Vodafone further said it has "always been confident" that no tax is due on the company. The government in August enacted a law to end all retrospective taxation imposed on indirect transfer of Indian assets. The rules under the law seek to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets and also refund the amount paid in these cases without any interest. Asked if the company has filed an application with the Indian government to settle the retrospective tax dispute, a Vodafone spokesperson said, "We can confirm we have filed an application".
A day after Finance Minister Nirmala Sitharaman flagged technical glitches on the income tax department's new e-filing website, IT major Infosys said it expects the system to stabilise in the course of this week. On Tuesday, Sitharaman had asked Infosys and its chairman Nandan Nilekani to fix technical glitches being encountered on the income tax department's new e-filing website, after users flooded her Twitter timeline with complaints.
The country's exports are expected to contract by 5.8 per cent and imports by 11.3 per cent during the second half of the current financial year, though implementation of several measures by the government would help support exports going forward, according to the Economic Survey 2021. With gradual recovery of economic activities, the survey said that imports and exports have picked up. During the first half of 2020-21 (April-September), exports dipped by 21.31 per cent to $125.25 billion while imports declined by 40 per cent to $148.69 billion.
Is the curated and limited data put out by the central government sufficient enough to pass a judgement on the trend in GST collections, particularly that of the Centre?
India's gross tax collections soared to a record high of Rs 27.07 lakh crore in the fiscal year ended March 31, led by impressive growth in corporate tax and customs, taking the tax-to-GDP ratio to an over two-decade high of 11.7 per cent, Revenue Secretary Tarun Bajaj said on Friday.
"Hockey India would like to confirm that all the tickets of India's matches against New Zealand on 23 & 24 May 2020 that were bought by our fans whether online or offline would be refunded," Norman said.
It seems as if Bihar Chief Minister Nitish Kumar's war against corruption is a mere slogan for his members of Legislative Council. Recent audit has revealed that they submitted fake bills to claim travel allowance of lakhs of rupees from 2006 to 2011, officials on Wednesday said.
Experts pointed out the move will only help taxpayers temporarily, as the tax liability remained the same and the date for advance tax has not been extended.
Muzammil Patel and Rahul Murthi will answer all your start-up queries.
Vodafone-Idea (Vi) has said the key hurdle it faces in raising fresh funding, despite interest from investors, is the 'pricing situation' which is also the reason why it has asked the Department of Telecommunica-tions (DoT) for another extension of the moratorium on payment of spectrum instalment by one more year. Responding to a question during an analysts' call on Friday after its quarterly results on the reason for the delay in fund-raising nine months after it was announced, CEO & MD Ravinder Takkar said: "We are in discussions with investors. There is continued interest in investing in the telecom sector in the country. "The biggest hurdle is that the overall industry is under stress because of the pricing situation." He said that once tariffs go up, it will create a significant amount of confidence.
The Central Bureau of Investigation (CBI) on Friday raided the home of Delhi Deputy Chief Minister Manish Sisodia and 30 other locations in connection with alleged corruption in the implementation of the Delhi Excise Policy.
CBI officer V K Shukla, who is probing the death of Jharkhand Judge Uttam Anand, is among 15 officers of the agency awarded the 'Union Home Minister's Medal for Excellence in Investigation' for the year 2021, officials said Thursday.
The Delhi high court has said that malicious falsehood cannot become freedom of speech and directed the competitor of a coaching institute to take down portions of its YouTube video alleging falsities against the rival.
The branch managers have come out of their glass cabins and the sellers' market has transformed into a buyers' market, but there is no end to the harassment of customers, asserts Tamal Bandyopadhyay.
The robust revenue collection reinforces hope of a good economic performance in the third quarter of financial year 2020-21 after the surprising pickup seen in Q2.
A poll shows that most of the IPO refunds are likely to their way into the stock markets.
Finance Minister Nirmala Sitharaman on Friday indicated the government's intent to appeal against an arbitration panel asking India to return USD 1.4 billion to UK's Cairn Energy Plc, saying it is her "duty" to appeal in cases where the nation's sovereign authority to tax is questioned.
The disbursal included Rs 1,000 crore for migrant welfare and over Rs 1,392 crore for procurement of Covid vaccine doses.
The company, however, has not identified any of its officials despite mentioning that its employees facilitating refunds have been assigned specific login id and passwords, making it easier to identify those who processed which refunds
Universities and higher education institutions (HEIs) have been asked to ensure that the admission process for undergraduate courses begins only after the declaration of results by the Central Board of Secondary Education (CBSE), Indian Certificate of Secondary Education (ICSE) and all state boards.
UK's Cairn Energy Plc has won an arbitration against the Indian government levying Rs 10,247 crore in retrospective taxes, the company said on Wednesday. The three-member tribunal, which also comprised a judge appointed by the Indian government, ruled that India's claim of Rs 10,247 crore in past taxes over a 2006-07 internal reorganisation of Cairn's India business was not a valid demand, sources said. The tribunal asked India to pay the funds withheld along with the interest to the Scottish oil explorer for seizing dividend, tax refund, and sale of shares to partly recover the dues.
The pitch drawing flak from former players like Vaughan, though Gavaskar credited the Indian spinners rather than blaming the surface.
The decision was taken after Prime Minister Narendra Modi announced that the lockdown across the country will be extended till May 3 to fight the coronavirus pandemic.
Zomato said late on Friday that it was pushing the implementation of the new food quality policy to May 3 from April 18.
The five-day lockdown, ordered after a new COVID-19 outbreak at a hotel, was due to start at midnight.
In a dig at Jio's Rs 1,500 4G-enabled feature phone, the Sunil Bharti Mittal-led company said its smartphone would be made available for the price of a feature phone
The finance ministry has set up two committees of state finance ministers which would rework rate slabs, review GST exempt items and identify potential evasion sources. Four years after the roll out of the national Goods and Services Tax (GST), which replaced the complex indirect tax structure, the centre and states have started work on moving towards a "simpler rate structure in GST" by reviewing the current rate slabs, including special rates and merger of rate slabs. The Group of Ministers (GoM) on rate rationalisation would also review items under inverted duty structure to help minimise refund payout, and review the supply of goods and services exempt under GST with an objective to expand the tax base and eliminate breaking of input tax credit (ITC) chain.
Supertech Managing Director Mohit Arora said the company will file a review petition in the SC.
The direction to Kerala Rail Development Corporation Ltd (KRDCL), or K-Rail as it is popularly known, was welcomed by Congress-led United Democratic Front opposition as they termed it a victory of the first phase of the struggle against the semi-high speed rail corridor.
Use forms 15G and 15H to avoid tax at source.
Pranjal Kamra, CEO, Finology Ventures, lists seven efficient ways to cope with the rise in EMIs even as you balance your monthly budgets.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The strong response for the IPOs, however, has shifted liquidity away from the secondary markets, with the benchmark Sensex falling 1.3 per cent in the previous two trading sessions.
British oil firm Cairn Energy Plc on Tuesday said it has identified Indian sovereign assets overseas, which it can seize in the event of New Delhi failing to return over USD 1.7 billion that an international arbitration tribunal has ordered after rescinding a retrospective tax demand.
The move would come as a relief to air passengers.
'If you miss the deadline, you can still file a belated tax return till March 31, 2021, with a fee under Section 234F, which could be up to Rs 10,000, in addition to an interest under Section 234A and 234B of the Act.'
Aviation consultancy CAPA on Thursday said allowing domestic airlines to take advance bookings from April 15 is "unfair" to consumers since a decision on lifting the nationwide lockdown is yet to be taken. During the lockdown period only special flights approved by aviation regulator Directorate General of Civil Aviation, medical evacuation flights and those carrying cargo, including medical equipment, to and from different parts of the country are operational.
Britain's Cairn Energy has secured a French court order to seize 20 Indian govt properties to recover arbitration award, it is learnt.
In a significant ruling, District Consumer Complaints Redressal Forum has held HDFC bank responsible for unauthorised fund transfer in an internet banking transaction.
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