'The prime minister took a meeting recently and he asked for suggestions and ideas for a plan till 2047.'
Government on Thursday approved the Taxation Laws (Amendment) Bill to protect the interest of donors.
For the first time in his political career, he failed to carry his party to even a working majority -- and again, for the first time in his career, he finds himself in a situation where he cannot rule by dictatorial fiat, points out Prem Panicker.
Parliament proceedings were adjourned for the day on Monday following protests by the opposition which has been demanding a statement from Prime Minister Narendra Modi in the House on the Manipur issue. In the Rajya Sabha, the opposition kept insisting on a discussion under Rule 267 of the House.
Is it a case of poor targeting of a welfare scheme, or is it a reflection of the government's desire to expand the scope of this benefit to secure greater electoral dividends? asks A K Bhattacharya.
The UIDAI, set up in 2009, will manage the generation and authentication of Aadhaar numbers.
The Bill's 2007 version covered only MFIs not regulated by the Reserve Bank of India.
The sector faces many challenges and calls for prompt corrective action.
FDI cap may remain intact at 26% as Cabinet takes up legislation this week.
Parliament passes Budget for 2007-08 with Rajya Sabha returning the Appropriation Bill and the Finance Bill by voice vote.
Tax experts said as a result of the amendments, companies operating from countries with which India didn't have DTAAs, would try to shift to countries with which India had such agreements, including Mauritius.
The government promised on Friday to remove distortions in excise duty on branded and packed refined oils, which analysts said allowed companies to avoid the levy.
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.
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 prime minister witnessed the protests when he travelled to the Raj Bhavan in Guwahati, where he will spend the night, from Lokopriya Gopinath Bordoloi International Airport.
The main responsibility for producing the Budget rests with the Budget Division of the Department of Economic Affairs in the finance ministry
The free food scheme is driven by electoral considerations, but its long-term fiscal risks outweigh the short-term gains, cautions A K Bhattacharya.
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The GST will subsume most of the indirect taxes like excise duty and service tax
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.
Business subsidies may attract tax
A high-level committee on Thursday recommended simultaneous elections for Lok Sabha and state assemblies as the first step followed by synchronised local body polls within 100 days.
Terror financing and counterfeit currency have been a constant headache for Indian security agencies. Rediff.com's Vicky Nanjappa lokks at the latest developments in India's fight against this "dirty money."
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.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
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.
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.
By doing away with the 1 per cent inter-state tax over and above the GST rate, the government has met one of the three key demands over which Opposition Congress has been blocking the Bill in the Upper House
The proposed bill seeks to raise FDI cap in the sector to 49% from the present 26.5%
The government on October 12 announced the LTC cash voucher scheme under which central government employees can purchase any goods or services with GST rate of 12 per cent or above to avail the benefit.
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.
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.
After capping anonymous cash donations to political parties at Rs 2,000, the government is amending law to make it mandatory for them to file returns on income by December every year or risk losing tax exemption status.
Says Finance Ministry is working on tax structures as suggested by the Parliamentary committee
Rajya Sabha returns Finance Bill to Lok Sabha; budgetary process over in both Houses, President nod needed now.
Opposition on Thursday forced deferment of consideration of the contentious Mines and Minerals Bill in Rajya Sabha till on Friday.
Finance Minister Piyush Goyal said the instances of people running away and evading the legal process was increasing and this needed to be stopped, as the current laws do not allow fully dealing with the severity of the problem.
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.
However, BJP has not given any assurance of support and conveyed to the Finance Minister that the matter will be discussed within the party and take a call, sources said.
Moody's currently assigns 'Baa3' rating on India, with a stable outlook. 'Baa3' means medium grade with moderate credit risk.
This is the Upper House's third best productive session in the last 14 sessions since the Monsoon Session (243rd Session) of 2017, the Rajya Sabha officials said.
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