Service Tax : Rate of Service Tax, Introduction of Negative List approach, Changes in Valuation Rules, CENVAT Credit Rules, Retrospective cha...
Income Tax : The finance minister retained most of his other proposals, providing only marginal relief to industries such as automobiles, garme...
Income Tax : Direct Tax Code (DTC) Bill introduced in Lok Sabha on Monday, August 30,2010 by Finance Minister Mr. Pranab Mukherjee, Will now be...
Income Tax : Centralized processing centres for improving tax payer services in two more places. Union Finance Minister Shri Pranab Mukherjee h...
Income Tax : Preparations for Finance Minister Pranab Mukherjee’s second full Budget under the Manmohan Singh government should be an area of...
Service Tax : Registration of a manufacturer will be cancelled automatically if excise duty returns are not filed for six months, as per the lat...
Income Tax : Finance Minister Pranab Mukherjee today said that persons investing in stock markets through participatory notes, P-Notes, will no...
Income Tax : The government on Sunday said it has no vindictive intention in retrospectively amending tax laws and has no plans to re-open a la...
Finance : Last year I provided relief to individual taxpayers by enhancing the exemption limit as a move towards DTC rates. Although DTC wi...
Income Tax : Master Form-16 New FY 11-12 for Up to 100 Employees. Download File to Prepare Form 16 of upto 25 Employees with Indian Rupee Font...
Income Tax : Inauguration of Income Tax Office at Chinsurah, Dist-Hooghly, West Bengal by Honble Union Finance Minister Shri Pranab Mukherjee o...
Corporate Law : Finance Minister Pranab Mukherjee on Monday allayed fears of withdrawal of the cashless mediclaim facility by public sector genera...
Corporate Law : The Finance Minister, Shri Pranab Mukherjee has asked insurance industry to give more focus to generate the required level of awar...
Preparations for Finance Minister Pranab Mukherjee’s second full Budget under the Manmohan Singh government should be an area of interest for a variety of reasons. His first Budget was presented in July 2009 under trying circumstances, with the Indian economy struggling hard to tide over the impact of a global economic downturn. His second Budget, to be presented in less than eight weeks from now, will have a different set of challenges.
The date for rolling out the Goods and Services Tax could be announced on January 8, the Chairman of the Empowered Committee on State Finance Ministers, Asim Dasgupta, said today. “There will be a joint statement after a meeting with Finance minister Pranab Mukherjee on January 8 on GST rollout,” Dasgupta told reporters on the sidelines of the 23rd industrial trade fair, organised by the Bengal National Chamber of Commerce and Industry here.
Salaried employees may burn a hole in their pockets with the Government all set to impose tax on all perks –residential accommodation, conveyance and others — paid for by the company, under a new law that replaces the already abolished Fringe Benefit Tax. Perquisites given by the employer such as residential accommodation, conveyance facility and other benefits to the family of the employee could soon be added to their salary for income tax purposes and the Government may come out with a notification soon on the valuation of these perks.
The government will take inputs from various stake holders before giving final shape to Direct Taxes Code, said the Finance Minister Pranab Mukherjee while addressing the second meeting of the parliamentary consultative committee attached to the Ministry of Finance, here today.
India will not tax foreign funds at their point of entry as the government believes the economy is resilient enough to absorb the dollar deluge. Such a tax on foreign inflows — called the Tobin tax, after its proponent, 1981 Economics Nobel winner James Tobin of the US — is being fiercely advocated by the EU and the UK, while Brazil has already imposed a 2 per cent levy. Finance minister Pranab Mukherjee, however, does not favour a tax on finances entering India. He told Parliament today that “the market mechanisms have sufficient resilience and have been functioning normally”.
Finance Minister Pranab Mukherjee on Friday indicated the government could rewrite the new direct tax code to make it acceptable to all stakeholders. On the tax code, he said, the government would attempt to build consensus on the proposals. “I have laid a certain proposal in the form of a direct tax code. But it is not the Bhagwad Gita and it cannot be said that it cannot be changed,” he added.
The government today shot down a suggestion in the Lok Sabha for setting up a committee under the Member of Parliament in respective constituencies for monitoring disbursement of loans by banks to priority sector like agriculture, small and medium enterprises.
Himachal Pradesh and Uttarakhand, the two Himalayan states which have drawn thousands of crores of investments due to the tax benefits they offer, stare at the possibility of losing the status as Finance Minister Pranab Mukherjee looks to plug loopholes and boost revenues for a government that’s on a spending spree.
The government today said the Reserve Bank of India (RBI) had not approved appointment of financial consultancy and auditing firm PwC as auditors for commercial banks from the financial year 2009-10 in the wake of alleged irregularities on its part in the Satyam fraud. “After reporting of alleged irregularities on the part of auditors of Satyam Computer, RBI has not approved appointment of PwC as statutory auditor in the scheduled commercial banks from the financial year 2009-10,” Finance Minister Pranab Mukherjee told the Rajya Sabha.
The ‘green shoots’ of economic revival are now truly maturing – at least from the Indian perspective – and are showing fruits of the labours of the government and regulators. Recovery is gaining in strength across the globe albeit at a slow pace while in India the stimulus packages are cranking the economic engine.
