Just a moment...

Top
Help
×

By creating an account you can:

Logo TaxTMI
>
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
RelevanceDefaultDate
    Electronic Filing of First Appeal before CIT (appeals)
    Protocol amending the convention between India and Slovenia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to ...
    Benefit of LPG subsidy will not be available if the consumer or his/her spouse had taxable income of more than Rs Ten lakh in previous financial year
    Report of the Committee on Revisiting & Revitalising the PPP Model of Infrastructure Development Chaired by Dr. V.Kelkar Released
    Second Edition of the ‘Handbook of Statistics on Central Government Debt’released;One-Stop Source for all Central Government Debt Data
    The Minister of State for Finance Shri Jayant Sinha Launches Guidance Material Forpost-Award Contract Management of PPP Concessions“Highways, Ports,...
    Draft Guiding Principles for Determination of Place of Effective Management (Poem) of a Company Formulated.
    Industrial Growth
    Year End Review: Highlights of the Achievements of the Ministry of Finance
    Date for payment of Central Excise duty and Service Tax for November 2015 in the Union Territory of Puducherry (except Mahe & Yanam) extended to 20th ...
    Finance Minister: India economy has witnessed significant improvement in the macroeconomic stability in terms of low levels of inflation, Fiscal Defic...
    Year End Review: Highlights of the Achievements of the Department of Disinvestment & Expenditure, Ministry of Finance
    CBDT Notifies the designated Income tax authority or purposes of the making declaration of undisclosed foreign assets - Black Money (Undisclosed Fore...
    Finance Ministry: Reaction by Indian Stocks and Forex Markets to US Federal Reserve’s yesterday decision to raise the target range for the federal f...
    Initiatives of Central Board of Excise and Customs to Facilitate Trade and to Resolve Disputes
    Furnishing of Information in Respect of Payments made to the Non-Resident
    Year End Review: Highlights of the Achievements of the Department of Revenue, Ministry of Finance
    Year End Review: Highlights of the Acheivements of the Department of Economic Affairs, Ministry of Finance
    Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, Rbd Palmolein, Others – Palmolein, Crude Soyabean Oil,...
    Last Date for December 2015 installment of Advance Tax for taxpayers in Tamil Nadu and Puducherry extended till 31st December, 2015
❯❯
MaximizeMaximizeMaximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

    +

    Are you sure you want to delete "My most important" ?

    NOTE:

    News
    Showing Results for :
    Reset Filters
    Results Found:
    Show All SummariesHide All Summaries
    December 30, 2015
    Show AI Summary
    Electronic filing of appeals mandated for e filers, replacing Form 35 and enabling document upload with inbuilt validations and e hearing scheduling.
    Electronic filing of first appeals before the Commissioner of Income Tax (Appeals) is mandated for taxpayers who e file returns; appeals and relied upon documents must be submitted online, the existing Form 35 is replaced by a new structured form with inbuilt validations, and the digital process will facilitate electronic fixation of hearing dates while reducing human interface, paperwork and taxpayer compliance burden.
    December 30, 2015
    Show AI Summary
    Exchange of tax information expanded, enabling mutual assistance in tax collection under the amended India-Slovenia tax convention.
    The Protocol amending the tax convention between India and Slovenia expands the exchange of tax information framework and authorises mutual assistance in collection of taxes, broadening channels for sharing tax-related information to combat evasion and avoidance and enabling coordinated recovery procedures between the competent authorities.
    December 28, 2015
    Show AI Summary
    LPG subsidy eligibility limited by taxable income; high income consumers will be ineligible and must self declare when booking.
    The Government will withhold LPG subsidy from any consumer if the consumer or his/her spouse had taxable income exceeding Rs. 10,00,000 in the previous financial year as computed under the Income Tax Act, 1961; this ineligibility will be effected initially on a self declaration basis when booking cylinders from January 2016, with subsidy transfers executed through the DBTL/PAHAL mechanism and savings redirected to provide connections to low income households.
    December 28, 2015
    Show AI Summary
    Public-private partnerships in infrastructure require risk reallocation, independent regulators and an institutional renegotiation mechanism for stressed projects.
    The Committee directs a sector and project specific risk allocation framework allocating risks to the party best able to manage them, deployment of sophisticated modelling, and mandatory ex ante renegotiation clauses. It urges creation of a national PPP institute (3PI) for capacity building, independent unified sector regulators, and amendment of the Prevention of Corruption Act to protect bona fide decision making. For stressed projects it proposes a statutory two tier mechanism-an IPRC to evaluate "Actionable Stress" and an IPAT for time bound adjudication-together with benchmarks for permissible renegotiation and measures to monetise viable assets and mobilise long term finance.
    December 24, 2015
    Show AI Summary
    Central Government Debt Data consolidated in a one stop handbook to improve transparency and support market and academic analysis.
    The Second Edition of the Handbook of Statistics on Central Government Debt compiles time-series data on outstanding debt, primary issuance of bills and bonds, and secondary market transactions in government securities across 16 tables, serving as a one-stop source for Central Government debt data to facilitate market analysis and academic research and to supplement the Annual Status Paper by providing detailed empirical coverage.
    December 24, 2015
    Show AI Summary
    Post-Award Contract Management guidance strengthens PPP oversight and provides toolkits for project authorities to manage concessions.
    The Department of Economic Affairs issued guidance for Post-Award Contract Management of PPP concessions, including Guidelines, sector specific Manuals based on concession agreements and the model concession agreement, and an interactive web based toolkit to clarify obligations, roles and responsibilities and to assist Project Authorities in proactive oversight and administration of PPP projects.
    December 23, 2015
    Show AI Summary
    Place of Effective Management guidance clarifies residence determination for companies and invites stakeholder comments by stated deadline.
    Determination of corporate residence relies on whether a company is an Indian company or whether its Place of Effective Management (POEM) is in India; draft guiding principles for POEM have been published on official websites to assist taxpayers and the tax administration and stakeholders are invited to submit comments to the Director (Tax Policy & Legislation)-I, Central Board of Direct Taxes.
    December 21, 2015
    Show AI Summary
    Tax incentives for additional employment support manufacturing job creation under national policy and industrial corridor development.
    Government measures to boost industrial growth comprise the Make in India initiative, FDI liberalisation, investor facilitation and e-governance, creation of industrial corridors coordinated by a National Industrial Corridor Development Authority, regional and sectoral incentive schemes including NEIIP, Transport/Freight Subsidy Schemes and Central Capital/Interest Subsidy Schemes, sector programmes such as the Integrated Development of Leather Sector and Mega Food Parks, and tax incentives for additional manufacturing employment under section 80JJAA.
    December 19, 2015
    Show AI Summary
    India advanced tax, banking and anti black money reforms while expanding financial inclusion and infrastructure investment vehicles.
    The Government implemented macroeconomic and monetary easing measures alongside administrative steps to reduce inflation; advanced financial sector reforms (Payment Banks, recapitalization, Mission Indradhanush), created the NIIF, joined multilateral banks, strengthened macroprudential coordination via FSDC, and merged FMC into SEBI. Tax changes streamlined direct and indirect regimes, introduced taxpayer reliefs, advanced GST constitutional amendment, and enacted the Undisclosed Foreign Income and Assets (Imposition of Tax) Act, 2015 with penalties and a one time compliance window. Major financial inclusion schemes (PMJDY, PMMY, APY) and e governance tax initiatives were rolled out, while fiscal transfers to States were increased per Fourteenth Finance Commission norms.
    December 19, 2015
    Show AI Summary
    Extension of tax payment deadline: Central Excise and Service Tax payment and return filing deadlines extended for Puducherry assessees.
    Deadlines for Central Excise duty and Service Tax payment for November 2015 for assessees in the Union Territory of Puducherry (except Mahe and Yanam) are extended to 20 December 2015, and the Central Excise return filing deadline for November 2015 is extended to 31 December 2015, pursuant to notifications and an order issued by the central tax administration.
    December 19, 2015
    Show AI Summary
    Macroeconomic consolidation through structural reforms and fiscal consolidation bolsters growth while addressing financial-sector stress.
    Macroeconomic consolidation has strengthened with lower inflation, reduced fiscal and current account deficits, and improving growth attributed to structural reforms and policy measures over the prior 19 months. The Government pursued enhanced public investment, restarting stalled projects, improved resource allocation procedures, a clarified monetary policy framework, and greater fiscal federalism. Fiscal consolidation continued alongside increased capital expenditure and buoyant tax revenues. Financial-sector measures-bank recapitalization, loan restructuring, and remedial duties for affected industries-were advanced to address nonperforming assets and sectoral weaknesses while promoting financial inclusion and rural credit.
    December 18, 2015
    Show AI Summary
    Disinvestment strategy shifts to rolling plans and faster approvals, increasing market participation and allotment for public offerings.
    The Department shifted disinvestment to a rolling plan model with advance preparation, secrecy, fast tracked approvals, revised intermediary engagement and reserved allotments to prevent market hammering and broaden participation; this produced multiple OFS issues and materially higher CPSE receipts. The fiscal program set an elevated target combining recurring CPSE sales and strategic disinvestment, while the Department of Expenditure enforced state Net Borrowing Ceiling discipline, facilitated quarterly borrowing permissions, eased external loan concurrence for certain cases and provided Special Assistance tied to post Finance Commission fiscal transitions.
    December 18, 2015
    Show AI Summary
    Designation of Income tax authority to receive declarations of undisclosed foreign assets under the black money Act.
    The Central Board of Direct Taxes directs that a specific income-tax officer is the designated Income tax authority for receiving and processing declarations of undisclosed foreign assets under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, allocating administrative responsibility for submissions and related compliance matters until further orders.
    December 18, 2015
    Show AI Summary
    Monetary policy normalization prompts cautious global tightening while Indian markets show stability and resilience to the shift.
    The statement treats the US Federal Reserve's rate increase as the start of monetary policy normalization, notes cautious future Fed actions, and records positive reactions in Indian equity and forex markets-indices rising and the rupee stable-attributing market resilience to stronger GDP growth, lower inflation, a reduced current account deficit, and ongoing fiscal consolidation.
    December 17, 2015
    Show AI Summary
    Appeal filing thresholds and supervisory pre-notice review to limit unnecessary departmental litigation and improve adjudication quality.
    The Board instituted appeal filing thresholds to limit departmental appeals and required withdrawal of cases when higher-court precedent exists, while mandating zonal oversight meetings to advise adjudicating officers, establishing officer accountability for persistent non-compliance, creating a training institute for adjudication and advocacy, and requiring senior-level pre-show cause consultation in higher-value cases to ensure supervisory review and proportionality.
    December 17, 2015
    Show AI Summary
    Reporting for non-resident payments: new narrower CA-certificate requirement and expanded exemptions under amended rules.
    Amendments narrow reporting obligations for payments to non residents by exempting individual remittances under the Liberalised Remittance Scheme from Forms 15CA/15CB, expanding the list of payment types exempted to include certain import payments, and requiring a Chartered Accountant certificate in Form 15CB only where payments are chargeable to tax and exceed a prescribed compliance threshold; the amendments take effect from the notified applicability date.
    December 17, 2015
    Show AI Summary
    Indirect tax collections rose sharply; tariff adjustments, compliance rationalisation and e governance reforms were implemented to broaden the tax base.
    Indirect tax receipts grew substantially in April-October 2015 across Customs, Central Excise and Service Tax. The Department implemented tariff adjustments to promote manufacturing and protect agriculture, procedural reforms including 24x7 customs clearance, Single Window messaging, digital signatures and reduced documentation, and rationalised penal and prosecution rules. Central Excise and Service Tax measures subsumed education cesses, sped registration, extended electronic payments and CENVAT timelines, and broadened service tax by changes to the negative list. Legislative steps included abolition of wealth tax, transfer pricing and APA changes, and anti black money laws and information exchange arrangements.
    December 16, 2015
    Show AI Summary
    Monetary Policy Framework sets an inflation objective and enables accommodative rate cuts to support growth and stability.
    Inflation management and a new Monetary Policy Framework between Government and the RBI introduced an explicit inflation objective, supported by supply-side measures and accommodative monetary easing in 2015 to restore price stability and spur growth. Concurrently, banking reforms (recapitalisation, Mission Indradhanush, Payment and Small Finance Bank licences) and financial-sector measures (NIIF creation, tax-free bonds, FPI debt limits, PPP appraisal and Viability Gap Funding, municipal bond guidelines) were implemented to mobilise long-term finance, improve governance, deepen markets and promote infrastructure and financial inclusion.
    December 16, 2015
    Show AI Summary
    Tariff value change for edible oils and specified commodities affects customs valuation and import assessment.
    Amendment under the Customs Act substitutes TABLE-1, TABLE-2 and TABLE-3 of Notification No. 36/2001-Customs (N.T.), prescribing unit tariff values in US dollars for specified imported commodities. The substituted tables list operative unit values for crude palm oil, RBD palm oil, other palm oils, crude palmolein, RBD palmolein, other palmolein, crude soybean oil, brass scrap, poppy seeds, areca nuts, and unit valuations for gold and silver where notification benefits apply, for use in customs assessment and import valuation.
    December 16, 2015
    Show AI Summary
    Extension of Advance Tax deadline provides temporary compliance relief, treating payments made by the extended date as timely.
    Extension of the last installment deadline for payment of Advance Tax: the tax authority issued an administrative order under the Income-tax Act extending the date for deposit of the December installment due to severe rainfall and floods; Advance Tax deposited into Government accounts on or before the extended date will be treated as timely payment for that installment.

    News

    Back

    All News

    Showing Results for :
    Reset Filters
      No Records Found

      News

      Back

      All News

      whatsappJoin Channel
      Showing Results for : Reset Filters

      Finance Minister: India economy has witnessed significant improvement in the macroeconomic stability in terms of low levels of inflation, Fiscal Deficit (FD) and Current Account Deficit (CAD); This robust outcome was made possible by the slew of policy measures and structural reforms undertaken by the present Government in last 19 months to address the critical problems of stimulating and stabilizing the economy

      December 19, 2015

      Contents
      Summary
      Note

      Note

      -

      Bookmark

      Print

      Print

      Press Information Bureau

      Government of India

      Ministry of Finance

      18-December-2015 18:48 IST

      The Union Finance Minister Shri Arun Jaitley said that India is one of the fastest growing economies of the world. He said that the economy has witnessed significant improvement in the macroeconomic stability in terms of low levels of inflation, fiscal deficit (FD) and Current Account Deficit (CAD) etc. The Finance Minister said that this outcome is creditable considering that the global economic situation continues to be uncertain transmitting negative spill-overs, because of which emerging markets and developing economies have, in general, become more vulnerable and fragile. He said that the current macroeconomic outcome is far superior to that in early 2013-14 when the situation was worrisome in terms of high current account and fiscal deficits with high inflation, high interest rates and low growth. Shri Jaitley said that the extant robust outcome was made possible by the slew of policy measures and structural reforms undertaken by the present Government in last 19 months to address the critical problems of stimulating and stabilizing the economy. These included measures to boost growth through enhanced public investment, kick starting stalled projects, improving the status of financial inclusion significantly, improving governance through systemic changes like open auction for natural resources like coal and spectrum, monetary policy framework and greater fiscal federalism and improving business environment through reforms in policies and regulation among others.

      Addressing the Third Meeting of the Consultative Committee attached to the Ministry of Finance on the subject of ‘State of Economy’ here today, the Finance Minister Shri Jaitley said that the macroeconomic outcome in India in the current juncture is one of consolidation of the economic recovery evidenced in recent years. Shri Jaitley further said that India clocked 7.3 per cent growth rate in Gross Domestic Product (GDP) in the year 2014-15, higher than 6.9 per cent growth achieved in 2013-14 and 5.1 per cent in 2012-13; showing that India is firmly on the path of economic revival. This growth compares favourably with the growth of 3.4 per cent achieved by the global economy and 4.6 per cent by the emerging markets and developing economies as a block in the year 2014.

      The Finance Minister further said that the GDP growth was 7.2 per cent in the First Half (H1) of 2015-16 as against 7.0 per cent in the second half of the last year. Growth has also improved from 7 per cent in the first quarter (Q1) of 2015-16 to 7.4 per cent in Q2 of the current fiscal. Viewed sector-wise, the pick-up in the growth of manufacturing sector can boost overall growth both directly and indirectly because of the substantial backward and forward linkages that the sector has. The manufacturing growth has improved from 6.1 per cent in H2 2014-15 to 8.2 per cent in H1 2015-16. The service sector growth has been robust at 8.8 per cent during H1 2015-16.

      The Union Finance Minister Shri Arun Jaitley also informed that the Government continues to adhere to the path of fiscal consolidation. Despite the pressing need for enhanced public investment to boost the economic growth and tough commitments on account of requirements of federal structure, (greater tax devolution-- from 32 per cent to 42 per cent of the divisible pool to states), the Budget 2015-16 targeted a fiscal deficit of 3.9 per cent of the GDP, as compared to 4.0 per cent in 2014-15.The Finance Minister said that the fiscal outcome has been promising this year so far. Gross tax revenues increased by 23.1 per cent during April- October 2015-16 in comparison to the corresponding period in the previous year, which was mainly led by a buoyant growth in indirect taxes. The Union Budget 2015-16 estimated a growth in capital expenditure of 25.5 per cent. Against this, during April-October 2015, the growth in capital expenditure on plan account has been 61.3 per cent; while, the total capital expenditure grew by 31 per cent. Increased public investment, reflected in capital expenditure, is likely to promote private investment and growth. Fiscal deficit during April-October 2015-16 has been ₹ 64,505 crore lower than that in the corresponding period of the previous year.

      Thereafter, the Members of the Consultative Committee gave their suggestions and observations with regard to State of Indian Economy. Most of the Members of the Committee congratulated the Government for improving the overall macro economic situation of the Indian Economy. They made many suggestions for further improving the performance of different sectors of the economy. One of the Members pointed-out about the poor state of Steel industry in the country . Replying to the observation of the Member, the Finance Minister informed about the various measures taken by the Government to protect the domestic Steel industry by raising Customs and safeguards’ duty in recent times. Some Members suggested for more focus on boosting agriculture production especially pulses. Replying to this observation, the Finance Minister briefed about various steps taken by the Central Government to increase area under cultivation for pulses including highest bonus for pulses under Minimum Support Prices (MSP) and steps taken to ensure adequate supply of pulses in different States to keep the prices under check and further steps being taken to keep adequate stock of pulses in future to meet any shortfall among others. Members appreciated the increase in flow of agriculture Credit. However, they suggested for increase in number of bank branches in the country. Some Members suggested measures to bring down NPAs of the banks especially Public Sector Banks(PSBs). The MoS(Finance) Shri Sinha informed the Members that total NPA of banks(both Public &private Sector Banks) is to the tune of ₹ 3.47 lakh crore, out of which ₹ 3 lakh crore is of PSBs and remaining ₹ 47,000 crore of Private Sector Banks. He gave details of various actions taken by the Government including recapitalization of banks & restructuring of loans among others to reduce the NPA especially of PSBs. Major NPA is because of poor performance of Steel & sugar industry, State Discoms and stalled infrastructure projects among others. The Minister informed that the Government has taken various steps to improve the performance of these sectors which, in turn, would help in bringing down NPAs especially of PSBs . Some members suggested that law be framed that the corporate Companies making huge profits should spend part of their profits in the development of areas from where they are performing and making profits. Members stressed the need for additional steps to be taken to boost job opportunities especially in rural areas to engage rural youth. In this regard, some Members appreciated the performance of Pradhan Mantri MUDRA Yojana which helped in extending credit facilities for self employment in micro, small and medium sector and thereby boosting self employment opportunities especially in rural areas. Some Members suggested for early implementation of GST.

      The Finance Minister, while thanking the Members of their useful suggestions said that the present Government is fully committed to the goal of achieving inclusive growth in order to mitigate poverty and to ensure decent quality of life for all the citizens.

      Along with the Union Finance Minister Shri Arun Jaitley and Minister of State for Finance Shri Jayant Sinha, the Members of the Parliament and the Consultative Committee who attended the aforesaid Meeting today include, Shri Anirudhan Sampath, Shri Baijayanta Jai Panda, Shri Dilip Kumar Mansukhal Gandhi, Shri.J.Jayasingh Thiyagaraj Natterjee, , Shri.P.P.Chaudhary and Shri Subhash Chandra Baheria ( all Members of Lok Sabha); Shri K P Ramalingam, Shri Rajkumar Dhoot, Shri Ranvijay Singh Judev, Shri Satish Chandra Misra and Shri Sukhendu Sekhar Roy (all Members of Rajya Sabha).

      Among the officers present during the aforesaid Consultative Committee Meeting include Shri Ratan P Watal , Finance Secretary ,Shri Shaktikanta Das , Secretary, DEA, Dr.Hasmukh Adhia , Revenue Secretary, Ms Anjuli Chib Duggal, Secretary (DFS), Ms Aradhna Johri, Secretary, Disinvestment and Dr. Arvind Subrahmanian , Chief Economic Adviser (CEA) and senior officers of the Ministry of Finance among others.

      *********

      DSM

      Topics

      ActsIncome Tax