Department Financial News

GST) revenue has served ICICI Lombard with a show cause and demand notice for allegedly not paying Rs 1,728.9 crore worth of tax for five years from July 2017 till March 2022. «The alleged demand and the impugned Show Cause Cum Demand Notice pertain to non-payment of GST on the co-insurance premium accepted as follower in case of coinsurance transactions and non-payment of GST on re-insurance commission accepted on the reinsurance premium ceded to various Indian and Foreign reinsurance companies during the period July 2017 to March 2022,» the general insurance company said in a stock exchange filing. The notice was served on September 27. ICICI Lombard said the show cause cum demand notice pertains to industry-wide concerns, and following advice from its tax advisors, the company will submit a suitable response within the specified deadlines. ET had reported in July that the Directorate General of GST Intelligence, which was investigating 30 insurance companies for alleged GST evasion, had completed the investigation into 15 of them, detecting input tax credit discrepancies to the tune of Rs 3,500 crore so far.

India-Canada diplomatic standoff regarding the killing of Khalistani terrorist Hardeep Singh Nijjar didn’t come up during last week's meeting between External Affairs Minister S Jaishankar and Secretary of State Antony Blinken. While answering on India Canada diplomatic row, Miller said, “That was not a bilateral meeting. It was a meeting of a number of countries.

US State Department on Wednesday informed that the India-Canada diplomatic standoff regarding the killing of Khalistan terrorist Hardeep Singh Nijjar didn't come up during last week's meeting between External Affairs Minister S Jaishankar and Secretary of State Antony Blinken. Jaishankar had met his US counterpart Blinken in New York on the sidelines of the United Nations General Assembly (UNGA) session. Australian Foreign Minister Penny Wong and Japanese Foreign Minister Yoko Kamikawa were also present at the Quad meeting. «That was not a bilateral meeting.

FMCG companies to push demand have distributors in a tizzy as they struggle for shelf space to manage inventory, prompting them to reach out to the government to restrict the number of pack sizes to four. Packaged products companies have hit back saying that is not feasible as consumer and channel requirements are differentiated. New smaller packs are «placing extra burden on retailers as they have to keep on adding new packs, leading to inventory management challenges, and impacting distribution efficiency,» said Dhairyashil Patil, national president of All India Consumer Products Distributors Federation (AICPDF). The federation, which represents more than 400,000 distributors and stockists, has written to the government suggesting there should only be four pack sizes — entry, small, medium, and large. Nestle, Hindustan Unilever, Britannia, Parle Products, Dabur, ITC and Coca-Cola are among many others that have launched multiple low-priced packs across noodles, toothpaste, soaps, soft drinks and biscuits as a strategy to counter the consumption slowdown due to inflation. They are also using smaller packs to fight off increased competition from regional brands. Products at the entry level are being packaged in multiple price points of Rs 5, Rs 7, Rs 10, Rs 14, Rs 15 and Rs 20, unlike earlier fixed pack prices such as Rs 5, 10 and 20. Nestle's entry-level Maggi noodles is now available in packs of Rs 7, 10 and 14, in addition to multiple large packs. «New pack sizes are introduced by companies on the basis of consumer convenience, pricing and need for smaller packs.

Reuters has reported. While attending a briefing of the State Department officials, he said officials told lawmakers that 60,000 emails were stolen from 10 different State Department accounts. Although the victims weren't named, all but one of them was working on East Asia and the Pacific, he said as quoted by Reuters.

Reuters, the circumstances surrounding the diplomatic efforts that facilitated King's transfer are not fully disclosed, but this incident represents a noteworthy instance of cooperation involving the United States, North Korea, and China. According to the State Department, King is anticipated to arrive back in the United States later today. At the age of 23, Travis King unexpectedly crossed into North Korea from South Korea on July 18 during a civilian visit to the heavily fortified border.

The U.S. Justice Department filed a civil complaint against eBay, claiming the online marketplace unlawfully sold and distributed hundreds of thousands of products like pesticides and motor vehicle emission-evading devices that violate environmental laws

Telugu Desam Party president N Chandrababu Naidu challenging the Andhra Pradesh high court order dismissing his petition for quashing the first information report (FIR) against him in the alleged multi-crore Skill Development Corporation scam. After the recusal, Naidu's lawyer, senior advocate Siddharth Luthra mentioned the plea before a bench headed by Chief Justice of India (CJI) D Y Chandrachud which refused to restrain the trial court from hearing a plea filed by Andhra Pradesh Crime Investigation Department (CID) seeking police custody of Naidu. Naidu's plea will come up for hearing on October 3.

Apple Apple Inc.'s lucrative agreement to use Alphabet Inc.'s Google as the default search engine for the iPhone includes a provision that the two tech giants will “support and defend” the deal against government scrutiny, a top Apple executive said at an antitrust trial. Their long time contract was renegotiated in 2016 to include the provision, Apple's Senior Vice President of Services Eddy Cue disclosed Tuesday in a Washington federal court, where the US government is pressing its claim that Google operates a monopoly in the search business. Cue, the architect of the most recent version of the agreement, said the provision for a joint defence was added at Google's request. He said it was handled by company lawyers so he couldn't speak directly to why it was included.

Hindustan Times, Babar Azam and the other squad members arrived at the Rajiv Gandhi International Airport in Hyderabad following a long nine-hour layover in Dubai. ALSO READ: ICC World Cup 2023: Pakistan team gets visa 48 hours before travel, cleared to enter India They departed from Lahore early morning on Wednesday to touch down in Hyderabad later in the night. The 1992 edition champion of the ICC World Cup will play their first warm-up game against 2019 runners-up New Zealand on 29 September.

MNP) rules as it looks to include safeguards against SIM-swap frauds, it said in a circular Wednesday. The Telecom Regulatory of India (Trai) has sought stakeholder comments on the Draft Telecommunication Mobile Number Portability (Ninth Amendment) Regulations, 2023, by October 25. In addition to the existing cautionary measures the telcos are required to take while porting a number from one network to another, they will now need to check if the request is coming from a number that has undergone SIM swap or replacement in the 10 days prior to the request.

P K Mishra on Wednesday reviewed the follow-up on the outcome of G20 Summit and asked officials to prepare for the G-20 virtual summit. Prime Minister Narendra Modi has announced a virtual summit in November. Brazil will take over the influential bloc's presidency from India in December.

discussion paper, seeking stakeholder views on whether E-band (71-76 GHz and 81-86 GHz) and V-band (57-64 GHz) spectrum should be assigned via auctions for mobility use and whether the valuation of these airwaves should be benchmarked to the price of 5G millimeter waves (read: 26 GHz band) discovered in the August 2022 sale. In the paper, issued Wednesday, the regulator has also sought views on the overall scope of services/usage of E & V band spectrum resources as well as the charging mechanism if these are assigned via the administrative route. Separately, the Telecom Regulatory Authority of India (Trai) has also invited suggestions on whether any plans to assign E & V bands for space-based communications should be pushed back to a later date. “…auction-determined prices of mmWave bands for 5G, across all 22 licensed service areas is available from the recently concluded 5G auction in August 2022…it can be explored whether these prices can be used as a basis for valuation of E and V bands,” Trai said in its discussion paper issued Wednesday. Trai has also invited stakeholder views on the quantum of E & V band spectrum needed to meet the needs of telcos for access or `mobility use’.

I am renting a house in Mumbai and my parents live in another rented property. I am paying the rent for both houses and have the agreement and rent receipts. Can house rent allowance (HRA) be claimed for multiple properties? —Name withheld on request HRA exemption is allowed under section 10(13A) of the Income Tax Act.

NEW DELHI : The finance ministry will hold a series of meetings with various ministries and departments starting early October to finalize the revised budget estimates for FY24 and the FY25 budget numbers with a pre-election focus on balancing a possible rise in subsidy requirements with the need to maintain fiscal prudence. As many as 65 meetings will be held within a span of a month, a person informed about the official schedule of consultations said.

By Sarah N. Lynch

By Lucia Mutikani

Congress leader Navjot Singh Sidhu on Wednesday sought details of expenditure on the use of a helicopter and a fixed-wing aircraft by the Bhagwant Mann government, accusing it of spending public money on "luxury sorties" for AAP campaigns in other states.Sidhu wrote to the secretary of the Punjab Civil Aviation Department, seeking the information under the Right to Information Act. The Congress leader said the Aam Aadmi Party government, in the last one and a half years, used the aircraft for election campaigning in Gujarat, Himachal Pradesh and other states. «It has come to notice that the Punjab government on various occasions has used the official state chopper and also hired fixed-wing aircraft for campaigns and tours regarding party affairs, I need information on various accounts under RTI,» he wrote.

Modi on Wednesday said he does not have a house in his name, but his government turned lakhs of daughters in the country house-owners. PM Modi, who has been on a two-day visit to Gujarat starting Tuesday, was speaking at the launch of various development projects worth over Rs 5,000 crore, including projects worth Rs 4,500 crore related to education sector, in Bodeli town of tribal-dominated Chhotaudepur district of Gujarat. «Since I spent significant time with you, I know the issues faced by the poor people and I have always tried to solve those issues.

The Integrated Transport Centre (ITC) of the Department of Municipalities and Transport in Abu Dhabi has said that surface parkings will be free during the Prophet Muhammad’s Birthday Holiday, which will be on Friday, September 29, 2023, until 7:59 AM on Saturday, September 30, 2023. In addition, parking spaces at the Musaffah M-18 truck parking lot will also be free of charge during the official holiday. According to the this year's official holiday calendar, the the September 29 to October 1 would be the last long weekend in the UAE. The Abu Dhabi authority has urged drivers to avoid parking in prohibited areas. It also urged drivers to park properly in the designated areas and to avoid parking in residential parking spaces from 9:00 PM until 8:00 AM. The Integrated Transport Centre of Abu Dhabi has also announced timings of timings and operation of its Customer Centres. The authorities said that Customers' Happiness Centres across the Emirate of Abu Dhabi will be closed during the holiday, on Friday, September 29, 2023. Customers however can use ITC’s services on its digital platforms through its website www.itc.gov.ae, TAMM platform, the Darb and Darbi smart apps. In addition, customers may contact the unified Service Support Centre of the Department of Municipalities and Transport on its toll-free number 800850 and TransAD 600535353, which are available 24/7. Abu Dhabi's transport authorities said that public bus services in the Emirate of Abu Dhabi will operate based on the usual unified schedule throughout weekends and official holidays.

Black Money Act, 2015. As per The Times of India report, a Mumbai Income Tax Appellate Tribunal (ITAT) levied a penalty of Rs 10 lakh for each year where foreign shares and other assets were not reported in the 'Schedule FA' of the ITR on the individual. An individual is mandatorily required to fill schedule FA of the ITR if they had invested in foreign assets (such as foreign shares, foreign company mutual funds etc.) directly or have held employee stock options (ESOPs) of foreign companies. «Section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 requires a resident individual to provide information of his foreign assets located outside India in the ITR. If he fails to do so the Assessing Officer may levy a straight penalty of Rs 10 lakh on such person.