In yet another round of sops, Finance Minister Jaswant Singh on Wednesday said the exemption on dividend distribution tax to open-ended equity-oriented scheme of mutual funds should continue for full year beyond March 2004.
The interim finance minister said the Insolvency and Bankruptcy Code was helping in recovery of non-performing loans.
China on Wednesday announced a 12.2 per cent increase in its defence budget taking the military spending for this year to $132 billion, far above India's $36 billion.
'The first duty of the government is to learn lessons from a bad experience and course correct. It's a pity that the government is making policy without looking at evidence and differentiating between immediate and urgent.'
The 54-page document tabled in Parliament detailed how the Modi-government pull the economy from being counted among the most fragile-five in the world to being the fasted growing and the most attractive investment destination.
The Enforcement Directorate on Tuesday questioned former Indian cricket team captain and Congress leader Mohammed Azharuddin for over nine hours in a money laundering case linked to alleged financial irregularities in the Hyderabad Cricket Association, official sources said.
While MSI's price cuts range between Rs 8,502 and Rs 30,984 across its models, Hyundai has slashed prices by between Rs 10,000 and Rs 135,300.
Terming infrastructure as the "backbone" of any nation's development, Goyal while presenting the interim Budget for 2019-20 in the Lok Sabha said India aspires to be a USD 10 trillion economy in the next eight years, and on the anvil is next generation infrastructure of roads, railways, seaports, airports, urban transport, gas and electric transmission and inland waterways.
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
Hussain said the new government had inherited an "empty treasury" while the prices of oil were shooting up.
Excise duty on small cars, motorcycles and SUVs was reduced.
The government is planning to introduce legislative changes to the Foreign Exchange Management Act (Fema) regulations, with a focus on easing the pathway for inflows from a foreign portfolio investor to transition seamlessly into foreign direct investments (FDI) once the FPI surpasses the 10 per cent ownership threshold in a company. This move stems from multiple requests by foreign investors seeking to streamline the reporting requirements that arise when their stakes in Indian firms cross the 10 per cent mark.
Confident of securing a massive majority in the upcoming Lok Sabha elections, Prime Minister Narendra Modi on Wednesday outlined his vision for his next five-year term saying the Modi 3.0 government will put all its might to strengthen the foundation of 'Viksit Bharat' or a developed nation.
The draft will be examined, studied and discussed before it is tabled in the assembly on February 6, he said.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
In the current year, India's economy will grow to become $ 3 trillion economy, sixth largest in world.
Data showed the country's wholesale price-based inflation eased to an eight-month low in January as food prices moderated, offering some relief to policymakers who have long battled to get a handle on surging prices.
The battle on creating jobs is virtually lost. If the battle for achieving higher growth too is lost, then its political consequences could become difficult to manage, says A K Bhattacharya.
The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
The Rajya Sabha is slated for a 12-hour discussion on the Motion of Thanks to the President's address to the joint session of the two Houses of Parliament, which also includes the reply by the prime minister, which is likely next Tuesday.
Goyal said India has been recognised as the brightest spot in the world in the past 5 years.
Under the Budget being presented by Finance Minister Pranab Mukherjee, the Plan expenditure for both the Centre and the states will go up by Rs 61,000 crore (Rs 610 billion) over the Interim Budget.
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
This amount will include Rs 13,100 crore that Economic Affairs Secretary Subhash Garg has been publicly seeking from the central bank's contingency reserve fund since 2017-18 (FY18).
The meeting of the Congress Parliamentary strategy group was held at the residence of party President Sonia Gandhi.
The Indian Railways has closed 2013-14 with a 15 per cent increase in revenue, rising to Rs 1,40,485 crore, compared to Rs 1,21,831 crore last year.
Finance Minister P Chidambaram on Monday sought to lighten the burden on the middle class by lowering excise duty on cars, SUVs and two-wheelers and proposed no increase in taxes on other products.
The tax collections are down by Rs 60,000 crore (Rs 600 billion) over budget estimates for 2008-09, Pranab Mukherjee said.
Stocks might hit new highs even before B-Day.
Survey likely to be tabled in July by the new government.
Experts recommend awaiting the findings of the 2021 Census, which is yet to be conducted, before introducing population control policies.
Tax expert Anil Rego answers readers' questions about how Finance Minister Piyush Goyal's Budget affects you.
The government will have to allocate more resources for banks in the Budget.
As the adjournment of Parliament for an indefinite period with the Rajya Sabha also adjourning sine die kickstarts the final countdown for the general elections, Modi said the last five years were a period of "reform, perform and transform" with the country moving towards "big changes" at a fast pace.
'My protest was in the interest of the nation.' 'I am just doing my duty as a citizen of this country.'
The budget constraints notwithstanding, the All India Football Federation is looking for a technical director whose profile is bigger than former national coach Bob Houghton, according to AIFF officials.
CBDT feels 30% growth in income-tax not feasible.
Speaking after laying the foundation stone of the Bombay high court's new complex on land allotted by the Maharashtra government in Mumbai's upscale Bandra area, he noted the mega project was a collaboration between the state and the judiciary to provide modern infrastructure to citizens.
The government on Monday said the fiscal deficit for the current financial year will be contained at 4.6 per cent of GDP.
Of the two rate structures on the table, one suggests tax slabs of 8 per cent, 16 per cent, and 24 per cent. The other proposes tax slabs at 9 per cent, 18 per cent, and 27 per cent.
