The code, which will replace the existing Income Tax Act 1961, aims to rationalise tax rates to bring more people and companies under the tax net.
Finance Minister Pranab Mukherjee said this while presenting the Union Budget for 2010-11 in the Parliament on Friday.
Finance Minister Pranab Mukherjee said this while presenting the Union Budget for 2010-11 in the Parliament on Friday.
Those who consider the rupee as a proxy for virility have started thumping their chests and dreaming of dethroning the dollar from its coveted position, observes Tamal Bandyopadhyay.
Compliance window for those with undisclosed income abroad to come clean by paying 30 per cent tax and 30 per cent penalty
Dutch subsidiary Vodafone International Holdings BV on Tuesday severed a notice of dispute on the Indian government regarding proposals in the Finance Bill 2012 which it claimed violated the international legal protections granted Vodafone and other international investors in India.
The government on Monday tabled the much-awaited Direct Taxes Code Bill in the Lok Sabha which proposed to raise the exemption limit on income tax from the current Rs 1,60,000 to Rs 200,000.
BJP's Adhikari said that an opposition MLA is usually appointed as the PAC chairperson following the norm, but the TMC misused that rule to appoint Roy as its chairman.
The government introduced the 122nd Constitution amendment Bill.
FM said a Constitution Amendment Bill for introduction of GST will be passed soon.
The new Companies Bill, which was first introduced in the Lok Sabha in 2008, seeks to give a fillip to the cause of corporate social responsibility and corporate governance.
Jaitley's concerns are unlikely to cut much ice with the Congress.
The CPI (M) members seemed determined to thwart the bill, aimed at increasing the FDI limit in the insurance sector. As Minister of State for Finance P K Bansal rose to introduce the Insurance Laws (Amendment) Bill, 2008, CPI (M) member T K Rangarajan tried to grab the copy of the bill from him. An agitated-looking external affairs minister Pranab Mukherjee pushed Rangarajan to protect Bansal. Another minister Meira Kumar rushed to shield Bansal, who introduced the bill.
Facing stiff opposition over the Nuclear Liability Bill, the government on Friday said it will consult all political parties before tabling the draft legislation in Parliament. "
The SBI (Subsidiary Banks Laws) Amendment Bill 2009, introduced by minister of state for finance P K Bansal, was necessitated as these powers were vested with the Reserve Bank of India from whom the ownership of these banks were transferred to the Centre few years ago. Once passed, the bill would empower the Centre to increase or reduce the authorised capital of a subsidiary bank.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
Finance Minister Arun Jaitley appealed to parties to rise above partisan considerations to support it.
A courier company owner was arrested for allegedly evading service tax of about Rs 70 lakh
Banks may become more cautious in extending loans, as more and more farmers may take loans, relying on the assurance that a debt relief commission will back them in the event of default.
Suresh Prabhu on the priority being given to safety and the need for more funds for railways to move ahead.
The finance minister is "reasonably confident" that when it comes to the crunch, "it would be extremely difficult even for the Congress party to take a contrarian view" on the GST Bill.
A Bill to restrict voting rights of brokers as shareholders and their participation on governing boards of stock exchanges was on Monday passed in Lok Sabha without discussion and by a voice vote.
Hope floats for higher trading volumes; warehousing and cold chain facilities get tax incentives.
Crude prices touched 30-months high of $120 per barrel last month following unrest in Egypt and Tunisia.
The much-delayed Insurance Bill seeks to raise the foreign investment cap in the sector from 26 per cent to 49 per cent, with a rider that the management control rests in the hands of Indian promoter.
Union Finance Minister Pranab Mukherjee accused Bharatiya Janata Party of being responsible for the Rajya Sabha's failure to pass the Lokpal Bill by changing its stand within 24 hours.
The Goods and Services Tax Bill was passed by the Lok Sabha in May.
Amid the government's keenness to introduce Lokpal Bill in Parliament before the end of the winter session on December 22, the Union Cabinet on Sunday night had informal discussions on the much-hyped legislation which is expected to be taken up by the Cabinet formally on Monday.
A Bill to give effect to the policy of corporatisation and demutualisation of stock exchanges is in the pipeline, Finance Minister Jaswant Singh informed the Rajya Sabha on Tuesday.
The new Insurance Bill may take little time to see light of teh day.
Prime Minister Manmohan Singh and United Progressive Alliance chairperson Sonia Gandhi on Monday held a meeting at 6.30 pm at the PM's residence in the capital. The Congress leaders discussed the next course of action over the Women Reservation's Bill, which will be debated in the Parliament on Tuesday.
The party says 23% of foreign investments should be by FIIs.
Offenders will be tried under Prevention of Money Laundering Act
Finance Minister Pranab Mukherjee will hold talks with the opponents of Women's Reservation Bill before the government's takes the next step on it, Minority Affairs Minister Salman Khurshid said on Thursday.
Growing up in the Mumbai of 1970s, Uday Kotak aspired to be a cricketer and trained under legendary coach Ramakant Aachrekar. However, it was an on-field injury which resulted in a shift to finance. He started off with bill discounting, turned to lending and successfully applied to start a universal bank in the first decade of the millennium, as India was warming up to private play in banking.
Dubbing the United Progressive Alliance at the Centre as "the most corrupt government ever seen by independent India", senior Bharatiya Janata Party leader L K Advani on Saturday wanted the Lokpal bill to be passed in the next session of Parliament itself.
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