Mahindra Satyam has reportedly requested Khurshid to take up the issue of taxation with the Finance Ministry as it would be unjust to tax income that was never there.
Crucial financial sector reforms are again stuck, despite Finance Minister Pranab Mukherjee's appealing to political parties to help pass the legislations in this regard.
The Income-Tax Department has turned down a proposal by the Department of Economic Affairs to go slow on refunds to taxpayers.
The ministry of civil aviation will seek a complete rollback of service tax levied on domestic air travel in the recent Budget, Civil Aviation Minister Praful Patel said on Wednesday.In his Budget speech on February 26, Finance Minister Pranab Mukherjee had proposed a service tax of 10 per cent on both domestic and international travel. Earlier, the service tax was restricted only for international travel.
The government has exempt salaried people earning up to Rs 500,000 annually from filing income tax returns.
A day after they placed their demands before Finance Minister Pranab Mukherjee, including restructuring of the 'massive debt burden' faced by the state, a delegation of Trinamool MPs met the Prime Minister to raise the issue.
Finance Minister Pranab Mukherjee, Home Minister P Chidambaram, Defence Minister AK Antony and Congress president's political secretary Ahamed Patel were present at the Congress core group meeting in which the Lokpal issue was discussed, sources said
The statement indicated that RBI might further increase policy rates to tame inflation, which was still at an uncomfortably high level.
Former Union Minister and Bharatiya Janata Party official spokesperson Shahnawaz Hussain on Sunday said his party would disclose its strategy on Presidential elections only after the ruling United Progressive Alliance coalition announces name of its candidate.
A senior official in the finance ministry said the Central Board of Direct Taxes addressed the nine areas of concern in the Code identified by Finance Minister Pranab Mukherjee.
Finance Minister Pranab Mukherjee said the economic recovery led by a robust revival in industrial growth is still not broad-based and is primarily guided by government stimulus measures.
The Finance Ministry will soon unveil the simpler income tax return form 'Sugam', which is aimed at reducing compliance burden on small businessmen and professionals.
Food inflation increased in the week ended September 18 as the prices of cereals, fruits, select vegetables and milk rose on account of supply disruptions caused by heavy rains and floods.
The first Unique Identification Card to citizens will roll out in 12-18 months.
Finance Minister Pranab Mukherjee, who gave up his smoking pipe years ago, feels that others too deserve encouragement to kick the habit and hence has subject tobacco products to higher taxation, while exempting toy balloons from central excise duty.
The delegation, which was led by Communist Party of India-Marxist member of the Parliament Basudeb Acharia, told Mukherjee that the urban cooperative banks have been put to 'extreme hardship' due to the hefty 30 per cent tax on profits.
He also said an impressive industrial growth of 16.8 per cent in December suggests the economy will grow by over 7.5 per cent in 2009-10 and over 8 per cent in the next fiscal.
Indian economic growth slowed down to 6.7 per cent in 2008-09 from 9 per cent in the previous three years, as an aftermath of the global financial crisis.
Several of these measures have cooled down the rate of price increase in cereals and pulses, Mukherjee told Rajya Sabha on Tuesday.
In his Budget speech, Finance Minister Pranab Mukherjee announced that the government is committed to the universalisation of the Integrated Child Development Services scheme in the country. Expressing grave concern at the low level of female literacy in the country, Mukherjee said the aim of the National Mission for Female Literacy would be to reduce the current level of female illiteracy by half in three years.
Pranab Mukherjee proposed the enhancement of the overall plan budget for higher education by Rs 2,000 crore over the Interim Budget estimates. He further announced the allocation of Rs 2,113 crore for IITs and NITs, which includes a provision of Rs 450 crore for new IITs and NITs. The finance minister also proposed to allocate Rs 827 crore for opening one central university in each uncovered state.
The Budget has increased the allocation for the Commonwealth Games from Rs 3,472 crore (Rs 34.72 billion) from Rs 2,112 crore (Rs 21.12 billion).
The Union Budget is in the wings. While economists, analysts and political pundits are busy making predictions about the biggest annual financial event in the country, common people are no less interested either.
Finance Minister Pranab Mukherjee on Thursday said the Reserve Bank's move to raise its short term lending and borrowing rates is in the right direction as inflationary pressures are still there in the economy.
Defending the Centre's decision to deploy paramilitary forces in Lalgarh, Union Finance Minister Pranab Mukherjee on Tuesday said the Centre could not sit idle when lives of people were in danger and the state government failed to reopen Lalgarh police station.
Meeting on Tuesday to decide on letting foreign airlines buy into domestic ones.
Government and Team Anna on Tuesday night began discussions on the Lokpal issue amidst clear indications that government might consider bringing the Prime Minister under the ambit of the anti-corruption ombudsman while differences persisted on other key issues during the inconclusive talks.
The overall inflation increased marginally in February to 8.31 per cent from 8.23 per cent a month ago.
Finance Minister Pranab Mukherjee's bonanza to Members of Parliament of increasing their Local Area Development funds from Rs 2 crore to Rs 5 crore has come as a shot in the arm for members of the Parliament cutting across party lines. All are happy except one leader, the chairman of the Rajya Sabha Hamid Ansari.
On Saturday, Telangana was the buzzword in New Delhi with Andhra Pradesh Chief Minister Kiran Kumar Reddy and Governor ESL Narasimhan flocking to the capital. But after a series of meetings held with Prime Minister Manmohan Singh, Finance Minister Pranab Mukherjee and Home Minister P Chidamabram, a conclusive decision still eludes the issue.
Prime Minister Dr Manmohan Singh summoned Governor of Andhra Pradesh ESL Narasimhan to New Delhi on Saturday to discuss the political situation in Andhra Pradesh, including the ongoing agitation on Telangana.
The Union finance ministry has set up a special investigation unit to 'regulate' the funding and donations made to political parties.
Veteran Congressman Pranab Mukherjee on Monday took over as the Finance Minister and held meetings with top ministry officials to deliberate on various issues faced by the slackening economy as well as the forthcoming Budget.
Prime Minister Dr Manmohan Singh has convened a meeting of senior ministers on Tuesday to discuss the recommendations of the National Advisory Council on the Food Security Bill.
Revenues from 3G and Broadband Wireless Access spectrum auction has helped government reduce the deficit.
Finance Minister Pranab Mukherjee on Monday said the Direct Taxes Code (DTC), which will replace the Income Tax Act, is proposed to be implemented from April 1, 2012."
Amid speculation that taxes and duties might be raised as part of a partial rollback of the economic stimulus, Finance Minister Pranab Mukherjee will present the Budget for 2010-11 on Friday.
Finance Minister Pranab Mukherjee said this while presenting the Union Budget in the Parliament on Friday.
Finance ministry sources said Mukherjee merely pointed out to the Lok Sabha Secretariat that any change in salaries has to go through a process under the ministry of finance, while Lok Sabha sources expressed ignorance about the finance ministry raising any objection.
As the finance ministry gives the final touches to the country's biggest financial planning exercise, there is widespread criticism over the government's inability to tackle inflation, bring back black money stashed overseas and keep fiscal deficit in check.
