Seeking to assuage investor concerns ahead of implementation of GAAR from April 1, the Tax Department Friday said the provisions of tax avoidance rules will not apply to a transaction that does not carry a tax benefit based on the jurisdiction it is routed through.
It said adequate procedural safeguards are in place to ensure that General Anti-Avoidance Rules (GAAR), which seek to prevent companies from routing transactions through other countries to avoid taxes, are invoked in "a uniform, fair and rational manner".
GAAR, it said, will come into force from April 1 and can be invoked only through a two-stage process involving a nod at the level of principal commissioner of income tax and a panel headed by a high court judge. The new rules give tax authorities the right to scrutinise and tax transactions which they believe are structured solely to avoid taxes.
This essentially means that any transaction that carries a tax benefit could be questioned. The taxman may potentially want to know whether the transaction was done in the normal course of business or conducted simply with the intention to avoid taxes. India will be the 17th nation in the world to have laws that aim to close tax loopholes. Beginning with Australia in 1915, GAAR is in force in nations like Singapore, China and the UK.
CBDT said the adoption of anti-abuse rules in tax treaties may not be sufficient to address all tax avoidance strategies and the same are required to be tackled through domestic anti-avoidance rules. The proposal to apply GAAR will be vetted first by the
The Reserve Bank of India (RBI) on Wednesday said that weekly withdrawal limit for savings accounts will be increased from Rs 24,000 to Rs 50,000 from February 20 while there will be no limit on withdrawal from March 13.
RBI had imposed these limits in November last year after the government announced a ban on old high-value currency notes, and began to replace them with new notes. Effective February 1, restrictions on daily withdrawal of money from ATMs and from current accounts effective had already been lifted.
For the second time in a row, the RBI today opted for a status quo in its key rates but shifted the stance of the monetary policy from 'accommodative' to 'neutral'. Accordingly, the repo rate at which it lends to the system stands at 6.25 percent and the reverse repo rate at which it absorbs excess liquidity is also retained at 5.75 percent.
The monetary policy committee said it is "committed to bringing headline inflation closer to 4.0 percent on a durable basis and in a calibrated manner" and this requires further "significant decline in inflation expectations, especially since the services component of inflation that is sensitive to wage movements has been sticky.
This is RBI's second monetary policy review after demonetisation of old Rs 500 and Rs 1,000 currency notes.
You already know that the budget didn't have any specific sops for mutual funds. Does that mean it won't have any impact on your mutual fund investments? "Budget didn't have anything directly impacting the mutual fund schemes. But, there were things which will indirectly have an impact on the schemes," says Rajiv Thakkar, Chief Investment Officer, PPFAS Mutual Fund.
"Budget didn't have anything directly impacting the mutual fund schemes. But, there were things which will indirectly have an impact on the schemes," says Rajiv Thakkar, Chief Investment Officer, PPFAS Mutual Fund.
The finance minister's thrust on infrastructure, fiscal discipline, etc are likely to have positive impact on both equity and debt markets. Also, implementation of Goods and Service Tax (GST) is also going to have a huge impact on the markets.
The expectation of rate hikes is not there, so we are expecting the fixed income market to do well. It can be a good investment choice," says Rajiv Thakkar. The finance minister's decision to stick to the fiscal roadmap has boosted hopes for further rate cuts by RBI. If it happens, it will be a huge positive for debt mutual fund schemes, especially for long-term debt schemes.
Market pundits also believe that the non-populist and rational tone of the budget are likely to strengthen the macro-economy and boost the fortunes of equity markets.
However, don't commit the mistake of changing your investment strategy on the basis of likely returns from different investment avenues, say fund managers. "Asset allocation and goal should be your primary focus," says Mahesh Patil. Rajiv Thakkar adds that investors should know their risk appetite before making any investment.
Scams, corruptions and frauds are now-a-days very common in India. Almost every day every newspaper is mostly filled with news related to scams, corruptions and frauds. Poverty makes people to steal things and also Unemployment is the main reason making young generation as frauds and killers. So, now let’s talk about 10 top most costly scams which Shaked India all over.
1. Coal Gate Scam (2012) Comptroller and Auditor General(CAG) found that coal mines auctioned but inappropriately disturbed to only some specific companies. This report created massive uproar in political circles and the government was heavily criticized for this scam. This scam costed the nation a whopping Rs. 1,85,900 crores approx.
2. 2G Spectrum Scam (2008)
The biggest and costliest scam in that year and which shaked India at that time. Political parties combined and criticized the ruling party. Spectrums were auctioned at lower values than of the market value. This scam costs India Rs. 1,76,000 crores.
3. Commonwealth Games Scam (2010)
Worst Scam of India which was alleged in games. Organizing the game costed Central Govt. Rs.70,000 crore but it was later found out that only half of the total amount was actually spent.
4. Saradha Scandal(2013)
Just two words to say about this scandal up – “Chit Fund.” It costed the peoples of West Bengal and Odisha a whopping Rs. 40,000 crores.
5. Maharastra Irrigation Scam
This scam costed the peoples of Maharashtra Rs. 35,000 crore.
6. Delhi Airport Land Scam(2012)
Due to a deal between Airports Authority of India and Delhi International Airport Limited for lease of land, Indians lost 1.63 lakh crore.
7. Ultra Mega Power Saving
CAG reported that Reliance Power Limited got a benefit of Rs. 10,000 crore in this govt. run project.
8. Vyapam Scam(2015)
Vyapam scam is a scam related to recruitment for various govt. jobs and admission to various govt. institutes in Madhya Pradesh. The scam amounted to Rs. 6,300 crore.
9. NRHM Scam
In this scam of Uttar Pradesh, top politicians looted about 10000 crore rupees from National Rural Health Mission.
10. Stamp Paper Scam
Amounting to a total of 20000 crore rupees, this scam involves Abdul Karim Telgi and many government officials who sold duplicate stamp papers to many companies, banks etc.
Not only these scams. There is no ending for scams in india till now there are lot of scams. Every person dreams about good society but being with this political leaders there will be only scam society.
Hyderabad, December 12 th , 2016: Members of the Hindustan Royals Bullet Club (HRBC) - a Club of 'Bullet' Bike Owners, set out on their iconic bikes on a trip which turned out to be exciting, heartwarming and above all truly rewarding. Around 30 HRBC members visited the home for Children, orphaned & made vulnerable by AIDS - Desire Society, at Bachupally on Sunday.
The cherubic kids aged between 5 and 18 numbering around 75, dressed in their very best were eagerly awaiting, a day of fun and frolic. They went ecstatic on sighting the fleet of Bullet bikes moving towards their Home. The members quickly parked their bikes and joined the kids in creating an ambience of a carnival, at the Home.
The merriment started with zig to popular music tunes and continued with skits, mimicry, fun games etc. The visitors were awestruck and left to appreciate the enormous talent displayed by the kids. The inmates were presented with goodies, story & note books, stationary, eatables like fruits, biscuits, chocolates, cakes etc., and provisions were supplied to the Society. The kids were thoroughly thrilled with the experience of a short pillion ride on the Bullets.
It was a day well spent for us, by sharing love and presenting a sense of belonging, the kids were yearning for. With a heavy heart we bade goodbye to the children, before setting out on our return ride, says Sadashiv Reddy
It was the generous contributions by Club members towards the expenses, which ensured we were able to share joy with the kids in the season of Santa Claus, it has given us further impetus to undertake more such trips in future too, says Navin Bhogi.
Speaking about the trip, Ali Asghar, a member of the club said, we undertake regular group rides to inculcate a habit of safe riding amongst the members and strengthen brotherhood in the group. This trip is a pleasant and amazing experience for all of us; it gave us an opportunity to bring smiles in the faces of the innocent kids, who are deprived of a normal childhood. It also helped in instilling amongst our members, most of whom are youth, a sense of charity and the rich experience and pleasure they reap from it.
About Hindustan Royals Bullet Club
Hindustan Royals Bullet Club is a group of Bullet Bike Owners; it currently has 700 members in the city. The Club undertakes two rides every month, a short and a long trip.The group was initiated by Deepak Sivan & K. Srinivasa Rao, three years ago, with the sole motto of inculcating safe driving habit. HRBC has done many social rides, including Helmet & Traffic Awareness Ride, Save a Girl Child Ride, LV Prasad Eye Institute Glaucoma Awareness Ride; visited Cancer patients at SPARSH HOSPICE, a Palliative Care Centre, and many more. The Group recently undertook solo ride to Rann of Kutch and in the past went on expeditions to Bhutan, Leh & Ladakh, Goa, Mumbai, Pune and Bengaluru. The Club believes in bonding of brotherhood and that’s how the team is growing from strength to strength by the day.
About Desire Society
Desire Society, started by Mr Ravi Babu at Bollaram Village, Medak District, is providing shelter to HIV affected kids from the neighboring areas. It has now spread its services to metro cities like Mumbai, Bengaluru and Delhi. The Home has 75 children (whose parents were infected by the deadly disease and are no more in this world) between the ages of 5-18 years, in Hyderabad. They are being imparted education in different schools in the neighborhood area.
Tamil Nadu Chief Minister Jayalalithaa, who is undergoing treatment at Apollo Hospital in Chennai following a cardiac arrest on Sunday evening, has been put on an extracorporeal membrane oxygenation (ECMO) to support her heart-lung activity.
The 68-year-old leader was in a critical condition following the cardiac arrest and is being treated by a team of specialists at the hospital where she has been admitted since late September. Here's what you need to know about extracorporeal membrane oxygenation:
What is ECMO?
Extracorporeal membrane oxygenation (ECMO), also known as extracorporeal life support (ECLS), is a treatment used in patients with life-threatening heart and/or lung problems.
Why is ECMO used?
The purpose of ECMO is to provide enough oxygen to the patients while allowing time for the lungs and heart to rest or heal.
Who needs ECMO?
Generally, it is only used in the later treatment of a person with heart or lung failure as it is solely a life-sustaining intervention. Doctors use ECMO on patients when they believe that the condition is reversible.
At the launch, founder Ceeka Chandra Shaker said that seven years ago on November 29, 2009 was a historical day leading to the achievement of Telangana state. TRS president K. Chandrashekhar Rao was arrested for demanding separate State by performing Disha. KCR’s diksha laid path to serious demand for Telangana gathering momentum with huge public support and protests erupting all over Telangana. Central government reacted in the form of announcement for formation of Telangana by the then union home minister P Chidambaram. This followed series of action by central and state governments which have brought us to this point where state bifurcation process has been initiated and new state Telangana is was formed.
TKS Team performed one day diksha as solidarity and remembering this extra ordinary day. Team expressed their loyalty towards KCR garu and TRS party and distributed sweets and fruits in local community.
Another founder-member , London based business man and philanthropist Goli thirupathi said on this occasion, that very happy to see new organisation TKSUK which is launched today on this special day which is very close to the hearts of many Telangana people and TKSUK aiming to strengthen TRS party and KCR leadership in Telangana NRI community in Uk and Europe region. Senior IT consultant Mr Naresh kumar confirmed that TKSUK will organise events where Telangana, TRS and KCR sympathisers will be invited and wider consultations will happen on different programs. Senior software consultant and well known member of UK Telangana community Mr Venkat Rangu said on this occasion that one of the objectives of this organisation is to do community specific work to strengthen party image in England. Soon whole team structure will be announced and future objectives will be announced to wider community.Nagesh Reddy kasarla ,Srilkashmi, , Preeti, , Naveen yelkur , Keerthi Ponnala,Rama goud ,Mahesh nampally ,Ajay polkampalli, attended the event and wished for grand success.
After creating a storm of sorts with two back to back political meetings, power star Pawan Kalyan has now got back to his work. He has begun shooting for his new movie Katamrayuda and this is being helmed by Dolly of Gopala Gopala fame. A strong grapevine reveals the film is a remake of the Tamil movie Veeram and as part of that, Pawan Kalyan’s character has three brothers. Now, the list of the three brothers has come out.
They are Ajay, Siva Balaji and Kamal Kamaraju as per sources. The film’s storyline is made on the backdrop of Rayalaseema and Pawan is seen in a rather violent yet affectionate role. The Tamil version had Thala Ajith in the lead. Meanwhile, many say the selection of brothers is perfect because all three are very good performers.