Questioning has begun. The tax department has already issued notices to subsidiaries of several MNCs.
The government may also tweak the definition of ‘long term’ from a year to two years.
Budget 2020 proposal for salaried professionals: PPF, NSC sops on cards to increase taxpayers' savings
Finance Ministry may allow tax exemptions of up to Rs 2.5L for savings and up to Rs 50,000 for NSC.
Complaints to the National Financial Reporting Authority (NFRA), the regulator of CA firms, are likely to cite failures of Grant Thornton and PwC in spotting irregularities, market sources said. Investors have also demanded a copy of the forensic audit conducted by Grant Thornton. PwC was the statutory auditor of Reliance Home Finance.
Mutual funds, AIFs may need to report corporate governance issues in firms they invest in.
Some small and medium enterprises have dragged the government to court over levying cesses on firms exempted from customs duty even as the revenue department scrambles to boost tax collections.
InvITs are like mutual funds where investors are allotted units on which they earn some returns.
An estimated 500,000 cases have been pending in the courts and quasi-judicial forums for years.
The company had approached the Ahmedabad bench of NCLT for an approval to transfer investment undertakings from Sun Pharma to its Netherlands-based wholly-owned subsidiary. Sun Pharma now has the option to challenge the NCLT ruling in higher courts. The decision was approved by the Sun Pharma board in May 2018.
Many countries have been questioning the manner in which global firms such as Facebook and Google operate and pay taxes.
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