1. The Government vide office memorandum no. F.No. 12(2)/2020—EH(A) dated 12 October 2020 announced the Cash Voucher LTC (Leave Travel Scheme) scheme for Government employees. 2. What is LTC Scheme? The Leave Travel Scheme is assistance received by the employee from his employer for traveling on leave. The employee and family can visit ...
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Release ID: 1663722 -
(12/10/2020) -
Finance Minister announces measures of Rs 73,000 crore to stimulate consumer spending before end of this Financial Year in fight against COVID-19. Cash payment and leave encashment in lieu of one LTC during 2018-21 according to entitlement. Special Festival Advance Scheme revived as a one-time measure for both Gazetted and non-Gazetted em...
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(Release ID: 1663675 -
(12/10/2020) -
Under LTC Cash Voucher Scheme, the Government has decided to give cash payment to employees in lieu of one LTC during 2018-21, in which full payment on Leave encashment and tax-free payment of LTC fare in 3 flat-rate slabs depending on class of entitlement will be given....
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F. No. 12(2)/2020-EII(A) -
(12/10/2020) -
It has been decided that cash equivalent of LTC, comprising Leave Encashment and LTC fare of the entitled LTC may be paid by way of reimbursement, if an employee opts for this in lieu of one LTC in the Block of 2018-21 subject to the following conditions:-...
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Finance Minister Smt. Nirmala Sitharaman reviews implementation of Aatma Nirbhar Bharat Package pertaining to Ministries of Finance & Corporate Affairs...
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Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman today inaugurated Doorstep Banking Services by PSBs and participated in the awards ceremony to felicitate best performing banks on EASE Banking Reforms Index....
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Addressing the captains of the Indian Industry, Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman stressed that structural reforms are a key priority of the government as has been reflected in the slew of measures & policies announced since outbreak of COVID-19. Every policy which was introduced had a structural com...
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(Release ID: 1640966 -
(24/07/2020) -
Finance Minister Smt. Nirmala Sitharaman lauds IT Department for being responsive to people as CBDT observes 160th Income Tax day towards Nation Building...
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Release ID: 1635730 -
(01/07/2020) -
On GST Day, 2020 FM highlighted that GST has come a long way in simplifying the GST Tax Administration based on feedback from stakeholders. GST has been instrumental in Breaking Barriers to build an AatmaNirbhar Bharat and taking forward the motto of One Nation One Tax One Market....
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• Free food grains supply to Migrants for 2 months. • Technology system to be used enabling Migrants to access PDS(Ration) from any Fair Price Shops in India by March,2021-One Nation one Ration Card. • Scheme for Affordable Rental Housing Complexes for Migrant Workers and Urban Poor to be launched....
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Six major steps for the revival of the MSME sector 1. Collateral free loan of Rs 3 lakh crores for MSMEs. This will benefit 45 lakh units so that they can resume work and save jobs. 2. For stressed MSMEs, Subordinate debt provision of Rs 20,000 cr has been announced for 2 lakh MSMEs. It […]...
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(Release ID: 1609734) -
(31/03/2020) -
Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of CO...
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No. 2 OF 2020 -
(31/03/2020) -
Govt notified Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on 31st March 2020 to give effect to Various Direct/Indirect Tax and Statutory Compliance relaxation announced on announced on 24th March 2020. Also Read- FM Press Release Dated 24.03.2020 FM Press Release Dated 26.03.2020 FM Press Release Dated 31....
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Finance Minister announces Rs 1.70 Lakh Crore relief package under Pradhan Mantri Garib Kalyan Yojana for the poor to help them fight the battle against Corona Virus...
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43 Key Highlights of Finance Minister Smt. Nirmala Sitharaman press conference dated 26.03.2020 1. Government to contribute 12% from the employee and employer side to the PF, for firms having less than 100 employees. Government will contribute 12% from the employer side and 12% from the employee side to PF accounts. This for those firms [...
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Some Big announcements made by Finance Minister for Compliance and taxation relief. Most awaited relief given. Have a look at it. COVID19 Relief Compliance and Regulation Related Announcements: Income Tax: Last date for Returns for FY 2018-19 extended to 30th June 2020 Delayed Payments made till 30th June – Interest Rate reduced fro...
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Outcome of Press Release Dt. 24/03/2020. By FM Nirmala Sitharaman & MOS Anurag Thakur In View of Covid – 19. As it was the need of the hour the government has addressed statutory and compliance related issues & has made following changes, few of which has been addressed....
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TOP 30 KEY HIGHLIGHTS OF ANNOUNCEMENTS FROM FM PRESS MEET DATED 24.03.2020 1. Invest India Business Immunity Platform launched to helping businesses withstand COVID-19 Invest India, India’s national Investment Promotion & Facilitation Agency, under the Ministry of Commerce and Industry has launched The Invest India Business Immunity...
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Finance minister declaration India today meeting at 2:30 p.m. 1. Vivad se Vishwas extended to 30th June 2. return filing for 18-19 financial year extended to 30th June interest on 3. TDS interest will be now from 18 % to 9% 4. Any date of IT was expiring at 31st March that has been extended […]...
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As per twitter Handle of CMNO Maharashtra, Hon’ble CM Uddhav Balasaheb Thackeray has spoken to Hon’ble FM Smt Nirmala Sitharaman to consider the postponement for the following: 1. 31/3/2020 last date to file belated return for financial year 18-19. 2. 31/3/2020 last date to file revised return for financial year 18-19. 3. 31/3/2020 la...
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Finance Minister Launches two new IT Initiatives -ICEDASH & ATITHI for improved monitoring and pace of Customs clearance of imported goods and facilitating arriving international passengers. ICEDASH : Ease of Doing Business monitoring dashboard of the Indian Customs helping public see the daily Customs clearance times of import cargo. ATI...
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The Finance Minister, Smt. Nirmala Sitharaman had announced several short and long-term measures to boost economy on 23.08. 2019, 30.8.2019 and 14.09.2019.
Out of these a total number of thirty-two measures were announced on 23.08.2019 to boost the economy. Out of these, thirteen (13) announcements have been fulfilled....
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CBI FILES CHARGESHEET AGAINST 14 ACCUSED PERSONS/COMPANIES INCLUDING PRIVATE COMPANIES & THEIR THEN DIRECTORS; THEN FINANCE MINISTER (FM) AND CERTAIN THEN OFFICIALS OF MINISTRY OF FINANCE (MOF)...
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The Finance Minister announced certain bold measures to give boost to the ailing Economy of the country, a fortnight ago. New Sections 115 BAA & 115 BAB were introduced in the Income Tax Act with the aim of reducing Income Tax on the Corporate Sector to enable the Companies to boost production, bring in new […]...
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The objective of this document is to summarize all the tax concessions, applicable w.e.f FY 2019-20, announced by Finance Minister, Nirmala Sitharaman with intent to boost the economy and to promote ‘Make-in-India’. Highlights of Tax Concessions by Finance Minister press Conference on 20 Sep 2019 1. Tax Concessions for Exist...
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Ministry of Finance Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman’s Presentation on Measures to Boost Economic Growth Dated: 14 SEP 2019 Measures to Boost Economic Growth 14th September 2019 Ministry of Finance, Government of India Contained Consumer Price Inflation Consumer Price Inflation: India &...
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The Steering Committee on Fintech related issues constituted by the Ministry of Finance, Department of Economic Affairs, today submitted its Final Report to Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman in her office in New Delhi....
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Bank Merger 1) Unlocking potential through consolidation, big banks with enhanced capacity to increase credit and bigger risk appetite, with national presence and global reach 2) Punjab National Bank, Oriental Bank of Commerce, and United Bank to be merged together. 3) Canara Bank and Syndicate Bank to be merged together 4) Union Bank, An...
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The Stimulus Package offered by FM – Will it revive the economy? The only positive signal emanating from yesterday’s press conference by Finance Minister was the admission on the part of the Government that the economy is in deep crisis. The chairman of NITI Ayog, himself had to declare that the state of the economy […]...
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Mr Arun Jaitley, India’s ex Finance Minister, and an important leader in the Modi Govt. has passed away today, on Saturday 24/08/2019. Mr. Jaitley, who held several important portfolios in his political career spanning over four decades, passed away at 12.07 P.M at AIIMS in the New Delhi. He was a senior Supreme Court lawyer […]...
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Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman said here today that Competition Commission of India (CCI) should ensure Indian enterprises are safeguarded from abuse by entities operating from other jurisdictions. Smt. Sitharaman was speaking at the 10th anniversary celebrations of the CCI. Smt. Sitharaman said tha...
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Reform & Simplification –An Ongoing Endeavour Taxation – Ease of life for tax payers – Income tax, GST, Customs Prefilling of IT returns Faceless scrutiny from Vijaya Dashmi 2019 Reduction in GST returns and simplification of forms Refund process of GST simplified. Risk based approach in dealing with tax payers Labour laws Fixed...
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Smt Sitharaman flags serious issues relates to taxation and digital economy companies, and to curb tax avoidance & evasion FM urged to contain international oil market to bring benefits to both the oil exporting and importing countries FM flags issue of economic offenders fleeing legal jurisdictions and calls for cohesive action against s...
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During the course of election campaign, whenever issues relating to the terror attack at Pulwama and the Air Strikes at Balakot are raised, India’s Opposition is on the back-foot. Why are national security and terrorism related issues being made into subject matters of electoral debate? This is a question they raise....
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It has become a routine practice to call any action against corruption as political vendetta. Claim of vendetta has never been a legitimate defence in corruption. Those who commit such large acts of corruption have to be judged on the merits of the action itself....
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The past few days have witnessed several cases where the Election Commission and the revenue authorities, both separately and acting jointly, trying to curb the use of blackmoney in elections. ...
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The seven decade history of the State of Jammu & Kashmir confronts changing India with several questions. Was the Nehruvian course, which the State had embarked, a historical blunder or was it the correct course to follow? Most Indians today believe that it is the former. Does our policy today have to be guided by that erroneous vision or...
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The GST was enabled by a Constitution Amendment which was unanimously approved by both the Houses of Parliament. Several legislations to implement the GST were passed by the Parliament. Laws relating to the State GST (SGST) were approved by all the State Legislatures....
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Union Minister Shri Piyush Goyal, temporarily assigned charges of Minister of Finance and Minister of Corporate Affairs in addition to his existing portfolios. President’s Secretariat PRESS COMMUNIQUÉ Posted On: 23 JAN 2019 The President of India, as advised by the Prime Minister, hereby directed that during the period of indisposi...
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The Left affiliated Trade Unions have organised a Bharat Bandh on the 8th & 9th January, 2019. Are there any real issues before them or is it a part of the strategy of the Left political organisations to organise a symbolic unrest to ensure that they are not wiped out from the political map of India....
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The idea of having a Unique Identity Number (UID) for every citizen of India was conceived by Shri Nandan Nilekani during the UPA Government. Unquestionably, the credit goes to him for conceiving, initiating and implementing the idea. Aadhaar, however, was non-statutory. ...
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The early harvest through the IBC process has been extremely satisfactory. It has changed the debtor - creditor relationship. The creditor no longer chases the debtor. In fact, it is otherwise. Upon constitution of the NCLT and the implementation of IBC its functionality had revealed the need for improvements in the law. Two legislat...
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The Aayushman Bharat Scheme, which was launched on 23rd September, 2018 has completed 100 days. These 100 days have witnessed the most significant steps in improving healthcare for the poor ever since independence....
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The Goods and Services Tax was implemented w.e.f. 1st July, 2017. It hasn’t completed eighteen months of implementation as yet. The GST has been at the receiving end of a lot of ill-informed and motivated criticism. What has been its real performance?...
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Shri Arun Jaitley, Union Minister for Finance and Corporate Affairs, exhorted Directorate of Revenue Intelligence to maintain high integrity and professional standards and endeavour to become a a near perfect organisation....
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Demonitisation compelled holders of cash to deposit the same in the banks. The enormity of cash deposited and identified with the owner resulted in suspected 17.42 lakh account holders from whom the response has been received online through non-invasive method. ...
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Many young Lawyers practising criminal law used to get an advice early in their career from Veterans in the field. They were told if you are strong on facts, bang the facts. If you are strong on law, bang the law. If you are weak on both, then bang the desk....
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ICAI has certain suggestions regarding the evaluation process of tendering with respect to professional services. As per the present practice of tendering, the Least Cost Selection (LCS) Criteria are being adopted for awarding the work for professional services (audit service) however, for evaluation of tenders floated for services other ...
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The Congress Party, for the last few days, has been busy spreading disinformation about the Government’s possible moves in relation to the private sector company IL&FS. The Congress is a national saboteur. It wants to sabotage India’s economy by allowing a situation in relation to a company to persist, expand and become unmanageable. ...
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Arun Jaitley* I had, in my blog dated 29th August, 2018 on the Rafale deal, exposed each one of the falsehood stated by the Congress Party. The campaign of falsehood is entirely led by the Congress President. His strategy is simple – concoct a lie and repeat it as many times. This, at least, provides […]...
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The Reserve Bank has twice released its reports stating that the demonetised Notes of `500 and `1000 have been substantially deposited in the Banks. A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded. Was the invalidation of the Non-deposited cur...
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Arun Jaitley Why these questions? Considering the security environment around India, the highest standards of defence preparedness are required. After the Kargil experience, the Armed Forces and the Raksha Mantralaya were of the opinion that combat ability of the Indian Air Force to strike at targets needs to be radically improved. This n...
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The International Monetary Fund holds bilateral discussions with its members usually every year. On the basis of the consultations with various experts and after analysing the economic data, they come out with their staff report. What political parties and their representatives normally say depends on where they stand – whether in Oppos...
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The Union Minister, Shri Arun Jaitley today resumed the charge of the Ministries of Finance and Corporate Affairs after a gap of more than three months. ...
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All household items stand reduced from 28 percent to 18 percent and 12 percent. All items of construction except cement stands reduced. Most white goods stand reduced. ...
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The Constitution Bench of the Supreme Court on the 4th of July, 2018 settled the law with regard to allocation of legislative and executive powers between the elected Delhi Government and the Central Government alongwith the administrator of the Union Territory of Delhi – the Lieutenant Governor....
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It has been one year since the country’s switchover to a new indirect taxation system – the Good and Services Tax. One single tax replaced seventeen taxes and multiple cesses imposed by the Central and the State Governments. This had obviously necessitated every assesse to file multiple returns, have an interface with multiple ins...
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The first sixty-seven years after Independence from 1947 to 2014 saw a total number of 3.82 crore assesses filing tax returns. Obviously, in comparison to total population of almost 1.3 billion, this figure appears highly inadequate. The total direct tax collection (income tax) in 2013-14 was Rs.6.38 lakh crore....
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The Fourth quarter results of GDP data showed a phenomenal 7.7 percent growth rate and has established India firmly as the fastest growing global economy. This trend, according to experts, is likely to continue for the next few years. With structural reforms like demonetisation, the implementation of the Goods and Services Tax and the enf...
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During the period of indisposition of Shri Arun Jaitley, Minister; the portfolios of Minister of Finance and Minister of Corporate Affairs held by him, be temporarily assigned to Shri Piyush Goyal, in addition to his existing portfolios....
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The Congress Party’s impeachment motion against the Chief Justice of India was wholly misconceived. It is poorly drafted and lacked in substance. Many of its traditional allies were not willing to take on this confrontation with the judicial institutions....
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An impeachment motion was intended to be filed in the rarest of rare cases. These cases would include those where a gross misconduct has been indulged in by a delinquent judge during his tenure as a judge. ...
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Yesterday I read the 114 page judgement in the Judge Loya death case authored by Justice D.Y. Chandrachud on behalf of the three Judge Bench of the Supreme Court. A reading of the judgement exposes every fact of the conspiracy to generate falsehood as propaganda in the public and political space....
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The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley stresses on the importance of procedural fairness in public procurement and award of contracts ; ...
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The Economic Survey presented by the Union Finance Minister Shri Arun Jaitley in Parliament today has relied upon analysis of the new data to highlight ten new economic facts:...
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As an information repository, the Goods and Services Tax (GST) embodies and heralds a radical alteration and enlargement in the understanding of the Indian economy....
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The government’s efforts to make business and commerce easy have been widely acknowledged. The next frontier on the ease of doing business is addressing pendency, delays and backlogs in the appellate and judicial arenas. ...
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• The ratio of domestic saving to GDP reached 29.2 per cent in 2013 to a peak of 38.3 per cent in 2007, before falling back to 29 per cent in 2016. The cumulative fall over 2007 and 2016 has been milder for investment than saving, but investment has fallen to a lower level....
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A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 percent this fiscal and will rise to 7.0 to 7.5 percent in 2018-19, thereby re-instating India as the world’s fastest growing major economy. ...
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Is there a low equilibrium trap if fiscal federalism is not achieved? This was the question posed by the Economic Survey 2017-18 tabled by the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley in Parliament today. ...
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FM: Ask the officers of the Directorate of Revenue Intelligence (DRI) to keep pace with technology and use the latest technological tools such as data analytics in fighting the menace of smuggling of sensitive contraband items such as gold and narcotics among others....
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Over the last few days, a rumor is being propagated regarding waiver of loans of capitalists by banks. Time has come for the nation to be apprised of facts in this regard....
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Various news reports/articles have appeared in the media regarding inconsistency in the estimates of the number of taxpayers added after demonetization. It has been commented that the following different figures have been given at different forums by different authorities: ...
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The Union Minister of Finance, Shri Arun Jaitley, launches Operation Clean Portal; Will enable citizen engagement for creating a tax compliant society and transparent tax administration...
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Central Government has no plan to impose any tax on agriculture income. As per the Constitutional Allocation of Powers, the Central Government has no jurisdiction to impose tax on agricultural income...
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FM: Rate of increase of Non Performing Assets (NPAs) has slowed down in the last Quarter of the Current Financial Year; Government is taking sector specific measures to deal with the problem of NPAs;...
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Are you aware that I advised Mr. Narender Modi not to set you up as a candidate from the Amritsar seat? Can you assign any serious reason for which Mr. Bishan Singh Bedi made a complaint against you with the Prime Minister?...
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I put it to you that 'goodwill' is enjoyed even by a crook, who has done some good thing to somebody. What do you have to say? You have used the word 'goodwill' in the letter addressed to Deputy Registrar filed along with the plaint. Are you aware about the difference between goodwill and reputation?...
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The Finance Minister Shri Arun Jaitley calls upon the Financial Advisers of different Ministries to ensure that expenditure on schemes and projects start from the beginning of the financial year to leverage the early passing of the Finance Bill this year;...
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Finance Ministry says that it respects autonomy and independence of Reserve Bank of India after a report in sections of Press that some unions have alleged infringement of autonomy of Reserve Bank of India....
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In this Article Hon'ble Finance minister Shri. Arun Jaitley analysed the rationale behind the Demonetisation decision and its impact....
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Finance Minister: There is a need for move towards a mindset of voluntary compliance and payment of legitimate taxes should be considered as part of the process and nobody should think that tax evasion is acceptable;...
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Political parties have not been granted any exemption post demonetisation and introduction of Taxation Laws (Second Amendment) Act, 2016 ...
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FM Says that digital transactions are a parallel mechanism, not a substitute, for cash transactions; less cash can be gradually substituted through digital payments ...
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(a) & (b) The new series of bank notes of Rs. 500 and Rs. 2000 have been introduced with effect from 10th November, 2016 after the cancellation of legal tender character of old Rs. 500 and Rs. 1000 notes. These new series bank notes are distinctly different from the old ones in terms of look, design, size and colour. ...
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We are well prepared to deal with the short and medium term consequences of Brexit;. Our macro-economic fundamentals are sound with a very comfortable external position, a rock-solid commitment to fiscal discipline, and declining inflation. Our immediate and medium-term firewalls are solid too in the form of a healthy reserve position....
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FM Said in RS that excise duty on Articles of Jewellery will be enforced upon the traders having turnover of 12 crores and 6 crores of rupees and not on lower category of traders. We can decide the items which can be taxed. It is not possible to recall the tax due to some organised agitation. ...
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Finance Minister Shri Arun Jaitley inaugurates the Non-Tax Receipt Portal (NTRP); Portal provides a one-stop platform to citizens/corporates/other users for making online payment of Non-Tax Receipts to Government of India;...
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The Finance Ministry further observed that the growth is being mainly driven by pick-up in the manufacturing sector, which has grown by 9.3 per cent in the Second Quarter. Similarly, the Fixed Investment is showing a sign of revival as it has grown by 6.8 per cent in the Second Quarter of current Financial Year 2015-16. Further, the Servi...
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In his Budget Speech 2014¬-15, the Union Finance Minister Shri Arun Jaitley had announced the setting-up of a High Level Committee (HLC) to interact with trade and industry and ascertain areas where clarity on tax laws is required. Accordingly, a High Level Committee (HLC) was constituted with the approval of the Finance Minister on 26th...
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The Income-tax Department is committed to the ‘Digital India’ initiative of the Government of India.The Finance Minister today launched an e-Sahyog pilot project which furthers the Department’s commitment to work in an e-environment and reduces the need for the taxpayer to physically appear before tax authorities....
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The Government is at an advanced stage in considering the requirement of furnishing PAN card details if cash transactions beyond a certain limit are undertaken. The monitoring regime of the income tax has been strengthened and its capacity to access information and apply technology driven analytical tools to expose evasion, has been enhan...
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Finance Minister Arun Jaitley Formalizes Merger of Forward Markets Commission (FMC) with SEBI; FM: Amalgamation of FMC And SEBI would bring Convergence of Regulations in the Commodities and Equity Derivatives Markets; FM: Markets Thrive where there is Confidence and Integrity and the Regulator must ensure that Manipulative Activities are ...
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Finance Minister to Inaugurate Two Day Annual Conference of Chief Commissioners / Director Generals of Customs, Central Excise and Service Tax on Monday, 24th August, 2014; Conference to Focus on Emerging Areas such as Taxpayers Services, Ease of Doing Business, Make in India and Goods and Services Tax Among Others; Dr. Arvind Panagariya,...
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A Steering Committee been formed under the Co-Chairmanship of Additional Secretary, Department of Revenue and Member Secretary, Empowered Committee of State Finance Ministers. This Committee has Members from Department of Revenue, Central Board of Excise & Customs, Goods and Services Tax Network (GSTN) and representatives of State Governm...
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Finance Minister Shri Arun Jaitley Reviews the Annual Financial Performance of Public Sector Banks and Financial Institutions for Fy 2014-15; asks the Chief Executive Officers (CEOs) of both the Public Sector Banks (PSBs) and Private Sector Banks to Effect a Corresponding Rate cut of 75 Basis Points in Response to RBI’s rate cut of same...
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Finance Minister Shri Arun Jaitley Exhorts the Senior Officers of Income Tax Department to be Prompt in Redressing the Grievances of the Tax Payers, Expand the Tax Base in a Non-Intrusive Manner while Striving to Achieve the Revenue Generation Targets; Inaugurates the 31st Annual Conference of Pr. Chief Commissioners /Pr. Directors Genera...
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The 122nd Constructional Amendment Bill seeks to introduce the Goods and Service Tax (GST Bill) was tabled in the Lok Sabha on 19th December 2014. Touting it as the single biggest tax reform since independence, Finance Minister Arun Jaitley (FM) while introducing the Bill had said that the GST law will subsume all indirect levies from Apr...
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THE CONSTITUTION (ONE HUNDRED AND TWENTY-SECOND AMENDMENT) BILL, 2014 THE MINISTER OF FINANCE, MINISTER OF CORPORATE AFFAIRS AND MINISTER OF INFORMATION AND BROADCASTING (SHRI ARUN JAITLEY) moving the motion for consideration of the Bill said: In the matter of revenue and taxation, probably this is the most important Amendment that has ev...
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