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Chinese authorities are chasing unpaid taxes from companies and individuals dating back decades, as the government moves to plug massive budget shortfalls and address a mounting debt crisis

Tapping home equity through a line of credit can make sense for many reasons, but following a report that HELOC balances are increasing, new research reveals some risky uses by some borrowers.

As part of a commitment to follow through with her predecessor Jeremy Hunt's plans to clampdown on the sustainable ratings industry, Reeves will introduce the bill next year. In his Spring Budget earlier this year, the previous chancellor committed to regulating the sector in order to provide greater due diligence and transparency on how to create the ESG criteria that are used to assess companies.  Since taking over in Number 11, Reeves has requested the Treasury to «respond quickly» to an industry consultation on a fresh ESG regulatory regime, according to a Treasury spokesperson. ...

The recent amendment to the Finance Bill, which offers the choice of a 20% LTCG tax with indexation or a 12.5% tax without indexation forproperty deals before 23 July, is a welcome change. 

Waqf Act, aiming to enhance accountability and transparency in the functioning of Waqf boards and ensure mandatory inclusion of women. This initiative responds to demands from within the Muslim community and includes around 40 amendments. The Bill mandates mandatory verification for property claims by Waqf Boards and revises sections of the Act to change the composition and functioning of the Boards, incorporating women’s representation. Key amendments include mandatory verification of property claims and revisions to the composition and functioning of Waqf Boards to ensure better governance. ALSO READ: Waqf through the ages: How Rs 1-lakh crore property owner board acquires land and what the govt aims to change

Waqf Board on three ancient ASI-protected monuments in Burhanpur as Waqf property. A large number of properties in India have come under the Waqf claim over past decades, some of which that made it to the headlines were Mukesh Ambani's home, Antilia, in Mumbai, two islands in Bet Dwarka in Gujarat, properties of the ISB, Microsoft, Wipro and Lanco in Hyderabad, Kolkata's Tollygunge Club, Royal Calcutta Golf Club, ITC Windsor Hotel in Bengaluru and a whole village and a temple said to be 1,500 years old in Tamil Nadu. Also Read: Waqf (Amendment) Bill, 2024 moved in Lok Sabha The Waqf Board has been at the centre of several controversies, mostly due to its claims on lands, and many had demanded amendments to the law governing it. Bringing the spotlight on the controversial Waqf law, Union Minister of Minority Affairs Kiren Rijiju has moved Waqf (Amendment) Bill, 2024 in Lok Sabha today amid opposition by several opposition MPs

Union Minister Pralhad Joshi said on Thursday that the central government is not targeting anyone by bringing amendments to the Waqf Board Act and added that the opposition parties want to «only create an atmosphere.» «We are not targeting anyone. They (Opposition) want to only create an atmosphere. Our minister will explain in detail when he introduces the bill. They want to misguide some people in the community. They are trying to tarnish the image of India. We are one of the best democracies in the world,» Pralhad Joshi said while speaking to ANI. Parliamentary Affairs Minister Kiren Rijiju on Thursday moved the Waqf (Amendment) Bill, 2024 in Lok Sabha. Congress MP KC Venugopal opposed the bill in the House and dubbed it an «attack on the federal system.»

NPCI) decision to temporarily block C-Edge Technologies from the retail payments system averted a systemic impact, Reserve Bank of India Governor Shaktikanta Das said on Thursday. Nearly a fortnight ago, IT service provider C-Edge Technologies had been possibly impacted by a Ransomware attack impacting the retail payment systems of a few regional rural banks and co-operative banks. «The NPCI's decision to block further transactions wherever this service provider had been engaged was to isolate the problem, and if that had not been done it could have produced a system wide impact,» said Shaktikanta Das, Governor, RBI. «That would have been far more costly.» A ransomware attack by the RansomEXX group had hit India’s banking system and payment firms. The attack had primarily impacted Brontoo Technology Solutions, a key collaborator with C-EDGE, a joint venture between TCS and SBI. C-Edge had hired Brontoo Technology Solutions to deploy connectivity with Bharat Bill Payment System (BBPS).

As part of a commitment to follow through with her predecessor Jeremy Hunt's plans to clampdown on the sustainable ratings industry, Reeves will introduce the bill next year, according to a report by the FT. Spring Budget 24: Treasury confirms regulation of ESG ratings In his Spring Budget earlier this year, the previous chancellor committed to regulating the sector in order to provide greater due diligence and transparency on how to create the environmental, social and governance criteria that are used to assess companies.  In rating ESG of organisations, there are a plethora of a...

Waqf Act, 1995, aiming to curb the unbridled powers of Waqf Boards, powers that were further enhanced by a 2013 amendment. This move is intended to bring transparency and accountability in the regulation and monitoring of over 8.7 lakh properties controlled by state boards across India and to address issues of corruption. Here’s a comprehensive look at what Waqf comprises and the challenges in managing these assets.

Elon Musk has been accused of exacerbating tensions after a week of far-right rioting in Britain, sparking calls for the government to speed up the rollout of laws policing harmful online content. Misinformation and calls to violence have spread on social media over the past week after far-right and anti-Muslim groups seized on the fatal stabbing of three young girls in the English town of Southport. As rioters clashed with police in some towns and cities, Musk joined the debate on his X platform, posting that civil war was «inevitable» in Britain. Prime Minister Keir Starmer's spokesperson said there was «no justification» for such comments.

Faced with vocal vexation over the removal of indexation benefits for capital gains tax on property sales, the government has amended its budget proposal to restore them. For any property bought before 23 July, the day the budget was presented, people will now have the option of paying long-term capital gains tax at the time of its sale either at the new rate of 12.5% without inflation adjustment via indexation, or at the old rate of 20% with the same gain-reduction formula that prevailed before.

services tax authorities have sent notices to more than 20 general insurance companies with operations in special economic zones (SEZs), demanding about ₹2,000 crore in unpaid GST over services provided to employees of industrial units at SEZs and their families. HDFC Ergo General Insurance Co, Star Health & Allied Insurance, Cholamandalam MS General Insurance Co, New India Assurance Co and United India Insurance Co are among the companies that received show-cause notices (SCNs) over Integrated GST from the Directorate of GST Intelligence (DGGI), people in the know said. No tax is levied on exports and supplies to SEZs under Section 16 of the Integrated GST (IGST) Act.

Former Catalan leader Carles Puigdemont says he plans to return to his country on Thursday despite the likelihood of being arrested on his return

Lyft shares tumbled to their biggest loss in more than a year on Wednesday after the ride-hailing app reported gross bookings that spooked investors

A Maine utility wants to be an ally with law enforcement in the crackdown on illegal marijuana grow operations — if it can overcome privacy concerns

Lok Sabha on Thursday while Opposition parties have demanded that it should be sent to a Parliamentary panel for further scrutiny. In the Business Advisory Committee (BAC) of the Lok Sabha, chaired by Speaker Om Birla, the government informed that the bill is likely to be introduced on Thursday. In the meeting, leaders from the Congress, NCP-SCP, Samajwadi Party and Trinamool Congress strongly opposed the bill introduction and said it should be referred to a Parliamentary committee.

Chancellor Rachel Reeves will meet bosses of big pension schemes in Toronto on Wednesday, as she seeks to create a “Canadian-style” model in the United Kingdom with massive retirement funds investing in equities and infrastructure.

Finance Minister Nirmala Sitharaman on Wednesday while replying to the discussion on the Finance Bill in Lok Sabha said, «Without drastically increasing taxes, we have brought in a simplified taxation regime, eased compliance.» Effective tax on annual income of Rs 15 lakh was reduced to 10 per cent in 2023 and further reduced this year as well under new I-T regime, said FM. «The vision of PM Modi has been to establish a simple, efficient and fair technology-driven taxation regime in this country. So, simplification and ease of compliance for the taxpayer has been the primary objective with which in the last 10 years, and this year, in the third term of PM Modi, the approach to taxation has been to simplify it, reduce the burden on taxpayer and make sure it is transparent and Equitas,» said Sitharaman.

Read this | A guide to capital gains tax on property sales: Navigating pre-, post-2001 rules Mayank Mohanka, founder of TaxAaram India and partner at S.M. Mohanka & Associates, agreed. "The Notice of Amendments specifically states that the revised provision is to be inserted after line 37 of page 39 in the Finance Bill, 2024, right after the clause for resident individuals and HUFs.

Nirmala Sitharaman replied to the discussion on the Finance Bill in Lok Sabha on August 7. The passage of the Finance Bill by Parliament completes the budget process. The Appropriation Bill for the central government's expenditure for 2024-25 was passed by the House on Monday. Without drastically increasing taxes, the govt has brought in simplified taxation regime and eased compliance, the FM said.