Over 3.4 lakh investors dealing in listed equity shares and mutual funds are suspected to have evaded or not reported long-term capital gains tax, an analysis by the income tax department showed, prompting authorities to dismiss demands for the abolition of the levy introduced two years ago.
NBFCs have sought setting up of a permanent refinance window for the sector in the Union Budget.
India is facing its worst economic slowdown in a decade. Growth slipped to 4.5% in the July-September quarter.
Last week, the indirect tax wing of the revenue department blocked the credits within four hours, CBIC chairman John Joseph said at an event on Monday. Companies are entitled to credits on tax paid on inputs in the production chain so that there is no cascading effect of taxes. Instances of a large number of frauds prompted the govt to crack the whip.
The Centre has started a search process to find the next chairman of the Securities and Exchange Board of India (Sebi). Incumbent Sebi chief Ajay Tyagi’s three-year term ends in March.
The govt is estimating a Rs 1 lakh cr loss due to a reduction in corporate tax, lower than what was expected.
As the Budget draws near, the odds for a personal income tax cut are becoming less and less likely.
Around 14.33 lakh jobs were created in November 2019 as compared with 12.60 lakh in the previous month, according to payroll data of the Employees' State Insurance Corporation (ESIC). Gross enrolments of new subscribers with ESIC were 1.49 crore during the entire financial year 2018-19, the National Statistical Office (NSO) said in a report.
The govt had set a target of Rs 13.5 trillion as direct tax collection for the current year.
Speaking at a session at the World Economic Forum (WEF) annual summit, the Commerce and Industry Minister also said the government will hold discussions with Britain and European Union on free trade agreements.
India's largest microfinance firm CreditAccess Grameen has reported 8% rise in net profit for the December quarter at Rs 108 crore over Rs 100 crore, even as some repayment issues in coastal Karnataka has kept the lender on its toes.
In India, the focus will be on export-dependent sectors like pharma and outsourcing as much as private consumption themes around financial services, retail, food and beverages and healthcare.
The net addition to the ESIC, after excluding those who ceased paying their contribution during the month, was 6.97 lakh, the highest for any month in the current fiscal year.
Subhash Chandra Garg said corporate tax, excise duties and customs are likely to see negative growth in collections in 2019-20- something of the order of 8 per cent in corporate taxes, about 5 per cent negative growth in excise duties (Rs 2.2 lakh crore against Rs 2.31 lakh crore) and about 10 per cent lower collection in customs duty (Rs 1.06 lakh crore against Rs 1.18 lakh crore).
Interim dividend may come up for discussion as the govt struggles to meet its fiscal deficit target of 3.3%.
Under the Assam Inland Water Transport Project (AIWTP), the infrastructure of passenger ferry services will be improved and the capacity of institutions running the inland water transport will be strengthened. Better-designed terminals and energy-efficient vessels will make the ferry services more sustainable with least disruption to nature.
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