Is it a case of poor targeting of a welfare scheme, or is it a reflection of the government's desire to expand the scope of this benefit to secure greater electoral dividends? asks A K Bhattacharya.
No longer a discretion of the tax administrator, the audit of returns filed by taxpayers is now based on a selection by algorithms, notes Tarun Bajaj.
Finance Minister Pranab Mukherjee on Wednesday justified legislative changes in taxation law with retrospective effect, saying this was required in order to protect "the interests of the (tax) department".
Bihar became the first non-NDA state and overall second after the BJP-ruled Assam to pass GST bill.
The minister recalled the steps taken by the government to deal with general inflation, which was in the negative zone in June-August, 2009, and had since risen to 9.9 per cent in March, 2010.
The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion. At present, disclosure of crypto holdings and related gains is voluntary. If tax authorities go ahead with the PAN mandate, crypto exchanges will have to furnish a statement of financial transactions (SFT) before the income-tax department.
Rejecting Rajya Sabha's five amendments and opposition's appeal not to make "haste", the Lok Sabha on Wednesday passed the legislation that aims at better targeting of subsidies through the Aadhaar unique identity number within hours of the Upper Housing returning it.
Faced with a deadlock over the Pension Fund Regulatory and Development Authority Bill due to stiff opposition from the Left parties, the government is contemplating to bring a separate Bill on pension funds for private sector employees.
In a historic transition, the Parliament moved into a swanky new complex on Tuesday, with Prime Minister Narendra Modi urging MPs to forget all past bitterness and start a new chapter and the introduction of the women's reservation bill taking centre stage.
Taking exception to the government's 'comparative' analysis of the two drafts of the Lokpal Bill, Anna Hazare team on Monday asked Finance Minister Pranab Mukherjee to treat both its versions as the joint drafting committee's outcome enjoying 'equal weightage'.
Finance Minister Pranab Mukherjee said this while presenting the Union Budget for 2010-11 in the Parliament on Friday.
Finance Minister Pranab Mukherjee said this while presenting the Union Budget for 2010-11 in the Parliament on Friday.
The bill to amend the 49-year-old law to guard against claims of succession or transfer of properties left by people who migrated to Pakistan and China was passed amid a walkout by the entire Opposition.
Lok Sabha could function for only 45 hours this Budget Session against its scheduled 133.6 hours because of daily disruptions and frequent adjournments, a think tank data has shown.
The code, which will replace the existing Income Tax Act 1961, aims to rationalise tax rates to bring more people and companies under the tax net.
The government on Monday tabled the much-awaited Direct Taxes Code Bill in the Lok Sabha which proposed to raise the exemption limit on income tax from the current Rs 1,60,000 to Rs 200,000.
Dutch subsidiary Vodafone International Holdings BV on Tuesday severed a notice of dispute on the Indian government regarding proposals in the Finance Bill 2012 which it claimed violated the international legal protections granted Vodafone and other international investors in India.
'The revenue projection arises out of all sectors doing well and the formalisation of the economy helps in making sure the tax domain gets widened.'
Offering an olive branch to the Opposition to get the GST bill passed, Finance Minister Arun Jaitley on Thursday said that Prime Minister Narendra Modi is willing to speak to everyone to get the landmark indirect tax law through.
The CPI (M) members seemed determined to thwart the bill, aimed at increasing the FDI limit in the insurance sector. As Minister of State for Finance P K Bansal rose to introduce the Insurance Laws (Amendment) Bill, 2008, CPI (M) member T K Rangarajan tried to grab the copy of the bill from him. An agitated-looking external affairs minister Pranab Mukherjee pushed Rangarajan to protect Bansal. Another minister Meira Kumar rushed to shield Bansal, who introduced the bill.
The SBI (Subsidiary Banks Laws) Amendment Bill 2009, introduced by minister of state for finance P K Bansal, was necessitated as these powers were vested with the Reserve Bank of India from whom the ownership of these banks were transferred to the Centre few years ago. Once passed, the bill would empower the Centre to increase or reduce the authorised capital of a subsidiary bank.
A courier company owner was arrested for allegedly evading service tax of about Rs 70 lakh
Compliance window for those with undisclosed income abroad to come clean by paying 30 per cent tax and 30 per cent penalty
Facing stiff opposition over the Nuclear Liability Bill, the government on Friday said it will consult all political parties before tabling the draft legislation in Parliament. "
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
Jaitley's concerns are unlikely to cut much ice with the Congress.
The new Companies Bill, which was first introduced in the Lok Sabha in 2008, seeks to give a fillip to the cause of corporate social responsibility and corporate governance.
Sluggish corporate earnings, lacklustre global markets, FPI and slowdown concerns have played spoilsport for the markets.
The government introduced the 122nd Constitution amendment Bill.
A Bill to restrict voting rights of brokers as shareholders and their participation on governing boards of stock exchanges was on Monday passed in Lok Sabha without discussion and by a voice vote.
Hope floats for higher trading volumes; warehousing and cold chain facilities get tax incentives.
FM said a Constitution Amendment Bill for introduction of GST will be passed soon.
Finance Minister Arun Jaitley appealed to parties to rise above partisan considerations to support it.
Crude prices touched 30-months high of $120 per barrel last month following unrest in Egypt and Tunisia.
Describing the DAD as the "guardian of defence finance", he emphasised the need to bolster the internal vigilance mechanism so that any suspicious activity can be detected and reviewed immediately.
A Bill to give effect to the policy of corporatisation and demutualisation of stock exchanges is in the pipeline, Finance Minister Jaswant Singh informed the Rajya Sabha on Tuesday.
Union Finance Minister Pranab Mukherjee accused Bharatiya Janata Party of being responsible for the Rajya Sabha's failure to pass the Lokpal Bill by changing its stand within 24 hours.
The GST Council on Tuesday approved changes in tax rates on some goods and services while allowing states to issue an e-way bill for intra-state movement of gold and precious stones, officials said. The Council, chaired by Finance Minister Nirmala Sitharaman and comprising state counterparts, also cleared a host of compliance procedures for GST-registered businesses along with a GoM report on high-risk tax payers to check evasion. The discussion on the crucial issues of extension of compensation to states beyond June 2022 and the imposition of 28 per cent GST on casinos, online gaming and horse racing, will take place on Wednesday.
