The Union Cabinet on Wednesday approved changes in the 'Direct Tax Vivad se Vishwas Bill, 2020' with a view to increase its scope to cover litigations pending in various debt recovery tribunals (DRTs). The Bill was introduced in the Lok Sabha earlier this month with the aim of reducing litigations related to direct taxes. It was proposed to cover tax disputes pending at the level of commissioner (appeals), Income Tax Appellate Tribunals (ITAT), high courts and the Supreme Court.
I-T Dept to share taxpayers' PAN, other data with Sebi
The Income Tax Department will share all taxpayers' data like PAN information with Sebi in order to help the capital market regulator in its probe against various entities, including those involved in 'stock market manipulation', an official order has said. The Central Board of Direct Taxes (CBDT), which frames policy for the tax department, had issued an order in this context on February 10 under section 138 (1) of the I-T Act. Read more...
Capital infusion of Rs 2,500 cr in 3 general insurance cos gets Cabinet nod
Auto production to slide 8.3% in 2020; coronavirus may hit supply: Fitch
The Union Cabinet on Wednesday approved a proposal for capital infusion and immediate release of Rs 2,500 crore for three public sector companies on account of their critical financial conditions.
The decision came after United India Insurance, National
Insurance Company and Oriental Insurance Company breached the regulatory solvency requirements. Read more...
Fitch Solutions on Wednesday said it expects vehicle production in India to contract by 8.3 per cent in 2020 as the auto industry faces increasing risk of supply shortage due to China's coronavirus outbreak, possibly hitting domestic output if the virus spreads in the country.
In China, where the virus originated, automotive manufacturers have halted production in order to limit the congregation of people and reduce the exposure of its population to possible infection and "we see India adopting similar policies if the virus spreads throughout the country," it said. Read more...