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Tags : "Finance Ministry"

Taxpayers need not disclose high-value transactions in ITR

NEW DELHI: Taxpayers would not need to mention their high-value transactions in their income tax returns, said officials in the know of the matter, but added that broadening the scope of reporting financial transactions by third parties had become vital since taxation was moving towards a faceless approach. “There is no such proposal to modify […]Read More

Action against risky exporters who attempted to claim Rs 2,020

Stern action would be taken against risky exporters that have attempted to claim Rs 2,020 crore integrated goods and service tax refunds, said finance ministry officials aware of the matter, noting the rise in cases where exporters were not traceable. The number of untraceable risky exporters has gone up to 1474 as on date, which […]Read More

I-T dept disposes 7,116 assessments under first phase of faceless

New Delhi: The Income Tax department has disposed of 7,116 cases under the first phase of faceless assessment system, an official source said. Since its launch on October 7, 2019 and implementation of first phase, faceless scrutiny assessment scheme has provided for assessment of income tax in electronic mode, where taxpayers need not see face-to-face […]Read More

India plans to raise $2.7 billion selling stakes in two

By Siddhartha Singh India is considering a plan to raise as much as Rs 20,000 crores ($2.7 billion) by selling stake in the world’s largest coal producer, and a bank to fund a stimulus program aimed at boosting the virus-battered economy, officials with knowledge of the matter said. The proposal involves a share sale depending […]Read More

India has flattened Covid curve, green shoots have emerged: Finance

India has flattened the Covid-19 curve to a great extent with early containment measures, a finance ministry report has said, and ‘green shoots’ have emerged after the restrictions were lifted. “These green shoots have a conducive policy environment to grow further and nudge the economy early on the path of economic recovery and growth,” the […]Read More

Govt defers EOI deadline for Air India divestment to August

Mumbai: The government has,for the third time this year, deferred the deadline for submission of expressions of interest for Air India by two months to August 31. Intimatation to qualified bidders will now be sent on Sept 14 instead of July 14, said a notification from the Department of Investment and Public Asset Management (DIPAM), […]Read More

Finance Ministry proposes restriction on foreign investment in pension funds

New Delhi: Amidst growing tension between India and China, the finance ministry on Friday proposed putting restrictions on foreign investment in pension funds from any of India’s bordering countries. Foreign investment in pension funds regulated by the Pension Fund Regulatory and Development Authority (PFRDA) is capped at 49 per cent with automatic route. According to […]Read More

Finance Ministry asks banks to cut costs

No new cars, no interior decoration items, no refurbishment of guesthouses, and reduced entitlements and prerequisites for furniture and rent on housing, the finance ministry on Wednesday issued a stern diktat to public sector banks (PSB) to defer ‘avoidable’ expenditure until the next fiscal. The ministry has directed PSBs to place its order on spending […]Read More

Gold imports by India tumble for a second month on

By Shruti Srivastava and Swansy Afonso Gold imports by India slumped by about 99% for a second straight month in May, disrupted by restrictions to control the coronavirus outbreak in the world’s second-biggest consuming nation. Inbound shipments fell to 1.3 tons last month from 105.8 tons a year earlier, according to a person familiar with […]Read More

Need to use resources prudently in COVID-19 crisis, don’t initiate

NEW DELHI: The finance ministry has asked all ministries and departments not to initiate any new scheme in the current financial year and said that there is a need to use resources prudently in the wake of the COVID-19 crisis. However, funds for schemes under the Pradhan Mantri Garib Kalyan Package, the Aatmanirbhar Bharat Abhiyan […]Read More