India is considering allowing newprivate sector banks, including by industrial houses, and aroadmap for the same could be announced in the annual UnionBudget to be presented later this month.
While the formal and final guidelines would be announcedby RBI on who should be allowed to set up new banks and whatshould be the terms and [...]

Finance Minister Pranab Mukherjee  discussed the economic situation with financial sector regulators, including Reserve Bank of India Governor and Sebi chief, and sought their inputs for the 2011-12 budget that will be unveiled on February 28.
This was the second meeting of the high-level Financial Stability and Development Council (FSDC) within a month. The first [...]

Ahead of the Budget 2011-12, Finance Minister Pranab Mukherjee on Tuesday said the government is conscious of concerns regarding infrastructure development and investment in research and development (R&D). “The government is conscious of two major concerns relating to the pace of development of infrastructure and investments in R&D,” Mukherjee said while addressing India Inc [...]

Finance Minister Pranab Mukherjee today asked Income Tax (I-T) officials from across the country to maximise tax collections as he talked to them through video conferencing from the national capital.
Mukherjee addressed the Chief Commissioners of Income Tax (CCsIT) and other senior I-T officials in 48 cities from office of the Chairman of Central Board [...]

Saddled with huge tax arrears of Rs 2,50,000 crore — more than half of the total tax collection projected for 2010-11 — finance minister Pranab Mukherjee is likely to introduce in the forthcoming Budget some major changes in direct tax laws that could help in swift recovery of a significant portion of the arrears.
The [...]

Finance minister Pranab Mukherjee said that he would begin consultations with the industry from the first week of the next year for the budget to be presented on February 28.
“Let us wait for the D day. Let us wait for February 28,” Mukherjee said at the Business Leader Awards of private news channel CNBC [...]

The Cabinet on Wednesday approved a capital infusion of Rs 6,000 crore into public sector banks, in addition to the Rs 15,000 crore allocated in the Union Budget. The funds would be used to bolster the capital base of the state-owned players to help them meet lending needs. Following the infusion , the government [...]

1. Income-tax, in India, is a tax payable, annually, at the rate enacted by the Indian Union Budget (Finance Act) for every Assessment Year, on the Total Income earned in the Previous Year by every Person.
2. The chargeability is based on the nature of income, i.e., whether it is revenue or capital. The principle [...]