The story of Sahara India Pariwar founder Subrata Roy, who died in Mumbai on November 14 aged 75, is the stuff of movies - of a spectacular rise and an equally spectacular fall. Born in Araria, Bihar, Roy was 30 when he set up Sahara in 1978. He started with a capital of about Rs 2,000, a peon, a clerk and his father's Lambretta scooter in Gorakhpur, eastern Uttar Pradesh, writes Tamal Bandyopadhyay in his 2014 book, Sahara: The Untold Story. Sahara was not his first venture.
A whirlwind trip of the dark underbelly of global finance, covering everything from tax law changes to aiding criminals to decamp with money from bank accounts.
Last month, the court heard that Becker "acted dishonestly" by failing to hand over assets including his Wimbledon singles trophies before and after he was declared bankrupt.
'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.'
The government notified the compliance window under the Act.
Capital markets regulator Sebi has sent a notice to Deccan Chronicle Holding's promoters and asked them to pay Rs 4.29 crore in a matter related to misrepresentation of financial statements of the company from FY 2008-09 to 2011-12. The regulator directed T Venkattram Reddy, T Vinayak Ravi Reddy and P K Iyer to pay Rs 4.29 crore, which includes interest and recovery costs, within 15 days, Sebi said in a demand notice issued on Friday. In the event of non-payment, it will recover the amount by attaching and selling the movable and immovable properties of the Deccan Chronicle Holdings Ltd (DCHL) promoters.
Now, more pieces of information about your transactions and income, such as remittances received from overseas, will be uploaded in Form 26AS by the income-tax (I-T) department. This will help the taxpayer file I-T return (ITR) correctly and assist the department in detecting discrepancies, if any, in the ITR. Besides foreign remittances, these new items are interest on I-T refund, dividend from mutual funds (MFs), and purchase of MFs, among others.
Aaditya, son of Shiv Sena president and Chief Minister Uddhav Thackeray, dubbed the searches by the I-T department on Kanal as 'invasion by Delhi' ahead of Brihanmumbai Municipal Corporation (BMC) elections.
Earlier, Arun Jaitley had said 60 prosecutions had been launched on the 'HSBC list'.
The National Company Law Tribunal (NCLT) has directed to freeze and attach assets and properties of Videocon promoters following a petition by the ministry of corporate affairs. The NCLT Mumbai bench has directed the Central Depository Services Ltd (CDSL) and National Securities Depository Ltd (NSDL) that securities owned or held by the Videocon promoters "in any company or society be frozen, and be prohibited from being transferred or alienation" and the details be shared with the Ministry of Corporate Affairs (MCA). It directed the Central Board of Direct Taxes (CBDT) to disclose information about all assets of the Videocon promoters in their knowledge or possession, for the purpose of freezing and restraining such assets.
German tennis great Boris Becker was jailed by a London court on Friday for hiding hundreds of thousands of pounds of assets after he was declared bankrupt.
The RTI exemptions cited by the CPIO to deny information relate to intellectual property rights, trade secrets and information in the nature of commercial confidence, fiduciary relationship, threat to life and safety of persons who give information to law enforcement agencies in confidence, impediment to investigation, prosecution or apprehension and privacy of an individual.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
So vaccinate employees and families, staff at home, rickshaw drivers, milkmen, service providers, shopkeepers and street vendors, says Naushad Forbes.
The US on Thursday raised concerns over India's Personal Data Protection (PDP) Bill and draft non-personal data governance framework, claiming these could potentially threaten innovation and economic growth. In its latest 'Special 301' Report, the US Trade Representative (USTR) kept India on the priority watch list, maintaining the country remains one of the world's most challenging major economies with respect to protection and enforcement of intellectual property (IP). In December 2021, a joint parliamentary committee released a report recommending changes to the PDP Bill, 2019, that could undermine important IP protections in India.
The agency has registered a case against Roy, his wife Radhika and RRPR Holdings for allegedly causing losses of Rs 48 crore to ICICI Bank, CBI sources said.
The details Mallya filed earlier in his disclosure statement about his foreign properties do not have reference of cash in hand or bank details
Amit Shah's net worth grew 32 per cent to Rs 37.91 crore, mainly due to 80 per cent appreciation in the market value of his securities.
The court remanded advocate Uke and his brother Pradeep Uke in the ED's custody till April 6.
With auditing under the scanner and two of the Big Four firms stopping non-audit services for audit clients, auditors will now be subjected to a more stringent standard of reporting.
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.
Google received 31,497 complaints from users and removed 94,173 pieces of content based on those complaints in December, the tech giant said in its monthly transparency report.
Raj Barathur -- Indian American entrepreneur, geneticist, professor and biopharmaceutical industry leader -- stayed the course even when diagnosed with lung cancer
However, the department has not changed ITRs significantly, considering Covid-19 crisis.
Google received 26,087 complaints from users and removed 61,114 pieces of content based on those complaints in November, the tech giant said in its monthly transparency report.
Acquisitions may have played a role in much of the increase.
In addition to reports from users, Google also removed 3,84,509 pieces of content in October as a result of automated detection.
New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
The Supreme Court on Wednesday directed a full-fledged probe into the collusion of Tihar jail officials with Unitech's imprisoned ex-promoters Sanjay and Ajay Chandra, based on Delhi police commissioner Rakesh Asthana's report filed in a sealed cover.
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).
The pre-Budget Survey said for wealth to be distributed, it first has to be created and called for looking at wealth creators with respect. The Survey said government interventions seem to be ineffective in stabilising prices of commodities such as onions.
While Panama and Paradise Papers had majorly focused on foreign entities created by entities, corporates or individuals overseas, Pandora is about the new method adopted by wealthy elites by setting up multiple layered complex trust structures.
These mistakes can turn out very expensive and not just in terms of your finances, but also in the time it will take to resort to the conflict at hand. Having a legal hand can save you from any unforeseen troubles, alerts Harshit Malik, entrepreneur, wisdom coach and enrichment guide.
Fugitive diamantaire Nirav Modi's sister and brother-in-law have "turned approvers" in the over $2 billion PNB fraud case against him and they will help the Enforcement Directorate confiscate assets worth Rs 579 crore, including Swiss bank deposits, the agency said on Thursday. Forty-nine-year-old Nirav Modi, who is currently lodged in a London jail, his uncle Mehul Choksi and others are being probed by the Enforcement Directorate (ED) in the Punjab National Bank (PNB) money laundering case since 2018. The diamond merchant's younger sister Purvi Modi (47) is a Belgian national while her husband Maiank Mehta is a British citizen. They are stated to be based abroad and have never joined the probe.
The pleas, which were earlier heard by a bench of Chief Justice DN Patel and Jyoti Singh, have now been transferred to a bench of Justices Siddharth Mridul and Anup Jairam Bhambhani through an administrative order of January 28.
It said as and when the protestors tried to infringe the law and failed to obey directions of enforcement agencies, appropriate legal action was taken against the miscreants.
The apex court's 2017 order had come on a plea by consortium of banks led by SBI, which had said that Mallya had allegedly transferred $40 million received from British firm Diageo, to his children in 'flagrant violation' of various judicial orders.
Unless they have capital gains or assets abroad, most individuals will need to file ITR-1 or ITR-2A.
A total of 64,275 declarations were made under the scheme, an average of Rs 1 crore per disclosure. This is expected to translate into tax collection of about Rs 30,000 crore from the scheme, of which the government exchequer should get around Rs 15,000 crore by the end of 2016-17.
Uptick in growth projected in second half of current fiscal based on 10 factors including higher FDI flows, build up of demand pressure, positive GST revenue growth
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