The Bill seeks to create a welfare fund for farmers at a time when Prime Minister Narendra Modi has led from the front a campaign to woo farmers and downtrodden sections of the society.
Parliament has cleared the Mines and Minerals (Development and Regulation) Amendment Bill, 2023, recently. The objective of the Act is to invite investments from the private sector, including foreign companies, for mining minerals such as lithium and other critical minerals. Other than lithium, some of these minerals were classified as atomic minerals, including beryl and beryllium, niobium, titanium, tantalum and zirconium.
Government's effort to end impasse in Parliament by reaching out to BJP for early passage of key finance bills on Friday came a cropper as the opposition indicated that it is unlikely to cooperate unless it is assured that JPC chairman P C Chacko's draft report on 2G will be rejected.
The Bhartiya Janata Party (BJP) pulled up the government for a total policy failure, resulting in grave economic crisis.
Following is the text of the Gazette Notification issued by the government constituting the Joint Drafting Committee comprising ministers and civil society activists to prepare the draft Lok Pal Bill.
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 Congress has reasons to enjoy the BJP's discomfiture. After all, the Insurance Bill was introduced by the UPA government in 2008 but was constantly blocked by the BJP on some pretext or the other which was then in the Opposition.
The National Democratic Alliance government is keen on the passage of the Insurance Bill before Prime Minister Narendra Modi's visit to the US to send out a message that economic reforms are back on track in India. Anita Katyal reports
An all party meeting to seek views across the political spectrum on the issue of inclusion of the prime minister under the Lokpal Bill is likely to be held in the first week of next month.
The current session of Parliament may be extended to enable the passage of bills, Parliamentary Affairs Minister Venkaiah Naidu told Bharatiya Janata Party MPs in New Delhi on Tuesday.
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.
"We are willing to speak to any of their leaders," Jaitley was quoted as saying by Bloomberg News.
Buyer to pay tax on gains made on undervalued property purchase.
The ministry was expecting savings this year to be around Rs 20,000 crore.
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 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.
Government strategists are trying to ensure that the requisite 16 of the 31 states ratify the Bill by the end of this month
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
The speaker said he would take a decision on the remaining 14 cases in a "couple of days."
BJP's Adhikari said that an opposition MLA is usually appointed as the PAC chairperson following the norm, but the TMC misused that rule to appoint Roy as its chairman.
The Bill could be referred to the Parliamentary Committee for scrutiny
Break the chains of debt, invest in your future, and wave the flag of financial independence high. Freedom awaits, comrades. Let's conquer this battlefield together this Republic day, exhorts Vatsal Ramaiya.
A high-level committee on Thursday recommended simultaneous elections for Lok Sabha and state assemblies as the first step followed by synchronised local body polls within 100 days.
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.
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.
GST collections in June witnessed a 56 per cent year-on-year increase to over Rs 1.44 lakh crore on economic recovery and better anti-evasion measures, the finance ministry said on Friday. Goods and Services Tax (GST) collections in June, 2021 stood at Rs 92,800 crore. Speaking at the GST Day celebrations, Finance Minister Nirmala Sitharaman said Rs 1.4 lakh crore is the "rough bottom line" for monthly GST revenue collections.
Penal provisions have already been introduced for late filing of returns.
'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.
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.
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 Modi government is learning to deal with the reality that it does not have a majority in the Rajya Sabha.
Ramalingam Kalirajan explains the pros and cons of both investment types.
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.
For the first time in his political career, he failed to carry his party to even a working majority -- and again, for the first time in his career, he finds himself in a situation where he cannot rule by dictatorial fiat, points out Prem Panicker.
But commerce ministry works on rules for exemption to contractors.
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.
The Insurance Bill was deferred for consideration for the time being after a meeting
