Buyer to pay tax on gains made on undervalued property purchase.
The uncertainty over the implementation of the new tax continues as the Finance Bill has not been passed by the Parliament. Finance minister P Chidambaram had announced in his Budget proposal that the levy would come into effect from April 1. The uncertainty over the implementation of the new tax continues as the Finance Bill has not been passed by the Parliament. P Chidambaram had announced in his Budget proposal that the levy would come into effect from April 1.
The ministry was expecting savings this year to be around Rs 20,000 crore.
Social Justice Minister Thaavarchand Gehlot sought to allay doubts raised by several opposition members about the legislation's fate if challenged in the Supreme Court, saying he can say with confidence that the apex court will accept it.
Charging the finance minister with leaving an off-budget fiscal overhang of Rs 300,000 crore (Rs 3,000 billion), which could wreck the country's economy, Bharatiya Janata Party on Wednesday demanded resignation of P Chidambaram to escape "dismissal". Singh warned that the country was heading for the worst kind of food inflation and the off-budget subsidy on fertiliser and petroleum would leave a serious dent on the government finances.
With the government devising alternative ways to trail black money, the Banking Transaction Tax will be withdrawn by the end of this year, Finance Minister P Chidambaram said on Wednesday. The alternative methods to catch people with unaccounted money would be provided by the provisions in the new Money Laundering Law, Chidambaram said.
The Bill could be referred to the Parliamentary Committee for scrutiny
The standoff over Women's Reservation Bill ended on Thursday with the government announcing that the proposed legislation would be brought in the Lok Sabha only after consultations with all sections.
Finance Minister Arun Jaitley on Wednesday drove over to Rahul Gandhi's 12 Tughlak Lane bungalow to personally invite the Congress vice-president to his daughter Sonali's wedding.
Denying any delay in the introduction of Income Tax Code that will comprehensively review current income rates and slabs, Finance Minister P Chidambaram on Thursday said the government will introduce the code this year.
The Modi government is learning to deal with the reality that it does not have a majority in the Rajya Sabha.
The broader NSE Nifty sank 177.65 points or 1.53 per cent to 11,419.25.
Though it's debatable whether power to supersede bank boards can adequately safeguard against the problems created by banks promoted by those with interests in other industries, the finance ministry has at least shed its reluctance to bulldoze the Reserve Bank of India.
Congress on Monday kept the government guessing on the insurance bill asking it to take on board all stakeholders and favouring the select committee route even as it insisted that the measure is its own "baby" and it is a "misnomer" that the party is opposed to it.
'He has divine power... For our future, safety is in the hands of Modi.'
'Chidambaram, lots of people argue not without justification, is all about bluff and bluster without any concrete achievement on the ground. His record in the finance ministry fully endorses that view,' argues Virendra Kapoor.
Official sources said the notice under section 201 and 220 (2) of the I-T Act, which talks about simple interest at one and a half per cent for every month the tax demand was raised, will also explain the retrospective amendment made by the government for taxing business deals that avoids tax in the country by showing them in a tax haven.
With Lok Sabha approving the Finance Bill that amends law to retrospectively tax cross-border transactions dating back to April 1, 1962, Vodafone faces a tax demand of Rs 11,000 crore (Rs 110 billion) plus interest and a penalty on its 2007 acquisition of Hutchison Whampoa Ltd's Indian operations.
Growing up in the Mumbai of 1970s, Uday Kotak aspired to be a cricketer and trained under legendary coach Ramakant Aachrekar. However, it was an on-field injury which resulted in a shift to finance. He started off with bill discounting, turned to lending and successfully applied to start a universal bank in the first decade of the millennium, as India was warming up to private play in banking.
Penal provisions have already been introduced for late filing of returns.
7 key areas that the Budget must address to re-energise the infrastructure sector, suggests Vinayak Chatterjee.
After days of adjournments, the Rajya Sabha unanimously passed the crucial Scheduled Caste and Scheduled Tribe (Prevention of Atrocities) Amendment Bill along with two bills on supplementary demands for 2015-16, within minutes without any debate.
K N Balagopal (Communist Party of India -Marxist) said the Congress and the BJP were acting as A-Team and B-Team and not allowing the House to discuss the bills.
Government on Tuesday said it will soon come out with a new Income Tax Code to streamline the taxation structure and reduce the plethora of exemptions given to various segments of taxpayers. The new tax code would become law after debate and deliberations. Direct tax code would replace the existing Income Tax Act, which was enacted in 1961 and would subsume other direct tax legislations. Together with indirect tax exemptions, direct tax exemptions are leading to revenue loss.
The Insurance Bill was deferred for consideration for the time being after a meeting
Banks have started charging customers for payment of credit card bills through cheque and so paying online makes more sense.
There will be a lot to repair and rejuvenate -- if that opportunity even presents itself, warns Rathin Roy.
The United Progressive Alliance government's confidence about getting legislative business done in the monsoon session of Parliament, beginning August 5, might be misplaced.
"Everybody knows in this country that I charge only the rich, but for poor people I do work free and the poor people are about 90 per cent of my clientele," he said.
But commerce ministry works on rules for exemption to contractors.
Government on Tuesday indicated its willingness to incorporate more changes into the land bill in order to address the concerns raised by opposition parties even as it has already agreed to make at least six amendments in its proposal.
He said the new short-term treasury bills will be part of the government's same borrowing programme. To meet its burgeoning expenditure, necessitated by the slowing down economy, the government has pegged its market borrowing at over Rs 4.5 lakh crore (Rs 4.5 trillion) for the current fiscal, bulk of which is being raised in the first half.
The finance ministry is likely to tone down some of the provisions of Fringe Benefit Tax and moderate the conditionalities for Banking Cash Transaction Tax proposed in the Budget.
Finance Minister P Chidambaram on Tuesday asked Left parties to reconsider their opposition to the pension bill so that government can provide a "legal basis" to the new pension system started last year.
Parliament was virtually powerless for a brief while on Monday.
Debit card payments remained sluggish due to the surge in digital transactions after the pandemic, and the Unified Payments Interface (UPI) has emerged as the most popular mode of money transfer, particularly for small value transactions, according to RBI data. In July 2020, the total debit card spends stood at Rs 2.81 trillion, as compared to Rs 3.15 trillion in July 2023, reflecting a growth of 11.96 per cent. UPI spends have seen a whopping growth of 428 per cent, zooming from Rs 2.90 trillion to Rs 15.33 trillion during the same period, the data revealed.
The implementation of the commodities transaction tax is likely to be delayed to the end of the year or even next year, thanks to the spiralling inflation and its political fallout.
Parliament on Tuesday approved the long-awaited fiscal responsibility legislation after Finance Minister Jaswant Singh promised there would be no lowering of developmental expenditure.
The government in December obtained Parliament approval for raising the oil subsidy bill by Rs 28,500 crore (Rs 285 billion) over and above the amount earmarked in the Budget for 2012-13.
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