Dubbing the new income tax return Form 2F as "kathin" (difficult), a parliamentary committee has asked the government to withdraw the Form, including the controversial cash flow statement that salaried assessees have to file.
Bowing to the pressure of Left parties, the government on Wednesday referred the Pension Fund Regulatory and Development Authority Bill to Parliamentary Standing Committee on Finance.
A parliamentary committee has pulled up the finance ministry for not adhering to Fiscal Responsibility and Budget Management Act in cutting revenue deficit by 0.5 per cent of GDP for 2005-06 saying there should not be deviations every now and then.
Government on Thursday approved the Taxation Laws (Amendment) Bill to protect the interest of donors.
The parliamentary standing committee on finance on Thursday approved the repeal of IDBI Act, paving the way for conversion of Industrial Development Bank of India into a bank.
Government is considering conversion of the country's biggest financial institution, IDBI, into a bank, Minister of State for Finance Anandrao Adsul said on Monday.
The government on Tuesday came in for sharp criticism on the divestment issue with a parliamentary committee asking it to come forward with a comprehensive policy document on the matter.
Foreign players like Citibank, Standard Chartered Bank, HSBC and ABN Amro Bank see opportunities to spread their wings in India after the ceiling on voting rights is lifted by the government.
The Industrial Development Bank of India will be merged into its subsidiary IDBI Bank, in a reverse merger on similar lines as the merger of ICICI into its subsidiary ICICI Bank.
A Parliamentary committee has asked Reserve Bank of India to direct banks to channelise more funds to industry and other sectors instead of investing excessively in risk-free government papers.\n\n\n\n
A parliamentary committee on Friday hauled up the finance ministry for fall in Tax:GDP ratio to 9.2 per cent in 2003-04 from 10.1 per cent in 1990-91
One-time solution for IDBI, IFCI soon: FM
The newer ones have not met the stipulation of opening 25 per cent of branches in rural and semi-urban areas, a parliamentary committee report has observed.
'People who have unaccounted money often park it in unregulated deposit schemes.' 'Curbing illegal deposit-raising activity will also carry forward the government's drive against black money.'
Replying to a query, whether the government has made any assessment of black money stashed by Indians in foreign countries, Jaitley said there is no official estimation of that.
The studies found that sectors with the highest unaccounted income included real estate, mining, pharmaceuticals, pan masala, gutkka and tobacco, bullion and commodity markets, film industry, educational institutes and professionals.
The rules are being framed to maintain absolute transparency and fair play in investigations.
Urjit Patel said said the process of remonetisation was on and estimation of costs was a complex exercise.
AIBEA said that on April 19 its officer bearers would meet in Punjab to decide the next course of action.
The Budget session of the 16th Lok Sabha will begin in the second week of July, revealed Parliamentary Affairs Minister Venkaiah Naidu on Thursday.
India has joined global efforts to combat global tax evasion.
Non-compliance, underreporting or misreporting will attract a penalty of 50-200 per cent. The authorities may during assessment even tax assets that are 15-20 years old
Opposition charged the government with making Parliamentary Standing Committees irrelevant.
Sushil Kumar Modi, who ceased to be Bihar Finance Minister following the JD (U)-BJP split, on Monday resigned as Chairman of the Empowered Committee of State Finance Ministers looking into the implementation of the proposed new indirect tax regime - Goods and Services Tax (GST).
The Budget has proposed a Benami Transactions (Prohibition) Bill.
RBI will make a presentation on January 24 before the panel on the state of NPAs and stressed loans.
The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or rupees of gullible investors were allegedly swindled.
The bank's response came to a clarification sought by stock exchange on recent reports on debit cards blocking in the wake of suspected data breach
Perhaps the way forward could be the introduction of uniform rating standards - on the lines of accounting standards for the accounting profession - with a separate regulating authority for enforcing those standards, says Sudipto Dey.
A four-member panel of secretaries is likely to submit its report on a new gas pricing mechanism to the government by Wednesday.
The government is making behind-the-scenes offers to other parties in a bid to break them but as long as the Congress is firm on the decision, there is little that the government can achieve on the Insurance Bill.
Merger of the three key ministries is expected to help in removing the hurdles in these areas.
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