After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all the required documents in the past few days. According to the Income Tax (I-T) department, TMB had not submitted a statement of financial transactions (SFT) pertaining to cash deposits of around Rs 2,700 crore involving more than 10,000 accounts.
The Union home ministry has cancelled the Foreign Contribution Regulation Act (FCRA) registration of the Centre for Policy Research (CPR) for alleged violation of laws, a move the public think-tank termed "incomprehensible and disproportionate" and vowed to seek legal recourse against.
So how do you rate the Modi government's 11th budget?
"What we have been able to gather is that Newsclick stands accused of offences under the Unlawful Activities Prevention Act (UAPA), for purportedly carrying Chinese propaganda on its website. All devices, laptops, gadgets, phones, etc have been seized in the past. All emails and communications have been analysed under the microscope," the statement by NewsClick read.
The Himachal Pradesh government's Excise and Taxation Department inspected an Adani Group company, scrutinising records and checking the stock at the Adani Wilmar warehouse in Parwanoo, officials said on Thursday. The officials were apparently investigating possible GST violations by the company, a 50:50 joint venture between the Adani conglomerate and Singapore-based Wilmar. The inspection on Wednesday evening in the Congress-run state comes at a time when the group finds itself in the middle of a political row at the Centre, triggered by a scathing report by US-based Hindenburg Research.
The opposition Bharatiya Janata Party on Friday came down heavily on the Congress government in Karnataka for flaunting their 'rich fortunes and luxury lifestyles' following a viral video on social media showing Chief Minister Siddaramaiah and his cabinet colleague B Z Zameer Ahmed Khan in a private jet.
One of the key issues will be tax exemption sought by the ICC for the future global events in India like the 2021 Champions Trophy and the 2023 World Cup.
Police on Friday used tear gas to disperse Haryana farmers heading towards Khanauri on Punjab's border with the state where farmers, mostly from Punjab, have been camping since last week after their 'Delhi Chalo' march was halted by security forces.
The Income Tax Act might be amended to give effect to "jurisdiction-free assessment"
The government has set a target of adding 1.3 crore income tax filers in the current financial year against 1.1 crore new filers added last year.
Notably, Pakistani journalist Ali, cited the BBC documentary on the 2002 Gujarat riots and said he "regretted" that no US official had criticized it, while the US State Department highlighted the close relationship between the two countries, especially over shared values.
The government has set a direct tax collection target of Rs 13.35 trillion, which includes Rs 7.66 trillion from corporation tax and Rs 5.69 trillion from personal income tax.
The announcement came after the chief minister held a high level meeting with senior government officials on Thursday to discuss the implementation of both schemes, which are part of five poll guarantees of the Congress.
The DMK also warned of legal action against those who attempt to link Sadiq with either the party or its leaders.
At least 200 investors have to furnish financial statements
'There are multiple ups and downs.' 'You should be able to withstand all that.' 'You need to have the temperament to run a marathon.'
Despite finance minister's assurance, tax officials seem reluctant to take steps for tackling issues at stake
Currently, companies are taxed in the jurisdictions in which they have a physical presence. However, digital businesses generate revenues from markets without a significant physical presence in a country.
The government is planning to extend the electronic modes of tax payment to its own payments platform, Unified Payments Interface (UPI), credit cards of banks, or even a mobile wallet like Paytm.
First Rajya Sabha approved the Rs 45 lakh-crore spending proposed in the Budget, followed by the nod to the Finance Bill that contains tax proposals.
If, as promised, the refunds are done within 24 hours it will obviate one of the biggest reasons that taxpayers distrust the tax department -- delayed refunds especially in cases of large refunds.
CBDT has directed officials to start scrutinising information from tax evasion petitions, and take them up on a priority basis.
The immediate revenue loss could worsen the Centre's fiscal deficit, from the budgeted 3.3 per cent of gross domestic product (GDP) to 3.7 per cent of GDP -- a massive 40-basis-point increase. It was stabilised at 3.4 per cent since 2016-17, report Abhishek Waghmare and Dilasha Seth.
Shailaja Teacher, arguably the most famous Covid warrior in India, versus former student leader Shafi Parambil who defeated 'Metro Man' E Sreedharan in the last assembly election. Shyam G Menon reports from the Vadakara Lok Sabha constituency, which some feel is the most politically important contest in Kerala this election.
The government on Tuesday extended the deadline for linking PAN and Aadhaar by three months to June 30, 2023, to provide some more time to taxpayers, an official statement said. The earlier deadline was ending on March 31. Persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions, it added.
'There are unscrupulous traders who create fake invoices by showing bogus e-way bills, movement of goods.' 'Since the entities registered across different states, and kept on changing their numbers, tracing them was difficult.'
A government report revealed that fake companies floated with fake addresses, issued fake GST invoices and generated fake e-way bills, with fake vehicle registration details without supplying any goods causing huge loss to the exchequer.
The Securities and Exchange Board of India (Sebi) might relax the disclosure norms around rumour verification to help smooth implementation and ease compliance amid pushback from India Inc, said people in the know. The rule has been notified following amendments to the Listing Obligations and Disclosure Requirements (LODR) by Sebi. However, its implementation has been deferred until February.
The raids come as Rajasthan is witnessing an intense power tussle between chief minister Ashok Gehlot and his deputy Sachin Pilot.
CBDT feels 30% growth in income-tax not feasible.
The RBI raked in a massive net income gain from foreign exchange currency sales as a buffer for the rupee during tumultuous geopolitical upheavals last year owing to Russia's invasion of Ukraine.
An inquiry has been initiated by Directorate General of Central Excise Intelligence officials against these airlines.
The panel's report also provides a range for fiscal deficit and debt path of both the Union and states and also recommended additional borrowing room to states based on performance in power sector reforms. Finance Commission is a constitutional body that gives suggestions on Centre-state financial relations. The report of the 15th Finance Commission was tabled in the Lok Sabha by Finance Minister Nirmala Sitharaman.
Finance Ministry has asked excise and service tax officials to exercise caution while summoning CEOs and top functionaries of large firms or PSUs for probing any revenue cases.
Government gets Rs 17.1 lakh crore in its kitty
The Adani group will be generating almost 90 percent of its Ebitda (earnings before interest, tax, depreciation, and amortisation) from infrastructure business by 2025 as compared to 83 per cent generated from these businesses currently, top company officials told bankers recently. Of the infrastructure business, 49 per cent of the profits are currently contributed by energy and utility, another 25 per cent by transport and rest by cement and logistics businesses. This will go up substantially as several new projects like Navi Mumbai airport and other projects get commissioned and contribute to the overall Ebitda pie, bankers were told.
... And what explains the directions of change? asks Ajit Balakrishnan.
Finnish handset maker Nokia became the centre of a tax scandal as a team of Indian Income-Tax officials on Tuesday raided its factory near Chennai on charges of alleged tax evasion worth Rs 3,000 crore (30 billion).
Agricultural incomes can be taxed without hurting farmers, as a substantial section - the small and marginal ones - will remain outside the tax net simply because their incomes are likely to be below the basic exemption limit of Rs 250,000 per annum that is extended to all taxpayers in India, finds out Ishan Bakshi.
Within six months, outlets carrying Vicks jumped from 60,000 pharmacies to 750,000 general stores. The trade boycott collapsed. Consumers were happy, finding Vicks now at every street corner. A fascinating excerpt from Gurcharan Das's Another Sort of Freedom.
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