The government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies.
The bills, including some key finance legislations, were passed during the course of a few hours in the post-lunch period.
'The finance minister missed yet another opportunity to simplify the income tax structure in the Budget.' 'This was an opportune moment to get rid of the old tax system entirely and move fully to the new system,' asserts M Govinda Rao, member of the 14th Finance Commission.
The disqualified MLAs are Rajinder Rana, Sudhir Sharma, Inder Dutt Lakhanpal, Devinder Kumar Bhutoo, Ravi Thakur and Chetanya Sharma.
An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for "simplifying" the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
The Ministry of Micro, Small and Medium Enterprises (MSME) has received "positive" feedback from industry regarding the 45-day payments cycle for MSMEs, according to a senior official familiar with the matter. The comment assumes significance amid concerns raised by some MSMEs that big companies may stop buying from small and medium suppliers and instead choose to make purchases from unregistered enterprises.
Can lead to imprisonment up to seven years.
Even existing cases might come under the proposed law, including those of Vijay Mallya, Nirav Modi and Mehul Choski. But, the law would not cover earlier cases.
'Nearly 10 million people will benefit from the increase in the rebate limit for those earning up to Rs 12 lakh.' 'We expect all that money will come back into the economy in either savings, consumption, or investments.'
When Gensol Engineering made its public market debut through a small and medium enterprises (SME) initial public offering (IPO) in September 2019, its promoters held a commanding 96 per cent stake. Now, that figure has shrunk to a "negligible" fraction.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
Rebel Himachal Pradesh Congress MLA Rajinder Rana on Saturday claimed that nine more party legislators 'feeling suffocated' due to Sukhvinder Singh Sukhu's style of functioning are in touch with him as he called the chief minister 'liar number one'.
Anticipating US action on tariffs, India seems to have made the first move by revamping its tariff structure by reducing the slabs to eight rates, points out Mukesh Butani.
Abuse of power, financial misconduct, and the never-ending turf wars are now coming to light as Boxing Federation of India's officials jostle to escape blame for the shocking turn of events.
The government on Thursday proposed to tighten the norms for taxation of cryptocurrencies by disallowing set off of any losses with gains from other virtual digital assets. As per the amendments to the Finance Bill, 2022, circulated among the Lok Sabha members, the ministry proposes to remove the word 'other' from section relating to set off of losses from gains in virtual digital assets. This would mean that loss from the transfer of virtual digital assets (VDA) will not be allowed to be set off against the income arising from the transfer of another VDA.
The inflation target of the RBI would be reviewed once every five years.
Fitch Ratings has removed energy infrastructure company Adani Energy Solutions Ltd (AESL) from its 'Ratings Watch Negative' list, the first upgrade by an international ratings agency since the US indictment. Fitch affirmed AESL long-term foreign and local-currency issuer default ratings (IDRs) at 'BBB-'.
India's opposition parties have sharply criticized the Union Budget, calling it inadequate to address the country's economic woes and accusing the BJP-led government of using it to woo voters in Bihar and Delhi ahead of upcoming elections. Leaders from the Congress, TMC, DMK, SP, and CPI(M) voiced their disapproval, highlighting concerns over inflation, unemployment, and the lack of substantial measures to support the agricultural sector and the poor. They also criticized the tax cuts for the middle class as insufficient and coming too late after years of high taxes and rising prices.
She said I treated her like a bachchi. At another moment, she said I had gone to various people and 'bitched' about her. She also threatened to bring the entire matter to the PM's notice. A revealing excerpt from Subhash Chandra Garg's We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.
The development comes a day after a government resolution (GR) was issued, in which the state administration ordered disbursal of Rs 10 crore funds for strengthening the state Waqf Board.
Finance Minister Nirmala Sitharaman on Tuesday expressed anguish over not being allowed to learn Hindi in Tamil Nadu as a student and was even mocked on the streets for attempting to learn the language.
While the capital spending is being maintained at 3.1 per cent of the GDP, a little more would have boosted economic growth even further, suggests Rajiv Memani.
A notification in this regard was issued on Thursday evening which further said that these six MLAs ceased to be members of Himachal Pradesh legislative assembly with effect from February 29.
The Payment of Gratuity (Amendment) Bill and The Specific Relief (Amendment) Bill passed amid din.
Finance Minister P Chidambaram on Wednesday said it was doubtful whether any key legislation, except for the vote-on-account, would be passed in the current session of Parliament.
'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'
These are the highlights of the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman in Parliament on Saturday.
The US State of Minnesota has adopted a higher education finance Bill that includes a provision of $150,000 for funding establishment of an Indian Center at the University of Minnesota to foster understanding of India's history and culture.
Replying to a debate on the bill, Jaishankar said all members who spoke on the proposed legislation recognised that terrorism is a serious threat and so are weapons of mass destruction.
'Spend, but create assets, spend but make sure that people benefit from it.' 'This has been a beautiful guiding principle. And I think as a finance minister I owe so much to the prime minister for keeping this path clear before us.'
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Aditya Mhatre shares some practical and actionable tips to save money and focus on what matters most when you are studying abroad
Might use it to counter Opposition campaign on land issue.
'Our attempt to honour the taxpayer has been since 2014 and more actively since 2019-2020 onwards.'
'Going forward, the encouragement would be to move to the new tax regime.'
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
Fintech firm BharatPe is targeting an initial public offering (IPO) in the next 18-24 months with the company expecting profitability at an earnings before interest, taxes, depreciation and ammotisation (Ebitda) level for FY25, chief executive officer (CEO) Nalin Negi said.
Finance Minister Nirmala Sitharaman on Tuesday said the government is working out a new Bill on cryptocurrency which will be placed in the ongoing session of Parliament after approval of the Union Cabinet. The ongoing winter session is scheduled to end on December 23. Replying to a series of questions in the Rajya Sabha, she said the new Bill takes into account the rapidly changing dimensions in virtual currency space, and incorporate features of the earlier Bill that could not be taken up.
The need for finding options for proper functioning of Parliament is of paramount importance as the frequency of the passage of Budgets and other economic Bills without discussion or debate has only increased in the last few years, notes A K Bhattacharya.
The Reserve Bank is planning to extend wholesale Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market, sources said on Tuesday. The pilot in the wholesale segment, known as the Digital Rupee -Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities. "RBI is now planning to go into the interbank borrowing market.
