From second homes and AC rail travel to private tutors, astrologers and marriage-makers come under the tax net
The finance ministry has asked state-run general insurers to increase premiums on health insurance, motor and other policies, and refrain from undercutting each other to get new business.
FDI cap may remain intact at 26% as Cabinet takes up legislation this week.
Tax amount of Rs 10-15 crore may be the threshold above which rule could be invoked
After the enactment of retrospective amendments to the Income Tax Act next month, the government may ask Vodafone to pay in excess of Rs 20,000 crore (Rs 200 billion) -- more than two and half times the tax amount the telecom major was "advised to withhold" on its $11-billion deal with Hutchison in 2007.
A finance ministry official said Vodafone had threatened arbitration against something that had not happened. He said the UK-based telecom company was presuming it might happen.
Higher online filing of returns that is expected in the ongoing financial year will enable faster processing of claims and hence a further increase in refunds.
To ensure its financial inclusion drive is not restricted to meeting branch opening targets, the Union finance ministry is to ask banks for a performance report of the 'ultra small' branches set up in the past two years in about 73,000 villages.
A senior income tax department official in the know of the discussions to have taken place in the finance ministry said the ministry was looking into the issue as a possible option.
The next time Amitabh Bachchan hosts Kaun Bangea Crorepati or Sachin Tendulkar hits a ton in an Indian Premier League match, the taxmen may come knocking on their doors.
Budget likely to list tax-exempt items as finance ministry, states agree
The question is which tool it should use to shift gear.
The idea is to save customers the inconvenience of opening and closing bank accounts or keeping multiple accounts if they have to shift to a new location or find their bank's services unsatisfactory.
More than one-third of this amount (Rs 6,000 crore or Rs 60 billion) is likely to go to the country's largest lender, State Bank of India, while the demand for most other banks is less than Rs 1,000 crore (Rs 10 billion) each.
Pay healthy advance tax, but can't make up for large companies' volumes.
Wants all services included in tax, with a negative list.
The much-awaited talks between India and Mauritius over renegotiation of their tax treaty may begin soon, with India pushing for changes in the clause on the treatment of the capital gains tax.
A couple of options are on the table, from buyback, cross-holding, selective public offers of only big companies to residual stake in companies with minority government ownership.
Finance Minister Pranab Mukherjee is likely to oppose suggestions to introduce a financial transaction tax, commonly known as tobin tax.
The slowdown fear, as substantiated by various parameters like the HSBC Purchasing Managers' Index as well as the Index of Industrial Production, has gripped large companies but the smaller entities still seem hopeful of excellent growth. At least, tax collection figures show this trend.
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