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.
Remember, the obligation lies with YOU. Not the credit card company.
The levy of retrospective tax on the UK's Cairn Energy Plc is a tale of bizarre twists and turns that saw its attached shares being sold in May 2018 amid the passing of the baton from a full-time finance minister to interim one and the talks at the highest level to resolve the dispute, to claims that levy of back taxes was a result of an investigation into Panama Papers leak. The government late last month refunded about Rs 7,900 crore it had collected from selling residual shares of the British firm in its erstwhile India unit, seizing dividend and withholding tax refunds, to settle an eight-year-old dispute that had tarred the country's reputation as an investment destination. But, this did not come about easily. For seven years, the establishment vehemently justified in courts and outside seeking of Rs 10,247 crore in back taxes plus interest and penalty from a firm that gave India its biggest onshore oil discovery.
It makes it mandatory for companies to spend on social welfare and seeks to bring in greater transparency.
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.
'It has been an ongoing process, talking to the relevant ministries about eliminating leakages and curbing non-core expenditure in various schemes.'
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.
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.
The political crisis faced by the Digambe Kamat-led government in Goa has blown over with the Congress leadership managing to convince the Nationalist Congress Party, protesting alleged irresponsible utterances against it by some Congress MLAs, to vote for the finance bill in the state assembly.
Mechanism for non-resident service providers made stricter.
Bowing to the pressure of Left parties, the government on Wednesday referred the Pension Fund Regulatory and Development Authority Bill to Parliamentary Standing Committee on Finance.
The Parliamentary panel examining the nuclear liability bill on Wednesday decided to seek an extension for submitting its report on the controversial legislation. The decision to seek an extension came after top Bharatiya Janata Party leaders including L K Advani, Sushma Swaraj and Arun Jaitley had a meeting with Finance Minister Pranab Mukherjee."The committee cannot hustle through the proceedings," said BJP leader Jaswant Singh.
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.
Finance Minister P Chidambaram said the improvement in tax-GDP ratio has given enough money to the Central government to vastly increase outlays. The UPA government inherited a tax-to-GDP ratio of 9.2 per cent that has risen to 12.5 per cent in 2007-08. The ratio will be 13 per cent in 2008-09 he said, replying to the debate on the Finance Bill in Lok Sabha. Improvement in tax-GDP ratio has been despite cut in customs, excise & in the current budget cut in personal tax rates.
Fuel cess, TDS on large cash payouts bid to destroy truckers and get foreign players in, says an industry body.
Rural populations will get will get employment in the industrial corridors following amendments to the land acquisition bill.
He has spoken to the party's heads in the Lok Sabha and the Rajya Sabha, Sushma Swaraj and Arun Jaitley, respectively , to seek support for the two items of proposed legislation. He got no assurance.
The new law would boost home buyer confidence as well as investment in the realty sector.
Debit card payments remained sluggish due to the surge in digital transactions after the pandemic, and the Unified Payments Interface (UPI) has emerged as the most popular mode of money transfer, particularly for small value transactions, according to RBI data. In July 2020, the total debit card spends stood at Rs 2.81 trillion, as compared to Rs 3.15 trillion in July 2023, reflecting a growth of 11.96 per cent. UPI spends have seen a whopping growth of 428 per cent, zooming from Rs 2.90 trillion to Rs 15.33 trillion during the same period, the data revealed.
Drabu said the GST regime will roll out in the state at midnight on Friday, making Jammu and Kashmir the last state to join the new tax regime.
Agriculture growth this year would be negative at minus two per cent as a result of adverse impact of drought particularly on kharif crop which would be down 15-16 million tonnes.
While the motives of the Bill are of course laudable, there is every likelihood that the consequences of its passage will be dire.
Finance Minister P Chidambaram on Thursday provided some relief to income tax assesses earning up to Rs 111,250 annually.
The cost of food has constantly been on the rise.
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Rewarding those who had supported them and refused to pay their power bills during AAP's agitation, the Delhi government on Wednesday decided to give them a 50 per cent relief on their pending bills and also waived the penalty.
The bill, known as the Justice Against Sponsors of Terrorism Act, would prevent Saudi Arabia and other countries with alleged ties to terrorist groups from invoking their legal immunity in US courts.
The entire Budget-making exercise will be advanced by 3-4 weeks so as to complete the legislative part of financial business before April 1, the start of a financial 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.
The party -- happy that the government has accepted its demand for a parliamentary probe into the 2G scam -- might not obstruct most of the important Bills the government would present in this session, said senior BJP leaders.
While the country imposed limits, it also eased and simplified other restriction to attract foreign inflows. This is done to plug record current account deficit.
The SIT on black money has widened its probe.
The negotiations on a draft Lokpal Bill on Monday gained momentum with government and civil society members agreeing on a number of basic principles of the proposed law and deciding to meet more often.
The government is making behind-the-scenes offers to other parties in a bid to break them but as long as the Congress is firm on the decision, there is little that the government can achieve on the Insurance Bill.
Congress reached out to Samajwadi Party Supremo Mulayam Singh Yadav for his support for passage of the Food Security Bill which is expected to be introduced in the Lok Sabha on Tuesday coinciding with the birth anniversary of Rajiv Gandhi.
The Delhi cabinet on Friday decided to call a special session of the assembly to take up the Jan Lokpal Bill that seeks to punish corrupt officials on February 16 at the Indira Gandhi Indoor Stadium instead of the historic Ramlila ground as announced by ruling Aam Aadmi Party earlier.
