Government to begin a pilot project in four districts of Odisha this kharif harvest.
Moots startup-friendly and less-complicated regime for businesses, revamp of I-T Act.
The new index will take into account significant change in the consumption basket over the past three decades.
The Task Force to rewrite the decades-old Income Tax Act, 1961 has submitted its report to Finance Minister Nirmarala Sitharaman, sparking hopes of a simpler tax law with an easier compliance burden and friendly tax administration. Panel convenor Akhilesh Ranjan, member of apex tax policy-making body Central Board of Direct Taxes (CBDT), submitted the report after missing two deadlines. But the government has not made the report public with official sources saying that it would first study it before putting it in public domain for feedback.
Payments companies and banks that ET has spoken with said that no clarification has been issued by the centre yet on the implementation of the move since the announcement in July.
The green channel concept would allow for an automatic system for speedy approval of combinations subject to certain conditions.
Urban Affairs Secretary said the Real Estate (Regulation and Development) Act 2016 has brought respect and value to this sector, which was earlier unregulated and known for blackmoney.
Sitharaman said the corporate tax reduction for the rest of corporates would be gradual. She did not give a timeframe for the reduction.
Housing Secretary Durga Shanker Mishra said that discussions are on to use a stress fund to deal with the financial difficulties being faced by various infrastructure segments.
As RBI Governor Shaktikanta Das held forth on the current lean patch of the economy at a FICCI event today, he gave India a rarely used, Tharooresque term to talk about: Panglossian. "Mood of doom and gloom is not going to help anyone. I am not saying we maintain a Panglossian outlook and smile at everything — I don’t expect people to smile away difficulty — but a mood of doom and gloom will not help anyone," Das said.
Raghuram Rajan said "a fresh set of reforms" are now needed to boost the economy and growth rate.
The task force was supposed to submit its report by May 31, but the then finance minister Arun Jaitley gave two months extension to complete the exercise.
A mood of doom and gloom will not help anyone at this point, Shaktikanta Das said.
A liquidity squeeze that began with repayment defaults by IL&FS began a downward cycle in the economy
Launched in September last year, the schemes intend to reach nearly 50 crore people from 10.74 crore ‘deprived’ families selected on the basis of SECC data.
Now, after the amendments in the Aadhaar Act and PMLA, and Telegraph Act, on a voluntary basis, a person can open a bank account, a mobile connection or a mutual fund or open a demat account after Aadhaar authentication.
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