Government of India working on New Income Tax Act
The Finance Ministry’s Revenue Department is expediting a comprehensive review of the Income Tax Act of 1961 to simplify and condense it by removing up...
Tag : Finance ministry
Gross Direct Tax Collections Surged by 21% to Rs 12.01 Lakh Crores, April-Mid Sept Data
India’s gross direct tax collections for 2024 showed significant growth, with a 21.48% increase as of September 17, 2024. The surge in Securities Transaction Tax...
Petrol and Diesel Prices may Reduce on Global Crude Rate Cuts: Petroleum Secretary
If global oil prices stay low, petrol and diesel prices may be cut in India. This relief is much needed as current prices encourage inflation...
Finance Ministry: Not All Residents Leaving India Require Tax Clearing Certificate
The Finance Ministry clarified that not all residents leaving India need tax clearance certificates. This requirement applies only to specific cases under the Income Tax...
Finance Ministry Announced Additional Tax Devolution Of Rs 1.39 Lakh Crores For June 2024
In June, the central government devolved Rs 1.39 lakh crore to states as part of its tax revenue. Devolution involves delegating financial resources and decision-making...
International Credit Card Payments Up to Rs 7 Lakh Excluded from TCS, Govt Clarifies
International debit and credit card transactions of up to Rs 7 lakh per financial year will be excluded from the limits of the Liberalised Remittance...
India’s $1 Trillion Bond Market Sees Rising Influence of Insurers
Rising public wealth in India is causing a major shift in its $1 trillion sovereign bond market. Their savings through life insurance companies, provident funds...
Union Budget 2023: Divestment Target Sets at Rs 51,000 Crore in FY24
According to a budget paper released by the finance ministry, the government has set a target of Rs 51,000 crore through the divestment pathway for...
Finance Ministry Asks Banks to Increase Credit Flow to Aspiring Districts
On Friday, the finance ministry asked state banks to further increase credit penetration in all 112 desirable districts across the country and ensure that all...
Finance Ministry Finalises Framework for Sovereign Green Bonds
According to people familiar with the matter, Finance Ministry has finalised the framework for issuing sovereign green bonds that meet global standards. The government intends...