TDS at 5% on foreign tour packages, remittances abroad

New Delhi (IANS) Money flowing out of India is being taxed with tax deduction at source added on services like foreign tour packages and remittances as the outgoing funds flow is sought to being taxed.

The Budget 2020-21 has mandated a 5 per…

DHFL MD sent to ED custody till Friday

Mumbai (IANS) A Mumbai Special Court has granted fresh custody of Chairman and Managing Director of Dewan Housing Finance Ltd (DHFL) Kapil Wadhawan to the Enforcement Directorate till February 7, in connection with a money-laundering case involving…

Indian markets reclaim pre-Budget levels; Sensex, Nifty gain 2%

Mumbai (IANS) Indian markets on Tuesday made up for the losses it incurred on Budget day supported by a sharp decline in global oil prices. Sensex added 917 points during the day's trade led by index-heavyweights like Reliance Industries, HDFC…

No need to repeal LIC Act for divestment of stake

Chennai (IANS) There is no need to repeal the Life Insurance Corporation (LIC) Act 1956 and convert LIC into a company under the Companies Act, but the sovereign guarantee on the policy holders has outlived its utility and can be cancelled, said experts…

Netting Bill ready to boost bond market: DEA Secy

New Delhi (IANS) The Government has provided sufficient grounds to use the 'escape clause' in the FRBM Act and it does not foresee any hardening of bond yields and Foreign Portfolio investors not investing in India, Department of Economic…

Two tax systems give flexibility, widen people's choice: Rev Secy

New Delhi (IANS) Stating that most countries have multiple slabs and gradual increase in tax brackets to minimise the scope of under-reporting of income, Revenue Secretary Ajay Bhushan Pandey has said that the new system is simple and gives more choice…

Fuel prices further reduced post Budget

New Delhi (IANS) A day after the Budget, petrol and diesel prices were further cut on Sunday as international crude oil markets got hammered due to slump in demand because of coronavirus scare in China. The price of petrol was cut by 9 paise and that…

'Bona fide Indian workers abroad won't be affected by NRI rule tweak'

New Delhi (IANS) A day after Union Budget proposed to tweak the rule to prevent NRIs from evading tax in India, the Finance Ministry has clarified that bona fide workers in other countries including in the Middle East who are not liable to tax in…

GST portal problems face flak from filers, date extended by 3 days

New Delhi (IANS) Following a barrage of embarrassing complaints about the GST portal not working and lakhs of returns pending, the Central Board of Indirect Taxes and Custorms (CBIC) has extended the dates for filing GSTR-9 and GSTR-9C forms for three…

Equity market trades flat ahead of Union Budget

Mumbai (IANS) As the markets opened on Saturday on the day of the Union Budget the key equity indices traded on a flat-to-positive note.

The tepid trade in the domestic indices can also be attributed to the decline in the US and Asian markets…