The session, which was earlier scheduled to conclude on April 3, is now likely to be adjourned sine die on March 23, sources said.
Buckling under pressure from various quarters, the government on Monday withdrew the harsh provisions relating to excise and customs duty evasion cases. In Finance Bill 2012-13, it had earlier proposed to make certain excise and customs duty evasion cases non-bailable until the court had heard the public prosecutor.
Set to begin next week, the first of its kind uniform discount offer from all jewellers across the country, would be valid for 10 days nationwide.
An all-party meeting on Monday failed to hammer out a consensus over the controversial Insurance Bill, which was scheduled to be taken up in Rajya Sabha.
Says that he will re-look at all suggestions on indirect taxes and make announcements in Parliament.
Most of the Budget work is done; only some "final touches" remain. For those, he will soon sit with Prime Minister Manmohan Singh--who was governor of the Reserve Bank during Mukherjee's stint in North Block in the 80s--before his draft speech goes to print.
The Companies Bill 2009, which seeks to replace a half-a-century-old Act, will be presented in Parliament in the ongoing Budget session, Finance Minister Pranab Mukherjee said on Monday.
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.
The Centre needs to have dialogue with the Opposition instead of letting politics come in the way; it needs to stoop to conquer, says Aditi Phadnis.
Currently, confiscation can be done through multiple laws, but it is a complicated process.
Parliament on Monday approved the Industrial Development Bank of India Repeal Bill to enable its conversion into a universal bank
On Thursday, the Business Advisory Committee of the Lok Sabha, which allocates time for the Bills and discussions to be taken up for the forthcoming week, met, but the government strategists didn't ask the members to allocate time for the GST Bills for the next week.
The eight states of the north-east account for 25 Lok Sabha seats and the ruling Bharatiya Janata Party is eying to bag those in the Parliamentary election.
Lok Sabha passes Finance Bill; Will introduce a white paper on black money in current session: FM
Moving the Finance Bill, 2012 for consideration and passage in the Lok Sabha, Mukherjee halved the capital gains tax for private equity investors to 10 per cent and relaxed the norms for arrest of persons involved in violation of Customs Act.
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.
Parliament's standing committee on finance, headed by Bharatiya Janata Party leader Yashwant Sinha, on Thursday finalised its report on the Companies Bill, 2011.
Unless ratified by eight states, a Constitutional amendment cannot be signed by the President of India.
There will be higher charges for bank account-holders.
The Congress and the Left parties might move court to challenge LS speaker's ruling on Aadhaar as money Bill.
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 apex court had permitted only voluntary use of Aadhaar for welfare programmes including MGNREGA, all pension schemes, provident fund and Pradhan Mantri Jan Dhan Yojna.
'The revenue projection arises out of all sectors doing well and the formalisation of the economy helps in making sure the tax domain gets widened.'
With the Finance Bill 2010-11 proposing payment of 10.3 per cent service tax by hospitals on cashless settlements, it may be a double whammy for policyholders: Higher premiums as well as soaring hospital bills.
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.
The development came even as Uttarakhand is set to have a vote of confidence on Tuesday to determine whether Congress leader Harish Rawat has enough numbers to retain power in the state that is currently under the President's Rule.
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.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
Ahead of the passage of the Finance Bill in Parliament, Civil Aviation Minister Ajit Singh is understood to have shot off a letter to the Finance Ministry protesting the proposal on the grounds that the move would not only hit passengers but spell more trouble for the airlines which were already reeling under severe financial stress.
The deadline set by anti-corruption crusader Anna Hazare for passing the Lokpal Bill is inching closer, but the government seems to be in no hurry. Sources in the government said that the Union Cabinet is unlikely to discuss the Lokpal Bill on Sunday.
The system envisaged under the FRDI Bill, if implemented properly, would help improve the efficiency of capital allocation without harming consumers, and without risking the stability of financial firms, says Ajay Shah.
The government will find it difficult to pass the Bill without the Congress's help
Crucial financial sector reforms are again stuck, despite Finance Minister Pranab Mukherjee's appealing to political parties to help pass the legislations in this regard.
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.
It will be in Modi's interest to reinvent his party, read the writing on the wall that voters wrote, and move ahead. He has little choice now. The country is watching, asserts Ramesh Menon.
The government is committed to ensure clearance of the Insurance Amendment Bill, which is expected to allow a higher foreign direct investment in the country's insurance sector, a central government minister said.
The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion. At present, disclosure of crypto holdings and related gains is voluntary. If tax authorities go ahead with the PAN mandate, crypto exchanges will have to furnish a statement of financial transactions (SFT) before the income-tax department.
Finance Minister Pranab Mukherjee on Monday held a meeting with senior BJP leaders L K Advani, Sushma Swaraj and Yashwant Sinha to discuss these two legislations.
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
Amid a stalemate between the government and the Opposition over the issue, the House failed to transact any significant business and was adjourned for the day.
