CBDT to reopen cases, conduct detailed inquiry of taxpayers who invested in such shares
From July 1, retail investors can offer stocks through exchanges for de-listing, buyback and open offers
Markets regulator Sebi on Monday barred Essel Group chairman Subhash Chandra and Zee Entertainment Enterprises Ltd (ZEEL) MD and CEO Punit Goenka from holding the position of a director or key managerial personnel in any listed company for siphoning off funds of the media firm. The case pertains to Chandra, who was also the chairman of ZEEL during the alleged violation, and Goenka having abused their position as directors or KMPs of a listed company for siphoning off funds for their own benefit. In its interim order, Sebi noted that Chandra and Goenka alienated the assets of ZEEL and other listed companies of Essel Group for the benefit of associate entities, which are owned and controlled by them.
The task force has provided probe agencies with a list of attributes, including disproportionate investments, debt, advances or cash, to red-flag such firms.
'We want to achieve overall profitability, and then we would go for an IPO.'
Mauritius is biggest route for investment into India.
A court ruled in favour of Vodafone on Friday in a long-running dispute with the Indian taxman, a boost for the British telecom group whose tax battles have been seen as emblematic of the troubles facing foreign investors in India.
An expert committee, set up by the Supreme Court to probe allegations against the Adani group following a bombshell report from a US short seller, has members with potential conflict of interest, a fresh petition filed in the apex court on Monday said.
Announcing his tax reforms Trump said his policies would benefit working families.
The Indian Staffing Federation says their demand assumes significance as the formal sector will grow after demonetisation and the segment will play a crucial role in that.
Experts say only three per cent individuals pay taxes.
Finance Minister P Chidambaram on Thursday ruled out changes in tax laws for micro-finance institutions and allowing foreign equity in the sector, but kept options open for a separate fund for them.
Higher levy on dividends earned by individuals also on radar.
Most of the individuals hail from Mumbai, Kolkata, Ahmedabad, Surat, and Delhi
With the new pension system attracting lukewarm response from citizens, interim regulator PFRDA today expressed hope that the Budget would provide tax exemption to individuals at the time of entry to encourage them to opt for the scheme.
PNGRB, the oil regulator, which as per its enacting legislation has powers to levy fee, has levied a minimum tax of Rs 2 crore per annum on turnover that companies like GAIL and Reliance Industries earn from selling CNG to automobiles and piped natural gas to households and industries.
The proposed tax exemptions and benefits notwithstanding, these new investment instruments would still be 'revenue accretive' for the government in the form of additional taxes.
India, the US and 12 other members of the IPEF grouping have signed a supply chain resilience agreement that would help mitigate risks of economic disruptions from supply chain shocks and improve crisis coordination. The agreement would help member countries like India to reduce their dependence on China and provide timely information to the IPEF member countries about potential supply disruptions. The COVID outbreak severely disrupted the global supply chain, as most countries were dependent on China for various products like pharma raw materials.
Their favourite alternatives: Malaysia, Vietnam and the Philippines. Note, India is missing from that list. And this is despite an attractive financial incentive scheme for OSAT players. The reason, said a senior executive of a US chip company who had a meeting in Taiwan just a few weeks ago, is that "they want more predictability in government policy because they plan to put in big money."
Some politicians were found to sponsor pilgrimage of their voters -- the most preferred destinations being Tirupati in Andhra Pradesh, Manjunatha Swami temple in Dharmasthala in Karnataka and Shirdi in Maharashtra.
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.
His value lifestyle brand Zudio signals a coming of age of retail in small town India.
To increase the deposit base, the banking industry is likely to press for restoration of tax exemption on interest income, increase in ceiling for tax deduction at source
In her Budget 2023-24 presentation, she also said the Centre will launch the 'Dekho Apna Desh' initiative to promote domestic tourism.
The crucial hearing on the PILs by a bench headed by Chief Justice D Y Chandrachud assumes significance in the wake of recent developments in which the Centre agreed to the apex court's proposal to set up a committee, likely to be headed by a former Supreme Court judge, to look into the regulatory regimes.
India Inc is staring at significantly higher compliance and governance costs, following the Securities and Exchange Board of India's (Sebi's) latest tightening of disclosure norms and regulations around the filling of key positions, the materiality of information, and third-party transfers. Recently, the securities market regulator amended the Listing Obligations and Disclosure Requirements (LODR) to introduce a raft of changes that will affect how listed companies go about transparency and disclosures. The new framework will further empower public shareholders and soon move towards a 'comply or be penalised regime or comply or explain' in the case of high-value debt-listed entities.
Standard Chartered Bank is setting up an international banking unit primarily to look after Indian company requirements. The bank is looking for a $2-billion loan book in the first five years of business.
Face Rs 1,000-cr minimum alternate tax demand
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The Central Board of Direct Taxes has issued new directives for selection of scrutiny cases during the financial year 2013-14 by the taxman which also includes big ticket international transactions.
The GST Council, headed by Jaitley and comprising representatives of all the states, is scheduled to meet in Srinagar on May 18-19 to finalise tax rates on different goods and services after unifying at least 10 indirect taxes into the Goods and Services Tax.
About Rs 1,282 crore has been levied as tax in 159 cases pertaining to concealment of tax due to the government
The sector has sought a mandatory natural catastrophe cover to cover perils in calamity-prone areas.
Foreign portfolio investors (FPIs) are likely to seek from the finance ministry a six-month extension of the date for complying with the amendments to the Prevention of Money-Laundering Act (PMLA), citing implementation challenges. Sources said FPIs, through their custodians, were planning to approach the ministry, highlighting key concerns and seeking more clarification. The ministry, through a notification on March 7, lowered the threshold for reporting ultimate beneficial ownership (UBO) for non-profit organisations and politically exposed persons to 10 per cent from 25 per cent.
Two organisations tracking tax violations and money laundering worldwide identify totally different sets of countries for lack of financial transparency.
The Union home ministry on Thursday recommended a Central Bureau of Investigation probe into the affairs of the Indian arm of the global NGO Oxfam for alleged violation of the Foreign Contribution (Regulation) Act, sources said.
FM is likely to raise tax slabs.
The FIR against the Indian arm of the global NGO Oxfam was registered based on a complaint from the ministry of home affairs.
Network18 Group has $260,000 in island-nation.
The government should take measures to promote innovation and R&D while simplifying regulations for the sector in the upcoming Union Budget, as per pharmaceutical industry bodies. Outlining the wish list for the sector in the upcoming Union Budget, Indian Pharmaceutical Alliance (IPA) secretary general Sudarshan Jain said the domestic pharma industry is currently around $50 billion in size and aspires to grow to around $130 billion by 2030 and $450 billion by 2047. "To achieve this vision, the Union Budget 2023-2024 should help fuel innovation and R&D, which will set the pace for propelling the pharmaceutical industry forward," he told PTI.
