FINANCE

  • LPG subsidy not to be taxed: Finance Ministry Yesterday

    New Delhi: Finance Ministry on Tuesday clarified that LPG subsidy received by individuals in their bank accounts will continue to be exempt from income tax. The clarification follows doubts being raised by tax experts over an amendment in Finance Bill, 2015 that expanded the definition of taxable income to include...
  • Black money Bill to be taken up in Parliament next week: Arun Jaitley 5 days ago

    New Delhi: Parliament will take up next week the black money bill, Finance Minister Arun Jaitley said on Friday asserting that countries world over plan to put in place a mechanism for automatic exchange of information on any transaction from 2017. "Next week, I intend to take up before Parliament the...
  • India rejects Pakistan stand on townships for Kashmiri Pandits 6 days ago

    New Delhi: India on Thursday rejected outright the stand by Pakistan that creation of any "dedicated" townships in Kashmir Valley for displaced Kashmiri Pandits would change the demographic makeup of the state and be in violation of UN resolutions. In a forceful assertion, Finance Minister Arun...
  • Lok Sabha passes Finance Bill 2015; FM Arun Jaitley clarifies on MAT 6 days ago

    New Delhi: The Finance Bill 2015 was tabled in the Parliament on Thursday and was passed later with a voice vote. The Bill contains the government's tax proposals for the fiscal FY16. Speaking in the lower house, Finance Minister Arun Jaitley on Thursday defended his Finance Bill and gave clarifications...
  • India holds back plan to cut RBI's power to manage public debt and regulate government bond market 6 days ago

    New Delhi: India on Thursday put on hold its biggest overhaul of financial regulation in a generation, following pushback against its plans to strip the central bank of authority to regulate the government bond market and manage public debt. The climbdown, ahead of a vote in the lower house of Parliament,...
  • Finance Minister drops plans to strip RBI of powers to regulate government bonds 6 days ago

    New Delhi: Buying peace with RBI, the government on Thursday dropped plans for the time being to strip the central bank of powers to regulate government bonds and give it to an independent agency. Finance Minister Arun Jaitley withdrew the proposal from Finance Bill, 2015, and said the...
  • New Income Tax Return forms: Special team to re-draft format after criticism April 27, 2015

    New Delhi: The new format of Income Tax Return (ITR) forms that was withdrawn by the government in the wake of complaints over providing details of foreign trips and domestic bank accounts is being revised to make it simpler. "The new ITR format has been put into revision and it...
  • Government to have non-adversarial tax regime, boost investment: Finance Minister April 27, 2015

    New Delhi: Seeking investments to boost the economy, Finance Minister Arun Jaitley on Monday promised a non- adversarial tax regime as well as competitive labour laws to achieve double-digit growth rate. He also said the government has no intention to tax people retrospectively and will make...
  • Business leaders meet Arun Jaitley; want tax return forms simplified April 24, 2015

    New Delhi: India Inc on Friday disfavoured tax man seeking details about foreign trips and bank accounts in income tax returns after a controversy erupted over the new ITR forms which have been put on hold. This was conveyed by business leaders during a meeting with...
  • India seeks to calm investor jitters, stands firm on back taxes April 23, 2015

    Mumbai/New Delhi: Senior Finance Ministry officials sought to calm a tax row on Wednesday, promising foreign investors a favourable environment, but stopped short of scrapping unpopular plans to claim retrospective payments. Outside investors in India have previously paid 15 percent on short-term listed equity gains, 5 percent on gains from...
  • GST Bill in Parliament in couple of days, not all issues resolved: Finance Minister April 22, 2015

    New Delhi: Aiming for GST roll out by April 2016, the government will move the Constitution Amendment Bill in Parliament within a couple of days, even as compensation and revenue loss to manufacturing states lacked consensus at a meeting held on Wednesday. "In view of the...
  • Arun Jaitley to meet tax officials again to keep ITR forms simple April 22, 2015

    New Delhi: Facing criticism over the new ITR forms that seek details on bank accounts and foreign travel, Finance Minister Arun Jaitley will hold another round of meeting with officials to simplify the procedure. Soon after his trip from Washington, Jaitley had held a meeting with tax officials on the...
  • Modi government not serious about recovering black money, alleges Ram Jethmalani April 21, 2015

    New Delhi: Bharatiya Janata Party (BJP) MP and Indian lawyer Ram Jethmalani on Tuesday said that the Finance Minister Arun Jaitley is not serious about bringing black money back to the country. "I have gone and met the Germans, they said that no effort has been made to take the...
  • India close to picking candidate for New Development Bank April 20, 2015

    Washington: India is in the "final stages" of nominating candidate for the President's post of the USD 100-billion New Development Bank (NDB) to be headquartered in Shanghai, Finance Minister Arun Jaitley has informed fellow members of the five-nation BRICS bloc. "As regards the President of the...
  • India has potential to grow at 10 per cent: Arun Jaitley April 16, 2015

    Washington: India has the potential to make nine to 10 per cent growth rate a "new normal", Finance Minister Arun Jaitley said on Thursday while asserting that high growth was essential to meet the challenges posed by the country's burgeoning young population. "India has the potential to make nine to ten...
  • Senior ministers discuss Sukma attack, famer's issues April 12, 2015

    New Delhi: Senior central ministers met at the residence of union Home Minister Rajnath Singh on Sunday for an "informal" meeting which discussed the Maoist attack at Sukma in Chhattisgarh and the issues concerning farmers, informed sources in said. The meeting was held in the absence of Prime Minister Narendra Modi,...
  • PIL activists should declare source of funds: Arun Jaitley April 10, 2015

    Gandhinagar: Union Finance Minister Arun Jaitley on Friday said it should be mandatory for those filing PILs against the government on development projects to declare their source of funds, days after Prime Minister Narendra Modi cautioned the judiciary against being influenced by "five-star activists". The suggestion by Jaitley also came a...
  • Raghuram Rajan says full rupee convertibility in a few years April 10, 2015

    Pune: Reserve Bank Governor Raghuram Rajan on Friday said the central bank is looking at allowing full capital account convertibility in a few years. "My hope is that we will get to full capital account convertibility in a short number of years," he said. Full capital convertibility means a foreign investor...
  • Land law passed under UPA 'conspiracy' against farmers: Arun Jaitley April 9, 2015

    Bhopal: Finance Minister Arun Jaitley on Thursday alleged that the Land Acquisition Law passed in 2013 under the UPA regime was a "conspiracy" to deprive rural areas of development and render landless people jobless. "With an intention to serve their political interests, I can say the 2013 Land Acquisition Law passed...
  • Raghuram Rajan calls on Arun Jaitley, discuss macro-economic situation April 8, 2015

    New Delhi: A day after presenting first bi-monthly monetary policy of 2015-16, RBI Governor Raghuram Rajan on Wednesday called on Finance Minister Arun Jaitley and is believed to have discussed macro economic situation and the new monetary policy framework. Besides Jaitley, he also met Minister of...
  • MPs having conflict of interest should declare it: M Venkaiah Naidu April 6, 2015

    New Delhi: Amid a raging debate over BJP MPs in tobacco trade on a panel looking into framing rules for the product, Parliamentary Affairs Minister M Venkaiah Naidu on Monday made it clear that anybody having conflict of interest is supposed to declare it as per rules. Accosted with a barrage...
  • Finance Minister promises reasonable compliance window under black money law April 6, 2015

    New Delhi: Finance Minister Arun Jaitley on Monday promised a "reasonable compliance window" under the new black money law for persons with overseas funds to come clean, even as he asserted that targetting undeclared assets cannot be termed as 'tax terrorism'. Addressing industry representatives at CII annual general meeting, he also...
  • Government reviewing norms to hike compensation for crop damage: Finance Minister April 4, 2015

    Bengaluru: Finance Minister Arun Jaitley on Saturday said government is reviewing the norms to raise the compensation limit to farmers in case of drought or heavy rains damaging the crops. Demands in this regard have been made by various states. "I am seriously reviewing those norms...
  • Central Vigilance Commission forms panel to fast-track prosecution sanction April 3, 2015

    New Delhi: A six-member panel of experts has been formed by the Central Vigilance Commission (CVC) to review pending cases, referred to it by CBI for sanction of prosecution against corrupt government officials. CVC tenders advice in respect of officers coming under its jurisdiction against whom the CBI has sought sanction...
  • Bihar all-party meet to write to PM Modi on loss due to Finance Commission March 23, 2015

    Patna: An all-party meeting convened by Chief Minister Nitish Kumar, which was boycotted by the BJP, on Monday decided to "write" to Prime Minister Narendra Modi about the "estimated Rs 50,000 crore loss" to the state due to the 14th Finance Commission recommendations. The meeting attended by leaders from RJD,...
  • Government to borrow Rs 3.6 lakh crore in first half of 2015-16 March 23, 2015

    New Delhi: The Union government will borrow Rs 3.6 lakh crore from markets in the first half of the next financial year, which is over 50 per cent of the annual target of Rs 6 lakh crore. "We will issue long-term bonds of 40 years in early next financial year....
  • India needs to become competitive in infrastructure, tax policy: Arun Jaitley March 21, 2015

    Gurgaon: Advocating easing of entry barriers for global corporations, Finance Minister Arun Jaitley on Saturday said that India needs to become globally competitive from infrastructure to taxation. In his convocation address at the Management Development Institute (MDI) here he underlined the need for relaxing norms for...
  • Black money bill likely to be tabled in Lok Sabha on Friday March 19, 2015

    New Delhi: To check the black money menace, a bill is likely to be tabled in the Lok Sabha on Friday with stringent provisions to prosecute those stashing illicit wealth abroad, with rigorous imprisonment of up to 10 years. The Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill,...
  • India to strip RBI of power to regulate government bonds March 18, 2015

    New Delhi: India plans to strip its central bank of authority to regulate government bonds but leave it in charge of other money market instruments, setting the stage for a confrontation with Reserve Bank of India Governor Raghuram Rajan. The move by Arun Jaitley's finance ministry is part of an overhaul...
  • Finance Minister Arun Jaitley wins the Indian of the Year 2014 in politics section March 17, 2015

    New Delhi: Union Finance Minister Arun Jaitley won the Indian of the Year award for his work in politics section. Currently the Union Finance Minister, Arun Jaitley is credited with ending the festering and unresolved leadership issues within the BJP post the Vajpayee-Advani era. He played a crucial role in...