Several politicians said they were not even aware of the provision in the UP Act.
The federal probe agency has also called for documents and the recording of statements of some company executives under provisions of the FEMA, they said.
At least 120 insurance intermediaries and aggregators from across the country are under scrutiny, mainly from Mumbai, Gurugram and Bengaluru.
The Income Tax Act might be amended to give effect to "jurisdiction-free assessment"
Lok Sabha on Friday passed the Finance Bill 2023 with 64 official amendments, including the one that seeks withdrawal of long-term tax benefits on certain categories of debt mutual funds and another for setting up the GST Appelate Tribunal. The Finance Bill that gives effect to tax proposals for fiscal year starting April 1 was passed without a discussion amidst ruckus by opposition members demanding a JPC (Joint Parliamentary Committee) probe into the allegations against the Adani group of companies. While moving the bill for passage and consideration, finance minister Nirmala Sitharaman also announced the setting up of a committee under finance secretary to look into pension issues of government employees.
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.
At least 200 investors have to furnish financial statements
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.
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 CBI has lodged an FIR against three persons and unidentified officials of the Central Board of Film Certification (CBFC) over the allegations of actor Vishal that he had to pay Rs 6.5 lakh to get a certificate for his film Mark Antony, officials said on Thursday.
After bumbling for years since 2014, the Modi government seems to believe that massive government expenditure will lead us to prosperity supported by 'seat-of-the-pants' decision-making, observes Debashis Basu.
Despite finance minister's assurance, tax officials seem reluctant to take steps for tackling issues at stake
Justice Beevi was admitted to the private hospital a few days ago due to age-related ailments and breathed her last on Thursday afternoon around 12.15 pm, an official source said.
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.
Some of the top cricketers are contemplating terminating their central contracts with the Pakistan Cricket Board after some were refused NOCs to go and play in foreign T20 leagues.
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.
A whirlwind trip of the dark underbelly of global finance, covering everything from tax law changes to aiding criminals to decamp with money from bank accounts.
GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST).
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.
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.
It aims at tackling issues such as child labour, mistreatment of workers, and denial of basic wages, among others. There will also be penalties for non-compliance.
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.
CBDT has directed officials to start scrutinising information from tax evasion petitions, and take them up on a priority basis.
An inquiry has been initiated by Directorate General of Central Excise Intelligence officials against these airlines.
CBDT feels 30% growth in income-tax not feasible.
So how do you rate the Modi government's 11th budget?
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.
'Our objective is to reach a localisation rate of 50% in the span of five years.'
Government gets Rs 17.1 lakh crore in its kitty
The raids come as Rajasthan is witnessing an intense power tussle between chief minister Ashok Gehlot and his deputy Sachin Pilot.
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.
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.
Prime Minister Narendra Modi on Friday announced a Rs 100 per cylinder cut in cooking gas LPG price to ease financial burden on households. Non-subsidised cooking gas price will be cut to Rs 803 per 14.2-kg cylinder in the national capital with effect from midnight of Friday/Saturday, official sources said. Prices vary from state to state depending on the incidence on local taxes.
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.
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).
The net profit of the listed Adani group companies more than doubled year-on-year (Y-o-Y) in the first half of 2023-24 (H1FY24), even as their revenue declined in this period. The nine firms posted a 107.7 per cent jump in net profit at Rs 23,929 crore in April-September compared to the year-ago period. Net sales, on the other hand, were down 14 per cent to Rs 1.49 trillion in H1FY24, data collated by Business Standard showed.
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.
'Somebody was using somebody to make statements that will stir the stock market and lead to a surge.' 'A sudden surge and a sudden crash is always an ideal situation for people to make illicit gains and then siphoning off the money.'
E-sports experts say the burgeoning sector will not be affected by the Goods and Services Tax (GST) Council's recent decision to levy a blanket 28 per cent tax on online gaming, which is being viewed by the industry as a death blow to gaming companies.
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.
