Meet India's key ministers who have promised to revive the economy and improve the infrastructure of the country.
The government has seized over Rs 1,764 crore (Rs 17.64 billion) of unaccounted income in the last three financial years, with sectors like real estate, manufacturing and mining generating the most of it, Parliament was informed on Tuesday.
With 200 MPs out of 785 above the age of 65, there is a serious shadow of COVID-19 looming over the monsoon session Of Parliament.
The government on Tuesday said around 49 lakh cases of income tax refunds are pending with the revenue department.
The government lost Rs 71,255 crore (Rs 712.55 billion) on tax rebates and exemptions awarded to corporates and non-corporates in the 2008-09 fiscal, Minister of State for Finance S S Palanimanickam told Rajya Sabha.
The Centre on Friday said it will persuade states to reach a consensus on the Goods and Services Tax so that it can be implemented from April 1 next year.
The government on Tuesday said that tax arrears rose over 18 per cent to Rs 2.93 lakh crore as on March 31, 2010 against the year-ago period.
Ruling out any plans to restructure the National Investment Fund (NIF), the government on Friday said the proceeds from divestment of the NHPC and Oil India Limited (OIL) will be credited to the NIF.
The government has no plans to increase the income tax ceiling on home loan interest payments, though there was a demand from the urban development ministry in this regard.
The top 100 tax defaulters owe the exchequer a whopping Rs 1.41 lakh crore.
While presenting the Union Budget for 2009-10, finance minister Pranab Mukherjee had said that in order to bring in tax reforms in the country the government will bring the new DTC within 45 days. The code will replace the existing Income Tax Act, which was enacted in 1961 and would subsume the direct tax legislations.
The government on Friday said it has penalised Kingfisher Airlines with a fine of over Rs 26 crore (Rs 260 million) for delay in the payment of tax deduction at source (TDS).
Finance Minister P Chidambaram has so far given three packages to exporters aggregating Rs 5,200 crore (Rs 52 billion) as the $160 billion export target for 2007-08 appears difficult to meet. He has expressed hope that exports target would be met. Palanimanickam said government was already providing 100 per cent tax benefits on profit on exports apart from indirect tax incentives.
The collection of wealth tax has increased by Rs 145 crore (Rs 1.45 billion) over the last three years, the government informed the Lok Sabha on Friday.
Government said on Tuesday over 1.74 lakh applications for permanent account number cards were still pending as on November 30.
The government is considering to bring all international payment gateways like Visa and MasterCard under the ambit of law, whereby they would have to report suspicious transactions to the security agencies.
The Directorate of Revenue Intelligence has booked cases at Mumbai and Delhi against private airlines Jet Airways and Air Sahara for non-payment of customs duty, the Lok Sabha was informed on Friday.
As many as 15 multi-national firms like Nokia, Sony, Samsung and Ericsson have been found guilty of violating foreign exchange regulations and a penalty of over Rs 42 crore (Rs 420 million) has been imposed on them.
The finance ministry has issued fresh guidelines on government office expenditure to control non-developmental expenditure, Minister of State for Finance S S Palanimanickam said on Monday.
The government on Tuesday said it is not considering imposing tax on foreign institutional investors to curb volatility in the stock markets.
The government on Monday introduced a bill in Lok Sabha aimed at discouraging borrowers to postpone repayment of their dues and enable the secured creditor to speedily recover their debts including through security or other measures.
The government on Tuesday announced that it has formally called-off plans to sell stakes in 13 profit-making central public sector undertakings.
The income tax authorities have initiated proceedings for payment of service tax.
Stalin's sister and Rajya Sabha MP Kanimozhi will for the first time try her luck in the Lok Sabha.
The sale of controlling stake in 13 public sector companies, which had been cleared by the previous government, has been called off, Rajya Sabha was told on Tuesday.
He has been given time till March 15.
The government on Tuesday said it was not considering 100 per cent foreign direct investment in the pension sector.
As much as Rs 583 crore (Rs 5.83 billion) was collected from the Fringe Benefit Tax and Rs 20 crore (Rs 200 million) from Banking Cash Transaction Tax during the first quarter of this fiscal, the Lok Sabha was informed on Tuesday.
The finance ministry on Friday said revenue loss on account of fiscal sops to Special Economic Zones is estimated to be Rs 1,02,621 crore.
Tax holidays to special economic zones are estimated to lead to a revenue loss of over Rs 1-lakh crore by FY10, the Parliament was informed on Friday.
The Ashok Lahiri committee on tariff structure for crude oil and petroleum products is likely to submit its report by December 31 this year, Minister of State for Finance S S Palanimanickam said on Monday.
Friday cut the import duties on non-alloy steel by five per cent and 10 per cent on ships for breaking, as part of fiscal measures to stem inflation surging towards 8 per cent.\n\n
Life Insurance Corporation has sanctioned Rs 400 crore (Rs 4 billion) loan to Jet Airways for fleet acquisition, Minister of State for Finance S S Palanimanickam said on Tuesday.
Mumbai has the most number of millionaires in the country with as many as 18,939 individuals declaring income of over Rs 10 lakh to the Income Tax Department, the Rajya Sabha was informed on Tuesday.
Asked about the Congress's opposition to the GST Bill, Santosh Kumar Gangwar said no party opposes GST outside Parliament.
As the dust finally settles on the outcome of the Lok Sabha elections 2019 and Bharatiya Janata Party along with its NDA allies emerges as the clear winner, here is a list of who won in each of the 7 phases of elections.
Empowered in the Modi government, junior ministers have enough on their plate.
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