States are apprehensive of losing their rights to raise revenue during emergencies.
With the Communist Party of India-Marxist-led Left Democratic Front Opposition continuing its stir against Finance Minister K M Mani, facing bribery charges in bar scam, the Kerala assembly on Monday adjourned sine die on a stormy note after passing the finance and appropriation bills without a discussion.
One per cent TDS will apply on non-agriculture immovable property of over Rs 50 lakh on the basis of sale price or the stamp duty value, which ever is higher, after an amendment in the Income Tax Act.
Alloting more funds for MNREGA and PM-KISAN could wipe out the entire additional money that the Centre may have for FY25.
In a bid to provide a level playing field, the government has decided not to levy 2 per cent digital service tax if goods and services are sold through Indian arm of foreign e-commerce players.
A united opposition is set to corner the NDA government on issues ranging from the NEET paper leak case to railway safety.
Parliament on Tuesday passed amendments to the Banking Regulation Act to bring cooperative banks under the supervision of the RBI, a move aimed at protecting the interest of depositors.
Initiating the debate on the Finance Bill in the Lok Sabha, BJP leader Jaswant Singh said the finance minister should not spend his time in 'accountancy' but 'apply his mind to the reality of economic management of the country." Terming the Finance Bill as the 'child' of the Union Budget, he said it (Finance Bill) should be abolished and if not, then the government should 'break it up'.
The government would be ironing out issues related to the controversial 'bail-in' clause in the earlier Bill, explore hiking the deposit insurance cover of customers, and decide whether the resolution framework should apply to public sector banks.
The central government has given banks and credit card entities six to eight months to put in place the requisite reporting mechanism and related features to collect tax at source on international credit card transactions, a senior bureaucrat told Business Standard. According to the bureaucrat, the plan to bring overseas credit cards under the Liberalised Remittance Scheme (LRS) has not been mothballed and is simply being deferred so that banks get adequate time to get the system up and running. The official expects the reporting mechanism to be ready in the given time, and the rule could be implemented in the next financial year (2024-25, or FY25).
Replying to the debate on the Finance Bill in Lok Sabha, the minister said he did not propose any change in the tax rate but only provided few rebates which will boost spending and help the economy.
The Supreme Court on Monday refused to stay the Himachal Pradesh assembly speaker's order disqualifying the six Congress rebels who had cross-voted in the recent Rajya Sabha polls in the state.
Discussion on the two bills could not take place as Opposition members continued to stage protests demanding a discussion on the Pegasus snooping allegations and the farmers' demand of repealing the three new agri laws.
Make financial planning a part of your education and definitely a part of your marriage, says financial planner Sheetal Jhaveri.
Congress members also vociferously pressed for a discussion on the Comptroller and Auditor General report.
At present, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, covers only resident Indians. The Finance Bill has expanded the definition of assessees to include NRIs.
The Bills adopted in 2017 for the same purpose during the AIADMK regime did not get the President's assent.
Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS) of the Reserve Bank, to ensure that such expenses do not escape TCS (Tax Collection at Source). While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS. "It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said.
Make minimum payments on all debts, then use extra funds to tackle the smallest debt first.
The government on Wednesday imposed a limit of Rs 10 crore for deduction on long-term capital gain tax for reinvestment in residential properties under Section 54 and 54F of the Income Tax Act. These two sections deal with reinvestment of proceeds from sale of long-term assets (housing or other capital assets) to buy residential properties. "For better targeting of tax concessions and exemptions, I propose to cap deduction from capital gains on investment in residential houses under sections 54 and 54F to Rs 10 crore," Finance Minister Nirmala Sitharaman said in her Budget speech.
The GST will replace more than a dozen levies central and state levies, including central excise duty, service tax and central sales tax as well as VAT on sale of goods and entry tax, to make movement of goods seamless across 1.3 billion market.
Currently, there is no regulation or any ban on the use of cryptocurrencies in the country.
Several BJP-backed state governments have unveiled schemes targeting the poor, women, farmers and students, following the party's setback in the Lok Sabha polls.
The cost of deposits is on the rise, but banks can't raise interest rate on close to 60% of their loan books, points out Tamal Bandyopadhyay.
Finance Minister P T R Palanivel Thiagarajan has proclaimed his determination to set Tamil Nadu's fiscal house in order in five years, and Friday will show how he plans to go about it when he rises to present the Stalin government's maiden budget, says N Sathiya Moorthy.
The Centre is likely to introduce the Central GST and integrated GST bills in late November or early December in the ongoing session in the form of money Bills.
A five-judge constitution bench headed by Chief Justice D Y Chandrachud held that the 2018 scheme was 'violative' of the constitutional right to freedom of speech and expression and right to information.
The Bhagavad Gita reminds us that true peace comes not from the absence of problems, but from the ability to face them with a prepared mind and a steady resolve, says Vatsal Ramaiya, and shows how the Gita helps you to achieve financial peace.
Continuing our series on how to achieve Financial Independence and Retire Rarly (FIRE), Vatsal Ramaiya emphasises the importance of planning for retirement.
In a huge relief for H-1B visa holders, a White House-backed bipartisan deal has been unveiled under which automatic work authorisation would be granted to about 100,000 H-4 visa holders, who are spouses and children of a certain category of H-1B visa holders. The National Security Agreement that was announced on Sunday after long negotiations between the Republican and the Democratic leadership in the US Senate also provides a solution to about 250,000 aged-out children of H-1B visa holders. The move comes as good news for hundreds and thousands of Indian technology professionals who are waiting in a painstakingly long wait for a Green Card, in the absence of which their spouses cannot work and their aged-out children face the threat of deportation.
Experts recommend awaiting the findings of the 2021 Census, which is yet to be conducted, before introducing population control policies.
The finance minister is likely to announce the government's vision for a tax-friendly regime by raising the I-T exemption limit from the current Rs 250,000 per annum.
While reforms may translate into new opportunities for firms like ITC, Adani Wilmar and Reliance Retail, farmers are unlikely to use it for fear of upsetting commission agents.
While Rajya Sabha Chairman M Venkaiah Naidu asked the protestors not to make the House a "clog in the wheel" of progress, Lok Sabha Speaker Sumitra Mahajan said they should keep in mind the larger interests of the nation.
The provisions exempt farmers from attachment of land up to 2.5 acres and provide for prevention of hoarding and black marketing of agricultural produce.
To validate and continue using the existing PAN cards, citizens will have to link them to Aadhaar. Or else, they will be permitted to use Aadhaar instead for filing returns and while making other high-value transactions, specified under the Income Tax Act.
Dear Finance Minister, We don't expect magic, just a little understanding and some tax relief that feels like a real reward, not a bare minimum. A little extra fuel in our wallets could go a long way, pleads Vatsal Ramaiya
Indian charitable trusts, including Tata Trusts and top corporate donors, are stumped by a new tax law proposed in the Budget, which reduces tax breaks for the donor organisations. The Finance Bill proposes that if a charitable organisation donates to another charity, then only 85 per cent of the donation will be considered as application of income for the donor organisation. Trust officials say this is a major setback for the donor organisations, including corporate foundations and intermediary organisations, which work with various implementing agencies at the grassroots level.
The Aam Aadmi Party MLAs spent the night in the state legislative assembly building demanding copies of the Bill which the state's Congress government is now expected to introduce on Tuesday.
Reserve Bank Deputy Governor Michael Patra on Wednesday said the central bank's views about cryptocurrencies might have delayed the government's proposed legislation on crypto assets. Emphasising that the Central Bank Digital Currency (CBDC) will be introduced in FY23 as announced by Finance Minister Nirmala Sitharaman in the Budget speech, Patra said India will proceed very gradually on the subject as there are concerns on privacy, its impact on monetary policy formulation and energy intensity. The government had plans to introduce a bill on cryptocurrencies like Bitcoin during the Winter Session of Parliament in November-December 2021 but did not introduce it.
