Benami Act could be invoked for unexplained credits
The Income-Tax Department is scrutinising in detail all unexplained credits and investments in personal as well as corporate income-tax filings and is even looking to invoke the Benami Act in many cases. Unexplained credits, in the books of a company or bank accounts of individuals, have so far been treated as black money, attracting a higher tax of up to 80%. Assessment officers are being particularly strict this year in the wake of the government's demonetisation drive. Tax experts, however, said even now a distinction between unexplained tax credits, where higher tax is applicable, and a benami transaction has to be made
Govt to protect interests of financial institutions: Jaitley
Finance Minister Arun Jaitley has junked reports on diluting the proposed FRDI Bill that deals with insolvency of financial service providers. He assured that contrary to claims by Opposition parties, the government was committed to protect the rights of depositors. Many political parties have said the bill is anti-poor, and is introduced to just minimise the losses of failing financial institutions.
Power discoms in the line of fire
The govt plans to fine electricity distributors from April 2019 for power cuts deemed avoidable and to make it mandatory for the companies to install prepaid or smart meters to prevent electricity theft, Power Minister Raj Kumar Singh has said. The government launched a $2.3 billion project in September to provide the whole population with power by the end of 2018.
Banking expert brought in by Mallya's defence
Vijay Mallya's defence has brought in a banking expert at his extradition trial as a witness to analyse the documents used by the liquor baron to seek loans from Indian banks for his then struggling Kingfisher Airlines and emphasise that he had no intention to act "fraudulently". Paul Rex was deposed on day three of the ongoing trial at Westminster Magistrates Court in London to determine whether the 61-year-old businessman can be forced to return to India to face charges of fraud and money laundering allegedly amounting to around Rs 9,000 crores.
Aadhaar deadlines tweaked
The Union government has informed the Supreme Court that it will extend up to March 31, 2018 the deadline fixed for mandatory linking of Aadhaar with various schemes, including one's bank accounts. However, the last date for linking Aadhaar to mobile services will remain February 6, 2018 in pursuance of a judicial order.
Automakers to bring back the old
Automakers are resorting to old brands and are launching them with new features. This is due to the low success rate in the 4-wheeler segment which stands at 8 out of 35. In order to revive its prospects in the entry-level car segment, Hyundai Motor India Pvt Ltd is expected to bring back the Santro in 2018.
Only 12 Shell firms picked for audit
Three months after suspending trade in 331 suspected shell companies, the capital market regulator, the Securities and Exchange Board of India (Sebi), has decided to take the investigation forward, but through forensic audit of only 10-12 firms.
Reshuffle of top-level global PepsiCo management
Beverages and food major PepsiCo has announced top-level global management rejig, following which Mike Spanos will become CEO of AMENA region in place of India-born Sanjeev Chadha, who is set to retire in March. As part of the changes, Chadha will become Chairman of AMENA (Asia, Middle East and North Africa) through the end of the first quarter of 2018 reporting to PepsiCo Chairman and CEO Indra Nooyi.