Taking both direct and indirect taxes, the gross collection is expected to grow 10.45 per cent to Rs 33.61 trillion in 2023-2024.
There's a hint of new competition riding into a sector that has attracted attention for being in a duopoly-like situation. Rapido, a commute app known for its budget-friendly bike-taxi services, on Tuesday announced its entry into the cab market, which is currently dominated by marquee brands Uber and Ola. Rapido's cab foray will be enabled by a software as a service (SaaS)-based platform.
The main objective is to determine whether among these companies there are NBFCs that ought to have registered with the RBI for carrying on their NBFI activities.
The two opposition leaders expressed their willingness, but Lapid demanded far-right leaders and ministers, Bezalel Smotrich and Itamar Ben-Gvir, be removed. Gantz agreed to join alongside the two, the report said.
Through a revised return, you can make changes to your ITR and even end up paying lower tax.
The income tax department has notified rules for valuation of equity and compulsorily convertible preferable shares issued by startups to resident and non-resident investors. As per the changes in Rule 11UA of I-T rules, which comes into effect from September 25, the Central Board of Direct Taxes (CBDT) provides that the valuation of compulsorily convertible preference shares (CCPS) can also be based on the fair market value of unquoted equity shares. The amended rules also retain the five new valuation methods proposed in the draft rules for consideration received from the non-residents viz., (i) Comparable Company Multiple Method, (ii) Probability Weighted Expected Return Method, (iii) Option Pricing Method, (iv) Milestone Analysis Method, and (v) Replacement Cost Method.
Markets regulator Sebi has ordered the attachment of bank accounts and shares and mutual fund holdings of fugitive businessman Mehul Choksi to recover dues totalling Rs 5.35 crore. The latest decision has been taken after Choksi failed to pay the fine imposed on him in October 2022 by Sebi in a case pertaining to indulging in fraudulent trading in the shares of Gitanjali Gems Ltd. Choksi, who was the chairman and managing director as well as part of the promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi, both of whom are facing charges of defrauding state-owned Punjab National Bank (PNB) of more than Rs 14,000 crore.
The asteroid sample will help scientists understand the origin of organics and water that may have seeded life on Earth 4.5 billion years ago.
The charges would apply to savings as well as salary accounts
With the second list, the total number of candidates declared by the Congress went up to 83 out of the total of 90.
Dinesh Tati (23), resident of Palnar village in Gangaloor police station limits, was held on Friday from a tractor showroom in Bijapur town, Additional Superintendent of Police Chandrakant Gavarna said.
Billionaire Bill Gates, in a 2019 interview, supported bringing back a regulation in the US to require the super-rich to pay a 55 per cent tax when they inherit their family fortune. Proponents of an inheritance or estate tax say it reduces inequality and creates a meritocratic society by chipping away at the enormous advantages the children of the wealthiest families enjoy by an accident of birth. Many large economies levy such a tax on their richest citizens; India does not.
'Those who are starving need not go to watch the match'
Union excise duty collection dropped 18 per cent in August year-on-year at a time when the overall central tax kitty rose about 94 per cent before devolution to the states. The mop-up from Union excise duty declined to Rs 23,576 crore in August this year compared to Rs 28,816 crore in the same month a year ago. On the other hand, total tax collection rose to Rs 2.9 trillion in the month as against Rs 1.5 trillion in August 2022-23, shows the data released by the Controller General of Accounts (CGA).
Salaried persons whose liability is fully deducted as tax deducted at source by their employer need not worry about advance tax payments, unless they have other sources of taxable income.
The monthly electricity bills of the majority of domestic consumers in Delhi -- who use more than 200 units and up to 600 units -- will be hiked by up to Rs 265 due to an increase in the power purchase adjustment cost (PPAC) levied by discoms in the city, officials said on Monday.
In line with central legislation, Maharashtra government will soon levy a cess on all public and private construction in the state costing over Rs 10 lakh (Rs 1 million) expecting to generate Rs 2,000 crore (Rs 20 million) anually for rolling out schemes for construction labour. The welfare measures include insurance, healthcare and education with the aim of providing security and well-being of labourers.
The agency had in October arrested Sameer Vishnoi, an IAS officer of the state, and two others, after conducting several raids in the case.
The Reserve Bank on Wednesday allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country. Later, the RBI also proposes to extend the Unified Payments Interface (UPI) facility to travellers from all countries. UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.
The nominations for the 81st annual Golden Globes are out, and Barbie and Succession lead the list.
The government has put off by one month the levy of an additional Rs 2 per litre excise duty on petrol and diesel that is not doped with ethanol and bio-diesel in a bid to give the industry more time to implement the measure.
The Supreme Court has refused to interfere with the government and RBI's loan moratorium policy, and declined to extend the six-month loan moratorium period.
Here's a quick look at the winners of the 81st Annual Golden Globe awards.
"The charges relate to the 2021 Abu Dhabi T10 Cricket League and attempts to corrupt matches in that tournament -- these attempts were disrupted. The ICC was appointed by the ECB as the Designated Anti-Corruption Official (DACO) for the purposes of the ECB's Code for this tournament and as such are issuing these charges on the ECB's behalf," ICC said in a statement.
The benefit of the revamped I-T regime will percolate down to every section of the taxpayer and the government expects a 'fabulous' response to it, a top Income Tax official said on Friday. The 2023-24 Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on annual income of up to Rs 7 lakh. It also allowed taxpayers to claim standard deduction of Rs 50,000 -- a move seen as a push for the salaried class to switch to the new tax regime where no exemptions on investments are provided.
A Delhi court has imposed a fine on the police for the "undue harassment" of the accused in a February 2020 riots case, noting that repeated directions to the police commissioner and other senior officers seeking their personal intervention in these matters had fallen on deaf ears.
'Considering Pai is putting his own personal money in Byju's, stakeholders in the company can look forward to more governance and transparency.'
The Budget may tweak capital gains taxes levied on equity, debt and immovable property to bring parity in varied tax rates and holding period, a senior official said. Explaining the rationale, the official said there needs to have an alignment in tax rate and holding period for all the asset class. Changes in capital gain tax expected in Budget, the official said.
Government is planning to levy a 10-20 paise per litre cess on petrol and diesel to fund build up 45 days' strategic crude oil reserves to meet contingency requirement like disruption in supplies in the event of war.
A 5 per cent GST rate kicked in on Monday on pre-packed and labelled food items such as cereals, pulses and flour weighing less than 25 kg.
So how do you rate the Modi government's 11th budget?
The income-tax (I-T) authorities have tightened disclosure norms for charitable trusts. They now have to declare the nature of their activities from October 1 for tax purposes. The Central Board of Direct Taxes (CBDT) has notified changes in reporting rules where the charitable institutions have to mention whether the activities undertaken are charitable, religious, or both to claim tax benefits.
Pepperfry co-founder and CEO Ambareesh Murty passed away in Leh due to cardiac arrest, company co-founder and COO Ashish Shah said on Tuesday. Murty, 51 years, was also an angel investor. He recently announced completing 12 years at Pepperfry on his LinkedIn post.
The Delhi high court on Wednesday stayed the recent guidelines prohibiting hotels and restaurants from levying service charge automatically on food bills. Justice Yashwant Varma, while dealing with petitions by the National Restaurant Association of India (NRAI) and Federation of Hotels and Restaurant Associations of India challenging the Central Consumer Protection Authority (CCPA)'s July 4 guidelines, said the issue requires consideration and directed the authorities to file their reply. "The matter requires consideration. Consequently, until the next date of listing the directions as contained in para 7 of the impugned guideline of July 4, 2022 shall remain stayed," the court ordered.
E-sports experts say the burgeoning sector will not be affected by the Goods and Services Tax (GST) Council's recent decision to levy a blanket 28 per cent tax on online gaming, which is being viewed by the industry as a death blow to gaming companies.
If they are made accountable, bad loan cases will shrink dramatically, recoveries will rise, and the NCLT process will be more manageable, asserts Debashis Basu.
Notwithstanding the windfall tax placing a cap on profits, oil and gas producers like Oil India (OIL) and Oil and Natural Gas Corporation (ONGC) have done well in the October-December quarter (third quarter, or Q3) of 2022-23 (FY23). ONGC faces the drag of poor results from its subsidiary Hindustan Petroleum Corporation, and in comparative terms, OIL is better off. Standalone net sales in Q3FY23 stood at Rs 5,900 crore - up 57 per cent year-on-year (YoY), up 2 per cent quarter-on-quarter (QoQ).
While the RBI's guidelines aim to streamline the loan closure process, borrowers must remain proactive.
Choose a higher sum insured if you are going on a long trip, and if your age is above 45.
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