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.
Soon standalone health insurance companies will be governed by separate regulations
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.
Public and private sector insurance companies are forming alliances to bid for state-run carrier Air-India's aviation cover worth $3.5 billion.
The finance ministry has finalised the top-level reshuffle in public sector banks.
ULIPs come on top with one-year returns between 34% and 45% compared with closed-end mutual funds and ELSS
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.
Shedding its image of a brick-and-mortar organisation, the Life Insurance Corporation of India (LIC) is all set venture into the digital era.
A day after the finance ministry cut import duties on a variety of product categories, top manufacturers of zinc -- Hindustan Zinc and Binani Zinc -- slashed prices.
A major reshuffle in the top brass of nationalised banks is on the cards, with the finance ministry's banking division scheduled to hold interviews for the posts of five chairpersons on January 24.
At present, the service tax rate stands at 12 per cent. Added to this is a 2 per cent education cess, bringing the incidence to 12.24 per cent.
To increase the deposit base, the banking industry is likely to press for restoration of tax exemption on interest income, increase in ceiling for tax deduction at source
The free pricing regime in the general insurance industry has come into force, with the Insurance Regulatory and Development Authority clearing all the revised rates filed by general insurers.
Players may have to suffer underwriting losses this year.
The Insurance Regulatory Development Authority of India has clamped down on excessive discounts on fire
The third party premium has been increased from the current Rs 700 to Rs 2,500, a 257 per cent hike for private cars, where the cubic capacity of the vehicle exceeds 1,500 cc.
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