They all seem to forget that the Music Academy is as much an independent institution as T M Krishna is an individual musician. In drawing those red lines for the Academy management, they do not even seem to recognise that they too have crossed a red line themselves, points out N Sathiya Moorthy.
'Interim Budget has ignited the entrepreneurial spirit.'
But the government will present a second tranche of Supplementary Demands for Grants during the Budget session of Parliament in February, when it can seek additional spending.
The 63-year-old has been admitted in a private ward of the hospital.
'The first duty of the government is to learn lessons from a bad experience and course correct. It's a pity that the government is making policy without looking at evidence and differentiating between immediate and urgent.'
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
The rising goods and services tax (GST) and personal income-tax collections may bolster the Narendra Modi government's ability to announce new schemes or enhance existing ones.
Lenders in India, comprising banks and finance companies, anticipate robust growth in retail credit during the upcoming festival season, stretching from September to December 2023. This expectation is based on resilient demand, government initiatives, and elections in key states.
The Union Cabinet on Wednesday approved changes to GST laws to levy a 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs, sources said. The amendments to the Central GST (CGST) and Integrated GST (IGST) acts, which were approved by the GST Council last week, are likely to be introduced in the ongoing monsoon session of Parliament, which will end on August 11. The GST Council in its 51st meeting on August 2 recommended amendments to the Schedule III of the CGST Act, 2017, to provide clarity on the taxation of supplies in casinos, horse racing and online gaming.
Union Finance Minister Nirmala Sitharaman, former chief minister B S Yediyurappa, IT industry veteran N R Narayana Murthy along with wife Sudha Murty, and Mysuru royal family member 'Rajamate' Pramoda Devi Wadiyar, were among the early voters who cast their ballot in the Karnataka Assembly polls.
So how do you rate the Modi government's 11th budget?
Rajya Sabha witnessed heated exchanges between the treasury and opposition benches after Congress leader Mallikarjun Kharge made remarks on the manner in which political parties select women candidates from weaker sections and raised the issue of 'delayed' GST payments to non-Bharatiya Janata Party ruled states.
The International Financial Services Centres Authority (IFSCA) has proposed key exemptions to the current listing framework and measures for setting up holding companies (holdcos) and special purpose acquisition companies (SPACs) to encourage domestic startups list at GIFT City, the country's only international financial services centre (IFSC). Under the current framework, to be eligible to list on IFSC exchanges, an issuing company should have operating revenue of at least $20 million in the preceding financial year and average pre-tax profits of at least $1 million during the preceding three financial years. An expert committee has noted these conditions have acted as hurdles to listing new-age companies, and they need a relook.
The action was undertaken after some fresh inputs were obtained during the questioning of few accused involved in the case. The sources said some of the people who are being searched are linked to Singh.
Sitharaman has held pre-budget meetings to elicit views of various sections including representatives of chambers of commerce and industry.
"We will raise Rs 300 crore via bonds of two-, three- and five-year tenures. This will be our maiden bond issuance and is part of our effort to widen funding sources," says Vimal Bhandari, executive vice-chairman and chief executive officer (CEO), Arka Fincap. The firm, a subsidiary of Kirloskar Oil, is only five years old and small (assets of around Rs 5,000 crore with an "AA" rating), but the response to this float will be closely watched: It would be the first by a non-banking finance company (NBFC) after Mint Road upped the risk weights on bank exposures to them by 25 percentage points. The move by the Reserve Bank of India (RBI) has caught NBFCs off guard even though the issue had been flagged by Governor Shaktikanta Das with their corner-room occupants (and that of banks) in July and August 2023 - on consumer credit and the dependency on bank borrowings.
Union Finance Minister Nirmala Sitharaman on Thursday came down heavily on Congress leader Rahul Gandhi for making baseless allegations against Prime Minister Narendra Modi on the Adani issue, and described him as a "repeat offender" in levelling such charges.
Stalin, in an interview to a daily, has refuted the FM's allegations, saying "everyone present in the Assembly knew it was a drama enacted by herself," referring to the late Jayalalithaa.
'It is violation of the Model Code of Conduct.' 'It is a penal offence under the IPC to exert undue influence on voters.' 'Under the election law, it is a corrupt practice.'
Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC).
'There is a need for an innovation sandbox where the PSBs can collaborate and then they can do their own innovation on top of it.'
The Union finance ministry on Thursday issued a clarification on the changes in FEMA rules which brings overseas international credit card spending under the RBI's liberalised remittance scheme (LRS). Here's how it affects you.
About a dozen states cutting across party lines on Wednesday pitched for extending the mechanism to compensate states for revenue lost from the implementation of GST beyond June 30, but no decision was taken. Briefing reporters about deliberations at the two-day meeting of the GST Council in Chandigarh, Union Finance Minister Nirmala Sitharaman said finance and other ministers of 16 states spoke on the compensation issue. Of the 16 states, 3-4 spoke of evolving their own revenue stream to break from the compensation mechanism, she said.
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.
'I wonder how people who come to power through democratic means turn out this way.' 'But people of India are strong, and those who think they can hoodwink people, are mistaken.' 'You can fool some people for some time, but not all people, all the time.'
A couple from Mumbai who recently shifted to Kerala has received Rs 15.31 crore from an anonymous donor to purchase a life-saving drug for the treatment of their 16-month-old son.
Banks may become more cautious in extending loans, as more and more farmers may take loans, relying on the assurance that a debt relief commission will back them in the event of default.
A taxpayer whose deductions and exemption claims are less than Rs 3.75 lakh annually would be advised to opt for the new income tax regime and pay less tax than they gave in the old regime, a senior finance ministry officer said on Wednesday. The Income Tax Department has arrived at the figure after making due calculations for ensuring a "hassle-free and less tax rate" filing regime for the assessees, he said. Union Finance Minister Nirmala Sitharaman, while presenting the Budget for 2023-24, said the government has made the new income tax regime more attractive for taxpayers bringing "substantial changes" in its structure for the benefit of the middle class.
They welcomed the guests before the start of the dinner from the reception dais, with its backdrop showcasing the ruins of the Nalanda University in Bihar besides India's G20 presidency theme -- 'Vasudhaiva Kutumbakam - One Earth, One Family, One Future'.
The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent, Sitharaman announced.
Sitharaman said the notion that across the board in India, violence against Muslims is happening is a fallacy.
US nominee for World Bank president, Ajay Banga, has tested positive for COVID-19 following which the meetings scheduled during his two-day visit to India have been cancelled. According to a Finance Ministry statement, Banga's meeting with Nirmala Sitharaman would not happen as he is in quarantine. "During routine testing, Ajay Banga tested positive for COVID-19 but remains asymptomatic.
Ahead of the Union Budget, the banking sector, through the Indian Banks' Association (IBA), has made recommendations to the Union finance ministry on direct tax, including removing Section 194N of the Income Tax Act. According to Section 194N, tax deduction at source (TDS) has to be done if a sum or sums withdrawn in cash by a person in a fiscal year exceed Rs 20 lakh if no income-tax return (ITR) has been filed for the three previous assessment years, and Rs 1 crore if ITRs have been filed in all the three previous assessment years.
To further tighten its control of practising accountants, the Centre has brought within the ambit of the Prevention of Money Laundering Act (PMLA) their "financial transactions" such as operating and managing their client firms and trusts, and buying and selling business entities. The Union finance ministry issued a gazette notification on this on Wednesday. Under the new rule, chartered accountants, company secretaries, and cost and works accountants carrying out such transactions (on behalf of their clients) will now be required to go through the Know Your Company (KYC) process before commencing work.
Opposition leaders slammed the Centre on Wednesday for its 'limited' focus on important sectors like health and education in the Budget for 2023-24 fiscal.
In a historic transition, the Parliament moved into a swanky new complex on Tuesday, with Prime Minister Narendra Modi urging MPs to forget all past bitterness and start a new chapter and the introduction of the women's reservation bill taking centre stage.
The free food scheme is driven by electoral considerations, but its long-term fiscal risks outweigh the short-term gains, cautions A K Bhattacharya.
'Sri Anna' means the best among all the food grains," Modi said.
Congress President M Mallikarjun Kharge on Thursday likened Prime Minister Narendra Modi to a "poisonous snake", drawing strong rebuke from the Bharatiya Janata Party which said "hate is coming out" with such comments and sought an apology from the veteran leader.
Congress president M Mallikarjun Kharge on Thursday likened Prime Minister Narendra Modi to a poisonous snake, drawing strong rebuke from the Bharatiya Janata Party which said 'hate is coming out' with such comments and sought an apology from the veteran leader.
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