In 2024, the Securities and Exchange Board of India (Sebi) implemented significant reforms, focusing on cooling down the derivatives segment, enhancing transparency and accountability in small and midsised enterprise (SME) listings, and deepening the fund management ecosystem.
A senior Central Board of Direct Taxes official told Business Standard the department had initiated an extensive exercise under which it was sending notices on money kept abroad on the basis of tips/leads from tax authorities in various countries and also transaction data over recent years.
The top court said it cannot order a roving inquiry into purchase of electoral bonds on the assumption that it was quid pro quo for award of contract.
Following a review of peer-to-peer (P2P) platforms, certain issues -- including high non-performing asset levels, significantly high balances in escrow accounts, and non-compliance with net owned fund and disclosure requirements -- came to the RBI's attention.
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
The CBDT is understood to be 'seriously considering' recommending to the government a scheme on the lines of the Voluntary Disclosure of Income Scheme announced in 1996 to tap funds lying abroad for productive use in India.
With filing possible only online, there is no scope for any error.
This concession will be available only to those who had not received any intimation.
Payment for imports do not require these two forms.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
The department notified ITR 1-Sahaj and ITR 4-Sugam in January against the usual practice of notifying returns in April, with disclosure requirements related to cash deposits, spending on foreign travel, and electricity. The notification of the returns followed Budget announcements making income-tax return filing mandatory for certain persons even if their income was below the taxable limit.
Those availing the one-time 'compliance window' would be required to pay a tax of 30 per cent and a penalty of a similar amount.
Shares of brokerages and market infrastructure institutions (MIIs) witnessed heavy selling pressure following the Securities and Exchange Board of India's (Sebi's) pivot to a uniform fee structure, which analysts fear could dent revenues. Discount brokerages, which currently benefit from a spread between client charges and exchange fees, are expected to be most affected. Shares of Angel One, the third-largest brokerage by active clients, fell 8.7 per cent. Groww and Zerodha, the largest brokerages, are not publicly listed.
Black money Bill: Govt may widen disclosure window to 3-6 months.
This has affected all political activity of the party, Maken said at a press conference.
Meeting the disclosure norms isn't very easy.
A stream of people, including those from Rajasthan and Karnataka, walked into the only designated office before the closure of the one-time compliance window.
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.
A prudent guideline for self-employed individuals is to target at least 10 to 15 times their actual annual income when determining life insurance coverage.
The black money law provides for tax and a penalty of 120 per cent of assets' value.
Do not declare them under Income Tax.
A five-judge constitution bench headed by Chief Justice D Y Chandrachud held that the 2018 scheme was 'violative' of the constitutional right to freedom of speech and expression and right to information.
Persons making disclosure of unaccounted assets will be given time up to November 30 to pay taxes
Finance Minister Arun Jaitley counter Rahul Gandhi's attack over issues related to the JNU, intolerance, inflation and foreign policy.
'There are ominous portents of an isolationist administration not only building a physical wall to the south to prevent unwanted immigrants from entering the land of milk and honey, but also trade walls not just against China, but all nations,' foresees Sreekant Sambrani.
Taxpayers might face several issues while filing returns this year.
According to experts, declarations can be made with regard to capital gains or business income, which have escaped assessment
A complaint has been lodged with the Election Commission against Trinamool Congress Lok Sabha member Mahua Moitra for allegedly filing false election affidavits and tax evasion.
"The response (to the PMGKY) has not been so good...about Rs 5,000 crore of income was declared in PMGKY," Revenue Secretary Hasmukh Adhia said.
The I-T department will rely on data analytical tools and run models to separate black money holders and genuine taxpayers based on the large data base being shared by banks.
'Isn't it obvious? Do you have a doubt? There is so much data that shows that there is quid pro quo.' 'There are many instances of donations being given after the raids, donations being given before the award of a contract and many other permutations and combinations.'
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
The Election Commission (EC) had, in 2019, flagged its concerns in the Supreme Court on the changes made in several laws relating to political funding to facilitate the electoral bonds scheme, saying it will have 'serious repercussions' on transparency.
The National Stock Exchange (NSE) has made a fresh attempt at settling a regulatory investigation into the misuse of Trading Access Point (TAP) software at the bourse. The Securities and Exchange Board of India (Sebi) rejected a similar application in 2022. "NSE and its employees have filed a consolidated settlement application dated May 4, 2023, with Sebi.
Finance Minister Arun Jaitley on Monday said the NDA government has done more work to fish out black money than any other previous government in a short span of two years and all efforts are afoot to book those who have not taken advantage of the disclosure scheme.
'A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department.'
The government notified the compliance window under the Act.
'By filing a belated return, you can avoid the consequences of non-disclosure of income.' 'You can also avoid a notice from the I-T department for not filing an ITR.'
