The Finance Ministry said it has followed standard practice and has not violated any Constitutional provision by not showing interest on tax refund as separate expenditure in the Budget.
The airline has promised refunds within 10 days, but there is a rush
The Supreme Court on Monday said the plea of two Sahara group firms for extending time to refund Rs 24,000 crore to their investors with 15 percent interest would be heard by the same bench which had ordered the refund on August 31 last year.
Commerce Minister Kamal Nath is pushing for a major policy change, one that would result in foreign travellers to India being refunded the value-added tax they pay on purchases made here.
It had already suffered losses amounting to $1.3 billion over the previous three years.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
The Paytm application (app) could potentially face a permanent loss of its integrated mobile wallet feature, currently owned by Paytm Payments Bank (Paytm PB). With the recent crackdown on Paytm PB, sources say getting a fresh wallet licence may get tough for the group. "The Paytm app (One97 Communications) has to apply afresh to the RBI for a licence to operate a prepaid payment instrument (PPI) like a mobile wallet within the Paytm app, as PPI is a regulated entity.
Giving a relief to exporters community, the government on Thursday said it will release Rs 56,027 crore to exporters against pending tax refunds under different incentive schemes for outbound shipments. The amount will be disbursed to more than 45,000 exporters. Briefing the media about the decision, Commerce and Industry Minister Piyush Goyal said that the Rs 56,027 crore, which is being released under various export promotion schemes, is over and above duty remission of Rs 12,454 crore for the Remission of Duties and Taxes on Export Products (RoDTEP) Scheme and Rs 6,946 crore for Rebate of State and Central Levies and Taxes (RoSCTL) Scheme already announced.
About 82 per cent of the total income from unknown sources declared by national political parties in 2022-23 came from electoral bonds, according to a poll rights body.
In 2015-16, more than 94 per cent of income tax returns were filed online and 4.14 crore returns were processed by the Central Processing Centre.
One97 Communications Ltd (OCL), the parent firm of fintech major Paytm, has denied reports about any investigation by the Enforcement Directorate (ED) into the company, its associates, and its founder and chief executive officer (CEO), Vijay Shekhar Sharma. The company, in an exchange filing on Sunday, said it had cooperated with the authorities when users or merchants on its platform were subject to enquiries in the past. "We would like to set the record straight and deny any involvement in anti-money laundering activities.
Sunderland players have offered ticket refunds to all 2,500 fans who made the long trip to watch their side's humiliating 8-0 thrashing at Southampton in the Premier League, club captain John O'Shea confirmed on Tuesday.
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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.
The issue of delayed refunds was not a healthy trend and was tarnishing the department's image.
A nine-day Kashmir trip ended on a sour note for the Shah family of Ahmedabad with an unscheduled diversion and an expensive road ride back home. The Shahs were among hundreds of passengers whose travel plans went awry with Go First suspending all flights till Friday. "We were supposed to travel from Srinagar to Ahmedabad via Mumbai on Tuesday.
SC adjourns contempt plea to July 17; directs Sebi to start refunding genuine investors.
"In the month of April, we have issued more than 20 lakh (Rs 2 billion) refunds all over the country which is a record number of refunds issued in April," Central Board of Direct Taxes chairman, Sudhir Chandra, told reporters in Mumbai.
In its order passed on Wednesday, the commission said Rs 1.08 lakh in fees deposited by complainant Priyanka Dixit at the time of admission in 2021 must be returned along with 12 per cent annual interest, while Rs 5,000 must be given to her as litigation cost and Rs 50,000 as compensation for financial and mental agony.
In addition, exporters will also get a refund on the service tax paid on courier services used by them to transport goods and documents.
Pakistan's first warm-up match ahead of the World Cup will be played behind closed doors in Hyderabad for security reasons.
With the second cricket Test between India and Australia ending prematurely on the fourth day in Hyderabad on Tuesday, the Hyderabad Cricket Association (HCA) has decided to refund the ticket amount for the final day.
Telecom regulatory authority of India on Tuesday asked Bharti and Idea Cellular to refund migration charges to their respective mobile subscribers.
Everyone (with some exceptions) whose estimated tax liability is Rs 10,000 or more in a financial year must pay advance tax.
Some mainland fans travelled 12 hours from Xinjiang to Hong Kong to see Messi, the Global Times wrote, with the disappointment of the government and fans "entirely understandable. The impact of this incident has far exceeded the realm of sports."
The Delhi and District Cricket Association apologised for the fiasco that led to the cancellation of the fifth India-Sri Lanka ODI and promised that it will not be repeated.
Pronouncing the judgement, Justice Khanna said the court has rejected all the petitions, including those seeking resorting back to ballot papers in elections.
'My suspicion is that most of the bonds were given by companies who had got contracts or who had benefited from policy changes by the government.'
The Sahara group on Tuesday told the Supreme Court that its chief Subrata Roy is not liable for refunding Rs 24,000 crore (Rs 240 billion) collected by its two firms from investors, countering the arguments of SEBI, which wanted his passport to be impounded till the contempt plea against him and companies is decided.
The diplomatic rift between India and Maldives, coupled with the suspension of flight bookings on one of India's major travel portals, has sent jitters down the spine of tour operators in the island nation. The Maldivian Association of Travel Agents and Tour Operators (MATATO), a forum for travel agents, has stressed that the Indian market is important to the success of tourism in Maldives.
In a bid to make tax collection paperless and hassle-free, Centre will start E-refund of income tax from April, having put in place E-filing of tax deduction at source and tax information network.
The Mahanagar Telecom Nigam Ltd will get a tax refund of Rs 264 crore (Rs 2.64 billion) from the Income-Tax Department.
The pending amount for current fiscal so far is Rs 68,032.21 crore.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
According to retail-intelligence firm StellaService, customers who buy a product from Apple's online store can get a refund in under a week, versus 10 days previously.
Amount more than twice the size of Sahara's; collective investment scheme operator has 3 months to return money and wind up.
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