Short-term capital gains tax of 30% is likely to be levied if bitcoin is held for less than three years and 20% if held for longer than 36 months.
Shah said that Modi has always maintained that he is in power to change the country for the better and not merely to run the government.
the I-T department attached a total of 12 plots of Bharti and her husband Shailesh Kumar, Bihar Deputy Chief Minister Tejaswi Yadav and ex chief minister Rabri Devi, and sisters Ragini and Chanda Yadav.
Under attack for allegedly meeting officials of companies accused in 2G scam, Central Bureau of Investigation Director Ranjit Sinha on Thursday said that he would recuse himself from the ongoing probe in Coal scam if the Supreme Court ordered so.
The larger amount of black money either goes into domestic real estate or bullion, or is round-tripped back into India anyway.
The department has found that Rs 100 crore were deposited in 500 Jan Dhan accounts in the banks in western Madhya Pradesh post-demonetisation.
In the first of a three-part series Paranjoy Guha Thakurta details the salient features of the Undisclosed Foreign Income and Assets (Imposition of Tax) Act, 2015.
The I-T Department has served notices of attachment of assets to Lalu's daughter Misa Bharti and her husband Shailesh Kumar, his wife and former Bihar Chief Minister Rabri Devi, son and Bihar Deputy Chief Minister Tejashwi Yadav and daughters Chanda and Ragini Yadav.
The Reserve Bank of India on Monday directed all banks and financial institutions to provide information and documents sought by the Special Investigation Team (SIT) set up to unearth black money.
Scores of Congress workers on Monday protested outside residence of External Affairs Minister Sushma Swaraj demanding her resignation for "extending help" to scam-tainted former Indian Premier League Commissioner Lalit Modi in procuring travel documents in the United Kingdom.
The searches are linked to suspected movement of hawala money during the ongoing polls season and tax evasion.
The Supreme Court on Wednesday asked the Centre to ensure that the ongoing income tax probe for suspected black money concerning 627 Indians who have accounts in HSBC bank, Geneva, do not get time barred and be completed by March next year.
The agency had received intelligence inputs that a huge amount of "unaccounted" cash is lying at the groups properties at Delhi and Noida.
The move came in view of a PIL filed in the Patna HC where concerns have been raised that some of these declarants could be engaged in routing their illegal funds.
Undisclosed income has been detected in respect of 10 assessee groups which included those linked to AIADMK leader V K Sasikala.
The I-T department expects that some more revenue would be garnered.
G20 summit noticeably lacked in responses to illicit financial flows, one of the largest drags on development worldwide
While the crackdown is a major step in combating tax evasion and improving transparency, it might also impact the flexibility and genuine corporate structures created to achieve legitimate objectives, says Suresh Surana.
'If my understanding is correct, one has to file not less than 37 returns per year for every ordinary business, and that too per state.' 'If you are doing businesses in Chennai, Bangalore and Hyderabad, you have to file 37x3 returns every year!' 'The consequence of GST will be chaos, confusion and possibly economic crisis.'
Experts say only three per cent individuals pay taxes.
Formula One Chief Executive Bernie Ecclestone has been indicted in Germany in a case relating to the sale of a stake in the motor racing business eight years ago, a spokesman for a Munich court said on Wednesday.
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As of September, account for bulk of applications for availing of the government's amnesty scheme.
Addressing chartered accountants on the foundation day of the Institute of Chartered Accountants in India, Modi also said CAs should take a pledge to bring people in the tax bracket rather than boasting about the number of clients they have saved from paying taxes.
"It would be appropriate for you to include two representatives from us so as to better understand our concerns about the company, and also to enable the new shareholders to confidently expect a highly empowered and engaged workforce," Jet staff told SBI.
Union Finance Minister Nirmala Sitharaman on Tuesday said the mass consumption items such as pulses, wheat, rice, flour, and curd will not attract the 5 per cent goods and services tax (GST) when sold loose, and not pre-packed or pre-labelled. The clarification came amid protests and widespread criticism by Opposition Members of Parliament over foisting GST on daily-use essentials and subsequent price rise. The all-powerful GST Council, chaired by the Union minister, had last month decided to impose GST on some mass consumption items to simplify the rate structure, which came into effect on Monday.
The searches are also being conducted at the premises of the son of RJD MP P C Gupta and few other businessmen.
The Bombay high court on Monday directed the Income Tax department not to take any coercive action against Reliance Group chairman Anil Ambani till November 17 on a show cause notice issued to him seeking to prosecute him under the Black Money Act. The I-T department had issued the notice to Ambani on August 8, 2022 for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani (63) with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities.
Maradona's inheritance process is likely to be a messy affair between his large family, with eight children from six different partners
'The government's principal aim should be to reduce the volume of cash transactions.' 'That would bring more of the Indian economy within the purview of taxation.' 'The current downturn in economic activity due to a lack of adequate cash is likely to be limited to a year,'
Citing national security and confidentiality clauses, the Finance Ministry has declined to disclose information on exchange of correspondence among India, Swiss and German authorities in connection with the black money probe.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
Countrywide raids are being conducted in connection with a money laundering case linked to a fertiliser scam.
A day after the Union cabinet withdrew a controversial ordinance on convicted lawmakers it had earlier cleared, yoga guru Baba Ramdev on Thursday termed the decision as "strangulation of democracy" as it was effected after condemnation by Congress Vice President Rahul Gandhi.
Resisting the Supreme Court's attempt to revisit the 2016 demonetisation exercise, the government said on Friday the court cannot decide a matter when no tangible relief can be granted by way of "putting the clock back" and "unscrambling a scrambled egg".
The case dates back to January, 2007 when the man was arrested with an AK series assault rifle, 200 bullets, five hand grenades and a satellite phone by the Karnataka Police.
With this amount, the total seizure in the case has now gone upto Rs 166 crore in a single case.
The ED had summoned Patel, 70, twice for questioning in the case but the Congress Rajya Sabha MP from Gujarat later cited prevailing COVID-19 guidelines that advises senior citizens to stay indoors in order to remain safe from the pandemic.
On the face of it, there could be a bump up in tax filings, but its impact on tax collections is not that straightforward
Some may lose competitiveness due to higher compliance costs
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
