One of the bold proposals in the Finance Bill, 2007, is amendments in the law relating to valuation of imported and export goods
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.
Finance Minister Arun Jaitley had came out with a host of proposals last month.
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.
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.
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.
Leader of Opposition in the Maharashtra legislative assembly Ajit Pawar on Thursday alleged that a scam of Rs 500 crore took place in the state information and publicity department during the tenure of the government led by Devendra Fadnavis.
Revised draft model Bill clearly says an agriculturist for the purpose of agriculture won't be liable for registration under GST.
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.
Kumaraswamy's father HD Deve Gowda also downplayed GT Devegowda's comment.
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.
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.
The Finance Bill, 2007, has proposed tougher measures against tax evasion by tightening penalty provisions.
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.
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.
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.
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.
Currently, the select committee is considering the Bill.
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.
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.
A new Lokpal Bill will be introduced in the Lok Sabha on Thursday and the existing one withdrawn.
Food subsidy bill rises 20% in April-January
The government on Monday said that matters regarding Chinese intrusion can't be discussed in Parliament as it concerns the security of the country.
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.
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.
The 47th GST Council meeting that is currently underway is slated to discuss a host of issues, including a mechanism for compensating states for revenue loss, tax rate tweaks in some items and relaxed registration norms for small online suppliers. Further, the meeting of the Council, chaired by the Union Finance Minister Nirmala Sitharaman and comprising state counterparts, will also clear levying the highest tax of 28 per cent on online games, casinos and horse racing, besides, measures to curb tax evasion, especially devising ways to tackle high-risk taxpayers in GST. "The meeting is being chaired by Hon'ble Union Minister of Finance @nsitharaman and many important decisions are expected to be taken at the meet," PIB Chandigarh tweeted.
Investors need to evaluate how they stack up against other high credit quality fixed-income options before putting money in them.
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 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.
In the Upper House of Parliament, Chairman M Venkaiah Naidu did not allow adjournment notices moved by opposition members on the issue of price rise, prompting members of the Congress, the Trinamool Congress, the Left parties, the Dravida Munnetra Kazhagam, the Aam Aadmi Party, the Nationalist Congress Party, the Rashtriya Janata Dal and the Shiv Sena to create an uproar.
Select committees on Mines and Minerals Amendment Bill and Coal Mines Bill recommended their approval without any change
Here's how to get out of this situation without hurting your CIBIL score.
Law Minister Arjun Ram Meghwal will attend the meetings of the committee as a special invitee, while legal affairs secretary Niten Chandra will be secretary to the panel.
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.
Tamil Nadu Governor R N Ravi on Thursday dismissed minister V Senthil Balaji from the council of ministers days after his arrest by the Enforcement Directorate in a cash-for-jobs scam, a move that Tamil Nadu Chief Minister M K Stalin said the government would challenge legally.
Interacting with representatives from NGOs, Congress leader Rahul Gandhi on Monday asked opposition parties to fix a date to help government pass bills on which there is general consensus.
The Associated Chambers of Commerce and Industry of India has sought the restoration of Notification in the Finance Bill 2005-06
