ECI asks CBDT TO Verify Chandrasekhar’s Affidavit.
| |

ECI asks CBDT TO Verify Chandrasekhar’s Affidavit.

Election Commission of India has directed the Central Board of Direct Tax (CBDT) to verify Union minister Rajeev Chandrasekhar’s general election affidavit declaration following a complaint from the Indian National Congress as well as the left democratic Front earlier this week said people aware of the development. Chandrasekhar is BJP candidate from Thiruvananthapuram in Kerala…

CBIC Issues SOP for Officials to Prevent Taxpayer Harassment
| | | |

CBIC Issues SOP for Officials to Prevent Taxpayer Harassment

The Central Board of Indirect Tax and Customs (CBIC) has approved a detailed standard operating procedure for officials of the Directorate General of GST Intelligence (DGGI) with specific instructions regarding their conduct during tax investigation, summons and searches to improve the ease of doing business and to prevent any incident of harassment to taxpayers. The…

March Gold Imports Likely to drop Over 90% as Prices surge

March Gold Imports Likely to drop Over 90% as Prices surge

 India’s gold imports are set to plunge by more than 90% in march from the previous month to hit their lowest level since the COVID pandemic as Blanks cut imports after record- high prices hit demand, a government official and two bank dealers told Reuter. Lower imports by India, the World’s second biggest consumer of…

Taxman Sending Mails in Cases of Advance Tax, Transactions Mismatch

Taxman Sending Mails in Cases of Advance Tax, Transactions Mismatch

The income tax department has started sending emails and messages to assesses whose advance taxes paid during the current fiscal are not in sync with their financial transactions. The department has also initiated an e-campaign to inform taxpayers to compute their advance tax correctly and deposit the due advance tax on or before March 15….

More Payment Banks Under Scanner
| |

More Payment Banks Under Scanner

More payment banks may face regulatory action as the Financial Intelligence Unit (FIU) has detected about 50,000 accounts without know-your-customer (KYC) verification and potentially engaged in suspicious transactions and money laundering activities. About 30,000 of these are with payments banks other than Paytm Payments Bank and details have already been given to the Reserve Bank…

Taxman Trains Lens on Donations to Smaller Parties
|

Taxman Trains Lens on Donations to Smaller Parties

The Income Tax Department has sent notices to a number of taxpayers who made donations to political parties that are registered, but not recognised by the Election Commission. The notices sent to individuals and corporates are for donations made in FY21 and FY22, to find out whether such payments to lesser-known political parties were used…

Customs Case: Singhania-led Firm Pays ₹328-cr Penalty

Customs Case: Singhania-led Firm Pays ₹328-cr Penalty

The Gautam Singhania-led Raymond Group settled a case of alleged customs duty evasion filed by the Directorate of Revenue Intelligence (DRI) over the import of 142 cars by paying ₹328crore. The amount paid by Raymond Group unit JK Investors (Bombay) Ltd is inclusive of differential duty along with interest and penalty applicable at 15%, said…

Indians Recycling Jewellery for Weddings as Gold Prices Surge
| |

Indians Recycling Jewellery for Weddings as Gold Prices Surge

Surging gold prices are prompting some Indians to exchange gold jewellery for new pieces as demand rises during the wedding season in the biggest consumer of the precious metal after China. More Indians are looking to reuse their gold, and the higher prices mean imports will remain pressured in the coming months, said Surendra Mehta,…

MNCs Challenge GST Notices on Services Received from Expats

MNCs Challenge GST Notices on Services Received from Expats

More than a dozen companies have contested the show cause notices (SCNs) issued by the Directorate of GST Intelligence (DGGI) over the secondment issue, sources in the know told ET. Secondment or deputation of expatriates is subject to GST if the expatriate employee is being reimbursed by the Indian company for the services provided to…