The absence of criminal legal treaties between India and tax haven nations have been cited by probe agencies working in the SIT on black money as one of the major impediments in initiating steps to bring back illegal funds stashed abroad by Indians.
Bihar became the first non-NDA state and overall second after the BJP-ruled Assam to pass GST bill.
On the fiscal deficit front, its president for research flagged concerns over the revenue collections from the taxation front and also about the government not being able to achieve its Rs 40,000-crore (Rs 400-billion) divestment target.
Those taking up a job abroad should notify their bank about the change in status and open appropriate NRI accounts
For India, struggling for competitiveness, the current rupee overvaluation in terms of real effective exchange rate is a genuine constraint.
'My sense is that we should be braced for a correction.' 'It has already begun in the mid-caps for the past month, and will now spread to larger stocks as well.' 'Use the correction to upgrade the quality of your portfolio,' advises Akash Prakash.
'Milking poorly performing or easily marketable assets is the way to deliver more money for key programmes,' says T N Ninan.
Agricultural incomes can be taxed without hurting farmers, as a substantial section - the small and marginal ones - will remain outside the tax net simply because their incomes are likely to be below the basic exemption limit of Rs 250,000 per annum that is extended to all taxpayers in India, finds out Ishan Bakshi.
'With 1.3 billion consumers, India's market has great potential.'
Businesses coming to terms with Ind-AS (Indian Accounting Standards) implementation, GST can do without further uncertainty and costs, say N Sundaresha Subramanian & Sudipto Dey.
Introduction of GST would make Indian products competitive in the domestic and international markets.
The GST has been a great achievement, but it does suffer from weaknesses, says Chief Economic Adviser Arvind Subramanian.
'Markets are likely to remain choppy for the next 6 months.'
Revenue dept says changes in I-T Act require Parliament nod; new regime to wait till Budget in June-July 2014.
Tax department sends notices saying they are liable to pay MAT.
On the telecom sector, he demanded auctioning of more spectrum.
India is today one of the top locations for semiconductor design and embedded software, but it remains hidden under a generic and misleading name, IT/ITES services.
Rediff.com does a quick checklist on what the two manifestos have to say on hot-button issues of the day.
If you want your children to inherit true wealth, make them financially literate, says Amar Pandit
'India's first and longest-serving prime minister created -- or at the very least imagined -- a modern, democratic nation-State of the 20th century,' says Sunil Sethi.
Neutrality and jurisdiction in international trade need to be discussed threadbare before GST is implemented in India.
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The GST will subsume most of the indirect taxes like excise duty and service tax
States to come under DIPP watch on ease of doing business.
The retrospective tax decision reversing the January 2012 Supreme Court verdict in the Vodafone case has often been cited as the reason for foreign investors losing confidence in India as an investment destination.
According to Mitra, items such as foodgrain, vegetables, leather goods, footwear, cottage cheese, puffed and flattened rice, books and entertainment tax, among several others, should be in the zero-tax bracket.
Finance Minister Arun Jaitley hints at a world class tax regime.
'The Congress has finally drawn a line in the sand over its pro-poor credentials.'
'The rich better watch out.'
Prime Minister Narendra Modi on Monday reviewed the situation and favoured pushing ahead with the reforms agenda and taking more steps to strengthen the economy.
With wages rapidly rising in China, all is still not lost. Wage costs in India are significantly lower and this fact could still help us turn the tide in our favour.
Chirag Gupta, who trades in futures & options, had made a profit of Rs 6 lakh, but...
To say capital gains from stocks are effortless shows little understanding of the treacherous investing terrain, says Debashis Basu.
If the surge in tax collections is sustainable, the finance minister has the elbow room to shoot for a fiscal deficit
The challenges before the government, he said, is to put public sector banks back on track and continue to operationalise stalled infrastructure projects
The opposition parties vehemently criticised the new 'one nation, one tax' system having four different rates instead of a single rate adopted in some countries including the UK and Singapore.
Arun Jaitley is on a 10-day trip to the US.
Make In India and the reduction in barriers of trade will potentially create a growth environment.
'You have to do good work and also do good politics.' 'I think that part was missing, communication was an issue, but we have bridged that gap.'
For the sake of transparency, and to reduce undesirable bond market volatility, clarity on these would be welcome, preferably before the budgets for the next fiscal year get finalised, says Neelkanth Mishra.
While Arun Jaitley remains part of the decision making process, Piyush Goyal, who was given additional charge on May 14, attends cabinet meetings and takes the day-to-day decisions.
Worries remain on earnings-valuations mismatch, global issues; resolution of the MAT row could be biggest positive trigger
