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Tag: Finance Ministry

  • Finance Ministry’s BIG Step For Central Govt Pensioners; Issues THIS Directives To Banks | Personal Finance News

    New Delhi: In a big step towards addressing the grievances of central government employee pensioners, the finance ministry has issued a directive to the banks asking them to credit money by end of every month.

    The finance ministry in an office memorandum (OM) has directed banks to ensure timely disbursement of pensions and family pensions.

    “Attention is invited to the provisions contained in Scheme for Payment of Pensions to Central Government Civil Pensioners by Authorized Banks’, according to which authorised banks’ Centralized Pension Processing Centers (CPPCs) of authorized anks are to credit the monthly pension/family pension in the account of pensioner/family pensioner by the last working day of the month to which they relate except for the month of March for which it should be credited on the first working day of the succeeding month i.e. April,” said the finance ministry.

    The Ministry’s OM stated that the delay in credit of pension/family pension is being seen in a serious light by it, warning that any lackluster on the issue might lead to necessary action.

    “The delay in credit of pension/family pension has been viewed very seriously. The CPPCs are hereby instructed to ensure that the monthly pension/family pension is credited in the pensioner’s/family pensioner’s account every month as per prescribed timelines. Any delay, in credit of pension/family pension beyond prescribed timelines, will be viewed very seriously and necessary action, as deemed fit, will be taken,” it added.

    In order to monitor timely disbursement of pension/family pension all Centralized Pension Processing Centers (CPPCs) are instructed to furnish a report regarding the crediting of pensions of the monthly pension electronically invariably by the forenoon  of the last working day each month, said the ministry.

  • Supreme Court Disposes of 573 Direct Tax Cases After Revised Monetary Limit For Filing Appeals; Nearly 4,300 Tax Disputes To Be Withdrawn | Personal Finance News

    New Delhi: The Supreme Court has disposed of 573 direct tax cases where the tax effect is less than Rs 5 crore, following the revised monetary limit for filing appeals, the Ministry of Finance said in a statement on Tuesday.

    This move aligns with the government’s efforts to reduce tax litigation and promote the Ease of Doing Business.The Union Budget 2024-25 provided for an enhanced monetary limit for filing appeals related to Direct Taxes, Excise, and Service Tax in the Tax Tribunals, High Courts, and Supreme Court. 

    The limits were increased to Rs 60 lakh, Rs 2 crore, and Rs 5 crore, respectively. Following the Budget announcement, the CBDT and CBIC issued the necessary orders to raise the monetary limit for filing appeals in their respective domains.

    “As a result, it is expected that the number of cases pending before various appellate forums will decrease, reducing tax litigation,” the Finance Ministry stated.In line with the Union Budget 2024-25 announcements, the monetary thresholds for filing tax dispute appeals by the department were enhanced: for the Income Tax Appellate Tribunal (ITAT), it was raised from Rs 50 lakh to Rs 60 lakh; for High Courts, it was increased from Rs 1 crore to Rs2 crore; and for the Supreme Court, from Rs 2 crore to Rs 5 crore.

    Due to these revised limits, it is estimated that approximately 4,300 cases will be withdrawn from various judicial forums over time, the Finance Ministry said. Adding further, the ministry stated that steps have been taken to deploy more officers dedicated to hearing and deciding income tax appeals, particularly those involving substantial tax amounts.

    “These initiatives reflect the government’s commitment to improving the ‘Ease of Living’ and ‘Ease of Doing Business’ across the country by reducing pending litigation,” it added. 

  • Who Is Tuhin Kanta Pandey? Meet India’s Newly Appointed Finance Secretary |

    Senior bureaucrat Tuhin Kanta Pandey has been appointed as the new finance secretary, according to an official order released on Saturday.

    Officer From 1987-Batch

    Pandey, a 1987-batch IAS officer from the Odisha cadre, currently serves as the Secretary of the Department of Investment and Public Asset Management (DIPAM).

    Expert In Managing Public Assets

    Known for his expertise in managing public assets, Pandey was instrumental in handling large-scale disinvestment projects, including the sale of Air India, one of India’s landmark divestments.

    Finance Secretary

    The Appointments Committee of the Cabinet approved Pandey’s designation as finance secretary, as stated by the personnel ministry. This position became vacant after T.V. Somanathan, the previous finance secretary, was appointed as the Cabinet secretary last month.

    Following convention, the senior-most secretary in the Union finance ministry is typically named the finance secretary.

    What’s Ahead?

    With his extensive experience, including overseeing crucial disinvestment processes and public asset management in DIPAM, Pandey brings a wealth of knowledge to his new role, where he will guide India’s financial policies and decisions.

  • Finance Ministry’s BIG TAX Move Soon On Property Transaction Amid Indexation Discontent | Real Estate News

    In relief for property owners, the Finance Ministry is mulling to bring relief for transactions held before July 23, 2024, the date on which the Budget was presented. In the budget, Finance Minister Nirmala Sitharaman has removed the indexation rule on property transactions. The move led to significant discontent with experts pointing out that after the removal of the indexation benefit, sellers will have to pay more taxes.

    Seeing the widespread discontent, the NDA government is now planning to offer some relief to the property owners.  

    Finance Minister Nirmala Sitharaman has proposed an amendment to the Finance Bill, offering significant relief on capital gains tax for property transactions. According to the amendment, taxpayers can choose between a lower tax rate of 12.5 per cent without indexation or a higher rate of 20 per cent with indexation for properties acquired before July 23, 2024, the date the union budget was presented in the Lok Sabha. 

    Taxpayers can calculate their taxes under both options and select the one with the lower tax liability. This new cut-off date of July 23, 2024, replaces the previous cut-off of 2001, alleviating concerns for long-time property owners.

    In the Finance Bill, Sitharaman proposed a flat long-term capital gains tax of 12.5 percent with no indexation benefits. Before it, property transactions used to be taxed at 20 per cent with indexation benefit. Now with the proposed amendments, taxpayers will have a choice like they have in paying income tax under the old structure with deductions or under the new tax structure without deductions.

    The proposed amendment will apply not only to real estate transactions but also to unlisted equity transactions, which are done before July 23, 2024. All such transactions will be taxed at 10 per cent long-term capital gains instead of the budget proposal of 12.5 per cent tax.

    The Lok Sabha began discussing the Finance Bill after the Appropriation Bill for the central government’s expenditure for 2024-25 was passed by the House on Monday. The passage of the Finance Bill by Parliament will complete the budget process.

  • Govt Bonds Worth Rs 30,000 Crore To Come Up For Auction On April 12; Check Bidding Tminings | Economy News

    New Delhi: The Finance Ministry on Monday announced the sale of government bonds worth Rs 30,000 crore in three different categories that will be put up for auction by the RBI’s Mumbai Office on April 12 (Friday).

    The bonds include 7.32 per cent Government Security 2030 for a notified amount of Rs 11,000 crore through price-based auction using price method, (ii) New Government Security 2039 worth Rs 10,000 crore through yield-based auction using multiple price method, and (iii) 7.30 per cent Government Security 2053 for an amount of Rs 9,000 crore through price based auction using multiple price method.

    The government will have the option to retain additional subscriptions up to Rs 2,000 crore against each of these securities.

    Up to 5 per cent of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions in accordance with the scheme for non-competitive bidding facility in the auction of Government securities.

    Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on April 12, 2024. The non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m. and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m.

    The result of the auctions will be announced on April 12 and payment by successful bidders will be on April 15.

    The securities will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by RBI, the Finance Ministry added.

  • Govt Bonds Worth Rs 30,000 Crore To Come Up For Auction On April 12

    The government will have the option to retain additional subscriptions up to Rs 2,000 crore against each of these securities.

  • India’s 16th Finance Commission Holds First Meeting Chaired By Economist Arvind Panagariya

    The commission, constituted by the president to define the financial relations and tax sharing formula between the Central government and the states.

  • GST mop-up rises 12 consistent with cent to over Rs 1.61 lakh crore in June

    By means of PTI

    NEW DELHI: GST collections rose 12 consistent with cent to over Rs 1.61 lakh crore in June, the Finance Ministry mentioned on Saturday.

    The gross GST assortment has crossed Rs 1.60 lakh crore mark for the fourth time for the reason that roll-out of the oblique tax regime six years in the past on July 1, 2017.

    The common per month gross GST assortment for the primary (April-June) quarter of the 2021-22, 2022-23 and 2023-24 are Rs 1.10 lakh crore, Rs 1.51 lakh crore and Rs 1.69 lakh crore, respectively, the Finance Ministry mentioned in a commentary.

    “The gross GST income accumulated within the month of June 2023 is Rs 1,61,497 crore of which Central GST is Rs 31,013 crore, State GST is Rs 38,292 crore, Built-in GST is Rs 80,292 crore (together with Rs 39,035 crore accumulated on import of products) and cess is Rs 11,900 crore (together with Rs 1,028 crore accumulated on import of products),” the commentary mentioned.

    ALSO READ | Six years of GST: Executive sees upper collections, higher compliance

    The revenues for June 2023 are 12 consistent with cent upper than the GST revenues in the similar month closing yr.

    All through the month, the revenues from home transactions (together with import of services and products) are 18 consistent with cent upper than the revenues from those resources right through the similar month closing yr.

    The revenues had touched a file prime of Rs 1.87 lakh crore in April. In Might, it used to be Rs 1.57 lakh crore.

    NEW DELHI: GST collections rose 12 consistent with cent to over Rs 1.61 lakh crore in June, the Finance Ministry mentioned on Saturday.

    The gross GST assortment has crossed Rs 1.60 lakh crore mark for the fourth time for the reason that roll-out of the oblique tax regime six years in the past on July 1, 2017.

    The common per month gross GST assortment for the primary (April-June) quarter of the 2021-22, 2022-23 and 2023-24 are Rs 1.10 lakh crore, Rs 1.51 lakh crore and Rs 1.69 lakh crore, respectively, the Finance Ministry mentioned in a commentary.googletag.cmd.push(serve as() googletag.show(‘div-gpt-ad-8052921-2’); );

    “The gross GST income accumulated within the month of June 2023 is Rs 1,61,497 crore of which Central GST is Rs 31,013 crore, State GST is Rs 38,292 crore, Built-in GST is Rs 80,292 crore (together with Rs 39,035 crore accumulated on import of products) and cess is Rs 11,900 crore (together with Rs 1,028 crore accumulated on import of products),” the commentary mentioned.

    ALSO READ | Six years of GST: Executive sees upper collections, higher compliance

    The revenues for June 2023 are 12 consistent with cent upper than the GST revenues in the similar month closing yr.

    All through the month, the revenues from home transactions (together with import of services and products) are 18 consistent with cent upper than the revenues from those resources right through the similar month closing yr.

    The revenues had touched a file prime of Rs 1.87 lakh crore in April. In Might, it used to be Rs 1.57 lakh crore.

  • I-T authentic denies experiences of BBC admitting to tax evasion

    Specific Information Carrier

    NEW DELHI: Amid experiences of British Broadcasting Company (BBC) admitting to underreporting its India source of revenue by means of Rs 40 crore, a best executive authentic denied the experiences.

    As in keeping with the authentic, there’s no such same old working process (SOP) for casual or formal emailing. “There’s a felony means of evaluation. There’s no such SOP for formal or casual emailing. Indian tax regulations don’t permit any liberal remedy if the taxpayer accepts misdoing,” the authentic informed TNIE.

    Some sections of the media reported BBC has admitted to tax evasion and under-reporting of source of revenue by means of `40 crore thru an off-the-cuff e mail.

    The source of revenue tax division had carried out a three-day survey of BBC workplaces in Delhi and Mumbai in February, which published the source of revenue of its more than a few crew entities used to be no longer commensurate with the dimensions of operations in India. As in keeping with the authentic, BBC submitting a revised go back is not going to lend a hand as one can report it just for the remaining monetary yr. 

    “The tax concealment may also be for over a yr. So, submitting revised returns received’t lend a hand. They have got to report returns now in accordance with understand beneath Segment 148 to be issued by means of the dep. as in keeping with the process, after giving a chance. It’s too pre-ponderous to answer it,” the authentic cited above mentioned. 

    As in keeping with mavens, a survey is an information-gathering workout and will have to no longer be puzzled with a seek, repeatedly referred to as  ‘raid’. All through survey court cases, tax government can acquire news and document statements of the taxpayer. Then again, a commentary on oath can’t be acquired all the way through the survey. 

    The finance ministry in February had mentioned,“The survey (of BBC premises) has thrown up a number of discrepancies and inconsistencies in regards to Switch Pricing documentation. Such discrepancies relate to the extent of related serve as, asset and chance (FAR) research, mistaken use of comparables which can be acceptable to decide the right kind arm’s period worth and insufficient income appointment, amongst others.” A question despatched to BBC didn’t elicit a reaction.

    “The statements made by means of the taxpayer all the way through survey Court cases, by means of themselves, don’t represent admissible proof, and may also be retracted by means of the taxpayer in next court cases.  Additionally, tax can’t be imposed all the way through the survey.  The guidelines amassed all the way through the survey is therefore utilized by the government all the way through common tests or might culminate right into a separate seek continuing in opposition to the taxpayer,” CA Chetan Daga, founding father of AdvantEdge consulting mentioned. 

    NEW DELHI: Amid experiences of British Broadcasting Company (BBC) admitting to underreporting its India source of revenue by means of Rs 40 crore, a best executive authentic denied the experiences.

    As in keeping with the authentic, there’s no such same old working process (SOP) for casual or formal emailing. “There’s a felony means of evaluation. There’s no such SOP for formal or casual emailing. Indian tax regulations don’t permit any liberal remedy if the taxpayer accepts misdoing,” the authentic informed TNIE.

    Some sections of the media reported BBC has admitted to tax evasion and under-reporting of source of revenue by means of `40 crore thru an off-the-cuff e mail.googletag.cmd.push(serve as() googletag.show(‘div-gpt-ad-8052921-2’); );

    The source of revenue tax division had carried out a three-day survey of BBC workplaces in Delhi and Mumbai in February, which published the source of revenue of its more than a few crew entities used to be no longer commensurate with the dimensions of operations in India. As in keeping with the authentic, BBC submitting a revised go back is not going to lend a hand as one can report it just for the remaining monetary yr. 

    “The tax concealment may also be for over a yr. So, submitting revised returns received’t lend a hand. They have got to report returns now in accordance with understand beneath Segment 148 to be issued by means of the dep. as in keeping with the process, after giving a chance. It’s too pre-ponderous to answer it,” the authentic cited above mentioned. 

    As in keeping with mavens, a survey is an information-gathering workout and will have to no longer be puzzled with a seek, repeatedly referred to as  ‘raid’. All through survey court cases, tax government can acquire news and document statements of the taxpayer. Then again, a commentary on oath can’t be acquired all the way through the survey. 

    The finance ministry in February had mentioned,“The survey (of BBC premises) has thrown up a number of discrepancies and inconsistencies in regards to Switch Pricing documentation. Such discrepancies relate to the extent of related serve as, asset and chance (FAR) research, mistaken use of comparables which can be acceptable to decide the right kind arm’s period worth and insufficient income appointment, amongst others.” A question despatched to BBC didn’t elicit a reaction.

    “The statements made by means of the taxpayer all the way through survey Court cases, by means of themselves, don’t represent admissible proof, and may also be retracted by means of the taxpayer in next court cases.  Additionally, tax can’t be imposed all the way through the survey.  The guidelines amassed all the way through the survey is therefore utilized by the government all the way through common tests or might culminate right into a separate seek continuing in opposition to the taxpayer,” CA Chetan Daga, founding father of AdvantEdge consulting mentioned. 

  • In a primary, RBI considers the use of pictures of Rabindranath Tagore, APJ Abdul Kalam on banknotes

    Specific Information Provider

    NEW DELHI: One in every of Bengal’s biggest icons, Rabindranath Tagore, and India’s eleventh President, APJ Abdul Kalam, often referred to as the Missile Guy, are reportedly within the race to make it to the rustic’s banknotes along M Okay Gandhi.The Father of the Country’s watermark determine occupies the satisfaction of position on all denominations of Indian forex notes. On the other hand, the Finance Ministry and the Reserve Financial institution of India (RBI) also are reportedly taking into account the use of the watermark figures of Tagore and Kalam on a brand new sequence of banknotes of a few denominations.

    That is the primary time that RBI is thinking about the use of the photographs of well-known personalities instead of Mahatma Gandhi at the banknotes.The RBI and the Safety Printing and Minting Company of India (SPMCIL), which is underneath the Finance Ministry, are learnt to have despatched two separate units of samples of Gandhi, Tagore and Kalam watermarks to IIT-Delhi Emeritus Professor Dilip T Shahani, who has been instructed to make a choice from the 2 units and provide them for ultimate attention via the federal government. 

    Executive resources mentioned {that a} ultimate choice on choosing one or all of the 3 pictures will likely be taken on the “absolute best ranges of the federal government”.  In step with resources, the designing the 3 watermark samples had professional sanction. No company choice has but been taken, however the transfer is afoot to discover probabilities of 
    together with watermarks of multiples figures on forex notes. 

    There’s international priority: other denominations of US greenbacks lift portraits of one of the Founding Fathers reminiscent of George Washington, Benjamin Franklin, Thomas Jefferson, Andrew Jackson, Alexander Hamilton and a couple of nineteenth century presidents, together with Abraham Lincoln.Professor Shahani, who’s inspecting the watermarks, specialises in Electromagnetic Instrumentation. He was once conferred with the Padma Shri via the Modi executive in January this 12 months. 

    Most sensible executive resources published that someday in 2017, one among 9 RBI interior committees, which have been shaped to counsel new safety features for a recent sequence of banknotes, submitted its record in 2020, proposing that but even so Gandhi the watermark figures of Tagore and Kalam will have to even be evolved for inclusion in all forex notes barring the `2,000 word whose printing had already stopped. 

    In 2021, the RBI issued directions to its Mysore-based Bharatiya Reserve Financial institution Word Mudran Pvt Ltd and the SPMCIL’s Safety Paper Mill at Hoshangabad to design their very own units of the watermark samples. Due to this fact, the RBI and SPMCIL despatched their samples to Shahani for him to inspect them. Shahani has had a number of rounds of discussions with officers at the “finer sides” of the samples.