Tax Loss In India
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"No Physical Records Damaged, No Data Loss": Income Tax Department After Fire
The income tax department on Tuesday said there was no data loss pertaining to taxpayers due the fire at its CR Building in ITO in which one official died.
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Inclusion Into Startup Initiatives, Risk Mitigating Policies: BWA Lists Web3 Needs for Upcoming Government
The BWA, in a recent announcement, listed some immediate steps that the upcoming government could consider aiming to grow the blockchain-based sector. Providing escrow accounts and banking services for owners of Web3 businesses, allowing offsetting of losses, and reducing the one percent TDS tax law to 0.01 percent are among suggestions given by th...
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Billionaire Businessmen Arrested In Multi-Crore GST Fraud Case In Noida
In a breakthrough in the Goods and Services Tax (GST) fraud case, the Noida Police on Wednesday said it has arrested two Haryana-based "billionaire businessmen" who allegedly masterminded the multi-crore revenue loss to the exchequer.
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Indian Tax Authorities Are Losing Rs 2 Lakh Crore Annually, Claims Report
As Cricket World Cup 2023 is gaining momentum, illegal betting activities are also picking up steam with crores of rupees invested through informal routes leading to a loss of about Rs 2 lakh crore to tax authorities, a report said.
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Indian Online Gaming Firms Planning to Relocate Could Violate Laws: Official
Indian online gaming firms planning to relocate overseas to avoid a new 28 percent tax on the sector run the risk of violating the country's foreign exchange laws, Vivek Johri, head of the indirect taxes' department, said on Thursday. New Delhi does not plan to implement the tax retrospectively, he said, in response to speculation it could do so.
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Online Gaming Companies Say 28 Percent GST Will Limit Their Business, Lead to Lakhs of Job Losses
Online gaming companies on Tuesday said that levying of 28 percent GST will limit their ability to invest in new games, impacting cash flows as well as business expansion. The All India Gaming Federation (AIGF), which represents companies like Nazara, GamesKraft, Zupee and Winzo, said the decision by the council is unconstitutional, irrational, and...
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Rs 176-Crore Tax Fraud Mastermind Caught While Trying To Flee Country
A 34-year-old alleged mastermind of a fake input tax credit racket, which caused a loss of Rs 176 crore to the government by floating fictitious companies in the names of poor people, has been arrested while attempting to flee the country.
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PhonePe Paid Rs 8,000 Crore In Taxes For Shifting To India: CEO Sameer Nigam
Fintech firm PhonePe on Wednesday said it had to pay Rs 8,000 crore in taxes for shifting its domicile to India and is also likely to incur an accumulated loss of Rs 7,300 crore.
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GST Evasion Of Rs 55,575 Crore Detected In Last 2 Years
GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday.
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Wockhardt Reports Rs 207 Crore Loss In Q2 After Restructuring Its US Business
Wockhardt Ltd on Friday reported a consolidated loss after tax of Rs 207 crore in the second quarter ended September 30, 2022
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Sensex Rallies Over 1,000 Points After UK's Policy U-Turn On Tax Cuts
Stock Market India: Equity benchmarks recovered on Tuesday from deep losses in the previous session, tracking improving global market sentiment.
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Ford India Loss Widens To Rs 4,229 Crore In 2021-22
The Indian arm of US carmaker Ford, which had last year decided to exit from the country, saw widening of its loss after tax to Rs 4,229 crore in fiscal 2021-22, according to data provided by business intelligence platform Tofler.
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Indian Shares Fall As Metals Tumble; Automobiles Help Cap Losses
India announced a series of changes to the tax structure levied on fuel and crucial commodities in a bid to help fight surging inflation.
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GST Faces Its Biggest Challenge Yet After A Big Court Ruling
Several states are pressuring the ruling government to extend a program to continue compensation for losses from Goods and Services Tax (GST)or risk a stalemate in attempts to further simplify the structure
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Fuel Retailers Staring At Under-Recoveries, Says Petroleum Minister
With fuel prices remaining unchanged for almost two months despite a rise in cost, oil companies have started detailing under-recoveries or losses
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"No Physical Records Damaged, No Data Loss": Income Tax Department After Fire
The income tax department on Tuesday said there was no data loss pertaining to taxpayers due the fire at its CR Building in ITO in which one official died.
-
Inclusion Into Startup Initiatives, Risk Mitigating Policies: BWA Lists Web3 Needs for Upcoming Government
The BWA, in a recent announcement, listed some immediate steps that the upcoming government could consider aiming to grow the blockchain-based sector. Providing escrow accounts and banking services for owners of Web3 businesses, allowing offsetting of losses, and reducing the one percent TDS tax law to 0.01 percent are among suggestions given by th...
-
Billionaire Businessmen Arrested In Multi-Crore GST Fraud Case In Noida
In a breakthrough in the Goods and Services Tax (GST) fraud case, the Noida Police on Wednesday said it has arrested two Haryana-based "billionaire businessmen" who allegedly masterminded the multi-crore revenue loss to the exchequer.
-
Indian Tax Authorities Are Losing Rs 2 Lakh Crore Annually, Claims Report
As Cricket World Cup 2023 is gaining momentum, illegal betting activities are also picking up steam with crores of rupees invested through informal routes leading to a loss of about Rs 2 lakh crore to tax authorities, a report said.
-
Indian Online Gaming Firms Planning to Relocate Could Violate Laws: Official
Indian online gaming firms planning to relocate overseas to avoid a new 28 percent tax on the sector run the risk of violating the country's foreign exchange laws, Vivek Johri, head of the indirect taxes' department, said on Thursday. New Delhi does not plan to implement the tax retrospectively, he said, in response to speculation it could do so.
-
Online Gaming Companies Say 28 Percent GST Will Limit Their Business, Lead to Lakhs of Job Losses
Online gaming companies on Tuesday said that levying of 28 percent GST will limit their ability to invest in new games, impacting cash flows as well as business expansion. The All India Gaming Federation (AIGF), which represents companies like Nazara, GamesKraft, Zupee and Winzo, said the decision by the council is unconstitutional, irrational, and...
-
Rs 176-Crore Tax Fraud Mastermind Caught While Trying To Flee Country
A 34-year-old alleged mastermind of a fake input tax credit racket, which caused a loss of Rs 176 crore to the government by floating fictitious companies in the names of poor people, has been arrested while attempting to flee the country.
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PhonePe Paid Rs 8,000 Crore In Taxes For Shifting To India: CEO Sameer Nigam
Fintech firm PhonePe on Wednesday said it had to pay Rs 8,000 crore in taxes for shifting its domicile to India and is also likely to incur an accumulated loss of Rs 7,300 crore.
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GST Evasion Of Rs 55,575 Crore Detected In Last 2 Years
GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday.
-
Wockhardt Reports Rs 207 Crore Loss In Q2 After Restructuring Its US Business
Wockhardt Ltd on Friday reported a consolidated loss after tax of Rs 207 crore in the second quarter ended September 30, 2022
-
Sensex Rallies Over 1,000 Points After UK's Policy U-Turn On Tax Cuts
Stock Market India: Equity benchmarks recovered on Tuesday from deep losses in the previous session, tracking improving global market sentiment.
-
Ford India Loss Widens To Rs 4,229 Crore In 2021-22
The Indian arm of US carmaker Ford, which had last year decided to exit from the country, saw widening of its loss after tax to Rs 4,229 crore in fiscal 2021-22, according to data provided by business intelligence platform Tofler.
-
Indian Shares Fall As Metals Tumble; Automobiles Help Cap Losses
India announced a series of changes to the tax structure levied on fuel and crucial commodities in a bid to help fight surging inflation.
-
GST Faces Its Biggest Challenge Yet After A Big Court Ruling
Several states are pressuring the ruling government to extend a program to continue compensation for losses from Goods and Services Tax (GST)or risk a stalemate in attempts to further simplify the structure
-
Fuel Retailers Staring At Under-Recoveries, Says Petroleum Minister
With fuel prices remaining unchanged for almost two months despite a rise in cost, oil companies have started detailing under-recoveries or losses
