THE SLUGGISH PACE of investments by Corporate India has been possibly the biggest policy conundrum leading up to the first Budget of the NDA government’s third term under Prime Minister Narendra Modi. However, the Union Budget speech for 2024-25 is silent on why private sector investments haven’t quite commenced despite the corporate tax breaks in 2019, the significant ramping up of government’s capex over the last few years, the improving profitability of India Inc, and healthy bank balance sheets. On Monday, the Economic Survey, authored by Chief Economic Advisor V…
Category: Income Tax for the West Bengal Govt employees
Nigerian national gets bail in Cordelia drug raid case | Mumbai News
The Bombay High Court Tuesday granted bail to a Nigerian national arrested by the Narcotics Control Bureau (NCB) in connection with the Cordelia cruise ship drug raid case in October, 2021. He was the last accused in the case who was yet to get bail from the courts. Chinedu Igwe from Nigeria was arrested by the NCB claiming that ecstasy tablets weighing 15 g were seized from him. Igwe had approached the HC after the special court designated under Narcotic Drugs and Psychotropic Substances (NDPS) Act had rejected his bail…
French leftist alliance selects Lucie Castets as candidate for new prime minister | World News
France’s leftist New Popular Front, which won the most seats in high-stakes legislative elections earlier this month, said Tuesday it has selected Lucie Castets, a civil servant unknown to the public, as their candidate to be the new French prime minister. The announcement came shortly before President Emmanuel Macron is scheduled to appear in a nationally broadcast televised interview Tuesday evening, in hopes of ending weeks of political deadlock. Castets, a senior civil servant, graduated from Sciences Po, the London School of Economics, and the École Nationale d’ Administration. She…
Market watchers slam hike in long term capital gains tax, say will discourage savings, investments | Pune News
Market watchers said Union Finance Minister Nirmala Sitharaman’s move to hike long term capital gains (LTCG) tax from 10 per cent to 12.5 per cent will discourage savings and investments. “Just when the stock market has been having a good run for a long time, the news dampened the spirits… It is an unnecessary move,” Gaurav Bora of Laksh Financial Solutions told The Indian Express. “By making taxation change in long term capital gain from 10% to 12.5% and in short term capital gain from 15% to 20%, the government…
Tripura Human Rights Commission serves notices to DGP, DMs over recent violence at Gandatwisa, asks for report in 3 weeks | India News
Expressing dismay over the recent violence at Tripura’s Gandatwisa in Dhalai district and alleged inaction of the police authorities in arresting the culprits, the Tripura Human Rights Commission (THRC) served notices and asked director general of police (DGP) and the district magistrate to submit a report within three weeks on their actions taken in this case. The three-member THRC panel headed by its chairperson S C Das said they were shocked to see reports in the news media about the large-scale violence, arson, looting etc, at Gandatwisa and no registration…
Amid heavy rains, yellow alert issued for Mumbai from today till Friday | Mumbai News
Mumbai woke up to yet another day of overcast skies and heavy downpour on Tuesday as the India Meteorological Department’s Colaba station clocked in over 94 mm rainfall between Monday and Tuesday morning. The downpour is slated to continue in the metropolis and its neighbouring districts with the IMD issuing a yellow alert in Mumbai from Wednesday (July 24) until Friday. Data furnished by the weather department showed that while Colaba received heavy downpour of nearly 100 mm, the Santacruz recording station registered 42 mm rainfall during the same period.…
GST Liability Arises on Advance Amounts Received Against Supply Portion of a Work Contract
The GST is liable to get paid in advance obtained against the supply concerning the work contract, The Gujarat Authority of Advance Ruling (AAR) ruled. The turnkey contract entered into by the applicant has been ruled to be a work contract, remarked by the bench of Amit Kumar Mishra and Milind Kavatkar. The petitioner is in the engineering, procurement, and construction (EPC) contract business with various distribution companies (DISCOMS). The petitioner mentioned that they pose a turnkey contract with Paschim Gujarat Vij Company Ltd. (PGVCL) for the supply of the…
When Jaya Bachchan’s father told Harivansh Rai Bachchan, ‘my family is utterly ruined,’ after Jaya married Amitabh Bachchan | Bollywood News
With billionaire Mukesh Ambani’s son Anant Ambani marrying Radhika Merchant, daughter of Viren Merchant, CEO of Encore Healthcare, the spotlight is back on big-fat Indian weddings. Despite the trend of lavish celebrity weddings in recent decades, the marriage of Bollywood’s Shahenshah Amitabh Bachchan to legendary actor Jaya Bhaduri was notably a subdued affair. In his autobiography, In the Afternoon of Time, Amitabh’s father, renowned poet Harivansh Rai Bachchan, beautifully narrated the events leading up to the wedding and explained why all the ceremonies were held in a low-key manner. Assuming…
ICAI and Others Seek Permanent ITR Due Date of August 31
The taxpayer has provided the recommendations to permanently revise the due date since they are facing issues accessing Form 26AS and AIS. There is a rise in the demand to extend the ITR due date from July 31, 2024, to August 31, 2024, because of the technical problems on the income tax portal. An extended due date could assist various assesses to prevent the late filing penalties hence diminishing the financial stress. Concern would have been expressed by organizations such as All Gujarat Federation of Tax Consultants, Income Tax Bar…
A Budget priority, urban development gets new housing scheme, Rs 4,000 crore for EWS and middle income group | India News
Highlighting urban development as one of the nine priorities of Budget 2024-2025, Finance Minister Nirmala Sitharaman on Tuesday announced the Pradhan Mantri Awas Yojana-Urban 2.0, with Rs 2.2 lakh crore central assistance over five years, to construct one crore additional houses. “Under the PM Awas Yojana Urban 2.0, housing needs of one crore urban poor and middle-class families will be addressed with an investment of Rs 10 lakh crore. This will include the central assistance of Rs 2.2 lakh crore in the next five years. A provision of interest subsidy…