Congress on Monday kept the government guessing on the insurance bill asking it to take on board all stakeholders and favouring the select committee route even as it insisted that the measure is its own "baby" and it is a "misnomer" that the party is opposed to it.
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.
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.
After days of adjournments, the Rajya Sabha unanimously passed the crucial Scheduled Caste and Scheduled Tribe (Prevention of Atrocities) Amendment Bill along with two bills on supplementary demands for 2015-16, within minutes without any debate.
Banks have started charging customers for payment of credit card bills through cheque and so paying online makes more sense.
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.
'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.
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 Insurance Bill was deferred for consideration for the time being after a meeting
"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.
Finance Minister Nirmala Sitharaman on Monday said the rules that will lead to scrapping of the retrospective tax demands made on companies such as Cairn Energy Plc and Vodafone Plc will be framed soon. Parliament earlier this month passed a bill to scrap all tax demands made using the 2012 retrospective tax legislations. The bill provides for government refunding the retro tax to companies provided all legal challenges are withdrawn.
This form of government, where secrets and major decisions are kept from the Cabinet itself, appears to be continuing, which is why the speculation around this special session, asserts Aakar Patel.
The United Progressive Alliance government's confidence about getting legislative business done in the monsoon session of Parliament, beginning August 5, might be misplaced.
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.
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.
The Reserve Bank of India (RBI) announced new rules for credit cards, applicable from July 1. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," the circular by RBI said. Business Standard culled out key rules from the list, and asked financial experts for advice on them, along with the thumb rules one needs to follow while using credit cards.
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.
But commerce ministry works on rules for exemption to contractors.
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.
A bill to auction coal mines is also likely to be passed later.
Parliament was virtually powerless for a brief while on Monday.
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.
Investors need to evaluate how they stack up against other high credit quality fixed-income options before putting money in them.
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.
Parliament on Tuesday approved the long-awaited fiscal responsibility legislation after Finance Minister Jaswant Singh promised there would be no lowering of developmental expenditure.
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.
Retrospective claims may not stand the test in international courts.
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.
Many online retail websites follow 'aggregator' model.
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.
If Kerala wants to sustain its room for independent thinking and talk back to Delhi when needed, it should put its finances in order. Or - if one takes the North East example - Kerala's political posturing may end up commensurate with its financial dependence on others, suggests Shyam G Menon.
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.
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.
The last date for bidding is being pushed back from April 25 to May 9 to allow Finance Minister P Chidambaram to clear the air on the seven-year income tax holiday for oil and gas production, when he replies to Finance Bill in Parliament in next couple of week, officials said. "There is no formal decision yet, but this is the line of thinking and an announcement is likely soon," an official said.
The finance minister said the early signs of improvement in the Indian economy are seen despite no big recovery visible in the global economy.
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