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
Even as you fight the ongoing health challenge, here are some tips to strengthen your personal finance in the time of coronavirus.
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
Break the chains of debt, invest in your future, and wave the flag of financial independence high. Freedom awaits, comrades. Let's conquer this battlefield together this Republic day, exhorts Vatsal Ramaiya.
In a historic transition, the Parliament moved into a swanky new complex on Tuesday, with Prime Minister Narendra Modi urging MPs to forget all past bitterness and start a new chapter and the introduction of the women's reservation bill taking centre stage.
It is day 5 of the Budget session of Parliament on Tuesday and Prime Minister Narendra Modi is likely to reply on Presidential speech in Lok Sabha.
This article tries to strip off the jargon and present the contents of the current act with respect to the punishments and penalties applicable to various offences as defined by the tax man.
Let there be a rule that if the Budget is not passed and funds cannot be drawn from the Consolidated Fund of India, there will be a government shutdown as it happens in the United States, says A K Bhattacharya.
Will Parliament function on ninth day of second leg of budget session.
Describing the DAD as the "guardian of defence finance", he emphasised the need to bolster the internal vigilance mechanism so that any suspicious activity can be detected and reviewed immediately.
Sitharaman said the Bill has proposed giving a legal framework for fixed-term employment through which contract workers serving a fixed-tenure will get equal statutory social security benefits as regular workers in the same unit.
In the face of tax blow, brokerages remain sanguine about the prospects of asset management companies (AMCs). A sharp correction in the shares of AMCs over the past three months factors in most of the negatives and turned valuations attractive, observe analysts. In its latest report, Kotak Institutional Equities (KIE) has upgraded HDFC AMC to 'add' (from 'reduce') and reprised 'add' and 'buy' ratings on the rest of the listed AMCs - Nippon, UTI, and Aditya Birla Sun Life.
If she cannot recast the party, bring together the factions opposed to her, and present herself as her brother's true challenger, there will be little left for her in politics, notes Aditi Phadnis.
Corporate margins and profits in India remain vulnerable to changes in crude oil prices in the international market. Historical quarterly data from listed companies (excluding banks, finance and insurance, oil and gas, and power sectors) indicate an adverse correlation between corporate margins and crude oil prices.
Chaudhary Charan Singh, who on Friday was conferred with India's highest civilian award Bharat Ratna, is popularly known as a champion of farmers.
Move to shift powers from RBI without discussions baffles many
In his first response to the issue, Stalin, president of the ruling DMK, said Palanivel Thiaga Rajan (PTR) has already responded to the matter twice.
No longer a discretion of the tax administrator, the audit of returns filed by taxpayers is now based on a selection by algorithms, notes Tarun Bajaj.
The free food scheme is driven by electoral considerations, but its long-term fiscal risks outweigh the short-term gains, cautions A K Bhattacharya.
Those who have been handed the pink slip shouldn't make too many loan queries, advises Raj Khosla.
The distance between North Block and Mint Road has been growing for quite some time. The latest evidence of tension is the finance ministry's decision to introduce a clause in the Banking Amendment Bill allowing banks to trade in commodity futures, despite the central bank's reservations on the issue.
They may splurge on expensive dresses, but when it comes to managing family finances, women are significantly better than men, a new study has revealed.
Bengal Finance Minister Amit Mitra expressed confidence in GST.
Sukanta Majumdar, the state BJP president, said, "Amit Shah has set a target of 35 seats. We will achieve that".
Structural changes to government finances could be focus of the Union Budget, says Mihir S Sharma.
Watch the live telecast from the Parliament.
Noting that the assembly election results being very disappointing is an understatement, the Congress Parliamentary Party chairperson urged party MPs to channel their disappointment into positivity for next year's general elections.
The Bills are primarily aimed at helping the MSME sector and small traders, Finance Minister Piyush Goyal said while introducing these in the Lok Sabha
Pranab Mukherjee said the government proposes to move various legislative Bills related to financial sector reforms.
Several income tax proposals, including 30 per cent tax on income from trade in cryptocurrencies will come into effect from Friday. Also, the revised norms for levy of 1 per cent TDS (tax deducted at source) on sale of immovable property exceeding Rs 50 lakh will come into effect from April 1, the beginning of the new financial year. As per the revised norms, TDS of 1 per cent shall be deducted on consideration or stamp duty value, which ever is higher, as against the earlier provision of consideration.
The government's step could push investors to choose riskier equity, or to fall back on bank deposits, thereby negatively impacting the debt market which actually needs to grow, points out T N Ninan.
The contribution from asset management companies (AMCs) has surpassed the Rs 3,000 crore target for the creation of a Rs 33,000 crore backstop facility for debt mutual funds (MFs). The initial corpus for the Corporate Debt Market Development Fund (CDMDF) is nearly Rs 3,100 crore, according to multiple government officials and AMC executives. "The fund is operational now. "The required corpus has been raised by AMCs and the remaining part (Rs 30,000 crore) is in the form of a guarantee from the government which will be activated only in case of a credit event," explained D P Singh, joint CEO and deputy MD, SBI MF.
Lok Sabha could function for only 45 hours this Budget Session against its scheduled 133.6 hours because of daily disruptions and frequent adjournments, a think tank data has shown.
The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be 'extraordinarily generous' to Securities and Exchange Board of India (SEBI) and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue.
The two major changes include: keeping an option open for supplying more than 3 kg of subsidised foodgrains to general households and widening its reach to include lactating women, destitute and aged people and providing nutritious food to children.
The proposal in the Finance Bill to amend provisions of Section 179 of the Income Tax (I-T) Act relating to tax liability of directors of private limited companies from April 1, 2022, could increase risks for directors of medium and small-sized firms in case of non-payment, said experts. While the language of the provision is quite broad, the title of the section limits itself to 'liability of directors of private companies in liquidation'. The Bill proposes to align the title with the scope of the provision, thereby ensuring that orders under this section can be issued even if the relevant company is not under liquidation.
Parliament has cleared the Mines and Minerals (Development and Regulation) Amendment Bill, 2023, recently. The objective of the Act is to invite investments from the private sector, including foreign companies, for mining minerals such as lithium and other critical minerals. Other than lithium, some of these minerals were classified as atomic minerals, including beryl and beryllium, niobium, titanium, tantalum and zirconium.
Concessional rate of tax on dividends received by Indian companies from foreign subsidiaries will be done away with from April 1, a change that may hamper global expansion of Indian companies and compel some firms to move their headquarters out of India to geographies such as Singapore and Dubai. At present, dividends received by Indian companies from their foreign subsidiaries are subject to a concessional tax rate of 15 per cent under Section 115BBD of the Income Tax (I-T) Act. The provisions of this section shall not apply from assessment year 2023-24 onwards, according to the Finance Bill.
Government on Thursday approved the Taxation Laws (Amendment) Bill to protect the interest of donors.
The UIDAI, set up in 2009, will manage the generation and authentication of Aadhaar numbers.
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