The Delhi high court on Wednesday allowed Chinese smartphone maker Vivo to operate its various bank accounts frozen by the Enforcement Directorate in connection with a money-laundering probe subject to furnishing of a bank guarantee of Rs 950 crore within a week with the agency. Justice Yashwant Varma also directed the company to give details to ED about its remittances and issued notice to the investigating agency on Vivo's plea seeking quashing of the order freezing its various bank accounts. ED contended that presently the proceeds of crime have been quantified to Rs 1200 crore.
Jaitley was replying to a debate in the Lok Sabha on Supplementary Demands for Grants for an additional expenditure of over Rs 12,500 crore (Rs 125 billion).
When the Centre collects money through cess, it can retain the entire fund for the particular scheme.
Both prime ministers believed in crafting schemes to help the common man. Modi used quite effectively the instruments Dr Singh introduced. In assessing Modi's success with many schemes, Dr Singh's fundamental work should not be ignored, points out A K Bhattacharya.
Online skill-based gaming industry has made a case for retaining the service under 18 per cent GST slab instead of putting it into the highest 28 per cent tax rate category, saying the move will badly hit the $2.2-billion sector. The increase in taxation would not only have catastrophic impact on the industry but also encourage offshore operators who would circumvent Indian tax jurisdiction by hosting games in some other country, Games24x7 Co-CEO Trivikraman Thampy said. "It would be a triple whammy -- the industry loses out, the government loses out on tax revenue and players loses out as they would be exposed to unscrupulous operators," he said.
GST would make compliance easier for big businesses, but hurt small scale industries., says SJM
Those spending over Rs 2 lakh on foreign travel, incurring more than Rs 1 lakh electricity bills, or depositing over Rs 1 crore in current account will have to mandatorily file ITR even if their total income is below the taxable limit. The last date for filing has been extended to Nov 30 from Jul 31.
According to the officials, the funds to the Congress were sent by Hyderabad-based Megha Infrastructure and Engineering.
'As CIC, you have the power to comment on policy matters. 'If you have very strong beliefs and you know your rulings will be reported, you will express your beliefs.'
Could it have been more reformist? Of course, but this is an election year Budget, observes Akash Prakash.
An Aadhaar card can fast-track the KYC procedure for some instruments.
Barcelona forward Lionel Messi and his father Jorge testified separately in court on Friday to answer charges of tax evasion on income earned from the sale of the player's image rights.
Payments made by any person of an amount aggregating to Rs 100,000 or more in cash towards credit card dues will have to be reported.
While India won't be immune to global spillovers, we need to create the macro preconditions for sustained growth. Policy agility, prudence, and resilience will be key, suggests Sonal Varma.
News outlets will not be allowed to broadcast former US president Donald Trump's historic arraignment on Tuesday in a Manhattan state court, New York Supreme Court judge Juan Merchan has ruled.
Cash-strapped telco Vodafone Idea's proposal for investment of up to Rs 15,000 crore through foreign direct investment (FDI) has been approved by the Union government, according to officials. A top-level group, comprising representatives from the ministries of home affairs, external affairs, finance and commerce and industry, took the decision. The nod, which is an enabling provision, would help the financially-stressed company raise funds to pay up some of its dues linked to adjusted gross revenue (AGR), reduce debts and use the money for operational expenses.
Gaurav Mohta, chief marketing officer, Home First Finance Company will answer your home loan queries.
The Central Board for Direct Taxes on Friday said a black money declarant under the PMGKY scheme will be allowed to file declarations under the stipulated Form 1 by April 10, if tax and penalty is paid by the deadline that ends on March 31 (Friday).
A panel report would give a policy direction to tax officers on applicability of MAT on FIIs.
The bench also rejected the submission of senior advocate Mukul Rohatgi, appearing for Essar Oil Ltd, that the hearing be adjourned for four weeks.
Harsh Roongta, Mahesh Padmanabhan, Anil Rego answer the most sought after questions on Budget Day.
'According to the government's Economic Survey, the Indian state's generosity is not restricted to its poorest citizens. In fact, in many cases, the beneficiaries are disproportionately the well-off.'
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
'At the policy's maturity, the total premium is refunded.'
Five years after demonetisation, which sought to curb black money and reduce cash circulation in the economy, 70 per cent of respondents said they paid a large component of the total payment towards a real estate transaction in cash. About 16 per cent said they paid over half the amount in cash, observes Shyamal Majumdar.
Praveen Kakkar has alleged that the Income Tax raids at his premises were politically motivated, and claimed nothing objectionable was found against him in the two-day operation.
After the government sought Parliament's nod for a second batch of supplementary demand for grants that will cause a hit of Rs 2.99 trillion to the exchequer, doubts suddenly arose about the government's ability to meet the Budget projections of reining in its fiscal deficit at 6.8 per cent of gross domestic product (GDP), or Rs 15.06 trillion, for the current financial year. Till now, many were of the opinion that the government would succeed in checking the deficit at a much lower figure than what was given in the Budget Estimates (BE). The government had sought Parliament's approval to spend Rs 3.74 trillion extra, but Rs 74,517.01 crore will be matched by equal savings on other heads.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
Successful demonetisation will help in raising revenues on sustained basis as more and more people will come under the tax net, says a World Bank report.
The remarkable feature of those reforms unveiled in 1991 is that none of those decisions has been disowned by subsequent governments in the last 25 years.
It said the searches that were launched on July 22 in nine cities like Bhopal, Indore, Delhi, Ahmedabad, Noida and some others are "continuing and further investigations are in progress."
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries
The case against Balaji and his aides pertains to his tenure as the state transport minister in the All India Anna Dravida Munnetra Kazhagam government during 2011-15.
If a couple is registered as joint owners of a property, the tax authorities expect both of them to show their income or capital gains from the house in their tax returns, says Arvind Rao, a chartered account and certified financial planner
As stringent sanctions imposed by the European Union and US are crippling business and trade, desperate Russian oil companies are offering huge discounts to India, provided a payment mechanism to bypass the SWIFT ban is quickly approved by the government. According to sources familiar with the development, Russian oil firms are offering 25-27 per cent discount to the dated Brent crude prices. State-run Rosneft is one the biggest oil companies that supply crude to India.
In a rare face off, captains of the auto industry have hit out at the government for not walking the talk. At an industry event in the capital on Wednesday, R C Bhargava, chairman of India's largest carmaker Maruti Suzuki, and Venu Srinivasan, chairman of TVS Motor, questioned the government's intent to support the auto sector. Revenue secretary Tarun Bajaj sat in the audience listening, before his turn came to counter them.
The collapse of Silvergate Bank, Silicon Valley Bank (SVB) and Signature Bank in the US might create temporary liquidity issues but will not have any significant impact on the Indian crypto market in the long run, officials from several exchanges told Business Standard. All three banks are considered crypto-friendly. SVB offered services such as cryptocurrency custody and lending.
One of the lawyers representing the two Youth Congress workers confirmed that the court of judicial first class magistrate in Thiruvananthapuram directed the Valiyathura police to register an FIR.
Finance Minister Nirmala Sitharaman presents her fourth Budget in Lok Sabha on Tuesday.
Assocham has also pitched for revision of the deduction of interest on housing loans to at least Rs 300,000 from the existing Rs 200,000
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