Tax

Income Tax officials carried out coordinated raids on the residences of prominent political figures in Bengaluru, targeting properties associated with former minister Zameer Ahmed Khan and former MLC M C Venugopal. The raids began early in the morning at JP Nagar, with about 15 officers conducting searches. The operations were conducted discreetly, with no occupants awake during the raid.

The nation's gross GST collections soared to a historic high of Rs 2.10 lakh crore in April 2024, marking a remarkable 12.4 percent year-on-year growth, propelled by robust expansion in both domestic transactions and imports.

In India, the pricing of petrol and diesel is subject to influences like freight charges, value-added tax (VAT), and local taxes, resulting in different rates across states.

Bermuda, Monaco, the Bahamas, and the United Arab Emirates (UAE) are some nations known for their low or no income tax, corporate tax, or other types of taxes. Here are seven countries often associated with low taxation:

In a landmark report released by Invest India, the country's e-commerce landscape is poised for unprecedented growth, with projections soaring to a massive $325 billion by the year 2030.

In India, the pricing of petrol and diesel is subject to influences like freight charges, value-added tax (VAT), and local taxes, resulting in different rates across states.

In India, the pricing of petrol and diesel is subject to influences like freight charges, value-added tax (VAT), and local taxes, resulting in different rates across states.

The Congress party clarified its taxation promises for the 2024 Lok Sabha Elections manifesto, responding to Prime Minister Narendra Modi's criticism of their proposal for an inheritance tax. Former Finance Minister P Chidambaram refuted Modi's claims, stating that the term "inheritance tax" was not in the manifesto

In a scathing critique of the Congress, Sitharaman denounced the party's call for an inheritance tax-like law, warning that it could jeopardise India's decade-long progress.

The surge in searches was triggered by remarks made by Sam Pitroda regarding inheritance tax, which sparked a political controversy on Wednesday. Pitroda's comments endorsed the idea of implementing an inheritance tax in India, drawing parallels with the system in the United States.

RBI directs Kotak Mahindra Bank to halt new customer onboarding and credit card issuance due to IT concerns found in the 2022-2023 examinations. The bank's failure to address issues led to service outages, prompting RBI intervention to ensure customer protection and system reliability.

Income Tax officials raided the home of Gangadhar, a former corporator linked to DK Suresh, in Bengaluru. The raid, starting at 6 am and lasting eight hours, sparked outrage among Congress supporters, who protested outside. Tensions escalated as arguments broke out between protesters and police. The raids targeting DK Suresh's allies have drawn criticism as politically motivated.

"So did you like the Congress manifesto? You must have seen that the PM has panicked, he is rattled and scared. It is a krantikari (revolutionary) manifesto," Rahul Gandhi said on Wednesday.

Jamie Dimon, CEO of JPMorgan Chase & Co., commended Prime Minister Narendra Modi for his remarkable leadership in India, stating that the PM is effectively addressing challenges head-on.

Prime Minister Narendra Modi criticized the Congress party for proposing an inheritance tax in India, calling it dangerous for the nation. He expressed concerns over the party's policies, particularly the imposition of taxes on inherited wealth, which he argued would deprive children of their rightful inheritance.