The budget for the next fiscal has proposed to add a new tax regime to the existing one. From April, taxpayers will have the option to choose the proposed lower tax rates with no exemptions, or the existing regime that allows for deductions and exemptions.
The ecommerce entities, including Amazon.com and Walmart-owned homegrown etailer Flipkart, have said they need time to upgrade IT systems in order to enable them to collect the 1% tax deduction at source (TDS) from sellers, a senior government official said.
In its order dated February 10, the Delhi High Court court said the company had already paid Rs 16.58 crore of the total demand of Rs 89.73 crore and clamped a stay on the recovery of the balance amount
In a bid to prevent a possible roadblock to the government’s disinvestment push, the department of investment and public asset management (Dipam) has begun identifying central public sector enterprises (CPSEs) which may be facing issues with the clause of having their government shareholding at 51% in lending agreements.
Carriers including Bharti Airtel and Vodafone Idea, along with Tata Teleservices, Telenor, Aircel and Reliance Communications, have to pay Rs 1.47 lakh crore to the government at the earliest, after the Supreme Court came down heavily on the companies for not paying by the deadline it had imposed.
Tax experts said that the move was likely to trigger litigations with taxpayers challenging the demands, since the government had at the time of migration to the new indirect tax regime waived off interest and penalties for filing their tax returns.
The National Anti-profiteering Authority has said in its order that L’Oreal India had not given any reasons for reducing its estimate or for not correcting the amount on its end, and had left it to the authority to approve the corrected amount.
The field offices of Bhopal, Patna, Lucknow, Chennai, Pune, Shillong, Delhi and Mumbai, collectively destroyed 11,326 kgs of cannabis, 251 kg of heroin, 316 kg of ephedrine, 321 kg of ketamine, 3,549 ecstasy tablets, 25,400 bottles of phensedyl, 4,896 bottles of amphetamine and 56 kgs of other drugs.
Sale of government stake in HZL alone can fetch it over Rs 24,000 crore, aiding the government meet the steep divestment target of Rs 2.1 lakh crore for FY21. The government owns 49% stake in BALCO and 29.54% in HZL, companies that were privatised by the Atal Bihari Vajpayee led-NDA 1government.
Hacking into the government’s India's goods and services tax (GST) database and its associated infrastructure dependencies installed at GST Network (GSTN) can now lead to 10-year imprisonment, as the assets have been declared as 'protected systems' by the finance ministry, under the IT Act.
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