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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.

technology sectors which they say are too vague and put the onus of compliance on investors. Aiming to protect national security and prevent US capital from aiding China's military, President Joe Biden issued an executive order last month restricting new US investments in sensitive Chinese technologies. The Treasury Department subsequently kicked off a rule-making process to implement the order, and financial firms have been rushing to meet a Sept. 28 to provide input. The rules are expected to be implemented sometime next year.

Japan’s Kirin Holdings Company says it plans to expand Blackmores into food and drink-based immunity products after acquiring the local vitamins group for $1.9 billion.

National Democratic Alliance (NDA) for the 2024 Lok Sabha Elections. Former Prime Minister of India and JD(S) patriarch HD Deve Gowda binned accusations that his party workers and ministers have been quitting after the alliance with BJP-led NDA.

India's diplomatic relations, noted Pakistani author Ayesha Siddiqa suggests that the ongoing tensions with Canada over the Khalistani issue could be akin to India's «Israel moment.» Siddiqa's insights, shared in an article published on the UK-based website The Middle East Eye, shed light on the current state of affairs between the two nations. India's response to Canada's accusations of New Delhi's involvement in the murder of a Khalistani extremist on Canadian soil appears to be one of relative composure. Prime Minister Justin Trudeau's allegations, although serious, have not rattled India to an excessive degree.

French Army, General Pierre Schill Wednesday expressed concern on Indo-Pacific's safety and said that Prime Minister Narendra Modi's participation in the Bastille Day is a sign of deepening strategic partnership between India and France. Pierre Schill, in an exclusive interview, said, «So France, as a nation of Pacific is also concerned in free movements and open space in the Pacific and the fact that through the multilateral coordination between nations and also armies to have the right and the laws been forced and for a free access to Pacific.» He was speaking on the sidelines of the Indo-Pacific Armies Chiefs Conference (IPACC) at Manekshaw Centre in Delhi. On India's ties with France, he said, «We were very proud to welcome Prime Minister Modi for the Bastille Day in France and some of your units that were opening the big parade we have on those days. This is a sign of some kind of strategic partnership we have, which is very important because we have some very close strategic assessment of the world.

Supreme Court on Wednesday ordered a common compilation of submissions be filed by both the parties in a petition by Delhi government challenging the central government's law establishing pre-eminence of the lieutenant governor over the elected AAP dispensation in controlling services in the national capital. A bench comprising Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra was urged by senior advocate Abhishek Singhvi, appearing for the Delhi government, that the matter be listed before a five-judge Constitution bench for urgent hearing. «I can't express the agony of the (Delhi) administration,» the senior lawyer said.

AIADMK) has decided to sever its political alliance with the Bharatiya Janata Party (BJP) in Tamil Nadu. This decision, followed by jubilant celebrations, has left political analysts wondering about the future of this unexpected separation.

Also read: Nijjar killing row: ‘Canada has seen a lot of organized crime’, says Jaishankar She added, "We are also requesting a briefing on whether there are similar operations in the United States". Following Omar's remark MP Chaturvedi urged India's foreign ministry to start an enquiry into how an elected representative in the USA is interfering in the peace of Jammu & Kashmir via a Pakistan-funded PoK visit. Omar reportedly visited to Pakistan-occupied part of the disputed region of Kashmir or PoK in 2022.

«The demand is looking great especially both in the passenger car as well as in the commercial vehicles. So once the demand is there, I think so the price levels definitely sustain,» says Anuj Kathuria, President (India), JK Tyre. We all know what is happening with crude oil prices. Internationally, rubber prices as well have been seeing a jump. Tell me firstly, what is happening to your raw material basket cost increase from first quarter up until now? As far as the input material prices are concerned, if you take the quarter one and even what we are seeing in quarter two, they have been largely range bound. There are some commodities where we saw a downward trend continuing from the quarter four of last year. In some commodities, they have been more flattish. Yes, there are indications of the crude oil, but as of now, that has not reflected in our input material costs. But we are watching it very carefully and we would be keeping those things in mind. But as of now, as I said, all the input material costs whether it is natural rubber or others, are all range bound.

Congress leader Deepak Singh and employees of the Sanjay Gandhi Hospital here against the suspension of licence of the facility were held on Wednesday. While over 400 employees started an indefinite demonstration at the hospital gate on Tuesday, another dharna at the office of the Chief Medical officer by Singh started on Monday.

₹210.00 apiece on the BSE. Moody’s downgraded Vedanta Resources’ Ltd (VRL) corporate family rating (CFR) from Caa1 to Caa2 over elevated risks of debt restructuring over the next few months.

Also read: If Kim Jong Un uses nuclear weapons, 'his regime will be brought to end': South Korean President "Given the prevailing circumstances, the DPRK (North Korea) is urgently required to further accelerate the build-up of its self-defense capabilities to defend itself impregnably," Kim told the 193-member General Assembly. (Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) North Korea has tested dozens of ballistic missile in the past 18 months despite receiving warning from the US.

Also read: Chinese President Xi Jinping's housing crisis efforts jeopardized as Evergrande face trouble “The real estate sector will continue to be under mounting pressure" despite recent government efforts to support property, said analysts at Poseidon Partner, a Hong Kong-based investment firm. “We expect to see players who racked up debt in the past to continue to suffer." The economist survey coincides with new research from Bloomberg Economics that suggests the “around 5%" growth goal is still possible, though not a sure bet. They estimate the probability of an undershoot at 18%.

Trump, his two eldest sons, along with other Trump Organization executives of lying to tax collectors, lenders, and insurers for years in a scheme that routinely exaggerated the value of their properties, AFP reported. Trump's lawyers had asked the judge to throw out the case ahead of the trial by granting what is known as a summary judgment in his favor.

By Jose Gonzalez and Laura Gottesdiener

By Walter Bianchi and Eliana Raszewski

Potomac Wealth Advisors founder and president Mark Avallone discusses the markets as a government shutdown looms, inflation and his outlook on the economy ahead of the release of updated economic data.

(Reuters) -The United Steelworkers executive board on Tuesday appointed David McCall to lead the 850,000-member union, the largest in North America, a spokesperson said in a statement.

Investment advisors are shrugging off a potential government shutdown this weekend.

UBS managing director and senior portfolio manager Jason Katz discusses the impact of the UAW strike on the Federal Reserve and the auto industry, as well as high oil prices.