Govt. Cancel FCRA Licences of 6 NGOs Over ‘Violations’
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Govt. Cancel FCRA Licences of 6 NGOs Over ‘Violations’

The Union home ministry has cancelled the Foreign Contribution Registration Act (FCRA) licences of six non-governmental organizations (NGOs) for their alleged violation of the FCRA rules, misuse of foreign grants, religious conversion, among others, ET has learnt. The cancellation came following a scrutiny by the Centre in March-April this year, said officials familiar with the…

Closing Fake A/cs in Govt. Schemes Saved ₹335 L cr.
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Closing Fake A/cs in Govt. Schemes Saved ₹335 L cr.

Weeding out fake beneficiaries of the government’s schemes for food security, rural employment and fuel subsidy between FY18 and FY24 resulted in saving of about 3.35 lakh crore for the exchequer, according to a recent internal presentation of the department of expenditure. The department identified and cancelled 50.1 million fake ration cards, struck off 41.3…

Cash in Circulation More than Doubles Since FY17 on Consumption Demand
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Cash in Circulation More than Doubles Since FY17 on Consumption Demand

Cash in circulation has more than doubled since 2016-17-the year of de monetization and launch of UPI despite phasing out of the 22,000 notes. HSBC PMI and CMS cash index have moved in tandem showing both cash and digital payments have seen growth underscoring the continued relevance of cash. Currency in circulation increased from 13.35…

Byju’s Pays Part March Salary After CEO Takes on New debt
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Byju’s Pays Part March Salary After CEO Takes on New debt

Major Byju’s has only paid a part of March salaries to its employees as of April 20 in yet another delay of these payouts as it battles a severe cash crunch. On April 8, the company had said that it had started paying salaries for March and expected to complete the exercise by April 18….

Net Direct Tax Collections Surge 17.7% YoY to ₹19.58L cr in FY24
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Net Direct Tax Collections Surge 17.7% YoY to ₹19.58L cr in FY24

India’s net direct tax collections surged 17.7% year-on-year to 19.58 lakh crore in the fiscal year ended March 2024, surpassing the revised estimates, official data released Sunday showed. Net direct taxes in 2023-24 exceeded the budget estimates by 1.35 lakh crore (7.40%) and the revised estimates by ₹13,000 crores, it showed. Higher direct tax collections…

HSBC Geneva Leak: ITAT Says Data is Old, Bank Balance Can’t be Taxed
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HSBC Geneva Leak: ITAT Says Data is Old, Bank Balance Can’t be Taxed

Almost 14 years after the sensational data leak from HSBC Geneva, a tax order has questioned the very approach of the Income Tax (1-T) department in going after individuals whose names figured in the infamous list of information that was stolen by an employee of the British Bank’s Swiss private banking arm. In a decision…

SC to Examine Validity of ₹ 33,000 crore I-T Claim on Jaypee Infra
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SC to Examine Validity of ₹ 33,000 crore I-T Claim on Jaypee Infra

The Supreme Court on Monday said it will examine the validity of the commissioner of Income Tax’s assessment raising claim of ₹33,000 crore on Jaypee Infratech Ltd (JIL) taking note of the “endless litigation” affecting 22,000 home buyers of the debt-laden realty company It asked the Central Board of Direct Taxes to examine the department’s…

Rice Exporters Face ₹2000 cr Tax Bill
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Rice Exporters Face ₹2000 cr Tax Bill

Customs authorities in Indian have demanded additional duty payments from about 45 major rice exporters due to imposition of 20% export duty potentially disrupting future rice shipments from the country. The department has issued notices to these exporters for the September 2022 to January 30 2023 period and the tax demand could be about ₹2000…

Gold Likely to Get costlier as Mideast Tensions Escalate
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Gold Likely to Get costlier as Mideast Tensions Escalate

Gold prices may further increase amid the escalating geopolitical tensions in West Asia industry executives and Jewellers said adding that prices may shoot up to ₹75000 per 10 gm when the market opens on Monday. The price had shot up to ₹73174 per 10 gm last Friday up 11.4% from ₹65.646 per 10 gm on…