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.
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.
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
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.
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.
In a significant ruling, District Consumer Complaints Redressal Forum has held HDFC bank responsible for unauthorised fund transfer in an internet banking transaction.
The move would come as a relief to air passengers.
The pitch drawing flak from former players like Vaughan, though Gavaskar credited the Indian spinners rather than blaming the surface.
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.
The Delhi high court on Friday directed the city government to bring into effect the recommendations of a panel suggesting over 200 private unaided schools to return excess fees to parents with interest.
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 five-day lockdown, ordered after a new COVID-19 outbreak at a hotel, was due to start at midnight.
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.
The disbursal included Rs 1,000 crore for migrant welfare and over Rs 1,392 crore for procurement of Covid vaccine doses.
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.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
Supertech Managing Director Mohit Arora said the company will file a review petition in the SC.
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.
'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.'
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 second-sleeper class cancellation charge has been increased from Rs 60 to Rs 120.
However, the government is readying a relief package and it could include a cut in the licence fee to 5 per cent, two years' moratorium on paying spectrum charges with interest, and referring the GST tax refund issue to the Council.
Zomato said late on Friday that it was pushing the implementation of the new food quality policy to May 3 from April 18.
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.
Britain's Cairn Energy has secured a French court order to seize 20 Indian govt properties to recover arbitration award, it is learnt.
With audits and greater emphasis on anti-evasion measures, more tax demands will lead to more litigation. So, it is a bit early to start celebrating. GST is still work in progress.
The family of the Delhi gang rape victim has turned down an offer from the city's Sai Institute to return the fees charged from her, saying the amount should be used to help poor and needy students.
'We are notifying ticket holders, players and staff that there will be no fans onsite at the AO for five days'.
Currently, airlines are required to pay compensation of Rs 5,000-10,000 to a passenger, in addition to a ticket refund in case of flight cancellation. Soon, all that may change. However, compensation is payable if the airline does not give advance intimation to a passenger, which is at least 24 hours before departure.
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.
Passengers can dial 139 giving confirmed ticket details to receive an OTP to claim refunds
Pranjal Kamra, CEO, Finology Ventures, lists seven efficient ways to cope with the rise in EMIs even as you balance your monthly budgets.
John Aranha got an order from Central Mumbai District Consumer Forum that made Croma pay him Rs 26,300 for a fridge he had bought but was never delivered to him, says consumer activist Jehangir B Gai
Providing comfort to the government on the revenue front amid fiscal stress, direct tax collection is moving closer to the revised Budget target for 2021-21 and may get a further thrust from the last instalment of the advance tax payment, the deadline for which ended on Monday. The contraction in net direct tax collection narrowed to 5 per cent year-on-year as on March 15 compared to a 9 per cent decline seen in January. In absolute terms, net collection stood at Rs 8.2 trillion against Rs 8.67 trillion in the same period last year, according to the provisional numbers shared by a government official.
Direct tax expert Vikas M Gandhi answers readers' queries.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
Under fire for technical glitches plaguing the new income tax return filing portal, Infosys CEO Salil Parekh on Wednesday said the new portal developed by his company is seeing "steady progress" and already 1.9 crore returns have been filed. He further said that taxpayers' concerns are being "progressively addressed". "We are seeing a steady progress on the income tax system. As of yesterday we had over 1.9 crore returns that have been filed using the new system.
Infosys on Wednesday said it is focused on "expeditiously" resolving issues related to the new income tax portal and termed it as the "single largest priority" for the company at the moment. Infosys top management said that many of the issues around performance and stability have been addressed, and that about 10 lakh ITRs (income tax returns) have been filed so far. "We are working extremely hard in making sure that all of the features are being delivered.
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