The market watchdog had directed that pending completion of the probe, revenues from the co-location facility - starting September 2016 - be transferred to a separate bank account.
Rs 6,000-cr disclosure just four days before scheme ends
The current 3-page form is simplified version of an income tax return form after removing mandated disclosure of foreign trips and dormant bank accounts introduced two years back.
The Securities and Exchange Board of India (Sebi) is working on a new payment system for the secondary market, which could prevent brokers from accessing their client funds. It will be on the lines of the Application Supported by Blocked Amount (ASBA) process used for subscribing to initial public offerings (IPOs), where funds move out of an investor's bank account only after the trade is confirmed. Sebi chairperson Madhabi Puri Buch on Wednesday said that despite the challenges, the new system would be ready in a few months.
What the Budget could hold in store when it comes to tax rules like GAAR, MAT, PoEM, BEPS and ICDS.
Last week, the government had introduced the black money Bill.
Non-compliance, underreporting or misreporting will attract a penalty of 50-200 per cent. The authorities may during assessment even tax assets that are 15-20 years old
In the last Budget, the government had come out with similar compliance window for people holding undisclosed assets abroad.
Companies were consulting law firms and consultants to understand the Bill.
Imports in 2016 expected to be lowest in 7 years but experts don't rule out a revival in demand if the yellow metal's price falls
Roopam Asthana, CEO and the whole-time director, Liberty General Insurance Ltd, will answer your queries on HEALTH and AUTO insurance.
In a most perverse example of tax bullying, someone I know has got by three such notices reopening his assessment minutes before the midnight deadline of June 30, reveals Debashis Basu.
The government on Friday said there was no proposal to bring amnesty scheme for declaring undisclosed income.
Despite strong AUM growth, MFs lag behind other popular investment avenues. MFs received only 6 per cent of total household savings in 2021-2022.
The Financial Intelligence Unit (FIU), the federal economic snoop agency under the Union finance ministry, sent 289 legal requests to its counterparts across the globe during 2018-19 as compared to 177 in 2017-18 and 138 in 2016-17.
UK Chancellor of the Exchequer Rishi Sunak has written to his boss, Boris Johnson, to be referred to one of the British Prime Minister's independent advisers to review all his ministerial declarations of interest amid a row around his family's tax affairs. The Indian-origin finance minister, who has been fighting back attacks over wife Akshata Murty's tax arrangements in India and also Opposition allegations around his own finances, said in a Twitter post on Sunday that he is confident the independent review by House of Lords peer Christopher Geidt, the Independent Adviser on Ministers' Interests, will provide "further clarity". "My overriding concern is that the public retains confidence in the answers they are given and I believe the best way of achieving this is to ensure those answers are entirely independent, without bias or favour," Sunak states in his letter to Johnson.
The insurance regulator wants the removal of the minimum entry capital requirement of Rs 100 crore for setting up an insurance business in a bid to facilitate the entry of multiple players such as standalone micro insurers and niche players. Debasish Panda, chairman, Insurance Regulatory and Development Authority of India (Irdai), said it should be left to the regulator instead to decide what should be the entry fee for interested players, depending on the size of the business and operations. According to the current norms, insurers are required to have a minimum paid-up capital of Rs 100 crore.
The new return forms also make life easier for expatriates.
Corp tax arrears at over Rs 3.11 trillion as of Dec 2014.
India is among 75 countries with which Switzerland's Federal Tax Administration has exchanged information on financial accounts within the framework of global standards on Automatic Exchange of Information.
In the first of a three-part series Paranjoy Guha Thakurta details the salient features of the Undisclosed Foreign Income and Assets (Imposition of Tax) Act, 2015.
Because they have become too big and pervasive and the time to regulate is long gone, points out Debashis Basu.
The government had raised Rs 10,000 crore through the last domestic black money amnesty.
'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.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
The Bill could be referred to the Parliamentary Committee for scrutiny
The Panama Paper leaks were originally revealed by the International Consortium of Investigative Journalists on April 4, 2016, following which, the government had set up the MAG to probe the matter.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
Former Tamil Nadu Chief Secretary P Rama Mohana Rao, whose house and office were searched by Income Tax officials in connection with a tax evasion probe post demonetisation, was on Saturday admitted to a private hospital here after he complained of chest pain.
Sebi has amended rules pertaining to delisting of equity shares of a company following an open offer as part of efforts to make merger and acquisition transactions for listed companies more convenient. Under the new framework, promoters or acquirers need to disclose their intention to delist the firm through an initial public announcement, according to a notification. If the acquirer is desirous of delisting the target company, the acquirer must propose a higher price for delisting with suitable premium over open offer price. In case the open offer is for an indirect acquisition, the open offer price and indicative price will be notified by the acquirer at the time of making the detailed public statement and in the letter of offer.
Tax Guru Anil Rego answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
There are a couple of proposals, however, whose goals are not easily achievable.
There will be a review of employee compensation arrangement in the light of the new rules.
The rejection of the pleas of the top Congress leaders, including Oscar Fernandes, will pave the way for the Income Tax Department to scrutinise their records for the assessment year 2011-12.
Undisclosed foreign assets and funds worth Rs 350 crore detected; these are separate entities from those featured in Panama Leaks and Paradise Papers
Bombay Oxygen Investments Ltd shares have been witnessing a particularly sharp rally for many days now and have more than doubled from about Rs 10,000 level seen in March-end and the market watchers feel the only reason for this kind of stupendous rally is the name of the company.
With at least three IPOs in the offing this year, stock market investors have a lot to look forward to.
The disclosures will enjoy immunity from wealth tax, civil and other taxation laws but there will be no immunity from FEMA, PMLA, narcotics and black money laws.
The Income Tax Department has now decided to provide full details of tax returns of political parties under the RTI Act after the Central Information Commission (CIC) issued it directives in this regard.
