In a rather candid disclosure, a top Income Tax official has admitted that the diamond trade has one of the highest prevalence of black money, with investigations revealing that books in the sector are "completely manufactured".
The Budget has changed the rules for Indian citizens and persons of Indian origin visiting India. Instead of 182 days, the number of days has been reduced to 120. You will be treated as a resident of India for tax purposes if you stay in the country for more than 120 days in a financial year and 365 days in the past four years. One consequence of the change will be that people of Indian origin who reside outside India will be able to spend a smaller number of days in the country if they wish to keep their non-resident status intact, points out Sanjay Kumar Singh.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, will answer your queries on HEALTH insurance and AUTO insurance.
The only feasible way to have a healthy banking sector could be making it mostly private, along with two or three large, better-run government banks, suggests T N Ninan.
he government will allow holders of black money abroad to declare their wealth.
Indians having undisclosed property abroad will have to pay tax and penalty.
A German court convicted Uli Hoeness of tax evasion on Thursday and sentenced the soccer manager who turned Bayern Munich into one of the world's most successful clubs to three-and-a-half years in jail.
.jpg)
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.
In yet another move to close the regulatory gap between banks and shadow banks, the Reserve Bank of India (RBI) has mandated exposure limits to the non-banking finance companies, in line with commercial banks. In the large exposure framework released on Tuesday, the regulator capped aggregrate exposure of NBFCs which are in the upper layer toward one entity at 20 per cent of capital base. The limit can only be extended by another 5% with board's approval. For a particular borrower group, the cap is at 25 per cent, with additional 10 per cent if exposure is towards infrastructure.
Latest data from the Swiss National Bank showed that money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion
'Gloom is nowhere in sight, with healthy foreign exchange reserves, a strong rupee, healthy tax collections, corruption and crony capitalism under check,' argues Gopal Krishna Agrawal.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Some initial reactions to Prime Minister Narendra Modi's announcement of demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight.
The fair market value of an immovable property will be higher from the acquisition cost.
Revenue department would come out with more clarifications through FAQs on the Undisclosed Foreign Income and Assets Act.
'There is a huge tax differential of 15% to 20% depending on income classification.'
Bank of America Merrill Lynch on Monday trimmed India's economic growth estimates by 30 basis points to 7.1 per cent for the current fiscal, while global financial services giant Morgan Stanley downgraded its GDP growth forecast for the current fiscal to 7.3 per cent from the earlier 7.7 per cent.
Do you have health insurance/mediclaim queries? Rakesh Kaul, chief distribution officer, Edelweiss General Insurance, will answer your queries.
In a landmark decision the Central Information Commission (CIC) has ruled that the income tax returns of political parties will come under the purview of the Right to Information Act (RTI). The move will, it is hoped, enable the public to get details on the funding sources of political parties.
The fate of Mohana Rao was not immediately known.
The finance ministry has asked the tax department to impose hefty penalties on those hospitals found with unaccounted cash, and such entities could be booked under anti-money laundering laws and prosecuted, reports Shrimi Choudhary.
'With just 2.4 per cent of global landmass, India houses six to eight per cent of planetary biodiversity and hence is a prime target of wildlife criminals.'
The true lesson of the White Paper should be that there are no quick fixes for what has been a major scourge of the Indian economy for several decades.
The Income Tax department has begun the process to examine bank deposits and transactions to check possible black money instances and said once the last opportunity to declare funds in old notes under the PMGKY scheme ends it will be very tough for hoarders.
It was found the declarants were persons of suspicious nature and very small means, and the declarations could have been misused.
We can hope that some of the benefits of the rural spending - on irrigation, roads, etc -- will spur rural demand and improve rural productivity, says P V Subramanyam.
We can hope that some of the benefits of the rural spending - on irrigation, roads, etc -- will spur rural demand and improve rural productivity, says P V Subramanyam.
We can hope that some of the benefits of the rural spending - on irrigation, roads, etc -- will spur rural demand and improve rural productivity, says P V Subramanyam.
A UK court hearing an urgent application on Monday refused to sanction the release of substantial sums held with the Court Funds Office (CFO) as part of bankruptcy proceedings being pursued against liquor tycoon Vijay Mallya by a consortium of Indian banks, led by the State Bank of India (SBI).
Taxpayers will have to disclose all bank accounts held by them in India.
'It is important to improve the quality of spending.'
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.
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.
Limited IT staff may compel them to focus on big fish than small depositors.
India has a double-taxation avoidance pact with Singapore and more than 85 countries.
The Internal Revenue Service announced on February 8 a special voluntary disclosure initiative designed to bring offshore money back into the US tax system and help people with undisclosed income from hidden offshore accounts.
The tax department is working to ensure that there is no loophole in the compliance window.
'Allocate some parts of one's surplus income towards cryptocurrencies, considering the immense growth potential of this emerging asset class.'
How the Aadhar card would be linked to income tax return is yet not clear
Replying to a query, whether the government has made any assessment of black money stashed by Indians in foreign countries, Jaitley said there is no official estimation of that.
