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 [...]

Income Tax Rates/Slabs for Assesment Year 2012-13 (F Y 2011-12)

The Indian budgetary system has become more transparent over the years, with the government providing significant information on the Budget, a survey has said.
According to the Open Budget Survey 2010, released by the International Budget Partnership, India’s open budget index (OBI) score improved from 53 in 2006 to 67 in 2010. The survey is [...]

The finance ministry denied any plan to change the financial year from April-March to January-December and merge the railway and general budget as reported in a section of the media.
“With reference to a news item appearing in a certain section of the print media, it is clarified that there is no move in the [...]

The Union Budget this year has aimed to focus on inclusive growth. The concerns of common man including Income Tax have gone hand in hand with appreciable measures for improving investment, infrastructure and fiscal consolidation. As the country looks to ‘quickly revert to high GDP growth path’ in the wake of ‘uncertain times’, concerns [...]