'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.
Penal provisions have already been introduced for late filing of returns.
The Modi government is learning to deal with the reality that it does not have a majority in the Rajya Sabha.
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.
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.
The CBI on Friday told the Supreme Court that RJD supremo Lalu Prasad was playing badminton after being enlarged on bail in a fodder scam case on medical grounds, as it sought cancellation of the relief granted to the former Bihar chief minister.
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.
Social Justice Minister Thaavarchand Gehlot sought to allay doubts raised by several opposition members about the legislation's fate if challenged in the Supreme Court, saying he can say with confidence that the apex court will accept it.
The government plans to borrow a record Rs 15.4 lakh crore from dated securities in FY24 to meet its expenditure requirement to prop up the economy.
But commerce ministry works on rules for exemption to contractors.
The Insurance Bill was deferred for consideration for the time being after a meeting
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.
The United Progressive Alliance government's confidence about getting legislative business done in the monsoon session of Parliament, beginning August 5, might be misplaced.
The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be 'extraordinarily generous' to Securities and Exchange Board of India (SEBI) and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue.
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.
Sukanta Majumdar, the state BJP president, said, "Amit Shah has set a target of 35 seats. We will achieve that".
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.
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.
The broader NSE Nifty sank 177.65 points or 1.53 per cent to 11,419.25.
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 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.
Parliament on Tuesday approved the long-awaited fiscal responsibility legislation after Finance Minister Jaswant Singh promised there would be no lowering of developmental expenditure.
Parliament was virtually powerless for a brief while on Monday.
Banks have started charging customers for payment of credit card bills through cheque and so paying online makes more sense.
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 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.
One has to mention the acknowledgement number and the date of filing of four quarterly returns.
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.
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.
"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.
Raising a child as a single mother in India can be challenging, especially when it comes to managing finances.
Supporting the striking truck operators, the National Democratic Alliance on Wednesday asked the government to withdraw the proposed service tax on transport booking agents.
Retrospective claims may not stand the test in international courts.
The finance minister said the early signs of improvement in the Indian economy are seen despite no big recovery visible in the global economy.
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.
Many online retail websites follow 'aggregator' model.
Union Finance Minister P Chidambaram on Thursday said that tax exemptions will be pruned further and phased out eventually and that the controversial Banking Cash Transaction Tax will be reviewed next 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.
Finance Minister Jaswant Singh has called off the meeting with empowered committee on value-added tax, scheduled for Tuesday.
