The Delhi High Court has vacated a stay granted by the Income Tax Appellate Tribunal (ITAT) on the Rs525 crore penalty on New Delhi Television Ltd (NDTV), saying that the Tribunal does not have any powers in this matter. This is a big setback to the Prannoy Roy-controlled NDTV within this...
  • While the effective rate of indirect taxes under the new Goods and Services Tax (GST) regime still remains unclear, as fitment in tax slabs is under way, the Central Board of Excise and Customs (CBEC) has said that taxes were likely to "increase a bit" from the current level.   "That...
  • The Income Tax (I-T) department has initiated criminal prosecution against shell companies, stock brokers, beneficiaries and operators involved in laundering over Rs10,000 crore in Mumbai alone by manipulating listed penny stocks to claim bogus long term capital gain (LTCG), says a...

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    The compensation norms for revenue losses accruing from transition to the Goods and Services Tax (GST) system will bring certainty to state budgeting, rating agency ICRA said on Tuesday.   "The draft compensation norms for revenue losses related to the transition to the much-awaited...
  • Finance Minister Arun Jaitley on Saturday said that the Goods and Services Tax (GST), the new indirect tax regime, was on track and July 1 was going to be its likely date of implementation.   "It (GST) looks on track. Subject to Parliament approval, it looks like the possible date of...
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