Q1 Tax Revenue Likely to Exceed budgeted Growth
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Q1 Tax Revenue Likely to Exceed budgeted Growth

The government expects its tax revenues in the first quarter to exceed budgeted growth but is likely to stick to the interim budget revenue estimates in the full budget. Officials said the full-year projection in the interim budget was realistic and arrived at after taking into account multiple factors including global headwinds. “With continuity in…

Nepalese Citizens’ Plea Puts I-T in Dock for invoking Black Money Act  
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Nepalese Citizens’ Plea Puts I-T in Dock for invoking Black Money Act  

In a development which would decide whether foreigners can be booked under India’s Black Money Act, two Nepalese citizens have challenged the Income Tax (I-T) department which invoked the harsh statute to serve them notices. According to the tax office, the law can be used against anyone who is a ‘resident’ a status an individual,…

Esops from Foreign Cos on Taxman’s Radar

Esops from Foreign Cos on Taxman’s Radar

A brush with the harsh Black Money law can sometimes be an unwanted consequence of employee stock ownership plan (Esop) offered by overseas companies. A number of resident individuals working in Indian subsidiaries and arms of offshore parents have recently received notices from the income tax (I-T) department, which has pointed out amounts that either…

HNI Investors in Offshore ‘Blank Cheque’ Cos Receive I-T Notices

HNI Investors in Offshore ‘Blank Cheque’ Cos Receive I-T Notices

Well-heeled Indians betting on ‘blank cheque’ firms -the Wall Street term for special purpose acquisition companies or SPACs-have started receiving notices from the tax department. (I-T) department has served notices to at least four people in the last 10 days, sources told ET. SPACs are formed solely to raise capital by inviting investors in a…

Celebs And Influencers will be held Liable for Misleading Ads, Warns SC
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Celebs And Influencers will be held Liable for Misleading Ads, Warns SC

The Supreme Court on Tuesday warned that celebrities, social media influencers and advertisers will be equally responsible and liable if they endorse and publish deceptive and misleading ad campaigns or services related to food and health products. It is the shared responsibility of advertisers and endorsers, including celebrities and influencers, to ensure the accuracy of…

Serum Moves SC Against Tweak to Tax Sops to Biz

Serum Moves SC Against Tweak to Tax Sops to Biz

Vaccine manufacturer Serum Institute of India (SII) on Monday moved the Supreme Court challenging a 2016 amendment to the Income Tax Act that ma- de subsidy, grant, waivers, concessions or reimbursements by Centre or states or incentives in cash or kind as taxable. The amendment had inserted sub-clause (xviii) to Section 2(24), which defines taxable…

SC Junks Traders’ Petition Against MSME Payments clause in I-T Act
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SC Junks Traders’ Petition Against MSME Payments clause in I-T Act

The Supreme Court on Monday refused to entertain a petition by traders’ associations, challenging the constitutionality of Section 43B(H) of the Income Tax Act that requires businesses to settle their dues with micro, small and medium enterprises (MSMEs) within 45 days to claim tax benefits. A bench led by Chief Justice DY Chandrachud instead as…

Big Six Corner Most of Auditing Business in nifty-500 Universe
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Big Six Corner Most of Auditing Business in nifty-500 Universe

Affiliate firms of the top six leading professional services firms, namely Deloitte, PwC, EV KPMG, Grant Thornton, and BDO controlled 323 audit assignments out of 483 Nifty-500 companies as of March 31, 2024, according to data from primeinfobase.com. This accounted for nearly 1 nearly two-thirds (67%) of all audits performed, with auditor information missing for…