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Tax evasion: I-T makes highest cash seizure of Rs 9.55 cr in Pune The policy-making body of the department said the action was undertaken on November 4. It did not identify the entity. Current Affairs :The CBDT on Thursday said the Income Tax Department has made a record-breaking high money seizure of Rs 9.55 crore in the Pune district of Maharashtra after it struck a nearby specialist regarding a tax avoidance case. The approach making body of the division said the activity was attempted on November 4. It didn’t distinguish the element. “Knowledge data was gotten that the representative was in control of a lot of money at his home and that this money was probably going to be moved inside a limited capacity to focus time. “In a quick activity, some starter circumspect enquiries were made to learn the accessibility of money and a solitary warrant was executed to look through the habitation of the person alongside review at his business premises,” the Central Board of Di...

Kejriwal demands more funds for Delhi under the ‘Jammu & Kashmir model’ According to Arvind Kejriwal, under the current modelDelhi gets far less than what it contributes as income tax Current Affairs  :- Delhi Chief Minister Arvind Kejriwal has said that the national capital ought to be incorporated into the fifteenth Finance Commission, on the lines of Jammu and Kashmir, so it may get a higher portion of focal duties. The Finance Commission, set up under Article 280 of the Constitution of India, accommodates the dispersion of net expense continues from the Center to states and furthermore decides the standards administering awards in-help of income of state from the Consolidated Fund of India. Notwithstanding, the Commission doesn’t think about Union Territories as states or decide any standards for award in-help. Attributable to its status as an UT, Delhi gets a fixed total of assets from the Union home service. In a meeting with The Economic Times, Kejriwal s...

India Inc’s advance tax mop-up surges 171% in Q1, Mumbai collection up 133% Mumbai collected Rs 17,174 crore of advance taxes against Rs 7,356 crore in the same period last year, according to data compiled by the tax dept. Current Affairs :-India Inc’s development expense figures developed exponentially by 171 percent during the principal quarter of 2019-20, provoking the assessment experts to state that the economy might be in the groove again subsequent to seeing dreary development in prior quarters. In generally speaking direct duty gathering, Mumbai has enlisted 133 percent development, gathering Rs 17,174 crore of development charges against Rs 7,356 crore in a similar period a year ago, as indicated by the information accumulated by the assessment office. Corporate expense accumulations remained at Rs 14,873 crore, against Rs 5,477 crore a year prior. People paid Rs 2,301 crore, up 22.4 percent over Rs 1,879 crore in Q1 of 2018-19 (FY19). The main portion of deve...

Trade mis-invoicing cost India $13 bn in tax revenues in 2016, says report The findings are part of a report by Washington, DC-based think tank Global Financial Integrity Current Affair :-India is assessed to have lost $13 billion potential duty income in 2016, equal to a stunning 5.5 percent of all out government income accumulations in those days, because of basic exchange invoicing. The discoveries, some portion of a report by Washington, DC-based research organization Global Financial Integrity (GFI), are set to stress policymakers who have progressively attempted to get serious about fake assessment rehearses. Exchange misinvoicing includes the two exporters and merchants purposely distorting the esteem, amount, or nature of products or administrations in a business exchange and is treated as a standout amongst the most widely recognized types of expense misrepresentation by the legislature. Of the lost income, around $4 billion was because of conscious misinvoi...

India refuses to join e-commerce talks at WTO, says rules to hurt country The government believes the push for initiating negotiations on substantive obligations related to e-commerce will oblige India to permanently accept the current moratorium on imposing customs duties India won’t join the discussions on web-based business at the  World Trade Organization ( WTO ), with New Delhi pushing the draft online business arrangement back home. This comes when more extravagant countries are batting for worldwide guidelines for the division. Dialogs on the guidelines are set to begin by March. “The thought is to make rules that will fill in as the premise of any later global concurrence on web based business, which will support more extravagant countries inferable from the idea of the created market frameworks and infiltration by online firms in the retail space,” a trade division official said. The draft, brought out on Saturday, cautioned about the threats of monstrous i...

News digest: I-T holds back Rs 20,000 cr, RIL’s profit rises 8.8%, and more From Centre looking at options to boost farmer income to Goyal setting terms for Rs 700-crore infusion, BS brings you up to date with the latest news I-T keeps down Rs 20,000 crore in expense discounts The Income Tax (I-T) office has chosen not to discharge some high-esteem discounts guaranteed by corporates and open segment units for the money related year 2016-17, refering to reasons, for example, disparities in the credit of Tax Deduction at source (TDS), convey forward misfortunes, and pending expense interest for the earlier years, said two sources aware of the improvement.  Read more Focus seeing alternatives to support agriculturist salary: Singh Only days before the between time Budget for 2019, Agriculture Minister Radha Mohan Singh on Thursday said the NDA government was taking a gander at more up to date approaches to support ranchers’ pay and, in the past over four years, chan...