Though it's debatable whether power to supersede bank boards can adequately safeguard against the problems created by banks promoted by those with interests in other industries, the finance ministry has at least shed its reluctance to bulldoze the Reserve Bank of India.
K N Balagopal (Communist Party of India -Marxist) said the Congress and the BJP were acting as A-Team and B-Team and not allowing the House to discuss the bills.
The 47th GST Council meeting that is currently underway is slated to discuss a host of issues, including a mechanism for compensating states for revenue loss, tax rate tweaks in some items and relaxed registration norms for small online suppliers. Further, the meeting of the Council, chaired by the Union Finance Minister Nirmala Sitharaman and comprising state counterparts, will also clear levying the highest tax of 28 per cent on online games, casinos and horse racing, besides, measures to curb tax evasion, especially devising ways to tackle high-risk taxpayers in GST. "The meeting is being chaired by Hon'ble Union Minister of Finance @nsitharaman and many important decisions are expected to be taken at the meet," PIB Chandigarh tweeted.
Denying any delay in the introduction of Income Tax Code that will comprehensively review current income rates and slabs, Finance Minister P Chidambaram on Thursday said the government will introduce the code this year.
The increase reflects a quarter-on-quarter increase of 2.6 per cent in October-December 2022-23. In absolute terms, the total liabilities, including liabilities under the 'Public Account' of the government, jumped to Rs 1,50,95,970.8 crore at the end of December 2022.
"Everybody knows in this country that I charge only the rich, but for poor people I do work free and the poor people are about 90 per cent of my clientele," he said.
'Chidambaram, lots of people argue not without justification, is all about bluff and bluster without any concrete achievement on the ground. His record in the finance ministry fully endorses that view,' argues Virendra Kapoor.
The Insurance Bill was deferred for consideration for the time being after a meeting
Official sources said the notice under section 201 and 220 (2) of the I-T Act, which talks about simple interest at one and a half per cent for every month the tax demand was raised, will also explain the retrospective amendment made by the government for taxing business deals that avoids tax in the country by showing them in a tax haven.
With Lok Sabha approving the Finance Bill that amends law to retrospectively tax cross-border transactions dating back to April 1, 1962, Vodafone faces a tax demand of Rs 11,000 crore (Rs 110 billion) plus interest and a penalty on its 2007 acquisition of Hutchison Whampoa Ltd's Indian operations.
Penal provisions have already been introduced for late filing of returns.
The United Progressive Alliance government's confidence about getting legislative business done in the monsoon session of Parliament, beginning August 5, might be misplaced.
After Parineeti Chopra and Aam Aadmi Party leader Raghav Chadha were spotted together on several occasions, rumours linking them have been doing the rounds.
Government on Tuesday indicated its willingness to incorporate more changes into the land bill in order to address the concerns raised by opposition parties even as it has already agreed to make at least six amendments in its proposal.
Government on Tuesday said it will soon come out with a new Income Tax Code to streamline the taxation structure and reduce the plethora of exemptions given to various segments of taxpayers. The new tax code would become law after debate and deliberations. Direct tax code would replace the existing Income Tax Act, which was enacted in 1961 and would subsume other direct tax legislations. Together with indirect tax exemptions, direct tax exemptions are leading to revenue loss.
Will Annamalai's attacks on the DMK revert the anti-BJP feeling in Tamil Nadu, asks N Sathiya Moorthy.
He said the new short-term treasury bills will be part of the government's same borrowing programme. To meet its burgeoning expenditure, necessitated by the slowing down economy, the government has pegged its market borrowing at over Rs 4.5 lakh crore (Rs 4.5 trillion) for the current fiscal, bulk of which is being raised in the first half.
A bill to auction coal mines is also likely to be passed later.
The government has reached out to investors to apprise them about Life Insurance Corporation of India's (LIC's) growth and prospects as it prepares for the country's largest initial public offering (IPO). Preliminary presentations have been made to inform investors on how the organisation is being restructured ahead of the IPO, along with its financials, so that the IPO process can be hastened once its embedded value is derived. "A detailed presentation has been made to investors, giving them details on how LIC is positioned beyond what is known. "This includes how LIC is being restructured ahead of the IPO, and investors are keen to know that," said an official. In the Finance Bill, 2021, the government had proposed a slew of changes to the LIC Act, 1956.
The government in December obtained Parliament approval for raising the oil subsidy bill by Rs 28,500 crore (Rs 285 billion) over and above the amount earmarked in the Budget for 2012-13.
But commerce ministry works on rules for exemption to contractors.
Parliament was virtually powerless for a brief while on Monday.
Could it have been more reformist? Of course, but this is an election year Budget, observes Akash Prakash.
Finance Minister P Chidambaram on Tuesday asked Left parties to reconsider their opposition to the pension bill so that government can provide a "legal basis" to the new pension system started last year.
The fiscal deficit, estimated at 4.6 per cent of the gross domestic product, is expected to be around 5.6 per cent, mainly on account of factors like subdued revenue collection, poor disinvestment receipts, high global commodity prices and increasing subsidy bill.
Mutual funds, bonds, PPFs, equity and real estate are some options which offer varying rates of return.
Parliament on Tuesday approved the long-awaited fiscal responsibility legislation after Finance Minister Jaswant Singh promised there would be no lowering of developmental expenditure.
Retrospective claims may not stand the test in international courts.
With the Aam Aadmi Party's deadline of passing Jan Lokpal Bill nearing, the Delhi government on Tuesday said its draft was being finalised and it would be cleared in a cabinet meeting on Friday.
The finance ministry is likely to tone down some of the provisions of Fringe Benefit Tax and moderate the conditionalities for Banking Cash Transaction Tax proposed in the Budget.
The implementation of the commodities transaction tax is likely to be delayed to the end of the year or even next year, thanks to the spiralling inflation and its political fallout.
In the Upper House of Parliament, Chairman M Venkaiah Naidu did not allow adjournment notices moved by opposition members on the issue of price rise, prompting members of the Congress, the Trinamool Congress, the Left parties, the Dravida Munnetra Kazhagam, the Aam Aadmi Party, the Nationalist Congress Party, the Rashtriya Janata Dal and the Shiv Sena to create an uproar.
Many online retail websites follow 'aggregator' model.
When he didn't respond (Mr Saver has lost count of how many relationship managers he has had in the past few years!), the gentleman landed up at his doorstep and started pleading with him to open fixed deposits with the bank, observes Tamal Bandyopadhyay.
The commerce ministry is proposing a host of direct and indirect incentives such as deferral of import duties and exemption from export taxes to revamp Special Economic Zones through a new legislation, an official said. In the Union Budget this year, the government proposed to replace the existing law governing Special Economic Zones (SEZs) with a new legislation to enable states to become partners in 'Development of Enterprise and Service Hubs' (DESH). The official said the commerce ministry has sought views of different ministries, including finance, on the new bill.
CAF Bill's fate to be decided on Monday
The government on Tuesday announced changes in excise duty from specific to value based for cement priced above Rs 250 per bag of 50 kg, a move manufacturers say would increase the production cost.The industry, however, was non-committal on whether it would pass on the increased burden to consumers.
The number of high-end taxpayers declaring income of more than Rs 10 lakh per annum have doubled to 1.77 lakh during the assessment year 2006-07, Finance Minister P Chidambaram said. Intervening in the debate on the Finance Bill 2008 in the Lok Sabha, he said there were about 97,000 taxpayers with an income of Rs 10 lakh per annum when the UPA government assumed office in 2004.
One has to mention the acknowledgement number and the date of filing of four quarterly returns.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances