The Union home ministry's notification giving effect to the Government of National Capital Territory of Delhi (Amendment) Act, 2021 came on Tuesday night, as the city battles a ferocious COVID-19 wave and its healthcare system is stretched to breaking point.
The rate of tax deduction at source (TDS) has been doubled from the earlier 5 per cent to 10 per cent for these professionals, reports Economic Times.
This taxation applies to all types of transfer of property.
Non-reporting of overseas income by employers may be categorised as 'abetment' under the Act.
The deduction will be higher and net take-home pay will fall.
The pre-Budget proposals sent to the finance ministry aim to bring uniformity in tax treatment for investments in different financial sectors, mitigate hardship to retail taxpayers, and encourage participation in mutual funds.
Financial institutions at the risk of US sanctions as sharing of documents on SC directive amounts to violation of existing agreements.
The finance ministry has proposed to decriminalise a host of minor offences, including those relating to cheque bounce and repayment of loans, in as many as 19 legislations to help businesses tide over the crisis caused by the coronavirus outbreak. The 19 legislations include Negotiable Instruments Act (cheque bounce), SARFAESI Act (repayment of bank loans), LIC Act, PFRDA Act, RBI Act, NHB Act, Banking Regulation Act and Chit Funds Act.
Apart from making your purchases on these platforms expensive, it will also mean sellers will have to face the brunt of reduced cash flows amid already low margins for some. Experts said the proposal, which will take effect on April 1, 2020, and will be inserted as a new section in the Income Tax Act, is expected to affect the working capital of e-commerce companies and reduce cash flows for e-sellers.
'The finance ministry and public sector banks have tried to keep the names of wilful defaulters secret.' 'Secrecy and concealing information are inbred among banks and even the RBI,' observes Debashis Basu, editor, www.moneylife.in.
The US became the first country in the world to have more than one million cases of coronavirus. It accounts for nearly one-third of the 3.1 million cases globally.
The Bharatiya Janata Party MLAs staged a walkout ahead of the voice vote.
In Sandelerbil village alone in the Hingalgunj block in the Sundarbans, around 36 families from the Scheduled Caste community migrated from Tamil Nadu in March, where they had been working in a gas oven factory. A majority awaits dues promised but not paid. The story is no different in the villages of Manipur, Atapur, and Amtoli under the Sandeshkhali block in the Sundarbans.
US SEC order says that Cadbury India paid an agent a total of USD 90,666 (Rs 61.70 lakh) for "providing consultation, arrange statutory/government prescribed formats of applications to be filed for various statutory clearances, documentation, preparation of files and the submission of the same with government authorities," for specific licences.
FIIs have been aggressive buyers of bonds since the beginning of 2013.
A Taiwanese cyber security expert has claimed to have compromised server of China based smartphone maker Xiaomi but the company called it a hoax.
Tainted Pakistan pacer Mohammad Amir will resume his international cricket career in New Zealand as immigration officials granted him a visa following a five-year ban and jail time for indulging in spot-fixing during the 2010 tour of England.
Market experts attributed the huge sell-off to weakness in Indian currency.
While you can land a very good bargain in an auction at times, you might need to deal with illegal occupants and dues on the property
It hopes to attract billions of dollars in investment by this move, and may ease some restrictions on foreign inflows.
FATCA will facilitate flow of financial information between countries.
Rs 275 cr payment to Tata Power (SED) blocked for putting Indian part
Overseas funds have been spooked by several policy measures taken by the government in the past few years
'If this first instalment of advance tax is paid by June 30, instead of June 15, then the interest on delayed payment will be levied at 0.75% per month instead of 1% per month,' notes Homi Mistry, a partner with Deloitte India.
Within the next two years, verification and scrutiny of returns will happen electronically through anonymised back offices manned by tax experts and officials. It will function without any personal interface between taxpayers and tax officers. Both the taxpayer and the tax officer will not know each other -- who is scrutinising whose return, and at which place, points out Kuldip Kumar, partner and leader personal tax, PwC.
'Initially, Gift City was just another real estate project, but all that changed with Modi moving to New Delhi,' notes Tamal Bandyopadhyay.
The Street is talking about the New Rakesh Jhunjhunwala who has invested heavily in a particular stock.
The warning came after Nokia Chairman and interim chief executive officer Risto Siilasmaa met Commerce Minister Anand Sharma and tax authorities in a bid to resolve the Rs 21,153-crore (Rs 211.53 billion) liability it faces.
The US state department has withheld release of "seven email chains" sent from former secretary of state Hillary Clinton's private server, admitting for the first time that her home server contained closely guarded government secrets.
The rupee sank below 60 rupees to the dollar and government bonds had their biggest single-day fall in a month on Monday as higher-than-expected May inflation compounded worries about the impact of violence in Iraq on the price of oil, which India imports.
The notices were moved by Leader of the Congress in Lok Sabha Mallikarjun Kharge, Veerappa Moily, K V Thomas, Jyotiraditya Scindia and Rajiv Satav, sources said.
While auditors have come in for a lot of praise for their proactive stand against what they perceive to be dodgy practices followed by companies, there is still a long way to go, says Shyamal Majumdar.
For the past 10 years or more, the RBI has been turning down dozens of applications under the RTI Act that sought disclosing the list of wilful defaulters and the RBI's inspection reports. In fact, it is the only organisation that has a granular and complete view of the heist that has been going on for 25 years at least. But it has escaped any blame for the multiple rounds of bankruptcy and massive periodic recapitalisation of public sector banks caused by bad loans. In fact, they don't want anyone to know how incompetent and collusive they have been in handling bad loans, says Debashis Basu.
The rupee is being driven into a vicious circle.
Even if the same party returns to power, what is important to debate is that having introduced an entitlement, how challenging it is to reverse such decisions, says Mukesh Butani.
Stop hiding information. Be communicative.
Various alleged administrative and financial irregularities worth crores have been pointed out in execution of development works in worst Naxal-hit Bastar district of Chhattisgarh by state Accountant General.
Describing former Chief Minister Digambar Kamat as a "habitual offender involved in corrupt practices", the Goa crime branch has alleged before a court in Panaji that he "actively participated" in the conspiracy and was among the beneficiaries in Louis Berger bribery case.
The court also allowed Indian Banks' Association, another respondent, to file a response.
The Tax Administration Reform Commission submitted report to Jaitley in June 2014.
