It had declined by slightly over 4 per cent in December. The city contributes 37 per cent to the total direct tax revenues. If the trend continues, it could affect the Budget estimates of Rs 13 trillion for the current fiscal year.
The bench asked the official liquidator, attached with the Bombay high court, to auction Aamby Valley properties, estimated to be worth Rs 34,000 crore, and directly report to it
The airline has launched a series of discount offers since January this year.
From 100% tax deductions for contributions to PM-CARES fund to extending the due date for linking Aadhar and PAN card, the government has provided various tax relief and extensions in deadlines for statutory compliances, says Homi Mistry.
After Prime Minister Narendra Modi's announcement of a 21-day lockdown across the country, Indian Railways on Tuesday said that its suspension of all passenger services will continue till April 14. However, freight movement will continue to carry essential commodities across the country, officials said.
Developed countries are relaxing restrictions on economic activity at a faster rate than expected. Global demand for consumer goods, intermediates and commodities is growing at a fast pace. Most exporters are flushed with orders, says T N C Rajagopalan.
'A sum of Rs 6,000 a year is very significant for a small farmer whose land holding is very small and whose produce is very small. All these calculations on a daily basis are extremely unfortunate and an insult to farmers.'
GST council may propose a faster refund procedure, deferment of electronic way bill, further simplification of composition scheme
Decision on spectators by March, says Tokyo Olympics OC.
How much will the banks' bad assets grow in March? It could be anywhere between Rs 1.2 trillion and Rs 2 trillion, observes Tamal Bandyopadhyay.
Among other things, the e-commerce players will have to display the total 'price' of goods and services offered for sale, mention the 'expiry date' of goods and the 'country of origin' of goods and services.
Nirmala Sitharaman is proving to be a better finance minister than her initial rookie status might have led people to expect, observes T N Ninan.
However, at his regular weekly news conference, Tokyo 2020 spokesman Masa Takaya said the reports were "optimistic" and that nothing had been announced.
'Nirmalaji's Budget announcements have long-term implications and are not backed by enough money when the short-term outlook looks bleak,' notes T N C Rajagopalan.
Air India has asked a New York court to dismiss a petition filed by Britain's Cairn Energy for seizure of its assets to enforce $1.2 billion arbitral awards against the Indian government, saying the litigation was premature as an appeal against the arbitration award was still pending. The petition by the airline, which is separate to Indian government's plea in a Washington court seeking dismissal of Cairn's lawsuit to seek confirmation of the arbitral award, said the New York district court lacks jurisdiction to adjudicate a "mere hypothetical question" or one that depends upon contingent future events that may or may not occur. Cairn first moved a court in the US District Court for the District of Columbia seeking confirmation of the arbitration award and then filed a petition in the New York court to seek declaration of Air India as "alter ego" of the Indian government and so it should be made liable to pay the $1.26 billion arbitral award.
Here are some areas where costs have grown, and where income that had been expected will not materialise.
Finance Minister Nirmala Sitharaman on Tuesday reviewed with Infosys officials the technical glitches that continue to mar the new income tax e-filing portal. Sitharaman, along with Minister of State for Finance Anurag Thakur, revenue secretary Tarun Bajaj, CBDT chairman Jagannath Mohapatra and other senior ministry officials, went point by point on the issues facing the new portal with officials of Infosys - the vendor which developed the site. While there was no official word on what transpired at the meeting, a statement issued by the Institute of Chartered Accountants of India (ICAI) said "the technical glitches shall be addressed fast". ICAI representatives attended the meeting on Tuesday.
To avoid season pricing, keep a close eye on the calendar and begin planning travel at least 60 to 90 days in advance keeping tentative dates in mind.
The apex court directed Supertech to pay 10 per cent per month of the invested amount from January 5, 2015 to 17 home buyers, who are before the court, within four weeks
The first T20 international between India and South Africa was abandoned in Dharamsala on Sunday, without a ball being bowled because of heavy rain.
Banks have started refunding borrowers the compound interest charged on specified loan accounts during the moratorium period. Last week, the Reserve Bank of India (RBI) had asked all lending institutions, including non-banking financial companies, to ensure that the scheme of waiver of interest on interest for loans up to Rs 2 crore for the six-month moratorium period is implemented by November 5.
A week after the Income Tax Department's much publicised new e-filing portal went live, users continued to face technical glitches ranging from longer than usual logging time, inability to respond to notices and not all features functioning yet, chartered accountants said on Monday. The new portal, "http://www.incometax.gov.in/"www.incometax.gov.in, was launched last Monday (June 7), which the tax department as well as the government said was aimed at making compliance more taxpayer-friendly. But users complained of technical issues facing the site from the very first day and not everything has been fixed even after a week, chartered accountants (CAs) said, adding that taxpayers are unable to view past e-filed returns and many features/ facilities continue to be marked 'coming soon'. Finance Minister Nirmala Sitharaman herself had asked Infosys - the vendor which created the portal - and its Chairman Nandan Nilekani to fix the technical glitches.
The income tax department has also launched a faceless e-assessment scheme to eliminate interface between an assessing officer and a taxpayer.
Organisers said last December that the entire cost of holding the Games would come to about $15.4 billion, including $2.8 billion in costs for the unprecedented postponement from 2020. Since then, the projected bill for postponement has risen to $3 billion.
Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry has clarified.
Asked about the customer's refusal to take a delivery from him, Faiyaz admitted he is feeling hurt over whatever happened.
The GST Council also decided that a committee of officers will be constituted to examine the simplification of forms for annual return and reconciliation statement.
If you receive an email claiming to be from the income tax department that there's an outstanding tax demand that you need to pay immediately, don't get alarmed. Get cautious.
The discount should be equal to interest rates on savings bank account deposit of State Bank of India.
The investigation against HUL was initiated on the basis of an anonymous complaint. It alleged 'profiteering' of around Rs 535 crore between November 15, 2017, and February 28, 2018.
Did you know that you can bargain with customer care and if you're lucky, you may get your favourite product at an affordable price?
Like the UPA government, probably the NDA government also feels that hardships caused to taxpayers are just collateral damage and that taxpayers are too few and even those few don't have a vote (non-individuals) or don't vote, says Harsh Roongta.
It was the relentless pursuit of justice over a decade by a group of senior citizens that resulted in the Supreme Court's order for demolition of the illegal 40-storey twin towers of a real estate group in Noida.
Supertech also plans to file an SLP in the Supreme Court.
Businesses with monthly turnover of over Rs 50 lakh will have to mandatorily pay at least 1 per cent of their GST liability in cash, the finance ministry said as it moved to curb evasion by fake invoicing. The Central Board of Indirect Taxes and Customs (CBIC) has introduced Rule 86B in Goods and Services Tax (GST) rules which restricts use of input tax credit (ITC) for discharging GST liability to 99 per cent. "... The registered person shall not use the amount available in electronic credit ledger to discharge his liability towards output tax in excess of 99 per cent of tax liability, in cases where the value of taxable supply ... in a month exceeds Rs 50 lakh," the CBIC said.
It neither mentions timelines for refund or compensation, nor talks about penal provisions for airlines.
The travel agents have demanded refunds for customers
Since the imposition of lockdown on March 25 by the government to contain the COVID-19 spread, businesses have been facing liquidity or cash crunch, leading to difficulties in paying their mandatory provident fund dues.
With Canada, Australia extending restrictions, admission seekers are deferring their studies or looking elsewhere.
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