The deputy chief minister and senior Bharatiya Janata Party leader Sushil Kumar Modi on Tuesday said the Central government was unlikely to deliver special status to Bihar before the general elections.
Duvvuri Subbarao recounts how his tensions with P Chidambaram and Pranab Mukherjee, then finance ministers, over monetary policy spilled over into other issues in the central bank in this excerpt from Who Moved My Interest Rate?, his memoir of his term as Reserve Bank of India governor.
In the wake of uproar over the massacre of 76 security personnel in a Naxal attack in Dantewada, Chhattisgarh, both the Houses of Parliament were adjourned till 2 pm on Thursday.
India will reduce tax on businesses to 25 percent over four years.
FM's decision to make PAN card a neccessity for financial transactions has worried life insurers, who will find it difficult to tap rural India with this requirement.
Budget may bring exemption for those backed by Indian securities other than shares
The less charitable in the party say he owes his appointment Sonia Gandhi -- the family wanted someone who wouldn't talk back and would not exert himself too much, notes Aditi Phadnis.
With industry and tax payer-friendly initiatives taken by Finance Minister P Chidambaram this year, the government succeeded in achieving unprecedented growth in tax collections. Consequently, the tax reforms have gained momentum and a roadmap is ready for implementing goods and service tax from April 1, 2010.
Prices of automobiles, including cars, sports utility vehicles and two-wheelers, are set to come down with Finance Minister P Chidambaram announcing a reduction in excise duty in the Interim Budget.
Amid demands for special category status by Bihar, the Centre on Wednesday set up an expert committee to evolve a composite index to measure backwardness of states.
Economists are of the opinion that interest rates are likely to remain stable or moderate this year.
Many ministries couldn't use the allocated funds since it came into force, resulting in much-needed savings.
The Rajya Sabha later passed the vote on account and supplementary demands for grants by voice vote enabling the government to meet necessary expenditure pending passage of the Budget by Parliament. With the Upper House approving the vote on account, Parliament on Monday completed the first stage of budgetary exercise for 2008-09. The vote on account was approved by Lok Sabha last week.
Net taxable income is the final income arrived after deducting all possible exemptions and deductions. This is the amount on which tax is calculated. 2) In case of an Individual, Surcharge is levied at the rate of 10% on the tax, if the net taxable income exceeds Rs 10 lakhs (Rs 1 million). 3) As per the new tax rates proposed, overall savings in respect to Tax will be approx Rs 44,000, says direct tax expert Vikas Gandhi.
Participating in the discussion on the Motion of Thanks on the President's Address to Parliament, senior Congress leader and party spokesman Abhishek Singhvi said in the Rajya Sabha that the economy has grown by over eight per cent in the last four years.
Companies are paying much less than the peak incidence of corporation tax. According to the expanded revenue foregone statement in this Budget, the effective tax rate for corporate India stood at 20.60 per cent in 2006-07, marginally higher than the 19.26 per cent clocked in 2005-06, but substantially lower than the statutory tax rate of 33.66 per cent.
In the midst of the stock market turbulence, the government has sounded a word of caution to investors, with the pre-budget Economic Survey asking them to resist the 'herd mentality.'
The proposal is being examined by the finance ministry in the run-up to Budget 2008-09. The banks have told Finance Minister P Chidambaram that there is a considerable divergence between the provisions made according to the RBI guidelines and the deductions allowed by the Income Tax Act.
Rahul Bajaj, who has been attending the WEF Davos meeting for over a decade, said flow of funds in stock market should be taxed to check the liquidity build-up as is done by the Reserve Bank of India through Statutory Liquidity Ratio and Cash Reserve Ratio.
The finance minister's tax giveaways are what have saved tax-payers from the impact of inflation and higher home loan rates.
Economists urged FM to rationalise indirect taxes and impose Tobin tax.
Committed to keep fiscal deficit under check, Prime Minister Manmohan Singh has convened a high-level meeting on Tuesday to push forward the disinvestment programme with a view to achieve the budgetary target of Rs 40,000 crore (Rs 400 billion) in the current fiscal.
FM is likely to introduce tax return prepares scheme for small service tax payers in the upcoming budget.
As the extended Winter Session of Parliament entered its third and last week on Monday, the Telangana issue continued to disrupt Rajya Sabha leading to its adjournment for the day.
The government's dependence on debt has come down from 27 paise in the previous Budget to 25 paise in the coming year, reflecting ease of pressure on revenue collections.
Haryana Chief Minister Bhupinder Singh Hooda onh Friday equated Khap Panchayats with organisations like Non-Governmental Organisations, saying that they are part of state's culture.
The 15-member committee has also recommended the imposition of a goods and service tax on financial services, and creation of a currency spot market and rupee-settled exchange traded currency derivatives market.
At the end of the day what counts is that Nabard has been rewarded with the management of another Rs 500 crore
The 'Ban Raj' is back. In an effort to rein in rising inflation, the Centre has banned export of all edible oils from the country.
FM has asked RBI and bankers to take a call on reducing home loan rates on popular demand.
A look at education consultants, educational loans and other ways to manage the steep costs of internatinal studies.
Sources said Finance Minister P Chidambaram might make an announcement in this connection in Budget 2007-08, as part of his overall strategy for raising long-term finance for infrastructure.
The Planning Commission may suggest an increase in education fees for higher education to Finance Minister P Chidambaram this year. Do you think this hike is justified?
Both sides have already agreed on restructuring of the schemes and curtailing the subsidy bill, Ahluwalia told reporters after the meeting.
As pre-budget consultations begin, Commerce and Industry Minister Kamal Nath recommends changes in the real estate picture.
The government has raised Rs 5,000 crore from the money market, outside its scheduled borrowing programme for the first half of the current fiscal, to takeover the Reserve Bank's 59.73 per cent stake in State Bank of India (SBI) by the month-end.
While the April-February deficit is pegged at 5.3 per cent of GDP, the final print may be a tad lower due to revenue push and expenditure cuts seen in March, the last month of 2013-14 fiscal year, it said.
The Congress chief said if his party is elected to power, its government would spend 6 per cent of the GDP on education.
48 companies have given stock options since Budget day.
