https://www.taxtmi.com Business/Tax/Law/GST/India/Taxation/Policies/Legal/Corporate Tax/Personal Tax/Vat Law/Legal Information/Tax Information/Legal Services/Tax Services Tax Management India. Com / MS Knowledge Processing Pvt. Ltd. All rights reserved. One stop solution for Direct Taxes and Indirect Taxes and Corporate Laws in India https://www.taxtmi.com/news?id=46562 Sat, 14 Jun 2025 06:58:25 +0530 Four detainees escaped from an immigration detention centre in Newark, New Jersey, after breaking through an interior wall. The incident occurred amid reports of disorder, delayed meals, and potential unrest. Authorities are searching for the escapees, who include two Colombian and two Honduran individuals. The facility's management denies widespread unrest, while local officials and immigrant advocacy groups raise concerns about detention conditions and treatment of detainees. https://www.taxtmi.com/news?id=46562 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46561 Sat, 14 Jun 2025 06:58:25 +0530 Iranian missiles struck Israel in retaliation for Israeli attacks on nuclear and military sites. Air raid sirens sounded across Israel, with explosions heard in Jerusalem and Tel Aviv. The strikes targeted Iranian nuclear facilities and military leaders, killing several top officials. Iran's supreme leader vowed revenge, warning of further action. The conflict escalates tensions in the Middle East, with potential for broader regional involvement and diplomatic repercussions. https://www.taxtmi.com/news?id=46561 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46560 Sat, 14 Jun 2025 06:58:25 +0530 Escalating tensions between Israel and Iran threaten global economic stability, potentially driving up prices across multiple sectors. Energy markets saw immediate impacts with oil and gold prices surging, while shipping costs and consumer goods may experience price increases. The conflict could complicate the Federal Reserve's efforts to manage inflation, potentially influencing interest rates and economic policy. Travel and transportation industries may face additional challenges as geopolitical uncertainties persist. https://www.taxtmi.com/news?id=46560 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46559 Sat, 14 Jun 2025 06:58:25 +0530 Oil prices surged 7% and stock markets declined due to escalating tensions between Israel and Iran, raising concerns about potential disruptions in global oil supply. The conflict sparked market volatility, with benchmark crude prices jumping significantly. Investors worried about potential impacts on oil flow through the Strait of Hormuz, leading to shifts in stock valuations across energy, transportation, and defense sectors. Market sentiment remained cautious about potential economic implications. https://www.taxtmi.com/news?id=46559 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46558 Sat, 14 Jun 2025 06:58:25 +0530 Authorities in Uttar Pradesh seized properties valued at Rs 23.42 crore belonging to a jailed political leader under the Gangsters Act. The district magistrate ordered confiscation of six land plots, citing criminal activities including involvement in a toxic liquor case that caused seven deaths. The properties were allegedly acquired through proceeds from illegal activities such as liquor trade, murder, and abduction. https://www.taxtmi.com/news?id=46558 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46557 Sat, 14 Jun 2025 06:58:25 +0530 A union minister addressed an inland fisheries conference, urging states to boost fish production and exports. He highlighted India's status as the world's second-largest fish producer, with 70% of output from inland sources. The minister emphasized potential for growth, quality improvement, and increased export contributions through government initiatives and support for inland fisheries development. https://www.taxtmi.com/news?id=46557 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46556 Sat, 14 Jun 2025 06:58:25 +0530 A 64-year-old woman born in Pakistan was booked in Uttar Pradesh for possessing Indian documents without citizenship. During a verification drive called 'Operation Khoj', police found her with Aadhaar, voter ID, and ration card. She claims to have lived in India since infancy but lacks legal citizenship proof. Authorities are investigating her status under a campaign targeting undocumented foreign nationals in the region. https://www.taxtmi.com/news?id=46556 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46555 Sat, 14 Jun 2025 06:58:25 +0530 Tata Group will provide Rs 1 crore compensation to families of victims in a plane crash, covering medical expenses for injured passengers. The airline's CEO confirmed 241 of 242 passengers perished, and has established assistance centers in multiple cities. The company is committed to supporting affected families, investigating the incident transparently, and maintaining operational safety while mourning the loss. https://www.taxtmi.com/news?id=46555 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46554 Sat, 14 Jun 2025 06:58:25 +0530 Four detainees escaped from an immigration detention center in Newark, New Jersey, according to the Department of Homeland Security. Law enforcement partners are searching for the missing individuals. The escape occurred after reports of disorder and possible uprising at the facility, with protesters demonstrating outside. Details surrounding the incident remain unclear. https://www.taxtmi.com/news?id=46554 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46553 Sat, 14 Jun 2025 06:58:25 +0530 A deputy registrar of the National Company Law Tribunal Mumbai bench received bail in a bribery case. The official was arrested after allegedly demanding Rs 3.50 lakh from a hotel owner involved in an ownership dispute, later agreeing to accept Rs 3 lakh. The CBI caught an individual accepting the bribe on the official's behalf. The special court granted bail, with the detailed order pending. https://www.taxtmi.com/news?id=46553 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46552 Sat, 14 Jun 2025 06:58:25 +0530 The Income Tax Department has sent emails to thousands of individuals with unreported cryptocurrency transactions for assessment years 2023-24 and 2024-25. The department suspects potential tax evasion and money laundering, targeting those who have not properly declared crypto income. Under section 115BBH, a 30% tax rate applies to crypto transfers with no expense deductions or loss set-offs. The communication is part of a NUDGE campaign to encourage voluntary compliance, with potential further verification of tax returns against exchange records. https://www.taxtmi.com/news?id=46552 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46551 Sat, 14 Jun 2025 06:58:25 +0530 Political tensions escalated between ruling BJP and opposition BJD over women's empowerment claims in Odisha. The ruling party highlighted its Subhadra Yojana, targeting to create one crore 'Lakhpati Didis' and allocating significant budget for women-centric schemes. Opposition BJD countered by alleging betrayal, criticizing financial assistance and women's safety, while demanding policy reforms and reservation implementation. https://www.taxtmi.com/news?id=46551 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46550 Sat, 14 Jun 2025 06:58:25 +0530 Karnataka's chief minister met with the Finance Commission chairman, seeking a larger share of central taxes and infrastructure funding. The state argues it contributes significantly to national GDP but receives disproportionately low fiscal returns. Key demands include increasing state tax devolution to 50%, capping cess and surcharges, and implementing a more equitable fund-sharing formula that rewards high-performing states. The state seeks approximately Rs 1.15 lakh crore for infrastructure development and highlights fiscal disparities in current tax allocation mechanisms. https://www.taxtmi.com/news?id=46550 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46549 Sat, 14 Jun 2025 06:58:25 +0530 India's oil minister reassured the public about energy supplies amid rising tensions between Israel and Iran. The country, which imports over 85% of its crude oil and half its natural gas needs, particularly from the Middle East, has sufficient energy resources for the coming months. Global oil prices spiked following the conflict, with Brent crude trading near $75 per barrel, but remain lower compared to previous years. https://www.taxtmi.com/news?id=46549 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46548 Sat, 14 Jun 2025 06:58:25 +0530 The Indian rupee depreciated 59 paise against the US dollar, closing at 86.11, driven by rising global crude oil prices and heightened Middle East tensions following a military incident. Weak domestic equity markets and foreign institutional investor outflows further contributed to the currency's decline. The dollar index strengthened, and oil prices surged, impacting trade deficit and potential inflation. https://www.taxtmi.com/news?id=46548 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46547 Sat, 14 Jun 2025 06:58:25 +0530 Sweden and the Netherlands announced plans to increase defense spending to 5 percent of GDP ahead of the upcoming NATO summit, responding to pressure from the United States. This commitment comes in response to perceived threats from Russia, particularly after the invasion of Ukraine. The countries aim to allocate 3.5 percent to core defense requirements and 1.5 percent to infrastructure and preparedness, with a potential timeline extending to 2032. https://www.taxtmi.com/news?id=46547 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46546 Sat, 14 Jun 2025 06:58:25 +0530 A cement company won a preferred bidder status for a limestone block in Rajasthan's Jaisalmer district through an e-auction. The block covers 499.6394 hectares and was secured with a 20.60 percent price offer. The allocation will support the company's raw material security and expansion plans in the cement sector, pending formal approvals and statutory compliance. https://www.taxtmi.com/news?id=46546 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46545 Sat, 14 Jun 2025 06:58:25 +0530 A Delhi court denied bail to an individual accused of orchestrating tech support scams targeting Japanese citizens through illegal call centers. The court highlighted the transnational nature of the cybercrime, potential evidence tampering risks, and concerns that bail could alert other accomplices. The syndicate allegedly used sophisticated social engineering techniques to deceive victims into transferring funds by falsely claiming their electronic devices were compromised. https://www.taxtmi.com/news?id=46545 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46544 Sat, 14 Jun 2025 06:58:25 +0530 Cambodia escalated tensions with Thailand by banning Thai movies, TV shows, and rerouting international internet traffic following a deadly border confrontation on May 28. The government ordered telecommunications operators to disconnect cross-border internet links and instructed film distributors to suspend Thai film imports. These actions aim to apply economic pressure and respond to nationalist sentiments, with both countries seeking to avoid direct military conflict while maintaining diplomatic posturing. https://www.taxtmi.com/news?id=46544 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46543 Sat, 14 Jun 2025 06:58:25 +0530 Oil prices surged 7% and stocks weakened due to concerns about potential escalation between Israel and Iran, impacting global oil markets. Benchmark crude prices jumped, reflecting market uncertainty. Stock indices declined, with technology and travel sectors experiencing notable losses. Investors are monitoring potential economic implications, with oil producers and defense contractors seeing modest gains amid geopolitical tensions. https://www.taxtmi.com/news?id=46543 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46542 Sat, 14 Jun 2025 06:58:25 +0530 Crude oil prices surged and stock markets declined after a military confrontation between two regional powers. Financial markets reacted nervously to potential escalation risks, with major stock indices experiencing significant drops. The benchmark US crude oil price increased substantially, reflecting market concerns about potential disruptions to global oil supply and broader economic implications. https://www.taxtmi.com/news?id=46542 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46541 Sat, 14 Jun 2025 06:58:25 +0530 The Maharashtra government signed an MoU with an aerospace company to establish a helicopter manufacturing unit in Nagpur. The project involves an investment of Rs 8,000 crore, will create approximately 2,000 jobs, and is set to begin in 2026. The initiative supports India's 'Make in India' and 'Aatmanirbhar Bharat' campaigns, positioning the region as an aerospace manufacturing hub with advanced technology for helicopter production and customization. https://www.taxtmi.com/news?id=46541 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46540 Sat, 14 Jun 2025 06:58:25 +0530 The Enforcement Directorate attached a Congress party office and assets worth Rs 6.15 crore in Chhattisgarh, linked to an alleged Rs 2,100 crore liquor scam. The action targets a former minister and involves properties belonging to him and his son. This marks the first time a political party's assets have been attached under anti-money laundering laws. The agency claims the proceeds from an illegal liquor trade were used to build the party office, with allegations of systematic financial misconduct during 2019-2022. https://www.taxtmi.com/news?id=46540 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46539 Sat, 14 Jun 2025 06:58:25 +0530 A political dispute erupted after the Enforcement Directorate attached a Congress party office in Sukma district, Chhattisgarh, as part of an investigation into an alleged liquor scam. The Congress accused the agency of acting on ruling party instructions, while the ruling party defended the action as addressing corruption from the previous government. The attached property, valued at Rs 6.15 crore, includes the party office and assets of a local legislator. https://www.taxtmi.com/news?id=46539 TaxLaws News TaxTMI https://www.taxtmi.com/news?id=46538 Sat, 14 Jun 2025 06:58:25 +0530 The aviation regulator DGCA ordered enhanced safety inspections of Air India's Boeing 787 Dreamliner fleet following a fatal plane crash in Ahmedabad that killed 241 people. The directive includes comprehensive checks on various aircraft systems, fuel parameters, engine controls, and maintenance actions. Inspections will cover 33 aircraft with GEnx engines, with reports to be submitted for review. The enhanced safety measures aim to identify potential technical issues and prevent future incidents. https://www.taxtmi.com/news?id=46538 TaxLaws News TaxTMI https://www.taxtmi.com/newsletter?notifId=06/14/2025 https://www.taxtmi.com/newsletter?notifId=06/14/2025 Daily Updates Tax