agarwal's Twin Star Technologies.
Sebi said Thapar-promoted and -related entities owed Rs 1,723.19 crore as receivables to the company, while connected parties owed another Rs 462.74 crore.
In 2012, partly due to stringent disclosures, P-note custody inched up from Rs 1.51 lakh crore (Rs 1.51 trillion) to Rs 1.77 lakh crore (Rs 1.77 trillion), an increase of 17 per cent.
The new wing will be known as the corporate finance investigation department, which will be headed by one of Sebi's executive directors. This department will have information technology solutions experts, particularly to detect the menace of frauds.
MFs have garnered record assets in the past one year, led by increased investor participation through SIPs and robust returns in mid-cap schemes.
The markets regulator, Securities and Exchange Board of India (Sebi), recently introduced fresh guidelines to determine the place of a mutual fund (MF) on its riskometer tool.
