ECONOMY & NATION


Moneylife Digital Team 01 March 2016
The government says that 60% of EPF corpus if invested in annuity, no tax is chargeable and salaried employees with monthly income up to Rs15,000 will be kept out of purview of the proposed taxation of EPF   The government’s effort to “bring greater parity in tax treatment of...

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According to Moody's while the budget is moderately positive for most sectors, it is negative for public sector banks   Global credit rating agencies -- Moody's Investors Service (Moody's) and Fitch Ratings -- termed India's fiscal budget for 2016-17 as credit positive for sovereign...

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The salaried class had been shocked by Monday's budget proposal presented by Finance Minister Arun Jaitley that seemed to suggest that 60% of withdrawal from EPF would be taxable   The central government on Tuesday clarified that only some portion of the interest accrued on Employees...

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Biswajit Choudhury (IANS) 01 March 2016
Initial attraction for Africa came from the fact that high cost of land in India and high input costs were making farming unsustainable in India   Indian Agriculture Minister Radha Mohan Singh's call earlier this month asking Indian companies to produce pulses and oilseeds in Africa...

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According to the budget papers, the government has budgeted Rs.5,000 crore under Krishi Kalyan Cess and Rs.10,000 crore under the Swachh Bharat Cess   Union Finance Minister Arun Jaitley is hoping to mop up around Rs.5,000 crore with his new Krishi Kalyan Cess at 0.5 percent on all...

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The move of the People's Bank of China (PBOC), the first of its kind this year, aims to ensure reasonably ample liquidity in the financial system.   US stocks ended lower on Monday after volatile trading, as China's central bank announced a cut in its reserve requirement ratio (RRR)...

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The central government owns seven general insurers - GIC, New India Assurance, National Insurance Company, Oriental Insurance Company, United India Insurance Company, Export Credit Guarantee Corporation and Agriculture Insurance Company of India   The central government may list not...

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The index representing major infrastructure sectors had also recorded growth in December 2015   The industrial output index for India's eight core industries registered growth in January, pushed up by higher coal, refinery products, fertilizers, cement and electricity output, an...

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Moneylife Digital Team 29 February 2016
Business plan to reduce government stake and hit Rs5,000 crore of net profit by 2019   After reporting the second highest ever quarterly loss among all banks, state-run IDBI Bank is reportedly making plans for its survival, including reduction in the government’s stake and taking its...

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IANS 29 February 2016
New Delhi : Declaring financial sector reforms as being one of the "nine pillars" of Budget 2016-17, Finance Minister Arun Jaitley on Monday said a comprehensive bankruptcy code will be enacted and legislation brought in to deal with illicit deposit taking schemes.   "A systemic...

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Moneylife Digital Team 29 February 2016
Given the government's commitment to fiscal consolidation, Nomura believes that the RBI will perceive the budget as a positive event and may go for a 25bp repo rate cut in April with a greater chance of an inter-meeting cut     In the union budget presented on Monday, the Indian...

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IANS 29 February 2016
New Delhi : Focusing on rural economy and infrastructure with minor rebate for small taxpayers but amnesty for defaulters, Finance Minister Arun Jaitley on Monday unveiled a Rs.19.78 lakh crore ($300 billion) budget for 2016-17, earmarking more money for health, literacy and...

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IANS 29 February 2016
New Delhi : Declaring that prudence lies in adhering to fiscal targets, Finance Minister Arun Jaitley on Monday retained the "much awaited figure" of fiscal deficit for the current financial year at 3.9 percent of GDP, and at 3.5 percent for 2016-17.   Presenting the union budget for...

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IANS 29 February 2016
New Delhi : Terming tax disputes as a scourge of tax-friendly regime, Finance Minister Arun Jaitley, presenting the budget for 2016-17 on Monday, unveiled a new dispute resolution mechanism to minimise litigation.   He also said that Income Tax officials will be responsible for higher...

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IANS 29 February 2016
New Delhi : The government would encourage the central public sector enterprises (CPSEs) to divest individual assets like land and manufacturing units to release their asset value for investing in new projects, said Finance Minister Arun Jaitley here on Monday.   "We will encourage...

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IANS 29 February 2016
New Delhi : Continuing government efforts to deal with the high levels of non-performing assets (NPAs), or bad debts, of state-run banks, Finance Minister Arun Jaitley on Monday allocated Rs.25,000 crore towards their recapitalisation in the next fiscal.   He made the announcement...

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IANS 29 February 2016
Ludhiana : Delhi Chief Minister Arvind Kejriwal had a narrow escape on Monday when some men armed with iron rods attacked his car here, coming "within an inch of grievously injuring" him, the AAP said.   Kejriwal, whose five-day tour of Punjab ends later in the day, tweeted that his...

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IANS 29 February 2016
New Delhi : Finance Minister Arun Jaitley on Monday gave relief to small tax payers, nudged the affluent to shell out more while focusing on the rural economy with much higher fiscal outlays, as he presented India's national budget for 2016-17 in the Lok Sabha.   He also said that...

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IANS 29 February 2016
New Delhi : In a major push on infrastructure, Finance Minister Arun Jaitley on Monday announced allocation of Rs.97,000 crore for the roads sector in the union budget for the next fiscal.   This amount includes the Rs.19,000 crore he has allocated for rural roads under the...

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Moneylife Digital Team 26 February 2016
Moneylife Foundation organised an interactive session on deductions allowed under different sub-sections of Section 80 for salaried and self-employed   Many salaried people and self-employed professionals end up incorrect taxes as they are unaware of various deductions and exemptions....

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