The week before Diwali usually sees a surge in currency in circulation as consumption rises and majority of payments for personal expenditure continues to be in cash. This year, the festivals have also coincided with elections in several states.
After the tax cut by Finance Minister, many cos are trying to find a way around the rules to reap some benefit of the same. Deals are being tailored and tax experts are being consulted to find a way to register their deals as that of a new company.
Abhijit Banerjee has repeatedly expressed concern over the slowing growth of the Indian economy, saying it was time India stopped worrying about monetary stability and started worrying a little more about demand.
CBDT chairman says the centralised process will improve “the quality of assessments”.
Auto sector, which has seen sales decline for 11 straight months, led the decline with Rs 3,500 crore, followed by cement (around Rs 1,500 crore) and steel (around (Rs 1,200 crore).
The increase in reserves in the reporting week on account of foreign currency assets (FCA), a major component of the overall reserves.
Banks with huge DTAs on their books have reached out to the Reserve Bank of India (RBI) to synchronise its provisioning norms with the recently-announced tax rates.
Indirect tax officials suspect that some of these companies may have claimed input tax credit on expenses incurred before the switchover to the GST regime in July 2017, said people aware of the matter.
A DIN will be mandatory for every type of communication with the income tax department without which, the document and communication will be deemed invalid, said a CBDT statement.
The Ind-Ra report provides a sector-wise break-up of the tax savings accruing on account of the tax cut.
Firms that opt for the new tax rate will lose out on the Minimum Alternate Tax credit lying on their books.
The plan envisages monetisation of assets worth Rs 15,000 cr in aviation & Rs 22,000 cr of railways.
FM said IBC has created a set of professionals who help, advise and also show the path through which businesses can exit if situations are adverse.
Top 1,000 listed entities will save up to Rs 65,000 crore which will include Rs 9,000 crore savings to banks and Rs 6,000 crore to the struggling non-banks.
The bank has also on-boarded almost 1 million rural merchants in the same period.
The Central Board of Direct Taxes (CBDT) signed the 300th advance pricing agreement (APA) in September, 2019, an official statement said.
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