The issue of alleged tax evasion by Indians through banks and other entities in offshore locations, specially Switzerland, has been matter of a political debate in India.
Today, the finance minister received another oblique suggestion for the budget, though it is uncertain how he can accommodate it in his budget speech, which is already under printing in the basement of North Block. This was from Congress general secretary Rahul Gandhi, who met Prime Minister Manmohan Singh with some young Members of Parliament from his party for a 'stock-taking exercise' on the National Rural Employment Guarantee Programme.
So what could the Budget be like this time? What should it be like?
Tackling inflation will be a priority, the finance minister and RBI governor said on Wednesday, after high prices contributed to painful losses for the ruling Congress Party in state elections.
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.
With the inauguration of the bank in Mumbai, seven branches would become operational across the country including in Kolkata, Chennai, Ahmedabad and Guwahati.
The levy of retrospective tax on the UK's Cairn Energy Plc is a tale of bizarre twists and turns that saw its attached shares being sold in May 2018 amid the passing of the baton from a full-time finance minister to interim one and the talks at the highest level to resolve the dispute, to claims that levy of back taxes was a result of an investigation into Panama Papers leak. The government late last month refunded about Rs 7,900 crore it had collected from selling residual shares of the British firm in its erstwhile India unit, seizing dividend and withholding tax refunds, to settle an eight-year-old dispute that had tarred the country's reputation as an investment destination. But, this did not come about easily. For seven years, the establishment vehemently justified in courts and outside seeking of Rs 10,247 crore in back taxes plus interest and penalty from a firm that gave India its biggest onshore oil discovery.
The government on Thursday decided to ask the 13th Finance Commission to map the road for achieving fiscal deficit targets by including off-budget subsidies like oil, food and fertiliser bonds estimated at over Rs 100,000 crore (Rs 1,000 billion) in the Budget.
Chidambaram also hit out at senior BJP leader Yashwant Sinha, saying his performance as finance minister.
In an expansive and relaxed mood, Finance Minister P Chidambaram explained the big idea behind Budget 2005-06 and his priorities for the coming year
'Neither farmers nor farm labourers will benefit from these jumla announcements of the finance minister'
There is no doubt that agricultural gross domestic product may grow by 4.6 per cent this year.
Even to the more jaded India hands inured to the tricks of the country's fiscal trade, an overwhelming element of jugaad - that desperate bid to somehow put the decades-old family Ambassador together for that one final ride - is apparent.
The vote-on-account is essentially a measure to seek Parliament's approval for government expenditure until the full Budget is presented.
While presenting the Interim Budget 2014-15, the Union Finance Minister P Chidambaram said that in the next three decades India will become the third largest economy behind US and China.
Excise duty cut for auto company is a great boon for the sectors, expert feels.
Finance minister Pranab Mukherjee had a brief meeting with Prime Minister Manmohan Singh on salient features of the Budget.
State governments are not giving "desired priority" to their police forces while allocating funds in their budgets, putting a burden on the Centre to increase the strength of para-military forces, Home Minister P Chidambaram has said.
He maintained it is not 'hope' but the 'fact' of a stable government provided by UPA and the numerous measures taken in the last 18 months that have provided stability and strength to the Indian economy.
This comes at a time when the COVID-19 crisis is expected to derail the government's revenue maths for 2020-21, hitting the mop-up from sources such as taxes and divestment.
As a general comment, I think the Budget should be helpful to small and big agencies, since it is a consumption driven Budget. It is going to put a little more money in the hands of the middle class tax paying consumer, says MG (Ambi) Parameswaran, executive director and CEO, FCB-Ulka Advertising.
On Sunday, exchanges and brokers got support against CTT from the apex commodities market regulator--the Forward Markets Commission. The regulator said that it would take up the demand for CTT withdrawal with finance minister Chidambaram.
A host of companies, including giants like Reliance Industries are rushing in to finalise their interim dividend payments to outsmart a hike in dividend distribution tax (DDT) proposed in the Union Budget.
Last week, Power Secretary Pradeep Kumar Sinha said that the government is confident of adding 1,18,000 MW capacity by 2017.
Going by available indications from North Block, Mr Mukherjee may like to do a Chidambaram when he presents the Revised Estimates on February 27, 2010
Announces inflation-indexed bonds and modified RGESS.
Tell the finance minister what you would like to see in this year's Budget.
Every Budget proposal must be carefully evaluated and people should not be impressed by any last minute bonanza after suffering for four years, says Former Finance Minister Yashwant Sinha.
The Finance Minister promised a 0.6 per cent reduction in the fiscal deficit every year to bring the deficit to 3 per cent by 2016-17 without raising tax rates.
Earlier, the chief minister of Punjab had written in the same vein to the prime minister.
In the entire month's recess during Parliament's Budget session, said the Bharatiya Janata Party, the major opposition grouping, none from the government spoke to it on any of the major stuck legislation.
The Bharatiya Janata Party-led National Democratic Alliance on Saturday demanded to know how the Joint Parliamentary Committee's draft report on 2G spectrum allocation issue had exonerated Prime Minister Manmohan Singh and Finance Minister P Chidambaram without examining them and appealed to all members of the committee to reject the document.
Instead of worrying about imported gold, FM should broaden the tax base to dispel concerns about govt-driven inflation.
Allocation to be need-based, track record of the issuer to be considered.
Finance Minister P Chidambaram has reduced the customs duty on small and hybrid cars. The excise duty on small cars has been reduced to 12 per cent from 16 per cent and hybrid cars to 14 per cent.
There was no applause for Finance Minister P Chidambaram when he spoke to Congress spokespersons summoned to Delhi by party president Sonia Gandhi to explain the economic issues of inflation management.
FM is considering extension of the sunset clause for housing projects in Budge 208-09.
The government will cut the central sales tax rate to 3 per cent from 4 per cent from April 1 through a notification, as announced by Finance Minister P Chidambaram in his Budget speech.
Feroze Azeez, director -- investment products (private wealth management), Anand Rathi Financial Services Ltd -- answer our readers' questions on financial planning during an hour-long chat on Tuesday.
Finance Minister P Chidambaram on Monday said the government was not resorting to price control in the cement sector and invited industry players for talks on duty differential measures announced in the Budget 2007-08.
