A senior income tax department official in the know of the discussions to have taken place in the finance ministry said the ministry was looking into the issue as a possible option.
The government, it would seem, is reserving its firepower to spend on big-ticket items that will be announced in the Budget, reports Subhomoy Bhattacharjee.
The sources claimed that one of those arrested is believed to be Arsh Dalla, who is associated with the banned Khalistan Tiger Force and ran terror modules on behalf of Hardeep Singh Nijjar, a designated terrorist who was killed in June last year.
The name of the Maharashtra chief minister will be announced on Wednesday, a day ahead of the swearing-in ceremony of the Mahayuti government, after the Bharatiya Janata Party elects its legislature party leader, a senior functionary said on Monday.
The finance ministry has directed all state-owned banks to review their gold loan portfolio as instances of non-compliance with regulatory norms have been noticed by the government. The Department of Financial Services (DFS) in a communication addressed to heads of public sector banks has asked them to look at their system and processes related to gold loan. "We have asked banks to undertake comprehensive review of the gold loan business," financial services secretary Vivek Joshi told PTI.
The government has exhausted only 39 per cent of its fiscal deficit target in the first half of FY24.
Personal income tax as a percentage of GDP has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.
The leader of Nepal's largest communist party was appointed as prime minister on Sunday by President Ram Chandra Paudel to lead the coalition government with the Nepali Congress (NC), the largest party in Parliament, apart from other smaller parties.
Commerce ministry has written to finance ministry to retain all the fiscal incentives for the special economic zones in the new direct tax code.
Enterprising women business correspondents, known as BC Sakhis, have facilitated transactions worth Rs 27,000 crore in Uttar Pradesh, earning Rs 75 crore in commission over the past four and a half years. BC Sakhis, appointed under the nationwide women empowerment programme, are members of self-help groups (SHGs) who are trained and certified to provide banking and financial services in rural areas.
The Budget for 2024-25 should focus on employment generation, besides promoting the manufacturing sector, economists attending the pre-Budget consultation meeting with Finance Minister Nirmala Sitharaman here on Wednesday said. The meeting was attended by National Co-convenor Swadeshi Jagran Manch Ashwani Mahajan, Director and Chief Executive of the Institute for Studies in Industrial Development (ISID) Nagesh Kumar, and TCA Anant among others.
The government may be staring at a modest slippage in fiscal deficit for 2022-23 (FY23), with the Ministry of Finance seeking parliamentary approval for additional spending through a second and final tranche of supplementary demands for grants. On Monday, as the Budget session of Parliament resumed, Finance Minister Nirmala Sitharaman sought Parliament approval for additional gross spending of Rs 2.7 trillion in FY23 (which ends on March 31). While net cash outgo is pegged at Rs 1.48 trillion, the rest will be matched by savings or enhanced receipts, the finance ministry said.
Link your UPI app to a separate bank account or wallet that has only a limited sum.
Cricket icon Mahendra Singh Dhoni and industrialist Anand Mahindra were on Thursday named in a 15-member panel constituted by the defence ministry to carry out a comprehensive review of the National Cadet Corps (NCC) in order to make it more relevant.
The first task before Mukherjee, who was also in charge of the finance minister in the previous government, would be to present the budget for 2009-10 and spell out policies and priorities of the new United Progressive Alliance government. The minister at his office was received at by key finance ministry functionaries, including finance secretary Ashok Chawla, revenue secretary P V Bhide, expenditure secretary Sushma Nath and chief economic advisor Arvind Virmani.
Devendra Fadnavis will lead the new Mahayuti coalition government in Maharashtra, with Eknath Shinde and Ajit Pawar serving as deputy chief ministers. The swearing-in ceremony is scheduled for Thursday evening at Azad Maidan ground in south Mumbai and will be attended by Prime Minister Narendra Modi and several Union ministers. The Mahayuti coalition won the recent assembly elections by a landslide, securing 230 out of 288 seats.
Owing to Finance Minister Nirmala Sitharaman being new to her role, a number of crucial announcements in the Budget bore Garg's imprint, especially the decision to borrow in overseas markets, reduce the fiscal deficit as a percentage of gross domestic product, and resort to off-Budget borrowing to meet that target, says Arup Roychoudury.
The government on Tuesday proposed to launch a mission to give fillip to the domestic output of critical minerals like copper and lithium, their recycling as well as acquisition of such assets abroad. Presenting Union Budget for 2024-25, Finance Minister Nirmala Sitharaman also said the government will launch the auction of the first round of offshore mining blocks.
Whether she will pare the fiscal deficit target of 5.1 per cent of GDP, using the record dividend received from the RBI, or expand flagship government programmes will be keenly watched.
A note issued by the HRD ministry for clearance of Expenditure Finance Committee has been returned by the finance ministry with the suggestion that the proposal may be considered during the 12th plan, official sources said.
India on Friday asked its citizens not to travel to Iran and Israel amid increasing fears that Tehran may launch an attack on Israeli soil in retaliation to a strike on the Iranian consulate in Syria 11 days ago.
Finance ministry asks bank, insurance & market regulators to issue notifications
She also holds the distinction of delivering the longest budget speech at two hours and forty minutes in 2020.
Finance ministry has halved the tax rate on foreign dividend from 30 per cent to 15 per cent, but the rebate is allowed only for the financial year 2011-12.
The central government has mandated all ministries, public departments and public sector units to use the telecom services of State-run Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL).
'It has been an ongoing process, talking to the relevant ministries about eliminating leakages and curbing non-core expenditure in various schemes.'
The government on Wednesday asked ministries and departments to clear dues of debt-laden Air India immediately and henceforth purchase tickets only in cash. The government earlier this month decided to sell Air India to Talace Pvt Ltd, a unit of the holding company of salt-to-software conglomerate Tata group, for Rs 18,000 crore. The Department of Expenditure, under the Finance Ministry, in a 2009 order, had said that in cases of air travel (both domestic and international), including LTC where the Government of India bears the cost of air passage, the officials may travel only by Air India.
'Some of the astounding proposals, if translated into statutory provisions, would be suicidal.' 'This would not be a wonder cure for increasing insurance penetration and only result in mushrooming growth of players like paan kiosks with deleterious consequences.'
The revamped Special Economic Zone (SEZ) law is unlikely to see the light of the day before the upcoming Lok Sabha elections, two people aware of the matter said. The commerce department had sought the Union Cabinet's nod to bring amendments to the existing SEZ Act, 2005 late last year. The plan, thereafter, was to introduce the Bill in the winter session of Parliament. Cabinet's approval remains pending.
It had earlier proposed cutting it down to Rs 250 crore due to slow progress in enrollment of new employees.
Finance Minister Nirmala Sitharaman on Tuesday met top officials of the finance and corporate affairs ministries to review the implementation of various announcements of the Union Budget FY24. "The finance minister underlined the importance of continuous assessment of progress to ensure that various announcements are implemented in a time-bound manner," the finance ministry said in a tweet. Sitharaman also discussed in detail various issues on the digital competition laws with Rajeev Chandrashekhar, the minister of state for entrepreneurship, skill development, electronics and technology.
Good monsoon is likely to create more jobs in the agriculture sector, which in turn could save the exchequer around Rs 10,000 crore
Startup founders need to sit up and think about how not to take stardom for granted and how not to disappoint their fans who have stood in long queues for those precious selfies with popular entrepreneurs, notes Nivedita Mookerji.
The finance ministry has turned down a proposal for shifting the exporters' tax refund plan to the commerce ministry, which has been lobbying hard to take charge of the duty entitlement pass book scheme.
As Pranab Mukherjee resigned to contest the Presidential poll, Prime Minister Manmohan Singh on Tuesday took charge of the finance ministry portfolio at a time when the country's economy is going through a bad phase.
Economic Advisory Council to the Prime Minister (EAC-PM) chairman Bibek Debroy passed away this morning, a senior EAC-PM official said. He was admitted to AIIMS. Debroy (69) was educated in Ramakrishna Mission School, Narendrapur; Presidency College, Kolkata; Delhi School of Economics; and Trinity College, Cambridge.
Sheikh Hasina was on Thursday sworn in as the prime minister of Bangladesh for the fifth term, days after her Awami League won an overwhelming majority in the general elections boycotted by the main opposition Bangladesh Nationalist Party (BNP) and its allies.
First Rajya Sabha approved the Rs 45 lakh-crore spending proposed in the Budget, followed by the nod to the Finance Bill that contains tax proposals.
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