'The manufacturing sector and the capital goods industry need all the support that the government can provide, because they are working in a global market where trade restrictions are coming down every day,' says Amar Kaul.
The CBDT said this is "the final opportunity being provided to the taxpayers to regularise their pending ITRs pertaining to AYs 2009-10 till 2014-15.
To better track generation of black money in the system, the finance ministry is planning to streamline third-party information provided on high-value transactions.
With big data analyses, your investments, spends and big purchases are being tracked more closely now by the income tax department.
GST necessarily includes service tax, but VAT can only be on goods without including service tax
The impact of Shinzo Abe's towering personality is such that even in death, Abe remains a polarising figure, asserts Dr Rajaram Panda.
Cable tariffs across the country are set to go up with the TRAI clarifying that operators can hike charges in view of the increase in service tax and the imposition of education cess in Budget.
PMO asked income-tax department to submit report on action taken against identified benami owners
While demanding an increase in income tax exemption limit, the trade unions suggested that the rates of personal and corporate income tax for those in high income brackets should also be enhanced.
The GST bill's draft says tax would be levied on Maximum Retail Price
Given its features as a retirement product (long lock-in and compulsory annuitisation), investors should have other investments they can fall back on in case they need funds
The government and the farm unions had reached some common ground on Wednesday to resolve the protesting farmers' concerns over rise in power tariff and penalties for stubble burning, but the two sides remained deadlocked over the main contentious issues of the repeal of three farm laws and a legal guarantee for MSP.
While the Narendra Modi government has stuck to its stand that pending payment is Rs 12,343 crore, MSMEs calim outstanding amount is Rs 2-3 trillion. Moreover, MSME ministry's SAMADHAN portal has been of little help.
The minister, in an eight-page open letter to farmers, said the Modi-government was committed to their welfare and stressed that the new legislations were aimed at benefitting small and marginal farmers.
Indian economy was growing faster than the global average and all other major economies: FM
As part of efforts to boost revenue collection, CBDT has asked the Income Tax Department to monitor cases of over five lakh taxpayers who have not filed their latest tax returns.
Keen to salvage its engagement with Washington DC that has gone southbound ever since the Trump administration came in, India has called for a final set of meetings with US trade officials, soon, reports Subhayan Chakraborty.
On the Delhi-Mumbai highway, Rs 1,200 crore (Rs 12 billion) worth of fuel will be saved annually after the installation of ETC, the minister said.
'These days, you could give the money to your maid or the person who comes to collect your garbage or your watchman; they are struggling to make ends meet.' 'You could help a friend whose business is at risk due to the lockdown and the struggling economy.' 'Even if you lend money to someone in this crisis, it will be more useful to the economy than parking your money in some government fund,' says Praful Nikam.
The unions term the introduction of fixed-term employment as a 'modern labour slavery system' introduced through the 'back door'.
'In a serious fiscal situation like this, an ostrich-like focus on annual budgeting, event management and defensive rhetoric will only make matters worse,' warns Rathin Roy.
'Should the most important part of economic reform not comprise the way we look at the fiscal deficit?', asks T C A Srinivasa Raghavan.
The minister emphasised that use of modern technology can yield far better results as far as tax collections are concerned than any other way.
Replying to a question in Rajya Sabha, Minister of State for Finance Nirmala Sitharaman said the drive against tax evasion is an ongoing process and the government has taken various steps under a multi-pronged strategy to deal with the issue of black money.
Information gathered from a person's social media account will be matched with his or her declared income.
'The low tax to GDP ratio of the country will go up, helping the government to adhere to fiscal discipline and keep inflation in check.'
The current slowdown has lasted for over 18 months and is the longest incident of sluggishness since 2006.
Greek proposals hailed as "a positive step forward".
'The day I took charge, the PM told me you do the following -- stop imports, talk to all stakeholders and involve them to make mining more industry-friendly without affecting the environment.'
The Central Board of Direct Taxes, the apex policy making body of the I-T department, has been undertaking a host of steps to bolster the litigation management wing of the department which has come under criticism not only from courts but also successive Finance Ministers and in the audit reports of the Comptroller and Auditor General.
The Income-Tax department will soon start updating taxpayers about the status of their I-T refunds and processing of certain tax statements by sending real-time SMSes and emails, on similar lines as that of credit card and bank transactions at present.
With the PMO itself spearheading a re-evaluation, the Director General of Defence Accounts has been asked to justify its earlier contention that the 'slab based' system would benefit a larger number of disabled veterans -- something the army flatly denies, reports Ajai Shukla.
The Reserve Bank of India, for the second straight time, on Thursday kept its key policy rate unchanged at 5.15 per cent, maintaining its accommodative policy stance as long as it was necessary to revive growth. The central bank retained GDP growth at 5 per cent for 2019-20 and pegged it at 6 per cent for the next fiscal.
'Today you have 30 to 40 per cent of bureaucrats who are not parrots of the government, but what happens if you change the system?' 'If implemented, this can disrupt the system, which will have more adverse consequences than demonetisation.'
The one-page form will mandatorily seek the taxpayers name.
A government can't just take away public money, and the RBI can't extinguish its liability. 'The RBI has to honour the value any time a person with legal and taxed money lays claim on the value.'
He said the country has witnessed a journey from indecisiveness to clarity and decisiveness.
Introduction of GST would make Indian products competitive in the domestic and international markets.
The state has extended its full support, provided its revenues are protected.
