Page 19 - Finance Ministry

Group representing business correspondents seeks raise, writes to govt

Model is critical for financial inclusion but commissions have not been revised 'in a decade'

Over 3.5 mn I-T audit reports filed on e-filing portal up to Oct 7: FinMin

The finance ministry on Wednesday said more than 34.84 lakh audit reports, including about 34.09 lakh Tax Audit Reports (TARs), have been filed for assessment year 2024-25 on the e-filing portal till October 7. The income tax department had extended the date for filing the audit report from September 30 to October 7. There is an increase in the filing of TARs for the AY 2024-25 by around 4.8 per cent compared to the filings of TARs on the due date for AY 2023-24. "To assist taxpayers, the department conducted extensive outreach programmes through emails, SMSs, webinars, social media campaigns and messages on the Income Tax portal to create and raise awareness among the taxpayers about filing TARs and other audit forms by the due date. Various user awareness videos were uploaded on the Income Tax portal to provide guidance," the ministry said in a release. It further said that these concerted efforts have been helpful to taxpayers and tax professionals in timely compliance in filing

CBDT forms an internal committee for full review of Income-Tax Act

Public feedback invited to help make the Act concise and easy to understand

Finance ministry releases new norms for handling delayed tax refund claims

You will no longer need to approach higher authorities even if the tax amount increases

Govt announces 3 new external members ahead of key RBI MPC meet

Govt appoints Ram Singh, Saugata Bhattacharya, and Nagesh Kumar as new external members of RBI's Monetary Policy Committee

Pickup in public expenditure may keep growth steady: Finance ministry

The review released on Thursday said that the risk of market correction has risen amid a boom around the world, and if this risk materialises, the spillover effect may be felt globally as well

Finance ministry's pre-Budget meetings to commence from October 10

The finance ministry will commence from October 10 its pre-Budget meetings with review of six ministries and departments, including new & renewable energy and skill development & entrepreneurship. The meetings, which will continue through November 11, are being held to firm up budgetary allocations for 2025-26 and finalise the revised estimates for the current fiscal year. On the last day, Ministry of Railway and Department of Health and Family Welfare will be discussed. The Union Budget 2025-26 is expected to focus on reforms to further accelerate growth and implement measures to boost job creation and economic demand. "Pre-budget meetings chaired by Secretary (Expenditure) shall commence in the second week of October 2024. Financial Advisers shall ensure that necessary details...are properly entered in UBIS (Union Budget Information System) before/latest by October 7, 2024," the Budget circular 2025-26 issued by Department of Economic Affairs said. It will be the second ...

SC discarded 573 tax cases post-revision in appeal filing: Finance ministry

The finance ministry on Tuesday said the Supreme Court has disposed of 573 direct tax cases after the monetary limits for filing appeals were revised in the Budget. The Union Budget 2024-25 provided for an enhanced monetary limit for filing appeals related to direct taxes, excise and service tax in the tax tribunals, high courts and the Supreme Court and the limits were increased to Rs 60 lakh, Rs 2 crore, and Rs 5 crore, respectively. "The Hon'ble Supreme Court today disposed of 573 direct tax cases where the tax effect is less than Rs 5 crore, in view of the revised monetary limit of filing of appeals," the finance ministry said. This significant milestone aligns with the government's efforts to reduce tax litigation and promote ease of doing business, it added. As a result of these revised limits, it is estimated that about 4,341 cases will be withdrawn from various judicial forums over the course of time. This includes ITAT: 717 cases, high courts: 2,781 cases and Supreme Court

No way victim shaming was done: FM Sitharaman on row over EY remark

The finance minister said that she had specifically mentioned that after clearing a demanding and rigorous examination such as CA, the stress on her was unbearable

Finance Ministry urges DRTs, banks to expedite loan recovery processes

FinMin calls on DRTs to engage borrowers in smaller cases outside tribunals to alleviate pendency burden

Avail finance ministry's services to boost business: FM to fisherfolks

Urging the fishing community to avail the benefits offered through the Kisan credit card, Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Sunday said it would help boost their trade. At a BJP membership drive here, Sitharaman said members of the fishing community who's applications were rejected by banks and financial institutions, may approach her for redressal. Prime Minister Narendra Modi felt the need for a separate department to address the issues related to fisheries and therefore, a dedicated department has been set up, she said in her address. "There are a lot of schemes for the welfare of the fishermen and they can avail term loan facilities to grow their businesses." Pointing out that a dedicated Kisan Credit Card was launched by the Centre to serve farmers' community, PM Modi suggested that a similar mechanism be developed to serve those who have been traditionally engaged in ocean farming along India's coastline for several years, Sitharaman said. "It

Finance ministry asks banks to set up oversight mechanism for pending DRTs

The Finance Ministry on Saturday asked banks to put in place effective monitoring and oversight mechanisms for efficient management of pending cases in Debt Recovery Tribunals (DRTs). Financial Services Secretary M Nagaraju, who chaired a meeting with chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery of Tribunals (DRTs) also discussed some of the best practices followed in DRTs. It has been emphasied that some of the best practices can be adopted across DRTs for better outcomes, an official statement said. During the meeting it was also deliberated that banks should clearly define the policy for small and high-value cases pending in DRTs for optimising the recovery and all stakeholders should work collectively to reduce pendency and take effective measures for optimisation of recovery. Faster recovery would help in ploughing back the capital stuck in pending cases to the economy for productive use, it said. While formulating settleme

Finance ministry notifies direct tax Vivad Se Vishwas Scheme, 2024

Though the scheme's operational date has been announced, the final date for the scheme is yet to be determined

India to adopt nuanced approach to deal with at risk NPOs after FATF report

India on Thursday said it will adopt a "nuanced" approach to deal with "at risk" non-profit organisations (NPOs), an issue raised by the global crime watchdog FATF in its report which has otherwise appreciated India for its efforts to tackle terror financing and money laundering. Additional Secretary (Revenue), Finance Ministry, Vivek Agarwal said India has excelled on 6 'immediate outcomes' of the Financial Action Task Force (FATF), including in risk, policy and coordination, international cooperation, financial intelligence, confiscation and proliferation financing. On the five other parameters, including abuse of NPOs and terror financing sanctions, as well as prosecution of money laundering and terror financing cases India has got a medium rating. As regards the abuse of NPOs for terror financing, Agarwal said the scope for NPOs being misused is very less in India because there is a cap on cash donations. "We were trying to make a case that regulatory framework is good enough..

Banks to play major role in making India developed by 2047: FM Sitharaman

Finance Minister Nirmala Sitharaman on Thursday said the banking sector will have to play a crucial role in driving the agenda of making India a developed nation or Viksit Bharat by 2047. The Finance Minister was speaking at an event here to mark the 90th Foundation Day of the Bank of Maharashtra, a public sector lender. "Banks will have to play a crucial role in driving the agenda set by the Prime Minister and by your role, we are going to give greater momentum to achieving this dream," she said. Sitharaman said banks will be required to give strong momentum to the infrastructure sector, ensure the availability of need-based funding to MSMEs, bring unbanked population under the ambit of formal banking channels, and help increase insurance penetration. She noted that technology is changing the banking landscape as it provides a secure and easy-to-navigate digital banking experience to all customers. However, she added that "you (banks) cannot have a digital system which somewhere

India's economic growth stands out globally, says FM Nirmala Sitharaman

The scheme is an extension of the already existing NPS to children. In the last 10 years, NPS has gained 1.86 crore subscribers, with Assets Under Management (AUM) of Rs 13 trillion

Sitharaman launches NPS Vatsalya, parents can open pension a/c for children

Finance Minister Nirmala Sitharaman on Tuesday launched the NPS Vatsalya scheme, which will allow parents to save for their children's future by investing in a pension account. Parents can subscribe to NPS Vatsalya online or visiting a bank or post office. The minimum contribution to open Vatsalya account is Rs 1,000. Subscribers will have to contribute Rs 1,000 annually thereafter. The guidelines for withdrawal from NPS accounts are being finalised. Launching the scheme, Sitharaman said NPS has generated very competitive returns and offers the option to people to save while ensuring future income. NPS Vatsalya is an extension of the already existing NPS to children. In the last 10 years, NPS has 1.86 crore subscribers with an Asset Under Management (AUM) of Rs 13 lakh crore. Children below the age of 18 years can open NPS Vatsalya account, which will automatically get converted to regular NPS account on completion of 18 years of age. Pension will come from the account only upon

Electronics sector to discuss tariff, reforms with PMO, finance ministry

The electronics manufacturing sector will hold meetings with the Prime Minister's Office (PMO) and the Ministry of Finance to discuss '$500 billion by 2030' goal

Sebi withdraws statement blaming 'external elements' for employee protests

Sebi on Monday retracted its statement that "external elements" were behind employee protests against its work culture. The regulator emphasised it will handle the issues internally

Govt to pay MTNL's bond interest payment again, say DoT officials

But the government is unwilling to pay for loans taken by MTNL, say sources