Undisclosed overseas assets such as immovable property, jewellery, shares and art works will be valued at fair market price for the purpose of tax and penalty under the new black money law.
Move seen as prelude to GST rollout; rules for Cenvat credit also likely to be simplified.
A tax authority has ruled that Mauritius-based companies will have not have to pay capital gains tax in the country, a decision that will encourage global business entities to route investment from the island nation.
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
Elections may be a few months away, but the government may get into election mode much earlier than that, predicts A K Bhattacharya.
Two equity funds at the opposite ends of the risk matrix - small-cap and arbitrage - bucked the 'low inflow' trend in May this calendar year 2023 (CY23) to receive the highest net inflows in recent years. The Rs 3,280-crore net inflows into small-cap schemes in May was the highest for the category since the mutual fund (MF) industry started releasing fund-wise inflow data in April 2019. Arbitrage schemes raked in a net Rs 6,640 crore - the highest since July 2021.
With audits and greater emphasis on anti-evasion measures, more tax demands will lead to more litigation. So, it is a bit early to start celebrating. GST is still work in progress.
