The department of financial services has decided to give banks commission, to ensure these accounts are kept active.
Further stimulus measures are expected in the upcoming Budget where the focus is likely to be on reforms, including some structural measures such as reducing red tape and boosting foreign direct investment. The meeting with industrialists is in the series of discussions that Modi has had during the last couple of weeks to seek suggestions to revive growth.
Watal a 1978-batch Andhra Pradesh cadre IAS officer.
Since its rollout 13 months ago, the new indirect tax has yielded Rs 1 trillion only in in April 2018
As part of the scrutiny, I-T department will initially issue 700,000 letters to those who have indulged in such transactions
The insurance sector is going to get a big boost.
A ban on cash transaction of more than Rs 3 lakh has been proposed in the Budget for 2017-18.
The government on Tuesday said PPF will not be taxed on withdrawal and only the interest accrued on contributions to employee provident fund made after April 1 will be taxed.
Prime Minister Narendra Modi announced the financial inclusion scheme in his first Independence Day speech last year.
It is possible that the final Budget architecture may be at variance with the comments.
GST Council has also reached consensus on the definition of revenue to compensate states for revenue loss
The Centre is grappling with the question of its fiscal roadmap not only for this year but for 2018-19
A corpus of Rs 20,000-30,000 crore is under consideration, to narrow the input tax credit cycle and facilitate their working capital requirements.
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.
Petroleum Minister Dharmendra Pradhan's wish to levy indirect tax on petrol unlikely to be taken up
They will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.
Most families had high value currency notes and they used it for making payments during the pre-demonetisation era.
Clarifying on reports that it cannot scrutinise tax returns of political parties, CBDT said: "There are enough provisions in the Income Tax Act to scrutinise the accounts of the political parties and these political parties are also subject to other provisions of income tax including filing of return."
The council decided not to levy any additional tax on small petrol and diesel cars of up to 1200 cc as well as on hybrid ones.
Accounting for the first Advance Estimates for 2017-18, an additional planned borrowing of Rs 200 billion, the fiscal deficit could come in at 3.35 per cent of GDP.
Close to 202,000 new entities have registered under the GST Network
Maharashtra raises vehicle registration fee, Tamil Nadu ups entertainment tax
"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
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At the retreat, PSBs had suggested the government cut its stake in these entities to less than 51 per cent over a period of time and empower the boards of individual banks.
The agency's poor track record in convictions is the only light at the end of a rather long tunnel for the couple, observes Shyamal Majumdar.
In a string of tweets and replies, Swamy also said that GST can be implemented only if the Supreme Court clears a petition on levy of entry tax
Government gets Rs 17.1 lakh crore in its kitty
The fiscal deficit rose primarily on the back of lower non-tax revenues, which came in at 60 per cent of full-year target, compared with 62.4 per cent for the same period last year.
Prime Minister also underlined the need for increasing the number of tax payers to 10 crore.
The assessee will also have to declare whether such items and their value were disclosed at the time of filing wealth tax returns earlier.
There is no constitutional or statutory prohibition on receipt of anonymous donations by political parties.
Gold traders and jewellers continued their strike for the 17th day today in protest against the 1 per cent excise duty on non-silver jewellery announced in the Budget.
Goods and Services Tax would usher in an unified indirect tax regime.
It will be headed by Secretary, Department of Financial Services.
The government will assess how cash deposits after the demonetisation could be brought under the tax net, says Revenue Secretary Hasmukh Adhia.
Close to 9 lakh registered companies are not filing annual returns with the ministry of corporate affairs and are a potential source of money laundering, Revenue Secretary Hasmukh Adhia said on Saturday.
He also said GST will take about a year to stabilise.
CAs not sure if individuals declaring unaccounted money will get immunity from reassessment as these provisions are not covered in the Bill.
Monetary incentives under Skill India to small entrepreneurs, capital infusion into technology fund to help businesses expand operations
The step had been taken to lend the required 'authenticity' to electronic communications.
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