The government on thursday extended the term of the 13th Finance Commission by three months to Jan 31 next year.
The Commission, headed by former finance secretary Vijay Kelkar, was earlier required to submit its report by 31 October.
The commission had sought an extension as it could not complete its deliberations on account of the [...]

Finance Minister Pranab Mukherjee on  admitted that he had taken a risk while presenting the Union Budget to curb negative growth.
Speaking at the India Today State of the States Conclave, the minister also called for states to do their bit in UPA’s quest for inclusive growth.
The finance minister said that while inclusive growth was [...]

Remitting your property tax has just got easier: the Chennai Corporation launched a system under which payment could be made using GPRS-enabled mobile phones. Launching the service, Mayor M. Subramanian said the civic body had introduced several modes of payment to improve property tax collection. The initiatives had proved beneficial, with the collection improving [...]

* To remove Fringe Benefit Tax
* Surcharge of 10% on personal income tax removed
* No change in Corporate taxes
* Propose to phase out surcharge on Direct Taxes
* States agree on basic structure of Goods and Services Tax
* Commodity Transaction Tax scrapped
* To create Alternate Tax disputes resolution mechanism for foreign companies
* Software Technology Parks [...]

* Scope of presumptive taxation to be extended to all small businesses with a turnover upto Rs. 40 lakh. All such taxpayers to have option to declare their income from business at the rate of 8 percent of their turnover and simultaneously enjoy exemption from the compliance burden of maintaining books of accounts. As [...]