The session of Rajya Sabha came to an end on Friday after passing 12 bills and wasting 19 hours due to disruptions over various issues like imposition of President's rule in Uttarakhand and AgustaWestland helicopter deal controversy.
The US State of Minnesota has adopted a higher education finance Bill that includes a provision of $150,000 for funding establishment of an Indian Center at the University of Minnesota to foster understanding of India's history and culture.
Union Finance Minister P Chidambaram on Thursday said that tax exemptions will be pruned further and phased out eventually and that the controversial Banking Cash Transaction Tax will be reviewed next year.
The Finance Bill, 2007, has proposed tougher measures against tax evasion by tightening penalty provisions.
For starters, the application to the commission will have to be made together with the payment of the tax liability. The application can be made only before the assessment officer has completed proceedings, and not after.
Finance Minister P Chidambaram said the improvement in tax-GDP ratio has given enough money to the Central government to vastly increase outlays. The UPA government inherited a tax-to-GDP ratio of 9.2 per cent that has risen to 12.5 per cent in 2007-08. The ratio will be 13 per cent in 2008-09 he said, replying to the debate on the Finance Bill in Lok Sabha. Improvement in tax-GDP ratio has been despite cut in customs, excise & in the current budget cut in personal tax rates.
The BJP alleges that the U C Banerjee Committee Report, which described the train fire as an accident, was made public with an eye on the polls.
Saket was among the nine members of Legislative Assembly who rebelled against the Harish Rawat government.
One has to mention the acknowledgement number and the date of filing of four quarterly returns.
Chidambaram eases duty on Cement, export of iron ore.
Finance Secretary Hasmukh Adhia vacates his post on November 30 and Expenditure Secretary Ajay Narayan Jha, the second seniormost bureaucrat in the finance ministry, retires on January 31, the day before Jaitley presents the 2019-20 interim budget.
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
Finance Minister P Chidambaram on Monday exempted scented supari from excise duty if it does not exceed 50 paise a packet.
The new penalty regime could create a fresh set of complications for tax payers.
Finance Minister P Chidambaram on Wednesday said it was doubtful whether any key legislation, except for the vote-on-account, would be passed in the current session of Parliament.
Finance Minister Arun Jaitley on Sunday said there is no 'disconnect' between the two.
The window under the Income Declaration Scheme 2016 opened on June 1 and will close on September 30
The government has proposed to dilute the controversial Fringe Benefit Tax, exempt savings account from the 0.1 per cent banking cash transaction tax and raise income tax exemption limit for women and senior citizens.
The alliance will resume its boycott of Parliament indefinitely from Tuesday protesting against the United Progressive Alliance government's 'hostile and vindictive' attitude.
BJP leader L K Advani said the NDA's boycott of Parliament was also to protest against the Centre's 'negative' attitude towards the opposition.
Levying buyback tax at a flat rate of 20 per cent (plus applicable surcharge and cess), irrespective of the period for which shares are held will be a dampener for equity shareholders who take inherent risks while investing, says Hitesh D Gajaria, partner and head of tax, KPMG in India.
Existing long-term deposits with scheduled banks may not get income tax benefits under amended provisions of Section 80 C.
Supporting the striking truck operators, the National Democratic Alliance on Wednesday asked the government to withdraw the proposed service tax on transport booking agents.
Centre took the line that it should not be presented in the middle of Assembly poll in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur
The Associated Chambers of Commerce and Industry of India has sought the restoration of Notification in the Finance Bill 2005-06
Vedanta Resources has huge interests in India. The promoter and majority shareholder of Vedanta Resources, Anil Agarwal, also founded Sterlite Industries.
The Bharatiya Janata Party on Thursday moved several amendments to the Finance Bill in the Lok Sabha, including raising the Income Tax exemption limit for senior citizens to Rs 2.5 lakhs and hiking Provident Fund interest rates to 9.5 per cent.
More services such as ATM operations are proposed to be brought within the service tax net.
The finance ministry is likely to tone down some of the provisions of Fringe Benefit Tax and moderate the conditionalities for Banking Cash Transaction Tax proposed in the Budget.
The Central Board of Direct Taxes recently notified rules under which an entity based in a 'notified jurisdictional area' will have to give an undertaking to share information in a prescribed format.
Finance Minister P Chidambaram on Thursday provided some relief to income tax assesses earning up to Rs 111,250 annually.
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