Offenders will be tried under Prevention of Money Laundering Act
The interest rate charged on your credit card makes your ownership a nightmare if you don't know it in perfect detail. Here's a primer for you
Finance Minister Pranab Mukherjee on Monday announced a slew of concessions, including a 1 per cent interest subsidy for lower and middle income housing loans, and exempted road repair and maintenance services from the ambit of service tax.
The new 10 per cent dividend tax will be payable only on dividend income over and above Rs 10 lakh threshold in a year, according to an amendment to the Finance Bill 2016 approved by Lok Sabha.
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
Congress vice-president Rahul Gandhi on Tuesday rejected Bharatiya Janata Party's charge that the Congress was taking a 'U-turn' on the Insurance Bill, saying that there are "no double standards" on the issue.
The finance minister said the consensus between the Centre and states is required to amendment the constitution for implementing goods and services tax.
The finance minister said the government was open to suggestions.
The draft Companies Bill 2008 has identified the three key managerial positions as chief executive officer, chief finance officer and company secretary. By recognising these three key managerial positions, the Bill is fixing responsibility to bring out a system which is more accountable, transparent and workable, according to an official at the Ministry of Corporate Affairs.
The first meeting of the newly-constituted joint committee comprising ministers and civil society activists to draft the Lokpal Bill will be held on Saturday.
The government banks on the support of the Bharatiya Janata Party to push the Insurance and LIC Bills in the next Parliament session, but it seems to have adopted different tactics on the Goods and Services Tax (GST) Bill.
The Bill seeks to create a welfare fund for farmers at a time when Prime Minister Narendra Modi has led from the front a campaign to woo farmers and downtrodden sections of the society.
GST collections in June witnessed a 56 per cent year-on-year increase to over Rs 1.44 lakh crore on economic recovery and better anti-evasion measures, the finance ministry said on Friday. Goods and Services Tax (GST) collections in June, 2021 stood at Rs 92,800 crore. Speaking at the GST Day celebrations, Finance Minister Nirmala Sitharaman said Rs 1.4 lakh crore is the "rough bottom line" for monthly GST revenue collections.
Former Union law minister and civil activist Shanti Bhushan has urged the government to hold an open debate on the Lokpal Bill so that the people of India get to know the stance taken by the various members of the drafting committee.Finance Minister Pranab Mukherjee, chairman of the Lokpal Bill Drafting committee, is yet to respond to Bhushan's demand.Bhushan, who is one of the five representatives of the civil society on the panel, said the government was backtracking.
Government's effort to end impasse in Parliament by reaching out to BJP for early passage of key finance bills on Friday came a cropper as the opposition indicated that it is unlikely to cooperate unless it is assured that JPC chairman P C Chacko's draft report on 2G will be rejected.
If she cannot recast the party, bring together the factions opposed to her, and present herself as her brother's true challenger, there will be little left for her in politics, notes Aditi Phadnis.
The Bhartiya Janata Party (BJP) pulled up the government for a total policy failure, resulting in grave economic crisis.
Noting that the assembly election results being very disappointing is an understatement, the Congress Parliamentary Party chairperson urged party MPs to channel their disappointment into positivity for next year's general elections.
Following is the text of the Gazette Notification issued by the government constituting the Joint Drafting Committee comprising ministers and civil society activists to prepare the draft Lok Pal Bill.
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 Congress has reasons to enjoy the BJP's discomfiture. After all, the Insurance Bill was introduced by the UPA government in 2008 but was constantly blocked by the BJP on some pretext or the other which was then in the Opposition.
The National Democratic Alliance government is keen on the passage of the Insurance Bill before Prime Minister Narendra Modi's visit to the US to send out a message that economic reforms are back on track in India. Anita Katyal reports
The current session of Parliament may be extended to enable the passage of bills, Parliamentary Affairs Minister Venkaiah Naidu told Bharatiya Janata Party MPs in New Delhi on Tuesday.
The contribution from asset management companies (AMCs) has surpassed the Rs 3,000 crore target for the creation of a Rs 33,000 crore backstop facility for debt mutual funds (MFs). The initial corpus for the Corporate Debt Market Development Fund (CDMDF) is nearly Rs 3,100 crore, according to multiple government officials and AMC executives. "The fund is operational now. "The required corpus has been raised by AMCs and the remaining part (Rs 30,000 crore) is in the form of a guarantee from the government which will be activated only in case of a credit event," explained D P Singh, joint CEO and deputy MD, SBI MF.
An all party meeting to seek views across the political spectrum on the issue of inclusion of the prime minister under the Lokpal Bill is likely to be held in the first week of next month.
The uncertainty over the implementation of the new tax continues as the Finance Bill has not been passed by the Parliament. Finance minister P Chidambaram had announced in his Budget proposal that the levy would come into effect from April 1. The uncertainty over the implementation of the new tax continues as the Finance Bill has not been passed by the Parliament. P Chidambaram had announced in his Budget proposal that the levy would come into effect from April 1.
"We are willing to speak to any of their leaders," Jaitley was quoted as saying by Bloomberg News.
Charging the finance minister with leaving an off-budget fiscal overhang of Rs 300,000 crore (Rs 3,000 billion), which could wreck the country's economy, Bharatiya Janata Party on Wednesday demanded resignation of P Chidambaram to escape "dismissal". Singh warned that the country was heading for the worst kind of food inflation and the off-budget subsidy on fertiliser and petroleum would leave a serious dent on the government finances.
With the government devising alternative ways to trail black money, the Banking Transaction Tax will be withdrawn by the end of this year, Finance Minister P Chidambaram said on Wednesday. The alternative methods to catch people with unaccounted money would be provided by the provisions in the new Money Laundering Law, Chidambaram said.
Buyer to pay tax on gains made on undervalued property purchase.
Government strategists are trying to ensure that the requisite 16 of the 31 states ratify the Bill by the end of this month
The ministry was expecting savings this year to be around Rs 20,000 crore.
The speaker said he would take a decision on the remaining 14 cases in a "couple of days."
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.
Chaudhary Charan Singh, who on Friday was conferred with India's highest civilian award Bharat Ratna, is popularly known as a champion of farmers.
The standoff over Women's Reservation Bill ended on Thursday with the government announcing that the proposed legislation would be brought in the Lok Sabha only after consultations with all sections.
The Bill could be referred to the Parliamentary Committee for scrutiny
Finance Minister Arun Jaitley on Wednesday drove over to Rahul Gandhi's 12 Tughlak Lane bungalow to personally invite the Congress vice-president to his daughter Sonali's wedding.
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.
