Many online retail websites follow 'aggregator' model.
The government on Monday said that matters regarding Chinese intrusion can't be discussed in Parliament as it concerns the security of the country.
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.
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.
Supporting the striking truck operators, the National Democratic Alliance on Wednesday asked the government to withdraw the proposed service tax on transport booking agents.
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.
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.
Tata Group-owned Air India has informed the Centre that aircraft lessors wish to set up their special purpose vehicles (SPVs) outside India since they aren't enthused about the Indian 'legal structure' and are loath to take risks. Indian airlines have a combined fleet of about 700 planes; over 85 per cent are on lease. A majority of lessors are based in Ireland due to its attractive tax policy, light-touch regulations, and swift legal system.
Union Finance Minister Pranab Mukherjee on Sunday said that the United Progressive Alliance government was ready to bring in and get the Lokpal Bill passed in the next session of Parliament if the Opposition cooperated with it.
Whatever may be their flaws and the adverse impact on industry or the Centre's finances, the food security and land acquisition Bills are likely to be seen by voters as people-friendly initiatives
Finance Minister Jaswant Singh has called off the meeting with empowered committee on value-added tax, scheduled for Tuesday.
Thirty-five Union ministers on Friday huddled in a strategy meeting for an image make-over for the government on a day when Congress began its foot march against the land bill from the symbolical Bhatta Parsaul village.
Finance Minister P Chidambaram on Monday exempted scented supari from excise duty if it does not exceed 50 paise a packet.
CAF Bill's fate to be decided on Monday
Mutual funds, bonds, PPFs, equity and real estate are some options which offer varying rates of return.
Union Finance Minister Pranab Mukherjee on Friday expressed firm commitment to enact the Direct Taxes Code (DTC) Bill at the earliest, after expeditious examination of the report of the Parliamentary Standing Committee.
The Jan Lokpal Bill is likely to be approved by the Delhi Cabinet on Tuesday as its draft has almost been finalised by a panel headed by chief secretary.
'He is exposing the failings of the BJP, which is rankling the party.'
Jaitley said the Congress may be upset with the government for 'political reasons'
'If something unfortunate happens to an earning member, the family loses the crucial income which would have gone towards paying off debts, meeting the cost of children's higher education, or towards the upkeep of elderly parents.'
Remember, the obligation lies with YOU. Not the credit card company.
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.
Fuel cess, TDS on large cash payouts bid to destroy truckers and get foreign players in, says an industry body.
The long-awaited Pension Bill to set up a regulator and manage the new pension scheme for government employees is likely to come up before Parliament in the forthcoming session beginning May 10.
Chidambaram eases duty on Cement, export of iron ore.
In a significant development, India is believed to have placed a funding request of around $55 million in its first call with the Pandemic Fund of the World Bank, sources said. The fund has been set up to finance critical investments in a bid to strengthen pandemic prevention, preparedness, and response capacities at national, regional, and global levels, with a focus on low- and middle-income countries. It was created in the aftermath of the Covid-19 global pandemic.
It makes it mandatory for companies to spend on social welfare and seeks to bring in greater transparency.
In the wake of market crash on Thursday following the finance minister's proposal to levy a 0.15% turnover tax on securities transactions, Sebi said there was no need to panic as the proposal will be applicable only after the Finance Bill is passed.
The important economic agenda for the Winter Session of Parliament beginning on November 22 includes amendment to the Insurance Bill to raise FDI cap from 26 to 49 per cent, Banking Regulation Amendment Bill and Direct Taxes Code.
Mukherjee, however, did not roll back the hike in excise and customs duty on petrol and diesel.
Participating in the resumed debate on the Finance Bill in the Lok Sabha, Anant Geete (Shiv Sena) said people are more interested in evading tax than paying it for development.
The ruling, in favour of the government, will protect over Rs 1,000 crore (Rs 10 billion) of revenue the tax department was expecting from the service.
'Politics is a game of public perception and my father felt that by his long disappearances, Rahul Gandhi was losing the battle of perception.'
The Telangana Bill will not come up in the Rajya Sabha on Tuesday with the House secretariat on Monday seeking clarifications from the Union law ministry over whether or not it is a money bill.
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