Putting an end to speculation, Finance Minister P Chidambaram on Monday retained the 10 per cent surcharge on those earning over Rs 1 crore annually.
PwC analyses the impact of Budget proposals for 2011-12 on individuals and industry.
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 Centre had told the apex court that the entitlement of former MPs to get pension and other benefits was "justified" as their dignity has to be maintained.
Currently, the enforcement officers are making seizures of assets directly and indirectly connected to offenders, including jewelers Nirav Modi and Mehul Choksi in the Punjab National Bank fraud and Vijay Mallya in the Rs 9,000-crore IDBI loan case.
The US Trade Representative's (USTR) office will also conduct the Section 301 probe against nine others, including Austria, Brazil, Indonesia, Italy, Spain, Turkey, the Czech Republic, the UK, and the EU, for levying or considering digital services taxes "discriminating against US companies".
Opposition, including Bharatiya Janata Party, Left and other parties, on Tuesday walked out of the Lok Sabha, charging the government with indulging in one scam after another and saying they would not be party to the passage of the Finance Bill and the Railway Budget.
Parliament on Tuesday completed the three-stage Budget exercise with Rajya Sabha returning the Finance Bill, 2003 after Finance Minister Jaswant Singh promised to move towards simplified 'Green Channel Tax System' based on trust.\n\n\n\n
According to PRIME Database, there are nine companies with active buyback programmes of Rs 8,605 crore. Among these, Infosys's share repurchase programme is the biggest at Rs 8,260 crore.
The registration was cancelled as Infosys Foundation allegedly did not file income and expenditure statement on foreign funding for the past few years, officials said.
The government promised on Friday to remove distortions in excise duty on branded and packed refined oils, which analysts said allowed companies to avoid the levy.
As and when the GST comes in, Budget projections will have to be unbundled and revised. In fact, the pragmatic decision would be to present another Budget! This makes the passage of the Finance Bill with its multiple unrelated amendments seem even more dubious, says Devangshu Datta.
The proposals, to be based on the recommendations of the Shome panel, are likely to be introduced in the Finance Bill to be presented by Finance Minister P Chidambaram in the Budget for 2012-13.
Dutch subsidiary Vodafone International Holdings BV on Tuesday severed a notice of dispute on the Indian government regarding proposals in the Finance Bill 2012 which it claimed violated the international legal protections granted Vodafone and other international investors in India.
The new 10 per cent dividend tax will be payable only on dividend income over and above Rs 10 lakh threshold in a year, according to an amendment to the Finance Bill 2016 approved by Lok Sabha.
Says that he will re-look at all suggestions on indirect taxes and make announcements in Parliament.
Government's effort to end impasse in Parliament by reaching out to BJP for early passage of key finance bills on Friday came a cropper as the opposition indicated that it is unlikely to cooperate unless it is assured that JPC chairman P C Chacko's draft report on 2G will be rejected.
Tax experts said as a result of the amendments, companies operating from countries with which India didn't have DTAAs, would try to shift to countries with which India had such agreements, including Mauritius.
Can lead to imprisonment up to seven years.
Buyer to pay tax on gains made on undervalued property purchase.
400 MPs of the ruling National Democratic Alliance would give up Rs 3.66 crore -- their salary for 23 days of the ongoing budget session that has been a virtual washout due to protests by the opposition.
Parliament passes Budget for 2007-08 with Rajya Sabha returning the Appropriation Bill and the Finance Bill by voice vote.
Retrospective claims may not stand the test in international courts.
Buckling under pressure from various quarters, the government on Monday withdrew the harsh provisions relating to excise and customs duty evasion cases. In Finance Bill 2012-13, it had earlier proposed to make certain excise and customs duty evasion cases non-bailable until the court had heard the public prosecutor.
Set to begin next week, the first of its kind uniform discount offer from all jewellers across the country, would be valid for 10 days nationwide.
Ahead of a scheduled discussion in Parliament on the Finance Bill, 2012, for its clearance next week, top bosses of Vodafone Plc met senior functionaries of the government on Tuesday to discuss tax issues that have emerged due to the proposed retrospective amendments in the Income Tax Act, 1961.
Many online retail websites follow 'aggregator' model.
'But can it afford to present a scenario within the existing legal framework of fiscal consolidation?', asks A K Bhattacharya.
The Bhartiya Janata Party (BJP) pulled up the government for a total policy failure, resulting in grave economic crisis.
Lok Sabha passes Finance Bill; Will introduce a white paper on black money in current session: FM
Moving the Finance Bill, 2012 for consideration and passage in the Lok Sabha, Mukherjee halved the capital gains tax for private equity investors to 10 per cent and relaxed the norms for arrest of persons involved in violation of Customs Act.
'Rather than abolishing stamp duty as STT is already levied on all transactions, the government has de-facto imposed a state STT in the guise of stamp duty'
Taxmen have come across instances where global firms - charged a withholding tax of 6 per cent - are underreporting the exact income they earned from an Indian user.
Official sources said the notice under section 201 and 220 (2) of the I-T Act, which talks about simple interest at one and a half per cent for every month the tax demand was raised, will also explain the retrospective amendment made by the government for taxing business deals that avoids tax in the country by showing them in a tax haven.
With Lok Sabha approving the Finance Bill that amends law to retrospectively tax cross-border transactions dating back to April 1, 1962, Vodafone faces a tax demand of Rs 11,000 crore (Rs 110 billion) plus interest and a penalty on its 2007 acquisition of Hutchison Whampoa Ltd's Indian operations.
Penal provisions have already been introduced for late filing of returns.
Ahead of the passage of the Finance Bill in Parliament, Civil Aviation Minister Ajit Singh is understood to have shot off a letter to the Finance Ministry protesting the proposal on the grounds that the move would not only hit passengers but spell more trouble for the airlines which were already reeling under severe financial stress.
Key, who had led his party for 10 years and the country for eight, unexpectedly resigned on December 5 and since then the position had become vacant.
A courier company owner was arrested for allegedly evading service tax of about Rs 70 lakh
Parliament was virtually powerless for a brief while on Monday.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances