Budget 2012-2013 Speech of Pranab Mukherjee Minister of Finance March 16, 2012 Madam Speaker, I rise to present the Union Budget for 2012-13. For the Indian economy, this was a year of recovery interrupted. When one year ago, I rose to present the Budget, the challenges were many, but there was a sense that the world economy was on the mend. The Budget was presented in the first glimmer of...
01:19 PM, Mar 16, 2012
New Delhi: Budget 2012, presented by Finance Minister Pranab Mukherjee, identifies five objectives relating to growth recovery, private investment, supply bottlenecks, malnutrition and governance matters. Following are the highlights of Budget 2012: GDP growth to be 7.6 per cent (+ 0.25 percent) during 2012-13 Amendment to the FRBM Act proposed as part of Finance Bill. New concepts of "Effective Revenue Deficit" and "Medium Term Expenditure Framework" introduced Central subsidies to...
01:14 PM, Mar 16, 2012
New Delhi: Finance Minister Pranab Mukherjee's Budget failed to send out a strong message about the reform process while coming out with a subsidy management plan and announced a new income tax structure. Experts labelled the it as an '80s style' Budget. Mukherjee began by admitting that the global crisis had affected the Indian economy. However, he said that a major turnaround might be expected soon. Budget 2012: How it...
01:07 PM, Mar 16, 2012
New Delhi: Finance Minister Pranab Mukherjee is all set to present the Union Budget in Parliament on Friday. This will be his seventh and it comes against the backdrop of slowing growth and burgeoning fiscal deficit. The government will have to do a balancing act, by raising taxes and at the same time giving incentives to boost investor confidence. A balancing act is needed in a bid to spur growth....
07:29 AM, Mar 16, 2012
India's businesses, already facing high interest rates and a global economic slowdown, worry that the finance ministry will ask them to shoulder a bigger tax burden in the budget set for release on Friday to trim the fiscal deficit. After a drubbing in recent state elections, the government has little room to cut subsidies costing 2.5% of GDP. But without fiscal consolidation, the Reserve Bank of India will have a...
04:22 PM, Mar 14, 2012
Jaipur: Finance Minister Pranab Mukherjee will present the Budget on March 16. A hotelier from Jaipur Prithvi Singh from Jaipur requests the Fiance Minister to remove the tax on clubbable income provision from the Income Tax Act. It's a week short of Prithvi and Pratibha Singh's 16th wedding anniversary and Prithvi wants to gift his wife something special. She wishes for a part of heritage property to do something of...
09:57 AM, Mar 12, 2012
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11:53 PM, Mar 09, 2012
New Delhi: With just a week left before the Union Budget for the year 2012 is announced, the Parliamentary Standing Committee on Direct Taxes has recommended major tax reforms, including a raise in the tax exemption limit for annual income up to Rs 3 lakh. The panel has also recommended some changes in the tax rate on various income groups, ranging from 10 per cent to 30 per cent. According...
04:01 PM, Mar 09, 2012
New Delhi: It couldn't have gotten worse for the people looking to celebrate the festival of colours with their near and dear ones. Crisis-hit Kingfisher Airlines looks set to cancel more flights on Thursday and coming days. On Wednesday, oil companies pulled the plug on supply to the cash-strapped airlines due to non-payment of dues. The International Air Transport Association (IATA) too barred its agents from booking any flights, seriously...
07:06 AM, Mar 08, 2012
Mumbai: The list of woes for Kingfisher Airlines has become longer. Oil companies have stopped fuel supply to the crisis-hit airlines due to non-payment of dues. Sources said negotiations were on. Six Kingfisher flights at Mumbai airport were delayed due to no fuel supply on Wednesday. This came on a day when the International Air Transport Association (IATA) suspended Kingfisher Airlines. It means that the international bookings of the carrier...
09:18 PM, Mar 07, 2012
New Delhi: A number of documents related to Commonwealth Games projects have either gone missing or are untraceable making tough the ongoing probe into alleged irregularities in conduct of the Games. Sources said that problems were being faced by officials of various probe agencies including the Central Vigilance Commission (CVC), Central Bureau of Investigation (CBI), Enforcement Directorate (ED) and Income Tax (I-T) department. "There are many documents related to the...
05:33 PM, Mar 05, 2012
New Delhi: Reversing an earlier order of granting tax exemption to the tune of Rs 129 crore to Anil Ambani-led group company Reliance Energy, Delhi government has told the company to pay up the amount levied on it as sales tax. The government has conveyed this to Delhi Lokayukta Justice Manmohan Sarin who was looking into a whistleblower's complaint alleging a Rs 129-crore scam involing tax liability against the company....
09:01 PM, Mar 02, 2012
New Delhi: In order to provide the much needed relief to people, a Parliamentary panel scrutinizing the Direct Taxes Code (DTC) Bill has suggested raising the income tax exemption limit to Rs 3 lakh and also hiking deduction on savings to Rs 2.5 lakh. "The committee has adopted the report. It only needs to dot the i's and cross the t's. The report will be submitted within a week, possible...
06:35 PM, Mar 02, 2012
Mumbai: Congress MLA Kripashankar Singh had to step down from the post of Mumbai Pradesh Congress chief after an indictment from the Bombay High Court in disproportionate assets case. But for someone who began his life in Mumbai in 1973 as a vegetable seller, it's perhaps an incredible rags to riches tale. Kripashankar Singh and his family, whose reported source of income is a salary of Rs 45,000, now owns...
07:22 PM, Feb 29, 2012
New Delhi: In an apparent fallout of the Supreme Court's order in the Vodafone case, the Income Tax department has started a review of its probe in the 2G spectrum scam which relied heavily on the premise of capital gains generated in overseas deals by telecom firms. The Department, which has till now detected Rs 1,500 crore of tax irregularities in its probe in this case, has found that telecom...
10:18 AM, Feb 26, 2012
New Delhi: Kingfisher Airlines, which is now operating much lesser number of flights than in November, would not operate direct flights to some major cities and several Tier-II cities now on, as per the truncated schedule it has submitted to the aviation regulator. Among the cities to which it would not operate direct flights include Jaipur, Thiruvananthapuram, Nagpur and even Hyderabad, sources said quoting the fresh schedule the airline submitted...
07:31 PM, Feb 25, 2012
New Delhi: Rejecting the revised appeal by Kingfisher Airlines to allow 18 months to clear dues, the Income Tax Department on Friday sought Rs 35-40 crore as upfront payment and asked the airline to pay the balance dues in 8 months. Unhappy with Kingfisher's offer to make payments over 18 months period on weekly basis, the I-T Department summoned the airline management for a meeting and made it clear that...
05:23 PM, Feb 24, 2012
New Delhi: Ahead of the Budget, a key Parliamentary panel scrutinising the Direct Taxes Code (DTC) is likely to recommend raising of income tax exemption limit to Rs 3 lakh and tax breaks on investments to Rs 2.5 lakh. "There is a consensus among the members that annual tax exemption limit be raised to Rs 3 lakh," sources said after the meeting of the Parliamentary Standing Committee on Finance chaired...
04:56 PM, Feb 24, 2012
New Delhi: UPA Chairperson Sonia Gandhi has refused to disclose details of her Income Tax returns under the Right To Information act. Sources say party leaders have also defended her stand. Congress leaders supported Sonia saying that all details were with the I-T department and there was no need to go public with them. Sources also say that the details could be misused if made public. Chennai-based RTI activist V...
11:09 AM, Feb 24, 2012
New Delhi: There's more trouble for Kingfisher Airlines. After SBI sources came on record that they are not ready to lend anymore money to the airline company, more banks are coming out from the consortium of lenders to kingfisher. UCO bank chairman came on record and said 'no money for Kingfisher'. Bank of India has also said that it will not give any money to Kingfisher till the consortium of...
11:14 PM, Feb 23, 2012
