The Bill could be introduced in Lok Sabha very soon.
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.
Ahead of a scheduled discussion in Parliament on the Finance Bill, 2012, for its clearance next week, top bosses of Vodafone Plc met senior functionaries of the government on Tuesday to discuss tax issues that have emerged due to the proposed retrospective amendments in the Income Tax Act, 1961.
In a major boost to education sector, the Union Cabinet has cleared the long-pending Right to Education Bill, which promises free and compulsory education for children between 6 and 14.
The much-delayed insurance bill and the goods and services tax bill are among the 39 bills that are expected to come up during the month-long Winter Session of Parliament beginning next week.
Bank, bankruptcy reforms, Nabard Bill amendment on agenda.
To check black money menace, the Cabinet on Tuesday approved a new bill that would give more powers to the tax department in tracking illicit wealth stashed abroad and provide for strict penal actions for such offence.
Finance Minister Pranab Mukherjee on Friday said government will soon come out with a draft Food Security Bill.
The government has proposed to implement GST from April 1, 2016, and the new Finance Commission may be set up ahead of its schedule to look into the issues related to the new indirect tax regime.
The bill will be discussed in the state Assembly on June 18.
Opposition, including Bharatiya Janata Party, Left and other parties, on Tuesday walked out of the Lok Sabha, charging the government with indulging in one scam after another and saying they would not be party to the passage of the Finance Bill and the Railway Budget.
Even as some government departments have raised concerns on the Bill in its present form, the finance ministry has decided not to delay any further and may table it in Parliament next week.
Congress insists on sending legislation to select committee, says will support it in winter session.
Arun Jaitley had proposed to set up a Public Debt and Management Agency.
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The Direct Taxes Code bill was introduced in Lok Sabha in 2010 and Standing Committee on Finance has given a report after its scrutiny.
Enthused by the consensus in reaching four-tiered GST tax structure, particularly the unanimity achieved with Congress-ruled states, senior government sources were confident that the Central GST and Integrated GST Bills will be passed by both the Houses.
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.
In the Interim Budget, Finance Minister Nirmala Sitharaman announced that a high power committee would be set up to consider the challenges arising from 'fast population grown and demographic changes.' 'But who wants data? It pays to feed people's fears, insecurities and apprehensions. If such fears don't exist, they must be created,' her husband Parakala Prabhakar says in this fascinating excerpt from his book, The Crooked Timber of New India: Essays on a Republic in Crisis.
Calculate his monthly expenses, health care spending, how much funds will he need once he retires, and whether his current savings and investments will enable him to manage his lifestyle through retirement, suggests Ashok Kumar E R, CEO and co-founder, Scripbox.
PwC analyses the impact of Budget proposals for 2011-12 on individuals and industry.
Here are some golden nuggets when it comes to creating wealth. Read them and if you find yourself saying, 'This everybody knows', cross your heart and ask yourself how many times you have forgotten these simple rules, says P V Subramanyam.
The free food scheme is driven by electoral considerations, but its long-term fiscal risks outweigh the short-term gains, cautions A K Bhattacharya.
Parliament Tuesday approved the Companies (Amendment) Bill, 2002 with Rajya Sabha returning it after Finance Minister Jaswant Singh assured that a comprehensive legislation on the subject would be introduced in the budget session of the Parliament.
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.
Putting an end to speculation, Finance Minister P Chidambaram on Monday retained the 10 per cent surcharge on those earning over Rs 1 crore annually.
Finance Minister Arun Jaitley to discuss state-level issues before finalising GST.
The passage of the bill will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.
Rejecting the demand for referring Insurance Bill to a Select Committee, the government on Thursday said the Congress was 'stonewalling' the key reform measure to deny credit to Prime Minister Narendra Modi before he goes to the United States.
'We wanted the PM to speak, and he just refused to -- now we have the opportunity, not just in the Lok Sabha, but also in the Rajya Sabha, to lay the government on the mat.'
The bill was taken up for consideration in the Lok Sabha after the Speaker rejected Opposition demands to refer the key reform measure to a parliamentary Standing Committee.
New head of the Confederation of Indian Industry speaks.
At a meeting of the Empowered Committee of State Finance Ministers, the Centre's plan to bring petroleum goods under GST regime was opposed.
Rajasthan is reeling under a huge financial burden with the state's debt having gone beyond Rs 5.59 lakh crores. Rajasthan has increased expenditure on education by 203.4 percent, by 105.4 percent on health, by 227.14 percent on housing. Its expenditure on social welfare schemes has increased by almost 2,475 per cent.
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.
Following the address by President Ram Nath Kovind, the economic survey will be tabled in the two Houses.
The Union minister said it is "not fair" on Congress's part to set conditions for the passage of the GST bill and if the said clauses were so crucial, the UPA could have brought these in the original bill when it was in power.
The government on Monday introduced a bill in Lok Sabha aimed at discouraging borrowers to postpone repayment of their dues and enable the secured creditor to speedily recover their debts including through security or other measures.
Government on Friday ruled out replacing its Lokpal Bill with another, saying it will be better to have amendments to the one already introduced.
