The government on Wednesday approved the inclusion of certain communities in the lists of Scheduled Tribes in Chhattisgarh, Tamil Nadu, Karnataka, Himachal Pradesh and Uttar Pradesh, fulfilling long-pending demands from these states.
This will be the first time since the presentation of independent India's first budget on November 26, 1947, that the documents containing income and expenditure statement of the Union government along with finance bill, detailing new tax and other measures for the new financial year, will not be physically printed.
The government on Friday asked the Comptroller and Auditor General (CAG) to suggest ways to curb its rising subsidy bill on food, fertiliser and petroleum products without hurting the targetted population.
India, the world's largest edible oil importer, on Wednesday slashed customs duty on RBD Palm oil to 70 per cent from 85 per cent but traders here said it is unlikely to have any significant impact on imports.
Revised draft model Bill clearly says an agriculturist for the purpose of agriculture won't be liable for registration under GST.
Life insurers have decided to pass on service tax to customers. The chief financial officers of life insurance companies met last Wednesday and have decided to pass on the service tax burden to customers, confirmed officials of various life insurance companies.
Seeking to give a big push to the Lokpal Bill, Congress vice-president Rahul Gandhi on Saturday appealed to all political parties to support the legislation saying it is a "very very powerful instrument" in the fight against corruption.
India's historical focus on its continental borders has overshadowed its maritime ambitions, but that is changing quickly, notes Ajai Shukla.
Under the Goods and Services Tax, effective midnight of June 30, most of the financial services would attract a higher tax of 18 per cent as against 15 per cent as of now.
ndependent of the political fallout, which Stalin has sought to arrest through the withdrawal of the measures as fast as they were introduced, there are concerns about the way those decisions came to be taken, without adequate application of mind, not in official terms but in political and electoral contexts, points out N Sathiya Moorthy.
Finance Minister Arun Jaitley had came out with a host of proposals last month.
Finance Minister Pranab Mukherjee on Thursday said the government would introduce the Direct Taxes Code (DTC) Bill that will simplify direct tax laws, in the monsoon session of Parliament beginning July 26.
One of the bold proposals in the Finance Bill, 2007, is amendments in the law relating to valuation of imported and export goods
While going back to the old bill is only a face saver, there is little in the bill that will excite industry or the markets, says Shishir Asthana.
The BJP alleges that the U C Banerjee Committee Report, which described the train fire as an accident, was made public with an eye on the polls.
GST revenue for May stood at nearly Rs 1.41 lakh crore, a 44 per cent increase over the same month last year, the finance ministry said on Wednesday. Bucking the month-on-month increasing trend of the last two months, the Goods and Services Tax (GST) revenues came in lower than the record high collection in April at Rs 1.68 lakh crore. In March GST revenues were at Rs 1.42 lakh crore, while in February it was Rs 1.33 lakh crore.
Following is the text of Prime Minister Manmohan Singh's remarks at the all party meeting on the Lokpal issue in New Delhi on Wednesday evening.
Currently, the select committee is considering the Bill.
Food subsidy bill rises 20% in April-January
Gaurav Mohta, chief marketing officer, Home First Finance Company, answers home loan queries.
The joint drafting committee on the Lokpal Bill met in New Delhi on Tuesday for the last time amid "fresh and serious" differences between the government and Anna Hazare team.
Piloting the Specified Bank Notes (Cessation of Liabilities) Bill, Finance Minister Arun Jaitley said it will extinguish the government's liability towards scrapped notes and also eliminate the possibility of their bring used as parallel currency.
Time is running out for a hapless UPA govt over the Telangana bill, and the latest observation by the Rajya Sabha secretariat -- that the bill has financial implications and so must be introduced and passed in the Lok Sabha first -- has only worsened the crisis for the ruling alliance. Anita Katyal reports.
A new Lokpal Bill will be introduced in the Lok Sabha on Thursday and the existing one withdrawn.
The first step in tax saving through family tax planning is to adopt the concept of divide and rule. The simple rule is that each family member must have his or her independent source of income so as to legally become an independent tax payer under the provisions of the income tax law. Under the income tax law it is not possible to arbitrarily divide one's income amongst different members of the family - and then pay lower tax in the names of different family members.
Select committees on Mines and Minerals Amendment Bill and Coal Mines Bill recommended their approval without any change
As and when the GST comes in, Budget projections will have to be unbundled and revised. In fact, the pragmatic decision would be to present another Budget! This makes the passage of the Finance Bill with its multiple unrelated amendments seem even more dubious, says Devangshu Datta.
The Union Cabinet on Wednesday approved amendment to the DICGC Act to provide account holders access to up to Rs 5 lakh funds within 90 days of a bank coming under moratorium to ensure timely support to depositors. Last year, the government raised insurance cover on deposit five-folds to Rs 5 lakh to provide support to depositors of ailing lenders like Punjab and Maharashtra Co-operative (PMC) Bank. Following the collapse of PMC Bank, Yes Bank and Lakshmi Vilas Bank too came under stress, leading to restructuring by the regulator and the government.
Abolition of CST will pave the way for an integrated Goods and Services Tax (GST) which will be introduced by April 1, 2010, Finance Minister P Chidambaram said.
The government has proposed to dilute the controversial Fringe Benefit Tax, exempt savings account from the 0.1 per cent banking cash transaction tax and raise income tax exemption limit for women and senior citizens.
The alliance will resume its boycott of Parliament indefinitely from Tuesday protesting against the United Progressive Alliance government's 'hostile and vindictive' attitude.
BJP leader L K Advani said the NDA's boycott of Parliament was also to protest against the Centre's 'negative' attitude towards the opposition.
Here's how to get out of this situation without hurting your CIBIL score.
The Finance Bill, 2007, has proposed tougher measures against tax evasion by tightening penalty provisions.
For starters, the application to the commission will have to be made together with the payment of the tax liability. The application can be made only before the assessment officer has completed proceedings, and not after.
Asserting that his government will implement the five poll 'guarantees' promised ahead of the assembly polls, Karnataka Chief Minister Siddaramaiah on Wednesday said officials have shared their inputs on financial implications, and the cabinet will meet on June 2 to decide on the implementation.
The government will push for the passage of a long-pending bill to provide statutory status to the Unique Identification Authority of India in the winter session of Parliament.
Ahead of the Parliament session, Prime Minister Narendra Modi on Wednesday reached out to parties appealing them not to come in the way of prosperity of farmers, saying the deadlock over the land acquisition bill is seriously impacting rural development.
In a rare legislative action, a private member's Bill seeking to protect the rights of transgenders was passed unanimously by voice vote in Rajya Sabha on Friday.
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