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  • Budget benefits NRIs and quashes tax fears

    When a non-resident Indian (NRI) lands in India now, he or she can zoom through customs with duty-free goods worth Rs.35,000 ($685). That's a small increase from the earlier duty-free allowance of Rs.25,000.

  • Business worth Rs 20,000 cr hit due to strike, say jewellers

    Mumbai: The jewellery sector has foregone business worth Rs 20,000 crore due to the strike in protest against Budget proposals. The strike has also brought gold imports to a standstill, according to an industry official.

  • FIIs take tax concerns to Finance Ministry

    New Delhi: Call this the GAAR effect. A group of foreign institutional investors on Wednesday met the Finance Secretary, RS Gujral, at his North Block office to get clarifications on the proposed General Anti-Tax Avoidance Rules (GAAR).

  • Is the government under-estimating subsidies?

    In the Budget, the Finance Minister proposed restricting subsidies to under 2 per cent of the gross domestic product (GDP) in 2012-13. The plan is to further prune this to under 1.75 per cent over the next three years. Many economic commentators are sceptical about this. With high crude oil prices, pending reforms in the fertiliser sector, and the impending Food Security Act, they believe that the subsidy burden is being under-estimated -- just like in the past, when the actual outgo on subsidies far exceeded ambitiously low targets.

  • Service tax hike to hit household budgets

    Household budgets will be hit hard as the two percent increase in service tax and excise duty contained in the budget for 2012-13 came into effect from Sunday making phone calls, eating out and a host of other things more expensive.

  • I-T Act amendment: Not all cases will be reopened, says Pranab

    Kolkata: The Finance Minister, Mr Pranab Mukherjee, today clarified that the proposed amendments to the Income-Tax Act, 1962 will not mean re-opening all cases going back to 1961-62.

  • Pranab defends I-T Act amendments

    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 Vodfone-type cross-border deals.

  • A weak-kneed govt

    The Railway Budget fracas shows that governance has been reduced to farce. The Railway Budget, after being presented to the Parliament, was so drastically altered that there was no question of the Cabinet accepting it as a joint responsibility. And yet, we mouth phrases like ‘a Budget is the joint responsibility of the Cabinet', and so on.

  • Pranab to rethink excise on unbranded jewellery

    New Delhi: As the countrywide strike by jewellers entered the 12th day, the Finance Minister, Mr Pranab Mukherjee, promised to reconsider the Budget proposal of bringing unbranded jewellery in the excise duty net, and the PAN card issue. He, however, declined to indicate the modality for the reliefs.

  • Soon, buy jewellery for Rs 2 lakh or more on cash without PAN card

    New Delhi: Come July, if you plan to buy bullion and jewellery worth Rs 2 lakh or more in cash and do not have a PAN card, you need not worry. The Income-Tax Department has a solution for it.

  • Fiscal deficit estimates are unconvincing

    The Budget was expected to make some credible fiscal correction and lay out a clear roadmap for fiscal consolidation. It is now accepted that fiscal consolidation has suffered a setback. This article looks into the creative accounting in fiscal correction and the setback to monetary-fiscal co-ordination.

  • More companies in tax net as Govt trebles mop-up in 5 years

    Corporate tax rates have barely changed, but the amount of tax paid by companies on their profits has trebled in five years. How has this happened?

  • Roy rolls back rail fare hike for non-AC, AC chair car, 3-AC

    The new Railway Minister, Mr Mukul Roy, on Thursday announced a rollback of the proposed increase in passenger fares that would have impacted majority of railway passengers -- AC-chair car, AC-three tier, second class and sleeper class segment.

  • Steel prices likely to go up by Rs 1,000/tn

    New Delhi: Steel prices are all set to rise by about Rs 1,000 per tonne by early next month due to recent increase in excise duty and hike in iron ore freight rates, leading firms indicated today.

  • Subsidy outgo is nearly double the Budget estimate

    New Delhi: Rising crude prices and populist schemes have seen the Government's subsidy bill balloon this year.

  • Cong buys truce; agrees to roll back non-A/C fare hike

    The Congress and the All India Trinamool Congress -- coalition partners of the ruling UPA Government -- have reached a temporary truce.

  • Pranab for passage of 4 bills in Budget session

    New Delhi: The government will try to legislate at least 3-4 economic bills in the ongoing session, pushing forward the financial sector reforms, Finance Minister Pranab Mukherjee said today.

  • Quiet freight hike to pull railways out of red

    His fare hike proposals may have turned controversial for political reasons, but what has gone largely unnoticed is Dinesh Trivedi's quiet move to increase freight rates by 20 percent on March 6, days before he presented the rail budget as railway minister.

  • Realty industry has little to cheer from budget

    The latest national budget has given India?s realty sector a short shrift, despite its stated objective to create conditions for growth, focusing on domestic-driven growth recovery.

  • Budget Ups & Downs - Sectors that got a boost...

    Let us fix the Government's financial problems before India Inc's. With the Budget taking this line, India Inc has more to lose from this Budget than gain. But we combed through the proposals and fine print to arrive at three sectors that stand to gain. Of course, we also flag three that are set to lose.

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