Rules applicable from April 1, 2014; investors who have already redeemed will also have to pay tax
The interest charged on an inter-state loan given to a credit card holder without the use of a plastic card would not be subject to the integrated goods and services tax (IGST), a two-judge bench of the Calcutta high court has ruled. In this connection, it recently set aside a ruling by a single judge of the high court. The issue was a loan of Rs 650,000 granted by Citi Bank with an EMI of Rs 58,056 for 12 months and inclusive of integrated GST (IGST) on each installment of interest.
The Congress on Wednesday questioned the Election Commission's move to get a post on electoral bonds scheme deleted from social media platform X and said that the issue raised in the post makes the government 'extremely uncomfortable'.
Modi launched a scathing attack on the Congress alleging that the opposition party has become outdated and has always been against any kind of reservation.
Rajasthan Chief Minister Bhajanlal Sharma, state BJP president C P Joshi and Union minister Bhupendra Yadav welcomed them into the party at its state headquarters in Jaipur.
There was no smooth surge in middle class prosperity for foreign businesses to tap into because of the Indian economy was mismanaged, argues Debashis Basu.
References to the repealed laws for service tax, purchase tax, etc, continue in the SEZ laws.
A bench comprising Justices Sanjiv Khanna and Dipankar Datta took note of the submissions of lawyer Prashant Bhushan, appearing for NGOs 'Common Cause' and the Centre for Public Interest Litigation, that the plea needed to be listed for hearing at the earliest.
The Centre told the Supreme Court on Wednesday that almost every country, including India, was grappling with the problem of use of black money in elections and the electoral bonds scheme was a "conscious attempt" to eradicate the menace of "unclean money" in the poll process.
The former Congress president alleged that PM Modi had a "monopoly over corruption".
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
Modi referred to the Lok Sabha polls as a "Kurukshetra (battle)" in which "there is development on one hand and 'vote jihad' on the other".
Former Spanish tennis star Arantxa Sanchez Vicario has been given a suspended jail term for fraud, a court in Barcelona said on Wednesday.
Modi brought up the emotive issue of the gurdwara in Kartarpur Sahib, a place sacred to Sikhs as Guru Nanak Dev spent the last years of his life there, and blamed the Congress for country's partition, saying they did it for sake of power.
To decide whether capital gains on surrender of call options are taxable
Avoid discontinuing your SIPs. Persist for at least 7-10 years.
...Even if it means less democracy, so that their everyday problems get solved? argues R Jagannathan.
The situation raises concerns about whether the promised freebies will once again push the state into a revenue deficit.
The case relates roughly to assessment years 2000-01 to 2002-03 and 2004-05 to 2007-08
Pre-Budget excercise next month should scrupulously avoid adventurism of all types and refrain from making excessively ambitious projections on revenue and expenditure numbers for 2023-24, suggests A K Bhattacharya.
The new provision under the Income-Tax Act may enable the authorities to seize trustees' personal assets if there's a breach of objectives governing registered charitable trusts.
'The government believes there is still significant scope to bring more people under the tax net and collect the right amount of taxes, in cases where taxpayers are underpaying,' says Kuldip Kumar, partner and leader personal tax, PwC.
'Maharashtra's asmita was crushed under Delhi's feet.' 'Marathi Manoos is definitely angry.'
'Are we so ready to believe that in this country whose virtues we constantly shout from the rooftops, there is no single person -- other than Modi -- in a minimum of 272 elected MPs with the talent and ability to lead this country?' asks Prem Panicker.
Ironically, rival Tamil Nadu governments expend the most on social welfare schemes, especially targeting women and youth and children, but that money comes only by selling more liquor. There is always the specious plea, which has been peddled very many times in the past, that without licensed liquor, drinkers would go after hooch and there could be more hooch tragedies and hooch deaths. No one is convinced, but no one can dispute it either, comments N Sathiya Moorthy.
The Reserve Bank of India (RBI) announced new rules for credit cards, applicable from July 1. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," the circular by RBI said. Business Standard culled out key rules from the list, and asked financial experts for advice on them, along with the thumb rules one needs to follow while using credit cards.
The Indian government has asked a federal court in Washington to dismiss Britain's Cairn Energy suit seeking enforcement of a $1.2 billion arbitral award, saying it had sovereign immunity under US law. Cairn had in May asked a US federal court to force Air India to pay a $1.26 billion arbitration award the firm had won in December. The government on August 13 filed a 'Motion to Dismiss' petition in the US District Court for the District of Colombia, saying it lacked subject matter jurisdiction in the dispute between Cairn and the Indian tax authority, according to a filing seen by PTI.
If the concerns over risking political capital are overcome, the long-term gains for the Indian economy will be immense, asserts A K Bhattacharya.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
Cooperative societies get more tax benefits as compared to individual house owners.
The US Trade Representative's (USTR) office will also conduct the Section 301 probe against nine others, including Austria, Brazil, Indonesia, Italy, Spain, Turkey, the Czech Republic, the UK, and the EU, for levying or considering digital services taxes "discriminating against US companies".
There is considerable speculation as to whether this award would have any bearing on another Vodafone-type case, namely, the ongoing tax-related arbitration proceedings with Cairn Energy.
The MPs suspended on Tuesday include National Conference's Farooq Abdullah and Congress leaders Shashi Tharoor and Manish Tewari.
Polling is scheduled in all 20 seats of Kerala, 14 of the 28 seats in Karnataka, 13 seats in Rajasthan, eight seats each in Maharashtra and Uttar Pradesh, six seats in Madhya Pradesh, five seats each in Assam and Bihar, three seats each in Chhattisgarh and West Bengal, and one seat each in Manipur, Tripura and Jammu and Kashmir.
A bench of Justices Sanjiv Khanna and Dipankar Datta, which continued hearing on the Kejriwal's plea challenging his arrest for the consecutive day, posed several queries to Additional Solicitor General S V Raju, appearing for the ED, and sought his reply on Friday.
'Not even a single rupee from the electoral bonds should be allowed to be used in the election.' 'If it is used in the election, it will taint India's electoral process itself.'
Among the bigwigs are Union ministers Amit Shah (Gandhinagar), Jyotiraditya Scindia (Guna), Mansukh Mandaviya (Porbandar), Parshottam Rupala (Rajkot), Pralhad Joshi (Dharwad) and SP Singh Baghel (Agra).
In an online chat with Rediff.com readers, personal finance expert Anil Rego answered queries about the new tax regime announced in the Union Budget.
Searches conducted by the Enforcement Directorate (ED) under the anti-money laundering law rose by 86 times while arrests and attachment of assets jumped by around 25 times in the 10 years since 2014 compared to the preceding nine-year period, according to official data.
