'With new technology and stricter checks, cheating on taxes is just not worth it anymore.'
Anant Ambani, the youngest son of billionaire Mukesh Ambani and the first among three siblings to be appointed executive director on flagship Reliance Industries, will be paid Rs 10-20 crore salary annually plus a host of perks including a commission on company profits, according to a shareholder notice. While the richest Asian's all three children - twins Akash and Isha, and Anant - were inducted on board of the oil-to-telecom-and-retail conglomerate in 2023 as non-executive directors, the youngest of the three was in April this year appointed executive director of Reliance Industries Ltd.
Post handing over of Air India to the Tatas, government officials will be free to book their travel with any airline that offers them the best price. And, the Centre will not have a tie up with any carrier, department of investment and public asset management (DIPAM) secretary Tuhin Kanta Pandey said. "The government is not mandating travel by any particular airline, going forward, after handing over Air India because there won't be any state-owned airline," he said. The department of expenditure (DoE) will soon issue instructions to government departments for official travel as this needs to be done before handing over Air India to the new buyer, he said.
All interest free advances stand discontinued with the exception of interest free advance for medical treatment, travelling allowance for family of deceased, travelling allowance on tour or transfer and leave travel concession
According to an Election Commission statement, the two have decided not to avail exemption from income tax on sumptuary allowance and to surrender two of the three Leave Travel Concessions (LTC) available each year.
Central government employees availing the LTC cash voucher scheme can purchase goods or services in the name of spouse or other family members eligible for LTC fare. The second set of FAQ issued by the Department of Expenditure also clarified that an employee can claim reimbursement for the purchase of goods and services, attracting GST of 12 per cent or more, on or after October 12 even if he/she has not formally exercised the option of availing the scheme.
The Budget is likely to expand the scope of LTA and LTC.
In what could be seen as another subsidy to the cash-strapped national carrier, the Air India website has opened a special section for LTC tickets to government servants.
The government on October 12 announced the LTC cash voucher scheme under which central government employees can purchase any goods or services with GST rate of 12 per cent or above to avail the benefit.
The revised draft of DTC has proposed some major changes for the taxpayers. However, the changes in the revised draft are far from being the bold changes envisaged in the earlier draft.
The train will leave from Mumbai Central at 2250 hours and will reach Delhi at 1800 hours, the next day.
The tax rules for leave encashment are treated differently.
Salaried taxpayers may have less kitty for holidays from April 2012, with the government proposing to scrap tax incentives on leave travel allowance in the new direct tax regime DTC.
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Taxpayer will also have to forego deduction under 80CCC (contribution towards certain pension fund), Section 80D (health insurance), 80E (interest on loan for higher education), 80EE (interest on loan taken for residential property), 80EEB (purchase of electric vehicle), 80G (donation to charitable institutions), and 80G (rent paid).
Unlike the first two stimulus packages, this time the focus would be on boosting demand.
This year, festive sales are expected to push up the annual gross merchandise value of e-commerce companies to around $38 billion, a 40 per cent growth over the previous year.
Only those who stick to the old I-T regime will get this benefit.
This dynamic fare component shall not be admissible in cases where a non-entitled government servant travels by air and claims reimbursement for the entitled class of Rajdhani, Shatabdi and Duronto trains
The Centre will now reimburse full train fare incurred by its employees on purchase of tickets for their children aged between five and 12 years.
So far, government officials or employees were allowed to fly only Air India or its subsidiaries on official duty.
Investors became richer by over Rs 6.34 lakh crore on Monday as markets gave a big shout-out to the Budget 2021-22, which analysts termed as 'unprecedented' against the backdrop of the pandemic-induced slowdown. Cheering the Budget proposals, the BSE benchmark Sensex zoomed 2,314.84 points or 5 per cent to close at 48,600.61. During the day, it jumped 2,478.63 points to 48,764.40. This was the best Budget-day gain for the markets since 1997, analysts said. Following the extremely positive market sentiment, the market capitalisation of BSE-listed companies rallied Rs 6,34,069.67 crore to Rs 1,92,46,713.70 crore.
The government's second round of stimulus will spur consumer spending in the near term but support to economic growth will be minimal, Moody's Investors Service said.
The move comes after the government received a number of queries in this regard.
The Central Bureau of Investigation has registered a case against Janata Dal-United Rajya Sabha MP Anil Kumar Sahani for alleged filing of fraudulent Leave Travel Concession claims using forged air tickets and boarding passes and carried out searches on Friday at Rajya Sabha Secretariat and other locations.
The government on Monday announced a one-time Rs 10,000 interest-free festival advance to all its officers and employees as part of plans to increase consumer spending to spur demand in the economy.
Armed with some documents pointing to large-scale irregularities, the Central Bureau of Investigation will soon register cases to probe the alleged involvement of some Rajya Sabha MPs and central government employees in forging leave travel concession claims for travel on state-run Air India.
The Central Bureau of Investigation has registered cases against six sitting and former members of Rajya Sabha in connection with the LTC scam in which travel reimbursement was allegedly claimed by them through purportedly forged bills.
The Central Bureau of Invesigation on Monday approached the Rajya Sabha secretariat seeking documents related to fake travel bills allegedly submitted by a Janata Dal-United MP against whom a case has been registered for making such claims.
The CAG said the strategic missile system, which were to be deployed on the China border, procured from the state-run Bharat Electronics Ltd were deficient in quality.
Use deductions introduced in the Budget to save additional Rs 24,000 in tax
The Civil Services of India continue to be a prestigious avenue for all those dreaming of 'making it'. Here's how you can be an IAS/ IPS officer.
The race for VIP perks has pernicious consequences and is undermining the elite's authority
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