9 lakh firms not filing tax returns being monitored: Revenue Secretary

The government is closely monitoring around nine lakh registered companies that had stopped filing annual tax returns with the Corporate Affairs Ministry after their registration, Union Revenue Secretary Hasmukh Adhia said on Saturday.

"Out of 15 lakh registered companies, only six lakh are filing annual income tax returns. Eight to nine lakh companies stopped filing any returns

India to be voluntary tax compliant society: Arun Jaitley

Indicating greater compliance measures from government agencies in the days ahead, Finance Minister Arun Jaitley on Saturday said that India will be moving towards becoming a voluntary tax compliant society.

"We are moving from a developing state to a developed state. As we move from a developing economy to developed economy, we will also be moving to a voluntary tax compliant so

Banks need to raise private capital to deal with bad loans: RBI

The mounting problem of bad loans of banks cannot be resolved by their simple recapitalisation and options like raising private capital for state-run banks need to be considered to deal with the issue, the RBI said on Friday.

"I wish to propose that we deal with the ailing public sector banks in creative ways instead of just propping them up with state aid," said Reserv

To grow rapidly, India needs to embrace digitisation: NITI CEO

Digitisation is the future of the manufacturing market and India needs to embrace this change if it wants to grow rapidly, NITI Aayog CEO Amitabh Kant said on Friday.

At the Confederation of Indian Industry's Annual Session, Kant said while it took 150 years for Britain to double its per capita income, China did it in just 12 years "on the back of manufacturing". 

Centre can't, but states can tax farm income, says CEA

Restoking the debate on the politically sensitive issue of taxing agriculture income, Chief Economic Adviser (CEA) Arvind Subramanian on Friday said that states have no constitutional restriction on taxing farm incomes.

"The legal situation is nothing prevents state governments from taxing agriculture income. The constitutional restriction is on central government taxing agricult

Online demand for 8.97 lakh houses received in Haryana: Venkaiah Naidu

Union Urban Development and Housing Minister Venkaiah Naidu said on Friday that online demand for 8.97 lakh houses had so far been received under the Pradhan Mantri Awas Yojana (Urban) in Haryana.

"Faster and all-round, inclusive development is our motto to build a New India. The country is witnessing a new environment of aspiration and development," Naidu told media here.

India's Forex reserves surge by $1.25 bn

India's foreign exchange (Forex) reserves rose by $1.25 billion as on April 21, 2017, official data showed on Friday.

According to the Reserve Bank of India's weekly statistical supplement, the overall Forex reserves increased to $371.13 billion from $369.88 billion reported for the week ended April 14.

India's Forex reserves comprise of foreign currency assets (

GST to push India's growth but bad loans still a problem: IMF

The ambitious Goods and Services Tax to be implemented from July 1 would help raise India's medium-term growth to above eight per cent, the IMF has said, but expressed concern over the health of the country's banking system. Observing that India is the "fastest growing emerging market economy" in the region, Tao Zhang, Deputy Managing Director of the International Monetary Fun

PE investments fall to 33-month low at $2.1 bn

Private equity investments in the first quarter of this year fell to nearly 3-year low of USD 2.1 billion in the absence of big ticket deals, says a report as per the PTI.

According to the assurance, tax and advisory firm, there was a decline both in terms of value as well as volume of deals and PE investment values dropped to the lowest level in the last 11 quarters. There were 192 P

FIPB abolition in final stages: Finance Minister

Abolition of the 25-year-old Foreign Investment Promotion Board (FIPB) is in the final lap and this will set the stage for more reforms in the FDI policy, Finance Minister Arun Jaitley said as per the PTI report.. He also said some "tough steps" are required so that India increasingly becomes a tax-compliant society.

Jaitley had in his Budget for 2017-18 proposed abolition o

Arun Jaitley promises no surprises in GST rate fixation

Finance Minister Arun Jaitley today promised not to spring any surprises in fixing tax rates under the new GST regime, saying they will not be "significantly different" from current levels. He, however, said companies should pass on to consumers the benefit of reduction in taxes under GST which will eliminate the current compounding effect of different central and state levies.

Cyprus seeks Indian investments to enhance ties: Nicos Anastasiades

President of the Republic of Cyprus urged Indian industry to invest in the country`s key areas including banking and finance, shipping and transportation, education, science and technology, pharmaceuticals, renewable energy and tourism in order to stimulate trade and investments between the two countries said at `India –Cyprus Business Session` jointly organized by ASSOCHAM, CII and FICCI

India in advanced stages of formulating defence mfg policy: Finance Minister

India is in the advanced stages of formulating a policy to encourage domestic defence manufacturing and cut import of combat planes, ships and submarines, Union Minister Arun Jaitley said. Addressing the annual meeting of CII here, Finance Minister Jaitley, who holds additional charge of the Defence Ministry, said the focus would be on technological tie-ups to help India become a "manufact

Government taking steps to reduce patent examination time: Minister

The Indian Government has said that it is taking steps, including hiring more manpower, to reduce the patent application examination time to 18 months by March next year. As per reports, at present, it takes about 48 months for the first stage of examination of a patent application.

Commenting on the issue, Commerce and Industry Minister Nirmala Sitharaman told the media, “The m

Indian markets to outperform its EM peers: Deutsche Bank

A report has said that the Government expenditure is likely to accelerate over the next two years and the Indian equity markets are expected to outperform its emerging market peers driven by pro-growth government policies.

According to Deutsche Bank's India Equity Strategy Report, the final two years of every national government since the Narasimha Rao administration in 1991, have

Government deliberating on fiscal year change

Government is deliberating on a possible change in financial year to January-December from April-March at present and a decision would be taken after a "cost-benefit" analysis, a top finance ministry official said according to the PTI report.

Prime Minister Narendra Modi had in the NITI Aayog Governing Council meet earlier in the week urged the states to take initiative to s

Risk management: RBI asks banks to frame policy on CRO

The Reserve Bank has asked banks to lay down a policy defining responsibilites and fixed tenure of the chief risk officer as it seeks to bring uniformity in risk management system of lenders, reported PTI. As part of effective risk management, banks are required to have a system of separation of credit risk management function from the credit sanction process.

"However, it is obs

Niti pegs GDP to grow 8%; bats for agri, tax reforms

Niti Aaytog has exuded confidence that India will get back to over 8 per cent growth as it proposed a host of reforms, including reduction in corporate tax to 25 per cent and uniform import duty at 7 per cent, reported PTI. The three-year draft action agenda released by the Aayog today stressed on reforms in taxation, agriculture and governance, among others with a view to accelerate the all- r

CAIT to launch campaign for promoting digital payments

Traders body CAIT said it has joined hands with HDFC Bank, MasterCard and Tally Solutions to launch a national campaign for promoting digital payments to enable a seamless transition to the Goods and Service Tax (GST) regime, reported PTI. Confederation of All India Traders (CAIT) said through this association, "We aim to educate and equip non-corporate entities for successful adoption of

Government expenditure likely to accelerate over next 2-years: Report

Government expenditure is likely to accelerate over the next two years and the Indian equity markets are expected to outperform its emerging market peers driven by pro-growth government policies, says a report according to the PTI. According to Deutsche Bank's India Equity Strategy Report, the final two years of every national government since the Narasimha Rao administration in 1991, have

Government extends service tax return filing date to Apr 30

The Centre has extended the last date for filing service tax return by five daysto April 30, in a relief to lakhs of service providers, reported PTI. "The CBEC hereby extends the date for submission of form ST-3 for the period from October 1 to March 31, 2017, from April 25 to April 30, 2017," the apex policy making body of the indirect tax department said in an office order. Every re

RBI sets rupee reference rate at 64.1141 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.1141 against the US dollar and 69.8908 for the euro. The corresponding rates were 64.0013 and 70.0430 on yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.5854 and 57.60 per 100 yens, respectively, based on reference rates for the dollar and cross-currency q

Indian cos optimistic on spending, investing in 2017: Survey

Driven by positive economic sentiment, Indian companies are confident about increasing spending and investment to support topline growth while improving profitability this year, a survey says. Around 67 per cent of Indian executives are positive about moderate spending and investment and financial executives are expected to spend more than last year on labour/headcount, hardware and infrastruct

RBI to circulate new10 rupee coins: Reports

The Reserve Bank has said that it will soon put into circulation new Rs 10 coins that have been minted to commemorate 125th year of National Archives of India. As per reports, the central bank will also put into circulation new Rs 5 coins to celebrate 150th anniversary of Allahabad High Court.

Commenting on the issue, a RBI Official told the media, “On the reverse of the coin, t

India to join Eurasian Economic Union under FTA

India is set to join the Eurasian Economic Union by signing free trade agreement to boost trade ties, Kazakhstan Ambassador Bulat Sarsenbayev said as per the PTI report. "India is going to join the Eurasian Economic Union which includes Belarus, Kazakhstan, Russia, Armenia and Kyrgyzstan in the form of an FTA (Free Trade Agreement)," Sarsenbayev said at a conference organised here by