Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Politics / Policy/  News in Numbers: 447 companies face income tax probe for not depositing Rs3,200 crore TDS
BackBack

News in Numbers: 447 companies face income tax probe for not depositing Rs3,200 crore TDS

In other news, govt considers 7.5% tax on imported solar panels for projects won under future solar auctions

The tax department has reportedly initiated prosecution against companies which did not deposit TDS worth Rs3,200 crore with the government but diverted the amount for their business interests. Photo: AFPPremium
The tax department has reportedly initiated prosecution against companies which did not deposit TDS worth Rs3,200 crore with the government but diverted the amount for their business interests. Photo: AFP

19%

What is it? The percentage of votes won by the Democratic Party, led by outgoing prime minister Matteo Renzi, in the Italian elections, the results for which were announced on Monday.

Why is it important? Renzi put forth pro-European Union arguments in an election that saw two of his main rivals adopt a Eurosceptic and anti-immigrant stance. In a hung Parliament, both those parties won more votes than Renzi’s party as Italian voters took a distinct right and populist turn. The League won 35.7% of the vote and the Five Star Movement 32.6%, and are frontrunners to form the next government.

Tell me more: Renzi resigned as prime minister on Monday. The decision on the next government rests with president Sergio Mattarella as the Italian constitution gives the president the power to give the mandate to any party, regardless of who won the most votes.

$3.3 billion

What is it? The value of photovoltaic modules and cells that India imported in 2017 until November.

Why is it important? Around 90% of this were Chinese imports. Average module prices fell to $0.34 per watt in October, from $0.53 per watt in April 2016, resulting in an increase of imports from China, Taiwan and Malaysia by 33-45%. The Indian Solar Manufacturers’ Association says this is hurting the domestic industry and that it is filing a fresh petition to seek the imposition of an anti-dumping duty on the import of cheaper cells from these countries.

Tell me more: The Indian government is reportedly considering a 7.5% tax on imported solar panels for projects won under future solar auctions, which could affect the country’s ambitious installation goal of 100GW of solar energy by 2022. Producers have been able to make use of cheap imports of modules to quote low tariffs.

Rs3,200 crore

What is it? The amount of the alleged fraud brought to light by the income tax department where 447 companies deducted tax from their employees’ salaries but did not deposit funds with the government and instead diverted it to further their business interests.

Why is it important? This could put the employees concerned in trouble as records would show they are yet to pay taxes (deducted at source) and there would be a mismatch in return income. The firms under scanner could attract rigorous imprisonment of three months to seven years, along with a fine.

Tell me more: The tax department has reportedly initiated prosecution against these companies and issued warrants in some cases. It is considering adding cheating and criminal breach of trust under the Indian Penal Code as this amounts to deceiving employees.

38.9 million tonnes

What is it? The quantity of oil supplied by Iraq to India in the April-January period of 2017-18.

Why is it important? Iraq is now India’s largest supplier of crude oil, having leapfrogged Saudi Arabia (30.9 million tonnes), which has traditionally been the biggest source for the country. State-owned Saudi Arabian Oil Company cut the price for Arab Light crude by 55 cents a barrel in Asia, the first such reduction in eight months, indicating that it is trying to protect its share in its biggest market.

Tell me more: Iran is the third biggest crude source for India, followed by Venezuela and Nigeria.

0

What is it? The number of test series (out of seven) that Australia has lost in South Africa since the latter gained readmission into world cricket in 1991.

Why is it important? Traditionally, South Africa have been one of the strongest sides at home, and yet Australia have racked up a sterling head-to-head series record that currently reads five wins and two draws. Australia took the first step to keep this record intact by winning the first test against South Africa in Durban on Monday by 118 runs in the four-match test series.

Tell me more: The second test, which begins in Port Elizabeth on 9 March, could acquire an extra edge, as late on the fourth day Australian vice-captain David Warner and South African wicket-keeper Quinton de Kock got involved in a heated off-field spat.

howindialives.com is a search engine for public data

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Politics News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 06 Mar 2018, 11:37 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App