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.
All special trains -- 15 pairs running on the Rajdhani routes since May 12 and 100 pairs of mail/express trains operating since June 1 -- will continue.
As much as Rs 61,920 crore of tax refunds have been issued during April-July
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.
In a bid to control the coronavirus pandemic, Saudi Arabia said it has barred international visitors from making the Islamic pilgrimage.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
This non-refundable fee will support the new electronic registration system to make the H-1B cap selection process more efficient for both petitioners and the federal agency, USCIS said.
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.
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.
Pranjal Kamra, CEO, Finology Ventures, lists seven efficient ways to cope with the rise in EMIs even as you balance your monthly budgets.
Sebi on Monday barred Franklin Templeton AMC from launching any new debt scheme for two years and fined it Rs 5 crore for violating regulatory norms in the case of winding up of six debt schemes in 2020. Also, it has been asked to refund investment management and advisory fees to the tune of Rs 512 crore, including interest, collected with respect to the six debt schemes, Sebi said in its 100-page order. In a separate order, the regulator has barred Vivek Kudva, former head of Asia Pacific (APAC) for Franklin Templeton, and his wife Roopa from the securities market for one year for redeeming units of Franklin Templeton MF schemes while in possession of non-public information.
With respect to the cancelled flights, customers can opt for a full refund or alternative travel dates free of cost.
The complaint from the Manager Legal M Sivakumar claimed that the company makes payment for defective products received by a customer and also arranges a reverse pickup of the damaged product which is sent to the merchant.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The government has become used to accounting for TDS as its income even though it knows a significant portion needs to be returned as refund
The government may be waiting for the outcome of an arbitration initiated against its levy of Rs 10,247 crore retrospective tax on UK's Cairn Energy Plc before deciding on appealing against losing a tax case against Vodafone Group, sources said. An international arbitral tribunal is expected to give a decree within next few days on Cairn Energy Plc's challenge to the Indian government seeking Rs 10,247 crore in retrospective taxes. If the arbitration award in the Cairn cases goes against India, the government has to pay the British firm over Rs 7,600 crore to reverse the dividend and tax refund it had ceased and shares it sold to recover part of the tax demand.
While Sahara maintains it has already repaid more than 93 per cent of the outstanding dues directly to the concerned bondholders and the remaining amount was just about Rs 2,500 crore (Rs 25 billion), it deposited Rs 5,120 crore (Rs 51.2 billion) to Sebi in December 2012 towards the investor refunds as per Supreme Court orders.
A corpus of Rs 20,000-30,000 crore is under consideration, to narrow the input tax credit cycle and facilitate their working capital requirements.
As much as Rs 26,697 crore was lying in dormant accounts of banks, including cooperative banks, as on December 31, 2020, Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday. This money is lying in nearly 9 crore accounts which have not been operated for 10 years. As per information received from the Reserve Bank of India (RBI), as on December 31, 2020, the total number of such accounts in Scheduled Commercial Banks (SCBs) was 8,13,34,849 and the amount of deposits in such accounts was Rs 24,356 crore, Sitharaman said in a reply.
Zomato replied to the customer saying, "Food doesn't have a religion. It is a religion."
The Centre could better its fiscal deficit at 6.6 per cent of GDP in this financial year on stronger-than-expected revenue buoyancy, even if the budgeted disinvestment target is not met, Fitch Ratings has said. The international rating agency had last week kept the sovereign rating unchanged at 'BBB-' with a negative outlook, and said that the risks to India's medium-term growth outlook are narrowing with rapid economic recovery from the pandemic and easing financial sector pressures. In an email interview with PTI, Fitch Ratings Director (Asia-Pacific Sovereigns) Jeremy Zook said the two key positive triggers that could lead to a revision of the outlook to stable are implementation of a credible medium-term fiscal strategy to lower debt burden and higher medium-term investment and growth rates without the creation of macroeconomic imbalances, such as from successful structural reform implementation and a healthier financial sector.
The large drop was for export orders that were meant to be delivered until October.
The last three T20 Internationals between India and England scheduled to be held at the Narendra Modi Stadium in Ahmedabad on March 16, 18 and 20, will be played without spectators in the stands due to surge in COVID-19 cases, the Gujarat Cricket Association said on Monday.
If raters get away by moving from AAA to D overnight after companies default, as happened with DHFL, YES Bank, RCom, and IL&FS, it shows a complete breakdown in the rating system. It calls for exemplary punishment, not kid glove treatment, says Debashis Basu.
The preliminary processing of tax returns is already undertaken with the help of technology. There is now greater scope of using more technology to reduce the human interface even further, notes A K Bhattacharya.
The victims were duped of of their retirement savings ranging between $ 1,180 and $ 174,300, the Department of Justice said on Monday.
A taxpayer filing ITR electronically without digital signature has to verify it using either Aadhaar OTP, or logging into e-filing account through net banking, or by Electronic Verification Code or by sending a duly signed physical copy of ITR-V through post to CPC Bengaluru within 120 days of uploading the ITR.
Direct tax collections grew by a meagre 6.6 per cent during April-July of the current financial year against the Budget target of 14.4 per cent for 2018-19. Corporation taxes, in particular, grew at just 0.57 per cent, the lowest in the first four months in at least seven years.
Franklin Templeton Asset Management (India) on Monday said the Securities Appellate Tribunal (SAT) has stayed Sebi's order, whereby the regulator had barred the asset management firm from launching any new debt scheme for two years. In addition, the regulator had asked Franklin Templeton to refund investment management and advisory fees to the tune of Rs 512 crore, including interest, collected with respect to its six debt schemes which are now shut. "With reference to the order issued by Whole Time Member(WTM) of Sebi on June 7, 2021, Franklin Templeton Asset Management (India) Pvt Ltd filed an appeal and an application for stay before the Hon'ble SAT. "After hearing the parties, the Hon'ble SAT has stayed the operation of the order passed by the WTM," a Franklin Templeton spokesperson said in a statement. The matter has been listed on August 30, 2021 for further directions, he added.
Supertech asked to refund money to flat owners within 30 days.
Most industry players in Tirupur feel that though the idea of GST is good, the problems are largely due to its poor implementation. Refund delays, withdrawal of incentive schemes make Made-in-Tirupur products costlier by 10-15 per cent, say entrepreneurs.
Sebi sets Sept 30 deadline to apply for Sahara refund
Foreign airlines charge $100-200 or euro 75-150 for excess baggage, while Indian airlines charge Rs 300-500 per kg above 15 kg.
The first demand draft of Rs 5,120 crore to be paid immediately.
The start of the Formula One season was pushed back to July from March due to the pandemic, with extensive changes made to the 2020 calendar.
The Sahara group on Tuesday made a fresh proposal before the Supreme Court for depositing Rs 20,000 crore (Rs 200 billion) investors' money with SEBI to secure release of its chief Subrata Roy.
Lenders can now initiate recovery proceedings since the SC has lifted the standstill on asset classification, which protected stressed accounts from slipping into NPAs.
The accused, Tapas Ghosh, 49, was arrested on Tuesday night. A Special Investigation Team (SIT) is looking into the matter under the supervision of DCP Vinita Sahu, said Nagpur commissioner of police (CP) Amitesh Kumar.
India has demanded resumption of export benefits to certain domestic products under GSP, and greater market access for its products from sectors like agriculture, automobile, auto components and engineering. On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, data localisation, and import duties cut on some ICT products.
Sukhwinder Kaur doggedly pursued her case against Bharti Axa Life Insurance in the consumer courts.
