The deduction is in case of senior citizen is Rs 60,000.
Doubts over implementation of a Cabinet-approved strategic sale policy are puzzling.
Industry fears waiver of interest on interest would distort credit culture, may encourage borrowers who can pay to defer repayment.
Like 2017-18, govt will seek comments from the public at large, including Facebook and Twitter
Sources in the Prime Minister's Office said Dr Manmohan Singh's meeting with the finance ministry team, led by Finance Minister P Chidambaram, has been deliberately fixed for two days after the results of the assembly elections in five states are declared (for Jammu and Kashmir, the counting is on December 28), as the Congress leadership as well as the United Progressive Alliance members would have by then decided on the timing of the Lok Sabha polls
The silver lining for India's presidency is likely to be the support by almost all G20 countries to its proposal to include the African Union as a permanent member of the bloc that has emerged as perhaps the most influential multilateral forum after the United Nations.
With people reposing faith in the UPA and voting for stability, this is the government's chance to fulfill its promises, ensure growth and development of the country, check runaway prices, and offer succour to the aam aadmi.
Mr Chidambaram is known for his ability to think up new taxes to collect more revenue, and a tax for the super-rich could be one of those ideas he might introduce in the coming Budget.
The ED on Monday also examined the state-owned bank's executive director K V Brahmaji Rao to understand how the alleged fraud was detected and other banking procedures.
Scrapping Plan and non-Plan classifications necessitates the change
A scam had come to light in two lesser-known services-- Railway Board Secretariat Service and Railway Board Secretariat Clerical Service -- where promotions were being made allegedly without following due procedures and bypassing Union Cabinet's jurisdiction.
Defence Minister Rajnath Singh on Monday said swift and transparent decision-making and availability of optimal resources were needed for a country's combat readiness.
The meeting with economists and financial experts has been called off due to pressing engagements of the finance minister.
Surplus in March, the last month of a financial year, has helped the government reduce fiscal deficit in the last few years.
The forthcoming Budget, the last full one before the 2019 Lok Sabha elections, is expected to contain a number of sops and feel-good announcements, especially regarding social sector schemes.
The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.
The defence budget was increased to Rs 5.94 lakh crore for 2023-24, up from last year's allocation of Rs 5.25 lakh crore.
The prime minister's decision is reportedly a fallout of the 'hue and cry' created during his Washington visit over the 2G spectrum issue.
Disclosing this, Union Minister for Information and Broadcasting Priyaranjan Dasmunsi said the finance ministry has agreed to release additional Rs 100 crore for this purpose.
According to the figures released on October 31, the deficit till September had inched down to 65.6 per cent of the budget estimate for 2012-13, compared with 65.7 per cent till August.
He said that even the security of the Supreme Court would have been put to a serious risk if any untoward incident were to happen.
Economy to grow by 7.2-7.5 per cent in second half of current fiscal, says FM.
Prime Minister Singh has assigned a senior Congress leader to placate the President, who is upset with Finance Minister P Chidambaram, reports Anita Katyal.
Banks shall not charge fees for transactions settled on IMPS and UPI in excess of rates charged for NEFT for transactions above Rs 1,000, the order said.
Private airport operators in the country on Wednesday said the government should bring aviation turbine fuel under the Goods and Service Tax (GST) Act and increase the duty-free allowances for incoming international passengers in this Budget.
The challenge is to convince productive sectors that a lower general rate would benefit all and remove the prevalent system of favours targeted towards narrow industry and service sector groups.
The central staff will now get 65 per cent of the basic pay as DA as against 58 per cent since July 1, 2011.
Outward remittances under the Reserve Bank of India's (RBI's) liberalised remittance scheme (LRS) surged by 50.64 per cent to $9.1 billion in the April-June quarter (first quarter, or Q1) of 2023-24 (FY24), driven by healthy growth across segments due to a revision in the timeline of tax collected at source under the LRS scheme and normalisation in international travel. Major drivers include equity and debt investments, deposits, and the international travel segment, among others. According to the latest RBI data, the amount remitted under LRS stood at $9.1 billion in Q1FY24, compared with $6.05 billion in the same quarter last year.
Finance Minister Arun Jaitley said the excise duty cut would have an impact of Rs 10,500 crore on central government's tax revenues.
Apple sought exemption from mandatory local sourcing of components for its products
Air India's hopes of slashing 5,000 jobs through a voluntary retirement scheme (VRS) may be too ambitious, say experts and union leaders. The airline would need about Rs 700 crore to put the offer together, and it is yet to secure the finance ministry's approval for this.
There are serious issues in the economy which need to be addressed
The department of post is planning to offer banking services by starting a full-fledged bank, to be named Post Bank of India.
The NCLT said the new board must hold its meeting by October 8 and come out with a road map before the next hearing on October 31
Earlier this year, the Union Cabinet gave the management of state-run companies the freedom to decide on divesting their subsidiaries. However, the very next day a meeting was held at the top level of the Government of India, for the presentation of proposals for more autonomy for state-run companies. Interestingly, no chiefs of any of these companies were invited. It is a problem that will stare the government in the face with the state-owned banks too, as talks have again begun for inviting strategic investments in these companies.
The commerce ministry is proposing a host of direct and indirect incentives such as deferral of import duties and exemption from export taxes to revamp Special Economic Zones through a new legislation, an official said. In the Union Budget this year, the government proposed to replace the existing law governing Special Economic Zones (SEZs) with a new legislation to enable states to become partners in 'Development of Enterprise and Service Hubs' (DESH). The official said the commerce ministry has sought views of different ministries, including finance, on the new bill.
The infrastructure spending target for 2020-25 was revised because of additional and amended data provided by central ministries, state governments since the release of the summary NIP Report in December 2019 when it was pegged at Rs 100 trillion.
The Supreme Court on Thursday ordered setting up of a six-member committee headed by former apex court judge Justice A M Sapre to investigate the recent Adani group shares crash triggered by the Hindenburg Research's fraud allegations and other regulatory aspects related to stock markets.
Former CAG Rajiv Mehrishi says Centre has held back a report he submitted to the President, to end what he called "a nightmare of accounts that militates against good governance".
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