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Latest Articles in finance ministry

Tax Filings, Refunds See Huge Surge

More Indians filing tax returns and over 58% growth in tax refunds in past three years augurs well for the economy

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Income Tax Department Extends Response Window On Deposit Details To February 15

The I-T department has extended the date for replying to the queries on cash deposits during the demonetisation period to February 15 and asked people to declare details of cash donations or gifts of Rs 20,000 or more to reduce the chances of further scrutiny

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Ajay Tyagi To Head Capital Markets Regulator Sebi

The government has appointed senior finance ministry official Ajay Tyagi as the chairman of its capital markets regulator for a five-year term

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Finance Ministry Warns Employees Of Action For Criticising Government Policies

The Finance Ministry has warned employees of disciplinary action if they criticise the government or its policies

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GAAR From April 1, To Be Invoked In Fair, Rational Manner: CBDT

The new rules give tax authorities the right to scrutinise and tax transactions which they believe are structured solely to avoid taxes

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Government Considering Regulator For Electronic Payments

With digital transactions gaining traction, the government is mulling setting up of a separate regulator for enabling electronic payment system in the country as well as regulate transaction charges

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RBI Employees Urge Governor To Protect Autonomy

Economists said slow replacement of the bills undermined the RBI's reputation for competence, while some raised doubts about the bank's independence for agreeing to implementation with limited preparation

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Digital Push To Help Small Traders Save Up To 46% In Tax, Says Government

The government has said small traders will be able to save up to 46 per cent in tax by migrating from cash to digital transactions as the decision to tweak the presumptive income norms would reduce tax liability

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Finance Ministry Asks RBI, Banks To Double-check Old Notes Deposit Data

Finance Ministry on Thursday exuded confidence that supply of new currency notes will considerably improve in next 2-3 weeks even as it asked the RBI and banks to "countercheck" the data regarding deposit of now-defunct currency notes to ensure there is no double counting

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Hike In Fares Likely As Railways Mulls Ways To Raise Resources

Train passengers may have to shell out more as Railways is mulling increasing fares in a bid to raise resources after the Finance Ministry rejected its proposal of a special safety fund

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Finance Ministry Asks Departments To Make e-payments For Contracts Over Rs 5,000

The finance ministry on Monday asked all government departments to make electronic payments to suppliers, contractors or institutions if the order value exceeds Rs 5,000

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No Tax On Ancestral Jewellery, Purchase From Disclosed Income

Amendments to the I-T laws do not seek to tax inherited gold and jewellery as also those items that are purchased through disclosed or agriculture income, the government said on Thursday

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State-Owned Firms Resist Pressure To Help Banks With Bad Debt

Steel Authority of India Ltd, the country's biggest steel producer, initially turned down the government proposal, saying its own finances were not up to buying troubled assets from others

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