The government is exploring legal options, including bringing an Ordinance, to tackle the problem of income-tax litigation on reassessment notices under old, time-barred norms, according to official sources. This has come in the wake of writ petitions filed by companies and individuals in recent weeks to challenge the validity of the notices issued by the tax department between April 1 and June 30 and under the old norms.
Once the Finance Bill 2017 is passed, jewellery will be treated on par with general goods which attract 1 per cent TCS on cash purchase of above Rs 2 lakh.
BJP leader Sushil Kumar Modi on Wednesday said it is not possible to bring petrol and diesel under the GST regime for the next eight to 10 years as it would cause an annual revenue loss of Rs 2 lakh crore to all states. Centre and states collectively collect over Rs 5 lakh crore tax on petroleum products, Modi told the Rajya Sabha while participating in a discussion on the Finance Bill 2021. The statement assumes significance in view of the rise in petrol price for the past over one year which even touched Rs 100 per litre in some states. In the first reduction in rates in over a year, petrol price on Wednesday was cut by 18 paise per litre and diesel by 17 paise a litre as international oil prices tumbled to the lowest since early February.
The government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies.
Budget has already bombed at the box office and passing it without a revisit will be a mockery of the exercise though any modification may be short lived and perfunctory, observes V Ranganathan.
The idea behind advancing the Budget date is to ensure that the Finance Bill is passed before the start of the financial year, on April 1, so that all central government departments get their full allocations to work with right from the first day
The speaker said he would take a decision on the remaining 14 cases in a "couple of days."
The session started on January 29 and was originally slated to end on April 8 but several members had urged Speaker Om Birla to end the session earlier as they focus on electioneering for the five assemblies.
Chidambaram's remarks come amid clear indications from the party that it was keen that the proposed laws on food security and land acquisition are passed in this session.
Initiating the debate on the Finance Bill in the Lok Sabha, BJP leader Jaswant Singh said the finance minister should not spend his time in 'accountancy' but 'apply his mind to the reality of economic management of the country." Terming the Finance Bill as the 'child' of the Union Budget, he said it (Finance Bill) should be abolished and if not, then the government should 'break it up'.
India conceding ground to bring only top 100 digital companies like Google, Facebook, and Netflix into the global taxation pact may have revenue implications. This will mean that New Delhi will have to withdraw the contentious 2 per cent equalisation levy on e-commerce operators by 2023. This may have revenue implications for India, experts pointed out, as the equalisation levy has a much lower annual revenue threshold of Rs 2 crore (euro 0.2 million) as against euro 20 billion agreed by 130 countries at the Organization for Economic Cooperation and Development (OECD). India, along with other developing countries, was pitching for at least euro 1 billion threshold to cover at least 5,000 global entities. India collected Rs 2,057 crore from the equalisation levy in 2020-21, an 85 per cent growth over Rs 1,136 crore in the previous fiscal.
After capping anonymous cash donations to political parties at Rs 2,000, the government is amending law to make it mandatory for them to file returns on income by December every year or risk losing tax exemption status.
The session, which was earlier scheduled to conclude on April 3, is now likely to be adjourned sine die on March 23, sources said.
In a most perverse example of tax bullying, someone I know has got by three such notices reopening his assessment minutes before the midnight deadline of June 30, reveals Debashis Basu.
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
Kumaraswamy's father HD Deve Gowda also downplayed GT Devegowda's comment.
Sluggish corporate earnings, lacklustre global markets, FPI and slowdown concerns have played spoilsport for the markets.
Decoding four important provisions in the Finance Bill 2018.
Move to shift powers from RBI without discussions baffles many
This will be the first time since the presentation of independent India's first budget on November 26, 1947, that the documents containing income and expenditure statement of the Union government along with finance bill, detailing new tax and other measures for the new financial year, will not be physically printed.
Business subsidies may attract tax
The Sensex closed the day at 27,490, higher by 479 points.
Business failures rise when growth declines. When Indian growth slowed in the last decade, defaults increased. This is the normal working of the market economy, points out Ajay Shah.
Ahead of a likely trial of strength in Lok Sabha on the proposed cut motion on finance bill, the Congress on Monday said the government was in absolutely no danger.
The Finance Bill proposes introduction of Section 26A in the Customs Act, 1962, so as to comply with the standards under the International Convention on the Simplification and Harmonisation of Customs Procedure (Revised Kyoto Convention).
'Why wasn't my no-confidence motion tabled in the House?' asks YSRCP MP Y V Subba Reddy.
This article tries to strip off the jargon and present the contents of the current act with respect to the punishments and penalties applicable to various offences as defined by the tax man.
The broader NSE Nifty sank 177.65 points or 1.53 per cent to 11,419.25.
Fuel cess, TDS on large cash payouts bid to destroy truckers and get foreign players in, says an industry body.
Gowda explained that G T Devegowda intended to say that the JD-S would not oppose every move of BJP just for the heck of it.
The bills were passed by voice vote.
Arun Jaitley had proposed to set up a Public Debt and Management Agency.
The main responsibility for producing the Budget rests with the Budget Division of the Department of Economic Affairs in the finance ministry
A large percentage of total tourism business activity of India, which is estimated at $28 billion+ in forex and upwards of Rs 2 lakh crore in domestic tourism activity will be at economic risk through the year.
Rajya Sabha returns Finance Bill to Lok Sabha; budgetary process over in both Houses, President nod needed now.
The 14 MLAs who had resigned earlier this month include Pratapgouda Patil, BC Patil, Shivaram Hebbar, ST Somashekhar, BA Basavaraja, Anand Singh, R Roshan Baig, Munirathna, K Sudhakar, MTB Nagaraj, AH Vishwanath, K Gopalaiah, Narayana Gowda and Shrimanth Patil.
"I came in between" Rahul Gandhi and Akhilesh Yadav, Uttar Pradesh Chief Minister Yogi Adityanath said on Tuesday, taking a dig at the leaders of the Congress and the Samajwadi Party who had formed a coalition to take on the Bharatiya Janata Party.
The Payment of Gratuity (Amendment) Bill and The Specific Relief (Amendment) Bill passed amid din.
Sitharaman further said that to mitigate genuine difficulties of start-ups and their investors, government has decided to withdraw angel tax provisions for them.
Digital commerce operators advertising on global social media, which earlier did not pay Google tax on their operations in Jammu & Kashmir, may now have to cough it up at 6 per cent.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances