Govt to divest CIL, ONGC, SAIL by end of Jan 2015. However, a final decision is not yet taken on Concor, PFC, REC, MOI

Govt to divest CIL, ONGC, SAIL by end of Jan 2015 | Business Standard News

Business Standard

New Delhi, November21The wait forforeign fund managers' with Permanent Establishment in India to get tax reliefon their global income may get longer as the Income Tax department will makethe necessary amendments only in the next Budget.The proposalto treat their business income as capital gains was part of capital marketreforms announced by Finance Minister Arun Jaitley in Budget 2014-15. "Changes inthe Income Tax Act which will treat the fund managers' income as capital gainsinstead of business income, is now likely to be a part of the next budget,"said a finance ministry official who did not wish to be identified.So far, anysuch income has been treated as business income, which can attract tax of up to30 per cent. Short term capital gains, for equity and mutual fund assets heldfor less than one year attracts a 20 per cent tax, while long term capitalgains for the same attracts no tax."The aim inJuly was to notify the changes in the Income Tax Act after the budget. However,despite rep

Fund managers to wait tilll next Budget for tax clarity

But finance ministry maintains all KYC requirements will be followed

Black money concerns over relaunched Kisan Vikas Patra

To be within fiscal deficit target, described as 'sacred', another Rs 40,000 cr of spending squeeze looks inevitable

Jaitley might need to cut wide, deep to reach fiscal deficit target

Acommission headed by former Reserve Bank governor Bimal Jalan will suggest the Centre should not carry over pending expenditure to subsequent years to make the fisc look healthier.The expenditure management commission is studying schemes, programmes, acquisitions and projects where the government spends money and will suggest ways to reduce administrative and implementation costs in its interim report to the Finance Minister Arun Jaitley after the winter session of Parliament."The brief is not to look at where the taxpayer's money is being spent, but how efficiently it is spent," said a senior official aware of the commission's deliberations. "The panel is looking at how the sum allocated can be spent in the most cost-effective way," he added.The commission is focusing on the delivery mechanism of programmes, the technology used and accounting methods. It is not only looking at welfare schemes and defence acquisitions, but also how salaries and pensions are disbursed and how the gover

Reform panel against govt expenditure carry-forward

EMC to closely examine all govt schemes, spending itemsTo suggest ways to reduce admin, implementation costsTo examine IT and accounting systems of govtPanel to submit report after winter sessionNew Delhi, Nov 10The expenditure management commission (EMC), headed byformer Reserve Bank governor Bimal Jalan, is closely studying various governmentschemes, programmes, acquisitions and projects wherein the government isspending money and will suggest ways to reduce administrative and implementationcosts in its interim report.The commission, which will submit its interim report to theFinance Minister Arun Jaitley after the upcoming winter session of Parliament,will also suggest that the centre should not carry forward pending expenditure ina year to subsequent fiscals in order to show a healthier expenditure or fiscaldeficit. "The EMC's brief is not to look at where the taxpayer'smoney is being spent, but how efficiently it is spent," said a senior officialwho is aware of the EMC's deliberat

Arup Roychoudhury

Arup Roychoudhury

Page 56 - Arup Roychoudhury

Govt to divest CIL, ONGC, SAIL by end of Jan 2015

Fund managers to wait tilll next Budget for tax clarity

Black money concerns over relaunched Kisan Vikas Patra

Jaitley might need to cut wide, deep to reach fiscal deficit target

Reform panel against govt expenditure carry-forward

Expenditure panel to push for admin, operational cost reductions