Washington: Amid growing criticism from various quarters over the proposed retrospective changes in the tax law, Finance Minister Pranab Mukherjee has said that changes in the legislation would be just "clarificatory" in nature. During his meeting with the US Treasury Secretary Timothy Giethner on Thursday, Mukherjee clarified that the proposed legislation was not aimed at opening up old cases. According to an official statement released after the meeting, the US...
06:22 PM, Apr 20, 2012
New Delhi: Former Telecom Minister and DMK MP A Raja on Thursday told a court, trying the 2G spectrum case in New Delhi, that his first priority was to present his case before a judicial fora instead of attending the Parliament. Raja said he could only plead his case with the court and not before the Lok Sabha Speaker or the Prime Minister as such he was in the hands...
05:56 PM, Apr 12, 2012
New Delhi: Car sales in India rose just 2.2 percent in the fiscal year that ended in March, a year to forget for automakers marked by demand-smothering high interest rates and rising fuel costs, but are seen posting double-digit growth this year. Sales rose an annual 19.7 percent in March, a fifth straight monthly increase, but still lower than the 30 percent growth seen in the 2010/11 fiscal year, before...
05:51 PM, Apr 10, 2012
Singapore: India has the potential to register economic growth of 8-9 per cent for several years by hugely investing in infrastructure, Planning Commission Deputy Chairman Montek Singh Ahluwalia on Wednesday in Singapore. "To achieve nine per cent growth in the coming years, it is going to require humongous efforts and a lot will depend on what happen to the global economy, none of which looks very positive right now. "We...
11:25 PM, Apr 04, 2012
New Delhi: Amid widespread protests over the government's decision to levy duty on unbranded jewellery, Finance Minister Pranab Mukherjee is likely to meet the representatives of jewellers' associations on Friday to sort out the issue. "We have already clarified to all the associations that there is not a case for apprehension. Finance Minister has called a meeting with them. The meeting is likely to take place day-after tomorrow," Central Board...
05:58 PM, Apr 04, 2012
New Delhi: India's economy is exposed to an extended euro zone crisis and policy paralysis at home, while the coalition government is under tremendous strain from scandals and rebellious coalition partners. The risk of Prime Minister Manmohan Singh's second term being cut short before a General Election due in 2014 is low, but cannot be ruled out. The failure of Congress party in state elections in early March, and a...
10:18 AM, Apr 03, 2012
The UK Exchequer, George Osbourne, on Monday raised the issue of Vodafone tax case with Finance Minister Pranab Mukherjee. According to sources, he also addressed the concern over the unpredictability of tax regime in India. The government is claiming Rs 12,000 crore tax liability from Vodafone after Pranab Mukherjee amended the Income Tax Act, bringing in the retrospective clause in the budget. Several global business associations, including Confederation of British...
07:34 PM, Apr 02, 2012
Kolkata: Union Finance Minister Pranab Mukherjee on Sunday said the 2012-13 Budget was placed with a view of fiscal consolidation, moderation of inflation and bringing back India to a higher trajectory of sustainable growth. "The Union Budget of 2012-13 is a massive exercise in the reining in of fiscal, revenue and current account deficits while controlling inflation," he said at an interactive session at the Bengal Chamber of Commerce and...
10:32 PM, Apr 01, 2012
Kolkata: Finance minister Pranab Mukherjee on Saturday said there is "no other way" but to amend the Income Tax Act with retrospective effect to bring into the net Vodafone-type cross-border deals. "I am posing a very few straight questions to you. We shall have to decide whether you want India to be a no-tax country or India will be a country where there will be taxation," Mukherjee said at an...
05:56 PM, Mar 31, 2012
Mumbai: Vodafone Group Plc is considering a number of actions following a Budget proposal by India to retrospectively tax overseas transactions involving local assets, the company said on Friday, calling the idea "grossly unjust". Finance Minister Pranab Mukherjee announced a new proposal that would allow authorities to back-date tax claims on overseas deals in the Union Budget this month, in a move that business figures have said will hurt foreign...
12:15 AM, Mar 31, 2012
New Delhi: Batting for Finance Minister Pranab Mukherjee's proposal to tax Vodafone type deals, the World Bank president Robert Zoellick on Friday said that India wants the company should pay tax at some place and investors must give some time to the Government to explain the details. "The Indian Government is sensitive that they want to have an environment that draw both domestic and foreign investment and so I hope...
09:45 PM, Mar 30, 2012
New Delhi: BJP President Nitin Gadkari on Friday wrote to Finance Minister Pranab Mukherjee demanding rollback of the decision to impose excise duty on jewellery and taxes on any purchase above Rs 2 lakh as the industry employs thousands of people and would affect the common man. Mukherjee had announced in his budget speech that the government would impose one per cent excise duty on all unbranded jewellery. He also...
09:06 PM, Mar 30, 2012
New Delhi: Arch rivals Trinamool Congress and CPI-M on Friday joined hands in the Rajya Sabha in criticising the Centre for failing to resolve the issue of strike by bullion traders and jewellers against imposition of excise duty on unbranded jewellery. Raising the issue during the Zero Hour, D Bandopadhyay of Trinamool Congress said prices of gold in India would go up if the strike continues and it will encourage...
05:24 PM, Mar 30, 2012
New Delhi: BJP MP and veteran actress Hema Malini on Wednesday demanded a rollback of hike in import duty on gold in the Rajya Sabha, expressing fear that it will adversely affect the customers and promote smuggling. "The gold price today is already very high at about Rs 2800 per gram. As the new Budget levies duty on import of gold, it will make the gold more expensive, as compared...
11:38 PM, Mar 28, 2012
Mumbai: The Government auditor CAG on Wednesday sought more powers for the constitutional body and said the common man has all the right to know how his tax money is being spent. "The legislature votes the Budget. The Budget is passed on to the executive, which implements it and expends that money. Whether that money has been expended, where it was meant to be and since that money has been...
10:27 PM, Mar 28, 2012
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