The government contained its fiscal deficit, the gap between overall expenditure and receipts, at 4.7 of GDP during 2010-11 much lower than the revised estimate of 5.1 per cent, a development which provide much needed comfort to the Centre fighting stubborn inflation.
As per existing provisions, senior citizens aged 60 years and above are eligible for concession in the basic fares of Mail and Express trains, and all inclusive fares of Rajdhani, Shatabdi and Jan Shatabdi trains.
Only salaried individuals, pensioners or those earning interest income can use the new form.
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
'That Modi and the BJP can continue to treat the rising and expanding middle class this way shows that they have gamed its mind quite perfectly,' argues Shekhar Gupta.
Income Tax Return forms in India are like the Golmaal series of movies. Every two years there is a new one.
Subbarao's annual statement will be of unusual interest this year
Simplification of India's tax codes including stamp and other duties has to be an end objective by itself and the introduction of DTC and GST should not be delayed by protracted discussions.
CST Mumbai, Pune, Nagpur, Howrah, Sealdah, Thiruvanathapuram, Chennai, Bhopal, Madhura Junction, New Jalpaiguri and Kochi are some of the stations that will be modernised.
Join us for an online chat with health insurance expert Anil Rego between 2 pm and 3 pm on Thursday, February 15.
The infrastructure spending target for 2020-25 was revised because of additional and amended data provided by central ministries, state governments since the release of the summary NIP Report in December 2019 when it was pegged at Rs 100 trillion.
The announcement was made by Finance Minister Pranab Mukherjee in his Budget speech.
In the aviation sector, 100 per cent FDI is allowed under automatic route for MRO (maintenance, repair, overhaul), ground handling, and aircraft purchase.
Oops, no, onions don't look tempting enough to be part of our investment portfolio for this year! Nor drumsticks!
In the last year Budget too, the Government targetted to raise Rs. 40,000 crore through disinvestment in the current fiscal.
The government on Monday said low-cost housing loans of Rs 15 lakh will be eligible for one per cent interest subsidy, which will help in increasing the demand for such housing.
Finance Minister Pranab Mukherjee on Monday said the Direct Taxes Code (DTC), which will replace the Income Tax Act, is proposed to be implemented from April 1, 2012."
A draft of the infrastructure portion of the Budget speech for Pranab Mukherjee's consideration.
Under the proposed mechanism, the finance ministry has said banks will notify customers when someone tries to deposit money in their accounts, a government official said.
According to Parizad Sirwalla, partner (tax), KPMG, the withdrawal of annual tax free transport allowance and medical reimbursements has squared off the benefit on account of standard deduction.
Automobile dealers' body FADA said the Budget lacked immediate demand boosters for the automobile industry.
India is considering allowing new private sector banks, including by industrial houses, and a roadmap for the same could be announced in the annual Union Budget to be presented later this month.
India is considering allowing new private sector banks, including by industrial houses, and a roadmap for the same could be announced in the annual Union Budget to be presented later this month.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
After a marathon discussion lasting nine hours, the motion was defeated with 87 members opposing it and 40 supporting in the 140-member house with two vacancies.
The current estimate, however, largely covers only the cost of infrastructure such as pipes, construction of borewells, overhead costs among others and not the expenditure to be incurred on operation and maintenance.
The ministry of civil aviation will seek a complete rollback of service tax levied on domestic air travel in the recent Budget, Civil Aviation Minister Praful Patel said on Wednesday.In his Budget speech on February 26, Finance Minister Pranab Mukherjee had proposed a service tax of 10 per cent on both domestic and international travel. Earlier, the service tax was restricted only for international travel.
The agricultural growth package mooted in the Union Budget for 2010-11 seems well conceived but not adequately supported by funding for its key elements. This, surprisingly, is despite the 21.6 per cent increase in the overall Central plan outlay for agriculture and allied sectors, the highest hike in recent years.
Mr Mukherjee has presented a good budget, perhaps even a very good one under the circumstances, but he has shied away from presenting a great budget.
The Plan allocation for the power sector has been doubled from Rs 2,230 crore in 2009-10 to Rs 5,130 crore in 2010-11. The allocation does not include allocations for Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY). This was announced by the Finance Minister, Pranab Mukherjee in his Budget speech in Parliament on Friday.
The decision to have a symbol for Rupee was taken by the government last year. It was also decided to invite designs from the public for the new symbol.
Credit to priority sectors as well as small and medium industries will be discussed to find ways to accelerate economic growth.
The Centre on Monday earmarked a separate Rs 2,217 crore for 42 urban centres to tackle air pollution and announced the much-awaited voluntary vehicle scrapping policy to phase out old and polluting vehicles, even as it shrunk the budgetary allocation for the environment ministry from the last fiscal by nearly eight percent. Union Finance Minister Nirmala Sitharaman, in her budget speech for 2021-22, announced a total of Rs 2869.93 crore for the ministry, Rs 230 crore less than the last fiscal. Officials said the outlay has been lesser this time as the economy is recovering from the COVID-19 pandemic.
Take a look at government subsidies and their growth as a percentage of GDP over this period.
A look into Railway Minister Mamata Banerjee's Duronto trains.
As Pranab Mukherjee steps down as President, we remember the man, the politician, the Rashtrapati.
Pranab on Sunday met the Prime Minister Manmohan Singh and discussed budget-related issues with him.
Prime Minister Manmohan Singh on Sunday approved the interim general budget which will be presented in the Lok Sabha by External Affairs Minister Pranab Mukherjee on Monday. Singh went through the interim budget related papers and after formally signing them, forwarded them to President Pratibha Patil, a Prime Minister's Office spokesman said."The Prime Minister also approved the interim budget speech," the spokesman added.
Union Railway Minister Mamata Banerjee presented the Railway Budget for 2009-10 in Parliament on Friday.
Finance Minister P Chidambaram presented the Union Budget 2004-05 in the Lok Sabha on Thursday.
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