Within the next two years, verification and scrutiny of returns will happen electronically through anonymised back offices manned by tax experts and officials. It will function without any personal interface between taxpayers and tax officers. Both the taxpayer and the tax officer will not know each other -- who is scrutinising whose return, and at which place, points out Kuldip Kumar, partner and leader personal tax, PwC.
With the new pension system attracting lukewarm response from citizens, interim regulator PFRDA today expressed hope that the Budget would provide tax exemption to individuals at the time of entry to encourage them to opt for the scheme.
Finance Ministry is considering to sell 5 per cent stake in ONGC in the current fiscal, which could garner about Rs 17,000 crore to the exchequer.
The 13th Finance Commission had last year set a capital expenditure-to-GDP target of 4.5 per cent by FY15.
Government's objective is to bring down the cost of cultivation through efficient use of fertilisers and agro chemicals, and increase in realisation. It is, thus, planning to connect 200 agricultural mandis with electronic National Agricultural Mandis this year and 225 next year, to enable farmers to sell their produce hassle-free online.
The government has already sanctioned Rs 4,200 crore for upgradation of information technology infrastructure of Central Board of Direct Taxes (CBDT) for processing returns, refunds, faceless scrutiny and verification.
Modi slammed the opposition alleging they "remember farmers once in 10 years -- just before elections".
The finance minister defended the change in the tax rates.
The factory gate duty on SUVs stands at the reduced rate of 24 per cent as against 30 per cent.
Introduction of new trains including a Jan Sadharan Express - the common man's version of Rajdhani Express, and announcement of fresh gauge conversion projects are expected in the interim Rail Budget to be presented in the Lok Sabha on Friday.
It was 55.3 per cent for the same period last year, and data shows the fiscal deficit for April-May was kept in reasonable check in spite of heavy frontloading of expenditure.
Nirmala Sitharaman's maiden Budget has not disappointed but vision and details, particularly for the revival of agriculture, are missing.
RBI Governor Shaktikanta Das and Finance Secretary Subhash Chandra Garg are also expected to attend the meetings.
Parliament has approved a gross borrowing for Rs 7.1 lakh crore for the entire 2019-20 fiscal.
CBDT asks for urgent action, especially with respect to recovery of arrears and current demand, to achieve the collection target.
Crisis-hit Go First has sought various interim directions from the National Company Law Tribunal, including restraining lessors from taking back aircraft and regulator DGCA from taking any adverse action against the airline. The Wadia group-owned airline, which has liabilities worth Rs 11,463 crore, has sought voluntary insolvency resolution proceedings and the plea is set to be heard by the Delhi bench of the NCLT on Thursday. Go First has cancelled all its flights for three days starting from May 3.
'There are deliberations on whether there can be lowering of income taxes and other sops to keep more money in the hands of taxpayers, enabling them to spend more and boost demand.'
Lok Sabha Speaker Sumitra Mahajan on Friday remained non-committal on the issue of granting Leader of the Opposition status to Congress which does not have requisite numbers.
If the BJP comes to power, sources say it may change the financial year (April-March) to the calendar year (January-December).
As per the budget document presented in Parliament, public sector enterprises, including banks, are expected to contribute Rs 88,188 crore in the form of dividend and profit to the government in the current financial year.
'Modi is now the biggest messiah of OBCs and Dalits as V P Singh once was.'
The government should frame new policies to assure growth.
Bimal Jalan, has recommended to the government that it cut fiscal deficit to 3.6 per cent of the GDP during 2015-16.
The IT modernisation project with this outlay was approved by Cabinet Committee of Economic Affairs in November 2012.
Finance Minister P Chidambaram on Wednesday said it was doubtful whether any key legislation, except for the vote-on-account, would be passed in the current session of Parliament.
This Budget plans for an increase to 10.3% of GDP from 9.9%.
The Budget sets out a comprehensive vision.
Finance minister tries to put house in order before reforms are unveiled in February.
Congress Working Committee called the recent assembly election results of five states a "cause of serious concern" for the party.
Scouting for resources to meet its fund crunch, Railways is open to the idea of even 100 per cent FDI in its infrastructure development but would keep train operations out of its ambit.
He maintained it is not 'hope' but the 'fact' of a stable government provided by UPA and the numerous measures taken in the last 18 months that have provided stability and strength to the Indian economy.
Currently, the enforcement officers are making seizures of assets directly and indirectly connected to offenders, including jewelers Nirav Modi and Mehul Choksi in the Punjab National Bank fraud and Vijay Mallya in the Rs 9,000-crore IDBI loan case.
The proposed IFC disrupts existing regulatory structures.
To give impetus to the real estate sector, Goyal proposed to extend the period of exemption from levy of tax on notional rent on unsold inventories from one year to two years.
The Budget is remarkably coherent.
In the Sensex pack, Axis Bank, Tata Motors, Infosys, Kotak Bank, HDFC Bank, RIL, Bajaj Auto, SBI, HUL, Tata Steel, Vedanta, HFDC, TCS, ITC and Sun Pharma jumped up to 4.64 per cent.
The Arun Jaitley-led finance ministry reiterated banks should act tough on wilful defaulters.
Pulbic banks have no reason to cheer Budget announcement.
The income tax (I-T) department on Tuesday extended the deadline for filing settlement applications for eligible taxpayers till September 30, as the income tax settlement commission (ITSC) ceased to exist from February 1. This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1. To dispose the pending settlement applications as on January 31, the central government has constituted Interim Board for Settlement.
The meeting with the top officials of public sector banks is scheduled for March 5, a senior finance ministry official told PTI.
