Undisclosed credits of Rs. 20,353 crore detected with respect to 930 India linked entities in Panama and Paradise Paper Leaks As on 01.10.2021, total undisclosed credits amounting to Rs. 20,353 crore have been detected with respect to 930 India linked entities in the Panama and Paradise Paper Leaks. This was stated by Union Minister of […]
To check the petrol and diesel prices, Central Government has reduced Central Excise Duty on Petrol & Diesel by Rs. 5 and Rs. 10 respectively with effect from 04.11.2021. In response many states governments have also reduced Value Added Tax on petrol and diesel. Retail prices of petrol and diesel have sobered down across the country.
The Income Tax Department initiated search and seizure operations on a prominent business group, engaged primarily in the manufacturing of stainless steel and metal pipes, in Ahmedabad on 23.11. 2021. The search operation covered more than 30 premises in Ahmedabad and Mumbai. During the course of the search operation, a large number of incriminating documents, loose sheets, […]
The Income Tax Department has carried out search and seizure operations on 01.12.2021 in respect of 2 groups engaged in the Retail Sales of Jewellery, Textiles and Home Appliances through their popular chain of Stores in Chennai, Coimbatore, Madurai and Tirunelveli. A total of 37 premises were covered in this action.
Last date for updating KYC in Demat and Trading is 31st December 2021 Update your KYC else your Demat and Trading account will be made inactive. All Investors are requested to take note that as per Regulatory guidelines, 6-KYC attributes i.e. Name, PAN, Address, Mobile Number, Email-ID and Income Range have been made mandatory. This […]
From January 1, 2022, Food delivery apps will primarily collect5% GST with the government, on behalf of the restaurants, for deliveries made by these platforms. This has been proposed by the government with a motive to bring several restaurants under the GST regime. Tax experts suggests that it will create a greater impact on smaller […]
The Income Tax Department initiated a search and seizure operation on a prominent Kolkata-based Group, engaged in manufacturing of TMT Bars and structural construction materials etc. on 01.12.2021. The search action covered more than 20 premises spread over West Bengal and Odisha. The action unearthed various methods of tax evasion adopted by the group. A large number of […]
The Income Tax Department initiated search action on 24.11.2021 on a taxpayer in Delhi who has created a beneficiary trust and an underlying company in low tax overseas jurisdiction. The residence and business premises of the assessee were covered in the search action.
On account of huge accumulated debt of Air India, Government followed Enterprise Value (EV) bidding approach for strategic disinvestment of Air India and its identified subsidiaries/JVs (100% shareholding in AIXL and 50% shareholding in AISATS). This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in written reply to a question […]
1,42,73,910 new accounts opened under Sukanya Samriddhi Account (SSA) between 2018 and 2021 The number of new accounts opened under Sukanya Samriddhi Account (SSA) from 01.04.2018 to 31.10.2021 is 1,42,73,910. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in written reply to a question in Lok Sabha today. The Minister […]
