ECONOMY & NATION


Rakesh Nangia  and   Rahul Jain 25 May 2015
The unwarranted amendment in Section 263, empowering the Income Tax Commissioner to disrupt settled assessments based on personal opinion will adversely affect the fragile business environment in India and lead to fresh litigations   Consider this – the assessment in your case gets...

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Finance Minister Arun Jaitley on Monday asked the Income Tax department to squeeze the parallel economy, also called black economy, in a fair manner without being harsh.   "The parallel economy has to be squeezed and this has to be done in a very fair manner, not in a harsh manner. In...

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Finance Minister Arun Jaitley on Monday asked the Income Tax department to squeeze the parallel economy, also called black economy, in a fair manner without being harsh.   "The parallel economy has to be squeezed and this has to be done in a very fair manner, not in a harsh manner. In...

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Prachi Salve (IANS) 25 May 2015
Apart from India, the graduation model was tested in Ethiopia, Ghana, Honduras, Pakistan and Peru by researchers from the Abdul Latif Jameel Poverty Action Lab (J-PAL) of the Massachusetts Institute of Technology (MIT) in Boston, US   Some interventions in day-to-day living have led...

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Biswajit Choudhury (IANS) 25 May 2015
On corruption, which was a major electoral plank for the Bharatiya Janata Party in the run-up to the elections last year, more than 60 percent of the people polled felt the levels have either increased or seen no improvement, and just 12 percent agreed that graft has...

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The swearing-in ceremony of AIADMK general secretary J.Jayalalithaa as chief minister and her council of ministers here on Saturday caused a controversy after a very short version of the national anthem was played on the occasion.   Before the swearing-in ceremony, it was announced...

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Sreeparna Chakrabarty (IANS) 23 May 2015
After the NDA's victory and the complete decimation of the UPA-II in the 2014 polls, the Opposition was stunned into inaction   The Modi government's first year in office and its brute majority has spurred the Opposition on instead of crushing it. Increasingly, the ruling party has...

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Anjali Ojha (IANS) 23 May 2015
With banking schemes like Jan Dhan Yojana, mass movement programmes like Swachh Bharat Abhiyaan, and social movements like Beti Bachao, the government says no sector has been left untouched in its commitment for inclusive development   The year-old Narendra Modi-led government says...

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Depreciation in dollar value, interest payments on securities held by the apex bank in non-dollar currencies and the rich payouts for its participation in the forwards trading market led to an exponential rise in India's foreign exchange reserves.   According to the data furnished by...

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AIADMK general secretary J. Jayalalithaa was sworn-in as the chief minister of Tamil Nadu for the fifth time on Saturday, within a fortnight of the Karnataka High Court acquitting her in a corruption case.   Jayalalithaa, 67, was administered the oath of office and secrecy by Governor...

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Aparajita Gupta (IANS) 22 May 2015
There are around 255 operational malls in the top seven cities of India including Delhi, Mumbai, Pune, Bangalore, Kolkata, Chennai and Hyderabad   With 95 operational malls in an around Delhi, the National Capital Region has emerged as the mall capital of India but only 12 of them are...

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On Friday, Congress spokesperson Durgadas Kamat alleged that the former archives and archaeology minister posted a new Facebook profile photo on Thursday night   The Congress has asked the police to trace convicted former Goa minister Francisco Pacheco, who has been dodging arrest for...

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Fed up of what they call government's "indifferent attitude", the Rs.60,000 crore per annum metal trading industry headquartered in Mumbai has decided to desert Maharashtra for Gujarat, a top official said here on Friday.   Metal and Stainless Steel Merchants Association (MSSMA)...

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The north Indian states of Delhi, Punjab, Haryana and Himachal Pradesh on Thursday agreed on achieveing uniformity in tax rates, a Delhi government statement said.   The consensus was brought in a meeting of finance ministers of these states at the Delhi Secretariat on...

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India-based conglomerate Mahindra and Mahindra (M&M) on Thursday said it will acquire 33 percent voting stake in Mitsubishi Heavy Industries's subsidiary -- Mitsubishi Agricultural Machinery (MAM).   Under an agreement, Mahindra will invest three billion yen or $25 million for the...

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Operators of KG-D6 oil and gas blocks in the Bay of Bengal, Reliance Industries (RIL) and its British partner BP have surrendered two more blocks, reducing their specific assets to four exploration acreages from the original 21.   "During the year, RIL opted to relinquish two blocks...

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Budget passenger carrier SpiceJet on Thursday said one of its founders, Ajay Singh, has been appointed as chairman and that the low-cost carrier (LCC) has managed to garner Rs.300 crore funding.   According to the company, in a meeting held on Thursday its board of directors appointed...

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Justice TNC Rangarajan Retd 21 May 2015
There are obvious advantages in adopting the idea of diverting income at source or even in making the bank as the account keeper and remitting the tax after a proper assessment. This is the concluding part of the seven part series on tax reforms   Every taxation system basically...

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Moneylife Digital Team 21 May 2015
The forms 15G and 15H need to be submitted for tax exemptions on interest earned on bank deposits, preferably at the beginning of the new financial year but before June end   Many people prefer to keep their savings in bank fixed deposits (FDs), as such deposits earn higher rate of...

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Vatsal Srivastava (IANS) 21 May 2015
The dollar, however, finished higher against all major currencies except the pound, which meant that the currency market is factoring in a September rate hike   It would be hard to put the Federal Open Market Committee (FOMC) minutes released Wednesday night under the hawkish or...

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