In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
Commerce ministry monitoring remedial measures to promote exports in key markets.
Senior officials from different ministries, including finance, home affairs and defence, would be attending the meeting. The last BOA held on August 11 had allowed Maytas Ventures, promoted by the disgraced former Satyam chairman B Ramalinga Raju's son, to surrender its biotech SEZ and approved three new proposals, including that of Brooke Bond Real Estates IT/ITES tax-free enclave in Karnataka.
Mukherjee said uncertainty was still there on oil prices front due to unrest in West Asia and North Africa.
The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
With a comprehensive SEZ Act in place, the Union Commerce and Industry minister Kamal Nath said his ministry would go ahead with the plans to develop SEZs across the country, despite oppositions from the finance ministry.
The commerce ministry has written to its finance counterpart suggesting that domestic banks should share 50 per cent of losses arising out of derivative contracts that exporters have taken to protect against currency fluctuations.
The three-month deadline for the finance ministry to take a decision on the recommendations of the commerce ministry has ended this week.
External Affairs Minister Pranab Mukherjee, who heads an Empowered Group of Ministers on Special Economic Zones, is likely to consult Prime Minister Manmohan Singh to resolve the dispute between finance and commerce ministries over tax exemption for export profits from the zones.
In one of its many arguments, North Block has maintained that direct tax exemptions may be viewed as a subsidy by importer countries, which may then impose countervailing duties on exports from Indian special economic zones. The issue is pending with the empowered group of ministers on special economic zones headed by External Affairs Minister Pranab Mukherjee.
This is its lowest level since August 30
Dharmendra Pradhan, Mukhtar Abbas Naqvi, Nirmala Sitharaman and Piyush Goyal have been elevated to Cabinet ministers.
'The idea is to have a separate and independent consultation on non-personal data, and decide the contours of how it should be regulated, whether as guidelines, rules, or a separate policy,' said a senior official at MeitY.
Finance Minister Nirmala Sitharaman on Monday said the government is planning to extend the suspension of fresh insolvency proceedings for another three months, a move which will provide major relief to corporate borrowers hit by the coronavirus pandemic. Addressing the Bangalore Chamber Of Industry And Commerce (BCIC), she said the government has taken several measures, including deferment of tax payment date, to help businesses and people.
The measures have been mainly offered to the leather, marine, handicrafts and textiles industries though some global benefits have also been included.
Existing units stay operational; those approved may not be notified, land could be used for other purposes
The appointment of new expenditure secretary comes a month-and-a-half ahead of the Budget for 2020-21 to be presented on February 1.
Admiral describes it as 'a path-breaking change'; defence ministry official disagrees.
General Budget is a terminology earlier used to differentiate between the Union Budget with the Railway Budget. Full-fledged budgets are titled "Union Budget", while interim Budgets are titled just that.
For the first time, the government is considering the merits of a tariff policy to contain prices that could include allowing external agencies to import commodities and cultivating some essential crops overseas. An inter-departmental team from the ministries of finance, food and consumer affairs and commerce has been asked to work out a strategy to this effect.The finance ministry's department of economic affairs has submitted its views and a final paper is under preparation
India is now a biz friendly nations, say Arun Jaitley.
Billionaire Gautam Adani on Tuesday did an hour-long session of yoga exercises in the open air as he led corporate India to join the International Day of Yoga celebrations. Several public and private sector companies held yoga sessions at their offices to promote the adoption of exercise in daily routines to stay fit and healthy. Adani, chairman of logistics-to-energy conglomerate Adani Group, and his wife Priti, who heads the Adani Foundation, "participated with more than 1,000 members of the Adani Parivaar team to celebrate health, mindfulness and meditation," the group said in a statement. The session was held at a football ground at Adani Shantigram in Ahmedabad. Several other business leaders tweeted pictures of their yoga sessions.
From road transport to health insurance, tax rules have changed from October 1.
The finance minister is ready to present a second financial package. The Centre has ruled out a mega stimulus and will rely on targeted, incremental packages. Industry is clamouring for a bailout, the liquidity upheaval in capital markets is nowhere close to being sorted out, and all budgetary forecasts now stand irrelevant, reports Arup Roychoudhury.
The Central government has finalized a financial relief package for 33 closed tea gardens across the country, Minister of State for Commerce Jairam Ramesh said on Friday.
A policy was introduced on 1 January 2000 to set up special economic zones in India to provide an internationally competitive environment for exports.
Since January this year, Indian exporters have begun to dread the shipping news. That's because most of it would be about another lot of shipping companies deciding to avoid Indian ports on account of delays.
The ministry has said a more effective monitoring mechanism could be set up jointly with the ministries of commerce and urban development to ensure FDI does not 'render policy objectives in a sensitive sector of the economy with limited practical significance'
Imports too tumbled by 58.65 per cent to $17.12 billion in April from $41.4 billion in the same month last year, according to the data by the commerce and industry ministry.
To further boost bilateral economic ties with the US, Confederation of Indian Industry would organise a series of road shows, 'IndiaConnect-USA', from April 8-18.
In a first, Prime Minister Narendra Modi on Wednesday met the secretaries of all the government departments collectively and asked them to directly get in touch with him to resolve issues and expedite decision-making.
To deny visa to trade officials planning to scrutinise country's trade and industrial practices.
