Page 83 - Finance Ministry

I-T portal glitch: FM's reprimand of Infy reflects contractual weaknesses

As former finance secretary Sumit Bose pointed out, govt often does not set clear milestones. The penalties, too, are often most difficult to invoke owing to a 1987 SC ruling

FinMin regularly tracking resolution of tax portal bugs with Infosys: CBDT

Board rolls out statistics to prove the problems on the portal are being addressed

India's fintech market to triple to Rs 6.2 trn by 2025: MoS Finance Karad

The govt's various initiatives have led to fast growth in the fintech sector, which is likely to triple to Rs 6,20,700 crore in value terms by 2025, Minister of State for Finance Bhagwat K Karad said

Faceless assessment: Rules for authentication of e-records submission eased

The finance ministry on Tuesday said electronic records submitted through registered account of taxpayers in the income tax portal shall be deemed to have been authenticated by the taxpayer by EVC

At FSDC meet, regulators told to keep a watch on financial sector

Officials stress need to strengthen resolution framework for financial institutions

India, UK agree to be ambitious on services deal in FTA negotiations

Pointing out that services make up 71% of UK's GDP and 54% of India's, the statement released after India-UK dialogue said both countries recognise importance of services in their economies

FinMin notifies rules for calculating taxable interest in PF account

The finance ministry has notified rules for calculation of taxable interest on employee contributions to provident fund of over Rs 2.5 lakh per annum. In her Budget for 2021-22, Sitharaman had capped the tax-free interest earned on provident fund contribution by employees and employers together to a maximum of Rs 2.5 lakh in a year in an attempt to dissuade high earners from parking their surplus in what is supposed to be the common man's retirement fund. The Central Board of Direct Taxes (CBDT) on Wednesday notified rules for calculating taxable interest in provident fund. It said for the sake of calculation, separate accounts within the provident fund account shall be maintained beginning 2021-22 for taxable and non-taxable contributions made by a person. Nangia & Co LLP Partner Shailesh Kumar said the notification issued by CBDT has finally put to end the ambiguity which arose with the introduction of taxation of interest on provident funds with contribution above the specified

Judicial reforms for strengthening contract enforcement next focus: Sanyal

Weak contract enforcement is the "single biggest hurdle" for economic growth and Narendra Modi government will be focusing on legal and administrative reforms, a senior finance ministry official said

Experts say govt driving capex even as FinMin praises private sector

Experts believe that investments are down and driven by government, PSUs

Conclude loan guarantee scheme for medical infra in non-metros in time: FM

Finance Minister asked all stakeholders to conclude Rs 50,000 cr Loan Guarantee Scheme for Covid-Affected Sectors in time to deal with any future third wave

Finance Ministry releases Rs 13,386 cr to 25 states as grant to RLBs

The Finance Ministry on Tuesday said it has released about Rs 13,386 crore to 25 states for providing grants to rural local bodies (RLBs).

Deadline for making payments under Vivad se Vishwas scheme pushed to Sep 30

The ministry had in June extended the deadline for making payments under the scheme till August 31

FM promises Rs 1,300 crore development package for Tripura tribal areas

Sitharaman said the Rs 1300-crore project with World Bank funding would ensure an all-round development in the Tribal areas

Govt selects 10 banks to manage LIC IPO to raise up to Rs 90,000 cr: Report

A ministerial panel, called the Alternative Mechanism on strategic Divestment, is expected to decide soon on the size of the stake to be sold.

The e-governance mess

Govt's digital push founders on complex, buggy portals

FinMin exploring insurance bonds as alternative to bank guarantees

The government is considering to introduce insurance bonds as an alternative to bank guarantees, Finance Secretary T V Somanathan said here on Tuesday.

FM Sitharaman gives Infosys September 15 deadline to fix I-T portal snags

The summon to Parekh was triggered by inaccessibility of the portal during the weekend due to some maintenance activities

Govt expects Rs 39,832 cr from sale of power generation assets by FY25

Government's think tank NITI Aayog has valued state-owned power generation assets at Rs 39,832 crore which can be monetised by the financial year 2025

FM Nirmala Sitharaman to start two-day visit to Mumbai from Tuesday

Union Finance Minister Nirmala Sitharaman will be visiting the financial capital for two days starting on Tuesday to meet key stakeholders.

FinMin summons Infosys chief Salil Parekh over bugs in income tax portal

Taxpayers have since faced numerous problems accessing and using the portal since the day of its launch