A new comprehensive Income Tax bill will be drawn up by the next fiscal end to clean up complex and archaic laws, Finance Minister P Chidambaram said on Friday.
The Cabinet on Wednesday cleared the proposal to hike foreign direct investment limit in civil aviation sector from 40 to 49 per cent, official sources said.
"Those who won in the recount are now asking the Election Commission why Modi is going to Gujarat," he said.
Finance Minister P Chidambaram said on Wednesday that the recent electoral verdict has mandated him to protect and promote that part of the public sector that has created wealth and made India stronger while providing space for the private sector.
Finance Minister P Chidambaram in his Budget speech said the government will soon bring out a Special Economic Zone Bill and a new trade policy. Take the Rediff Business Quiz and find out how much you know about the special economic zones in India.
The government on Thursday raised the income tax exemption limit to Rs 10,000 while imposing a 2 per cent education cess on taxable income.
Prime Minister Manmohan Singh has asked administrative ministeries to work out viable plan for disinvestment of BHEL and Coal India, including dividend payment, so as to achieve Rs 40,000 crore (Rs 400 billion) target in the current fiscal.
India Inc will contribute 82 per cent of the total tax revenues of the Centre this fiscal and the share of income tax still accounted for a mere 18 per cent as majority of the population was out of the tax net.
Jaitley's team presents a quintessential mix of foreign-educated, intellectual technocrats and seasoned bureaucrats
Finance Minister Arun Jaitley is unlikely to heed economists' suggestion that an inheritance tax be introduced in Budget 201415 as an additional revenue stream.
Finance Minister Arun Jaitley is unlikely to heed economists' suggestion that an inheritance tax be introduced in Budget 201415 as an additional revenue stream.
Politically, it will not be easy for Modi to take hard decisions such as raising fuel prices in the first budget, given the risk of higher inflation.
The IT modernisation project with this outlay was approved by Cabinet Committee of Economic Affairs in November 2012.
Having faced a debacle in four Assembly elections recently, the UPA government is exploring ways to woo voters before the coming general elections - without deviating from the path of fiscal consolidation.
The proposed bill seeks to raise FDI cap in the sector to 49% from the present 26.5%
Finance Minister P Chidambaram on Monday said 8 per cent GDP growth would be "difficult" this fiscal on the back of the high 8.2 per cent growth attained in 2003-04.
Last week, the government had introduced a fresh round of austerity measures, including bans on first class travel, creation of new posts and holding meetings in five-star facilities.
Modi hit out at the UPA government for allegedly 'blocking' surgical strikes post 26/11 Mumbai attacks in 2008.
At present, the EPF subscribers are exempted from paying income tax on deposits.
After 17 tumultuous years, a nationwide Goods and Services Tax (GST) will rollout from midnight of June 30, overhauling India's convoluted indirect taxation system and unifying the $2 trillion economy with 1.3 billion people into a single market.
A cut in government spending would come at the cost of growth.
Congress leader Adhir Ranjan Chowdhury raised the Karnataka issue and accused the ruling party of 'poaching' its MLAs in the state.
With Coal India deciding to pay around Rs 16,485 crore as interim dividend, the government will be able to make up for the shortfall in the disinvestment target of Rs 40,000 crore for the current fiscal.
Years of wait before DTC, GST are rolled out
The members of these trusts enjoy tax and other benefits at par with EPFO subscribers.
The target announced is 13.6 per cent higher than that set last year and 145.4 per cent higher than the revised target for 2013-14.
Road builders have been asking for one to resolve various contract disputes and renegotiate others.
The Congress chief spoke to the students on a host of issues, including demonetisation, job loss and his growth as a political leader.
