Finance Minister P Chidambaram on Thursday announced a Rs 2,000 crore urban housing fund, while making luxury homes costlier by cutting abatement on service tax on a flat with a floor area of over 2,000 sq ft, or prices exceeding Rs 1 crore.
Finance Minister P Chidamabaram has challenged BJP's Prime Ministerial nominee and Gujarat Chief Minister Narendra Modi to face the press with his views on the economy.
Despite pressures from the Left parties to hike taxes on the rich and corporates, the Union Budget for 2005-06 is unlikely to be harsh on these sections while revisiting the tax structure to make it simple and compliant.
Two months ahead of the Budget for 2005-06, Finance Minister P Chidambaram on Monday promised to make tax structure simpler for petroleum, telecom, sugar and textiles sectors.
On February 28, 2007, Finance Minister P Chidambaram will present the Union Budget for the fiscal year 2007-08. We present to you some FAQs on the event.
Converting what was supposed to be an interim budget or a vote on account into an almost full-fledged budget announcement in the Lok Sabha, Finance Minister Piyush Goyal proposed an array of incentives for both middle-class and farmers, whose disenchantment was said to have cost the BJP dearly in recent assembly elections.
The new government, which will be required to boost investments and promote growth, will be presenting a regular Budget after completion of the electoral process.
The Budget may see new rural schemes and stepping up of funding towards existing programmes like MNREGA, rural housing, irrigation projects and crop insurance.
The finance minister is required to submit the Budget to the Parliament usually on the last day of February so that the Lok Sabha has one month to review and modify the Budget proposals.
While the time frame may therefore be pushed back by a year, the debate on various aspects of the new tax regime has begun in earnest. Prominent among these is the question of whether there should be two sets of rates (one for the Centre, one for the states) or a single rate, the revenues from which would be shared between the Centre and the states.
A panel has recommended that the RBI should bring down CPI inflation to 4 per cent.
Chamber urges government to present industry-friendly and pro-investment Budget
FM brings these sectors under the knife in a final attempt to hit a tough fiscal deficit target
Finance Minister P Chidambaram presented the Union Budget for 2008-09 in the Lok Sabha on Friday.
Auto makers Tata Motors and General Motors India on Monday announced they will cut prices of their products after Finance Minister P Chidambaram decided to reduce excise on automobiles in the interim Budget 2014-15.
While 83 per cent of respondents do not expect major changes in the corporate taxation rates, they expect increase on the limits of tax savings investments especially linked to housing loan and principal repayments, the survey says.
While the time frame may therefore be pushed back by a year, the debate on various aspects of the new tax regime has begun in earnest. Prominent among these is the question of whether there should be two sets of rates (one for the Centre, one for the states) or a single rate, the revenues from which would be shared between the Centre and the states.
FM is planning on pre-budget cosultations with representatives of various sectors from Jan 7.
The government on Friday lowered its economic growth forecast.
Leaving direct taxes untouched, Finance Minister P Chidambaram today slashed excise duty on cars, SUVs and two-wheelers, and capital goods and consumer durables to boost manufacturing and growth.
"When you (P Chidambaram) have given so much to others, including the farmers, why not sportspersons... and then how can you expect our sportspersons to win medals at the Olympics or put up good performance at other events," the former cricket captain told reporters in Chandigarh.
With danger signals flashed in the Economic Survey, the Union Budget on Wednesday is likely to contain certain bold decisions to cut fiscal deficit and spendings laced with tax sops for the salaried class.
Sectors have potential to create jobs, add economic value: FM.
The NIA, which came into existence in February this year with the appointment of Radha Vinod Raju as its first director general, has to accomplish important tasks in next 100 days.
He also said the city had a long way to go before it could reach the status of a global city, and said that greater autonomy and better governance of the city would ensure the global city status, says the finance minister.
Interacting with the Finance Minister P Chidambaram, party general secretaries and other functionaries urged populist measures such as farmer loan help, minority and tribal welfare schemes, while reaching out to the middle class by increasing the income tax exemption threshold and doubling the number of subsidised cooking gas cylinders.
Finance Minister P Chidambaram set apart Rs 45.50 crore for its preparations.
Finance Minister Arun Jaitley to discuss key issues with state finance ministers.
It is possible that the final Budget architecture may be at variance with the comments.
CPI (M) is set to meet the FM to discuss economic policy ahead of the Budget.
Tell us what would you do if you were the finance minister!
Dismissing the contention that the decline in inflation was on account of the steps taken by the NDA government, Chidambaram said he wanted to know, 'what measures were taken by the government that contributed to decline in inflation rates.'
In simple terms, it refers to a deduction allowed in income tax, irrespective of expenses incurred or investment made by assessees.
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.
Ahead of the Budget exercise scheduled to begin in the first week of November, Finance Minister P Chidambaram will have a new team of bureaucrats with Economic Affairs Secretary Ashok Jha appointed as the new Finance Secretary. \n
Union Finance Minister P Chidambaram will begin pre-Budget consultations with various groups, including industrialists and economists, on Friday, an exercise dispensed with by his predecessor Jaswant Singh.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
The new measures will lead to tax collection of Rs 9,000 crore
