Currently, there is no regulation or any ban on the use of cryptocurrencies in the country.
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.
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.
Alloting more funds for MNREGA and PM-KISAN could wipe out the entire additional money that the Centre may have for FY25.
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 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.
A united opposition is set to corner the NDA government on issues ranging from the NEET paper leak case to railway safety.
Make financial planning a part of your education and definitely a part of your marriage, says financial planner Sheetal Jhaveri.
When the landslide hit, Sruthi's house was washed away, along with its inhabitants. She lost her entire family and some relatives. All she had left for a close confidante was her fiance Jenson. Days after the landslide and the loss of her family, Jenson died in a road accident that also left Sruthi with serious injuries. News of the accident and Sruthi's backdrop as the lone surviving member of a family wiped out in the July landslide, was picked up by the media, and people rushed to help.
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 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.
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.
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.
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.
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 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.
Online and mobile based personal finance applications have gained importance over the past few years.
The Congress leader told reporters that the Punjab government is 'preparing to challenge the Bills in the apex court on two counts'. "First, it is a state subject and the Union government has no right to enact a legislation on it. "Besides, the federal government cannot destroy the economy of states. Due to the Bills, losses will be too much for a small state like Punjab," he said.
Make minimum payments on all debts, then use extra funds to tackle the smallest debt first.
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.
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.
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.
A proposal to withdraw the bill was moved by Minister of State for Finance Pon Radhakrishnan and was approved by the House
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.
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.
Experts recommend awaiting the findings of the 2021 Census, which is yet to be conducted, before introducing population control policies.
Ahead of a likely trial of strength in Lok Sabha on the proposed cut motion on finance bill, the Congress on Monday said the government was in absolutely no danger.
Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
The Opposition intensified its noisy protests in Lok Sabha on Wednesday over Pegasus snooping, farm laws and other issues with some unruly members even hurling papers and torn placards in the House, but the government went ahead with its legislative agenda and three bills were passed amid the din.
The Finance Bill proposes introduction of Section 26A in the Customs Act, 1962, so as to comply with the standards under the International Convention on the Simplification and Harmonisation of Customs Procedure (Revised Kyoto Convention).
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.
The bill provides for severe punishment ranging from 1 year to 10 years and pecuniary fines ranging from Rs 2 lakh to Rs 50 crore to act as deterrent.
Once the Finance Bill 2017 is passed, jewellery will be treated on par with general goods which attract 1 per cent TCS on cash purchase of above Rs 2 lakh.
The Bill was introduced in the Lok Sabha in December.
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
Parliament on Tuesday completed the three-stage Budget exercise with Rajya Sabha returning the Finance Bill, 2003 after Finance Minister Jaswant Singh promised to move towards simplified 'Green Channel Tax System' based on trust.\n\n\n\n
Both Houses of Parliament witnessed multiple adjournments on Monday as opposition MPs continued their protest over the Pegasus snooping row and other matters. Amid ruckus by the Opposition, the Rajya Sabha passed the Inland Vessels Bill-2021 while the Lok Sabha passed the General Insurance Business (Nationalisation) Amendment Bill with voice-vote.
As part of the ritual, ''halwa'' is prepared in a big ''kadhai'' (large frying pot) and served to the entire staff involved in the Budget making exercise of the ministry. Halwa was served while maintaining COVID protocol with all present in mask and those distributing sweets were wearing gloves.
The idea behind advancing the Budget date is to ensure that the Finance Bill is passed before the start of the financial year, on April 1, so that all central government departments get their full allocations to work with right from the first day
