Apprehending a slowdown in the growth of the economy due to the hardening of interest rates, the appreciating rupee and falling tariffs, the government has decided to set up a group to discuss the impact of these changes.
Public sector entities Life Insurance Corporation, UTI AMC, State Bank of India and Punjab National Bank are among the front-runners to become pension fund managers under the new pension system.
Companies that have been reluctant to share their production and sales data with the government for calculation of various indices will now be forced to do so.
Rural Bihar appears to be doing much better than urban areas in the state, if one goes by a recent National Sample Survey Organisation report.
South Korean steel giant Posco's wait for a mining licence in Orissa has got a little longer.
Jaipur's corporate tax collection shot up to 158 per cent. In comparison, tax collections for the whole country grew 44.7 per cent during the year.
The moves will reduce the administrative burden of the department, banks and taxpayers.
The Institute of Chartered Accountants of India has offered technical information for drafting the rules for valuing employee stock options for calculating the fringe benefit tax.
Annual terrorism risk cover rates will drop 19 to 16 per cent from April 1 following improved claims experience and the withdrawal of premium tariffs on general insurance products like fire, engineering, and motor.
A national data centre of the income tax department will come up in the National Capital Region this year.
The National Bank for Agriculture and Rural Development, the apex financial institution for rural finance, will raise Rs 5,000 crore (Rs 50 billion) through capital gains bonds in financial year 2007-08.
The government will cut the central sales tax rate to 3 per cent from 4 per cent from April 1 through a notification, as announced by Finance Minister P Chidambaram in his Budget speech.
In a bid to reduce harassment of tax payers, the income-tax department is mulling setting up five centralised return processing centres in different parts of the country.
These transactions are based on the Annual Information Reports (AIR) filed by entities like banks, mutual funds and companies.
The finance ministry is expected to announce a performance-based incentive scheme for bank chairmen on Tuesday.
The Reserve Bank of India has opposed the government's move to bring in a law to introduce a new reporting system for inward flow of foreign contributions.
The finance ministry has finalised the top-level reshuffle in public sector banks.
Sources said Finance Minister P Chidambaram might make an announcement in this connection in Budget 2007-08, as part of his overall strategy for raising long-term finance for infrastructure.
The amendment now makes it compulsory for corporate PF trusts to comply with the Employees Provident and Miscellaneous Provisions Act, 1952, and to claim exemptions under Section 17 of the same Act.
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