The move, he said, would enable the Authority for Advance Rulings set up under the Income Tax Act 1961 to also function as the Authority for Advance Rulings for Indirect Taxes. The AAR was established to address the taxability issues of NRI assessees. The assessees can put in an application to the authority and seek judgement on their tax issues.
Finance Minister Pranab Mukherjee while presenting the Budget 2009-10 in Lok Sabha on Monday stated that the target for the agriculture credit flow for the year 2009-10 is being set at Rs 3,25,000 crore. Agricuture credit flow for the year 2008-09 was Rs 2,87,000 crore.
Finance Minister Pranab Mukherjee on Monday broke hearts of fairer sex by increasing import duty on gold bars, but tried to be even handed by raising income exemption limit for women by Rs 10,000 and by exempting excise on branded jewellery.
The government on Friday proposed to extend the concessional export finance regime for select exporters for one more year till March 31, 2011, thus giving the slowdown-hit sector further relief.
Earlier, 40 MPs had written to Prime Minister Manmohan Singh about the intentional delay in appointing the chairmen.
The Congress Working Committee on Monday authorised party President Sonia Gandhi to decide on the candidates for the coming Presidential and Vice Presidential elections.
Union Finance Minister Pranab Mukherjee on Saturday sought to downplay the battle of attrition between Indian Army chief General V K Singh and the government.
The auction of 2G spectrum might be delayed, as the government may file a petition in the Supreme Court for an extension of the timeline. According to current SC directive, the auction has to be conducted by August 31 this year. However, due to procedural delays, the department of telecommunications is looking at extending the timeline.
Prime Minister Manmohan Singh's decision to go ahead with the scheduled Indo-Pak meeting after the blast at Pune's German Bakery that has so far claimed 10 lives, is not an easy one for him, with two key ministers of his government opposing the move.
The EGoM decided to auction a minimum of eight blocks in all service areas after reserving spectrum for refarming against the allocation of 900 MHz for incumbent operators whose licences will expire during 2014-2016.
Tension between the government, specially the finance ministry, and RBI is as old as the central bank itself.
Kapil Sibal, telecom minister, said many companies borrowed heavily to pay for 3G licences late last year. These companies were now facing difficulty in raising resources for the business, upsetting the calculations they had made while bidding aggressively for the licences, he said.
In a sudden turn of events, the Centre has decided to put on hold the controversial decision about FDI in retail sector, in an apparent bid to break the Parliament logjam. West Bengal Chief Minister Mamata Banerjee, whose party Trinamool Congress is strongly opposed to the decision, claimed on Saturday that Union Finance Minister Pranab Mukherjee spoke to her and told her that the FDI decision has been "suspended".
Opposition firm on its demand for FDI decision reversal, even as PM asks dissenters to fall in line.
Tarun Gogoi, who steered the Congress to a spectacular win in Assam, will be sworn-in as chief minister for the third consecutive term on Wednesday, Pradesh Congress Committee sources said on Monday.
With Parliament paralysed for the fifth day running and no business being transacted, Prime Minister Manmohan Singh is under pressure to partially rollback the Foreign Direct Investment in retail, which was approved by the Union cabinet last week.
About 40,000 jewellers in West Bengal have gone on a three-day strike alleging high-handedness of income tax officials.
Railway Minister Mamata Banerjee will present the Rail Budget on July 1.
Limiting the supply of subsidised LPG cylinders is likely to save the government over Rs 12,000 crore in subsidy outgo annually.
Crude prices touched 30-months high of $120 per barrel last month following unrest in Egypt and Tunisia.
Prime Minister Manmohan Singh on Tuesday said the country needs creativity and innovation to address the problems of poverty, health and environment.
Exudes confidence that RBI's rate cut move will revive investments and business sentiment; India to get $6.25-bn ADB assistance over three years
The decision to this effect was taken by an empowered group of ministers on Food headed by Finance minister Pranab Mukherjee.
The Finance Minister said despite adverse international environment, India managed to maintain GDP growth rate of about 7 per cent in 2011-12.
P Chidambaram was conspicuous by his absence on the dais at the second day of the plenary.
Even joint owners and trustees have to maintain records for past 16 years.
We asked readers to send us tips on how they could avoid being harassed by telemarketers. Here are their brilliant and novel ideas.
The passage of the bill will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.
Railway Minister Mamata Banerjee, a strong votary of dialogue with Maoists and has sought a halt to joint security operations against them, had a meeting with Prime Minister Manmohan Singh in New Delhi on Wednesday.
As the United Progressive Alliance government desperately fights the perception of a policy paralysis, Finance Minister Pranab Mukherjee dismisses it with equal vehemence contending that the coalition was set on achieving higher economic growth.
The issue of constituting a mechanism for the wide ranging consultations promised by the Centre on Telangana is expected to come up on Friday at a meeting of the Congress core group headed by party president Sonia Gandhi.
Finance Minister Pranab Mukherjee today said the global slowdown will impact India's growth prospects, but expressed hope that inflation will start moderating from December.
During Vajpayee's tenure, he was there as an indispensable insider, witness to every action that had an impact on history: Pokhran-II (nuclear tests in 1998), the 1999 Kargil conflict between India and Pakistan, the Indo-Pak Agra Summit in 2001, intense engagement with the United States on nuclear issues besides the Kandahar hijack.
The seven-member grouping has seen two changes -- S Jaipal Reddy replacing Murli Deora after taking over as the Oil Ministry, while Kamal Nath has given away to the new Road Transport and Highways Minister C P Joshi.
After a see-saw week, the Congress-Dravida Munnetra Kazhagam alliance seems to firmly back on track with reports suggesting that DMK chief and Tamil Nadu Chief Minister M Karunanidhi will speak to Sonia Gandhi on Tuesday and thank her for the Congress's acceptance of their seat-sharing formula.
The Individual tax payer exemption limit to be raised to Rs 200,000 from Rs 180,000.
The 10-member GoM headed by external affairs minister and finance minister Pranab Mukherjee will include defence minister A K Antony, Home Minister P Chidambaram, agriculture minister Sharad Pawar, communications minister A Raja, railway minister Lalu Prasad, chemical and fertilisers minister Ram Vilas Paswan, law and justice minister H R Bhardwaj, minister of state for external affairs Anand Sharma and planning commission deputy chairman Montek Singh Ahluwalia.
Finance Minister Pranab Mukherjee, who took additional charge of the finance ministry recently, has rejected a Planning Commission proposal to increase the upper limit for Viability Gap Funding (VGF) for infrastructure projects coming up under the public-private partnership model.
Vikas Khemani, President & Head-Institutional Equities, Edelweiss Securities, feels Finance Minister Pranab Mukherjee could really make Union Budget 2012-13 an important one.
"I will miss his tantrums" is what Congress president Sonia Gandhi said while bidding farewell to Pranab Mukherjee from the Congress Working Committee at a meeting which formally approved his name as the United Progressive Alliance's presidential nominee in June 2012.
