It is a tribute to India's democracy, however flawed, that the very same MPs who had harangued her intermittently from Opposition benches now surged towards her, anxiety writ large on their faces. One offered her some homoeopathic tablets, another advised her to stay seated, another grasped her hand wishing her good health... the crowd parted as Prime Minister Narendra Modi strode up to congratulate her. But it was mostly well-wishers from the Opposition and the NDA that kept the finance minister cocooned with good wishes until it was time to leave, reports Aditi Phadnis.
The controversial proposal to amend the Income Tax Act with retrospective effect to bring into tax net Vodafone-type deals is expected to yield to the exchequer Rs 35,000 to Rs 40,000 crore, the government said.
Goyal is expected to discuss the targets for the banks for 2019-20, as well as priority sector lending, recovery on non-performing assets, and the bankruptcy proceedings of various companies, which owe money to the banks.
The bills, including some key finance legislations, were passed during the course of a few hours in the post-lunch period.
Increase in surcharge will adversely impact fund managers planning to shift to India. As a matter of fact several fund professionals based in India could also relocate to other jurisdictions, resulting in a brain drain.
The inflation target of the RBI would be reviewed once every five years.
With less than five months left for the report of the Fifteenth Finance Commission to be submitted, its chairman N K Singh said the report will have fiscal road map for states, depending on their current situation.
Since the Budget announcement on July 5, FIIs have been busy unloading their stock.
Finance Minister Arun Jaitley had came out with a host of proposals last month.
In a big relief from cumbersome tax filing process for the salaried class, Finance Minister Pranab Mukherjee on Monday proposed to exempt them from filing tax returns unless they have other sources of income.
The new provision under the Income-Tax Act may enable the authorities to seize trustees' personal assets if there's a breach of objectives governing registered charitable trusts.
If the government decides to go back to the old regime where the EPF was not taxed but the NPS was, the latter will become an unattractive product.
Three members will be representatives from the government, and three from the RBI.
Even existing cases might come under the proposed law, including those of Vijay Mallya, Nirav Modi and Mehul Choski. But, the law would not cover earlier cases.
Bank, bankruptcy reforms, Nabard Bill amendment on agenda.
Crude prices touched 30-months high of $120 per barrel last month following unrest in Egypt and Tunisia.
Finance Minister Pranab Mukherjee on Wednesday justified legislative changes in taxation law with retrospective effect, saying this was required in order to protect "the interests of the (tax) department".
The minister recalled the steps taken by the government to deal with general inflation, which was in the negative zone in June-August, 2009, and had since risen to 9.9 per cent in March, 2010.
The ruling, in favour of the government, will protect over Rs 1,000 crore (Rs 10 billion) of revenue the tax department was expecting from the service.
Taking a leaf from the US, Canada and the UK, where students and research scholars get to work with Parliamentary panels, Lok Sabha Speaker Sumitra Mahajan is pushing for induction of interns in the Parliamentary standing committees.
Taxability of LPG subsidy and other direct benefits paid directly into bank accounts of beneficiaries is unclear.
PM to meet SP, RJD and JD(U) as Congress managers fear for passage of Finance Bill.
Entertainment content (movie and music) will be 10-15 per cent more expensive, following the proposals of the Finance Bill 2010.
Finance Minister Pranab Mukherjee said this while presenting the Union Budget for 2010-11 in the Parliament on Friday.
Finance Minister Pranab Mukherjee said this while presenting the Union Budget for 2010-11 in the Parliament on Friday.
Mukherjee, however, did not roll back the hike in excise and customs duty on petrol and diesel.
Participating in the resumed debate on the Finance Bill in the Lok Sabha, Anant Geete (Shiv Sena) said people are more interested in evading tax than paying it for development.
Finding the right way to save taxes requires a great deal of planning. Here's a helping hand.
The political crisis faced by the Digambe Kamat-led government in Goa has blown over with the Congress leadership managing to convince the Nationalist Congress Party, protesting alleged irresponsible utterances against it by some Congress MLAs, to vote for the finance bill in the state assembly.
Mechanism for non-resident service providers made stricter.
Yediyurappa said he would decide on members to be inducted into the ministry after consulting party president Amit Shah.
Armed with permission to issue Rs 10,000 crore (Rs 100 billion) of tax-free bonds in 2011-12, the National Highways Authority of India (NHAI) will issue the first lot worth Rs 2,500 crore by mid-May.
The passage of the Women's Reservation Bill in the Rajya Sabha on Tuesday has not ended the problems of the United Progressive Alliance (UPA).
'Even if something appears to be wrong, we can always request the government and Parliament to make amends.'
Hope floats for higher trading volumes; warehousing and cold chain facilities get tax incentives.
With the Finance Bill 2010-11 proposing payment of 10.3 per cent service tax by hospitals on cashless settlements, it may be a double whammy for policyholders: Higher premiums as well as soaring hospital bills.
According to a top Congress minister, the government needs to be on its toes next week when the combined opposition moves cut motions and the finance bill also comes up for passing in the Lok Sabha. The reason is the altered attitude of the Left parties, particularly the Communist Party of India-Marxist towards the Bharatiya Janata Party with the Left now seeing the Congress as its enemy number one.
Will the so-called Third Front partners be able to retain their ambitious unity till the end of this month, when the Finance Bill comes for voting in the Lok Sabha? Doubts are hovering around the Yadav duo Rashtriya Janata Dal chief Lalu Prasad and Samajwadi chief Mulayam Singh Yadav -- as the two have taken different stands in the past one week on the issue.
While the Left parties are in talks with secular Opposition parties on a joint strategy during voting on the Budget in the budget session resuming from April 15, they are not not averse to BJP and its allies supporting a joint opposition cut motion.
Accusing the Left Front government in West Bengal of ignoring Darjeeling Hills, senior Bharatiya Janata Party leader Jaswant Singh on Friday demanded the creation of a separate Gorkhaland. Singh also demanded more funds under the Cyclone Aila package. Initiating a debate on the Finance Bill in the Lok Sabha, the Darjeeling Member of Parliament wondered, "What wrong have the Gorkhas done not to deserve a separate state."
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