Chidambaram's remarks come amid clear indications from the party that it was keen that the proposed laws on food security and land acquisition are passed in this session.
Seasoned bureaucrat and a stickler for rules Finance Secretary Tuhin Kanta Pandey will be at the helm of capital market regulator, Securities and Exchange Board of India (SEBI), for three years. The 1987-batch Odisha-cadre Indian Administrative Service (IAS) officer, Pandey, would replace Madhabi Puri Buch, whose three-year term ends on Friday.
In a lengthy statement on X late Monday night, a defiant Kamra said those busy leaking his number on social media or calling him incessantly should know that it all goes to his voicemail where they will be subjected to "the very song" that they hate.
Finance Minister Nirmala Sitharaman on Tuesday participated in a traditional 'halwa' ceremony, marking the final stage for preparation of Union Budget 2024-25 to be unveiled on July 23 in Lok Sabha. The ceremony is a ritual in which traditional dessert 'halwa' is prepared and served to officials and staff members of the finance ministry who are involved in the preparation of the Budget.
In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26. Presenting the budget in Lok Sabha, the Finance Minister said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh.
Finance Minister Nirmala Sitharaman on Saturday presented Union Budget 2025-26, envisaging an expenditure of Rs 50,65,345 crore, an increase of 7.4 per cent over the current fiscal.
Following is the chronology of events in the case related to validity of the electoral bonds scheme, a mode of funding to political parties, in which a five-judge Constitution bench of the Supreme Court on Thursday delivered a landmark verdict annulling it.
When Gensol Engineering made its public market debut through a small and medium enterprises (SME) initial public offering (IPO) in September 2019, its promoters held a commanding 96 per cent stake. Now, that figure has shrunk to a "negligible" fraction.
'The finance minister missed yet another opportunity to simplify the income tax structure in the Budget.' 'This was an opportune moment to get rid of the old tax system entirely and move fully to the new system,' asserts M Govinda Rao, member of the 14th Finance Commission.
Stalin, moving the resolution, said without giving any reasons, Ravi had returned the Bills, mentioning "I withhold Assent" to them.
An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for "simplifying" the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
The Halwa ceremony, marking the final stage of the budget preparation process for Interim Union Budget 2024, was held in North Block on Wednesday in the presence of Union Finance Minister Nirmala Sitharaman. Union Minister of State for Finance Dr Bhagwat Kisanrao Karad was also present. A customary halwa ceremony is performed every year before the "lock-in" process of Budget preparation begins.
Once more women assume leadership roles and join the nation-building process, he said, adding they will become a guarantee of the country's bright future.
'Nearly 10 million people will benefit from the increase in the rebate limit for those earning up to Rs 12 lakh.' 'We expect all that money will come back into the economy in either savings, consumption, or investments.'
Full exemption for all health insurance premiums and reinsurance or a reduction in the GST rate from 18% to 5% on health insurance services is likely.
Abuse of power, financial misconduct, and the never-ending turf wars are now coming to light as Boxing Federation of India's officials jostle to escape blame for the shocking turn of events.
Anticipating US action on tariffs, India seems to have made the first move by revamping its tariff structure by reducing the slabs to eight rates, points out Mukesh Butani.
Fitch Ratings has removed energy infrastructure company Adani Energy Solutions Ltd (AESL) from its 'Ratings Watch Negative' list, the first upgrade by an international ratings agency since the US indictment. Fitch affirmed AESL long-term foreign and local-currency issuer default ratings (IDRs) at 'BBB-'.
The stormy second part of Budget Session continues. Both houses of Parliament have been facing continuous protests by opposition parties over issues like fuel price hike.
India's opposition parties have sharply criticized the Union Budget, calling it inadequate to address the country's economic woes and accusing the BJP-led government of using it to woo voters in Bihar and Delhi ahead of upcoming elections. Leaders from the Congress, TMC, DMK, SP, and CPI(M) voiced their disapproval, highlighting concerns over inflation, unemployment, and the lack of substantial measures to support the agricultural sector and the poor. They also criticized the tax cuts for the middle class as insufficient and coming too late after years of high taxes and rising prices.
The Lok Sabha on Wednesday passed three bills to replace the colonial-era criminal laws by voice vote.
While the capital spending is being maintained at 3.1 per cent of the GDP, a little more would have boosted economic growth even further, suggests Rajiv Memani.
The Ministry of Micro, Small and Medium Enterprises (MSME) has received "positive" feedback from industry regarding the 45-day payments cycle for MSMEs, according to a senior official familiar with the matter. The comment assumes significance amid concerns raised by some MSMEs that big companies may stop buying from small and medium suppliers and instead choose to make purchases from unregistered enterprises.
A proposal in the Union Budget 2022-23 to raise excise duty on dirtier, unblended retail petrol and diesel has met with some resistance from the petroleum ministry. However, finance ministry officials say no such communication arguing against the levy of extra duty on diesel has been received from the oil ministry. Until there are discussions between the two departments, the proposal will not be tweaked in the Finance Bill. The Rs 2 per litre additional excise duty proposed on unblended fuels in the Finance Bill will result in a uniform hike of diesel prices across the country from October 1.
The development comes a day after a government resolution (GR) was issued, in which the state administration ordered disbursal of Rs 10 crore funds for strengthening the state Waqf Board.
The disqualified MLAs are Rajinder Rana, Sudhir Sharma, Inder Dutt Lakhanpal, Devinder Kumar Bhutoo, Ravi Thakur and Chetanya Sharma.
Finance Minister Nirmala Sitharaman on Tuesday expressed anguish over not being allowed to learn Hindi in Tamil Nadu as a student and was even mocked on the streets for attempting to learn the language.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
These are the highlights of the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman in Parliament on Saturday.
The opposition parties will meet on Monday morning to evolve their strategy in both Houses of Parliament after protests by them on the Hindenburg-Adani issue overshadowed most of the first half of the Budget session.
'Spend, but create assets, spend but make sure that people benefit from it.' 'This has been a beautiful guiding principle. And I think as a finance minister I owe so much to the prime minister for keeping this path clear before us.'
In the Rajya Sabha, Chairman M Venkaiah Naidu could not read out his customary closing remarks that sum up the business conducted in the House during the session, as Shiv Sena and other opposition MPs created a ruckus.
Rebel Himachal Pradesh Congress MLA Rajinder Rana on Saturday claimed that nine more party legislators 'feeling suffocated' due to Sukhvinder Singh Sukhu's style of functioning are in touch with him as he called the chief minister 'liar number one'.
Aditya Mhatre shares some practical and actionable tips to save money and focus on what matters most when you are studying abroad
'Our attempt to honour the taxpayer has been since 2014 and more actively since 2019-2020 onwards.'
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
'Going forward, the encouragement would be to move to the new tax regime.'
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
The government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies.
'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'
