Budget News

Updated : Feb 28, 2014

Tax concessions for life insurance sector likely in Budget 2013

Life insurance policyholders can look forward to more tax concessions in Budget 2013 as the finance ministry is considering a proposal to do away with service tax on first premium and create separate exemption limit for pension schemes.

Finance minister P. Chidambaram with RBI governor D. Subbarao in New Delhi on Friday. Chidambaram hoped that RBI will consider the fiscal consolidation path shown in the Budget while taking a call on interest rate in its coming policy review on March 19.

Updated : Mar 21, 2013

Chidambaram stands his ground on service tax

Finance minister P. Chidamabram has ruled out rollback of the budgetary proposal that aims to empower taxmen to arrest those guilty of not paying service tax exceeding Rs 50 lakh arguing that it is a step not against the consumer but the tax evader.

Finance Minister P Chidambaram. PHOTO: PTI

Updated : Mar 4, 2013

Post-Budget 2013: Chidambaram stands by decision to hike duty on SUVs

The finance minister in his post-Budget meeting with industry captains also assured them of more decisions, mainly on indirect taxes, to be announced during the course of debate on the Budget and Finance Bill in Parliament.

Updated : Mar 4, 2013

Chidambaram's budget credit positive for rating: Moody's

Giving thumbs up to the Union Budget 2013,  the global rating agency applauds Finance Minister P Chidambaram's Budget saying that it pursues realistic fiscal consolidation path and is 'credit positive'.

Updated : Mar 4, 2013

Chidambaram 'Hangout' with common man on Budget today

The finance minister will participate in a 'Google+ Hangout', answering questions about the Budget and the state of the economy to the masses at 8 pm tonight.

Updated : Feb 28, 2013

Bond market falls on inflationary budget

Concerns over inflation and the higher borrowing programme of the government pulled down the bond market on Budget day with the 10-year government securities (G-Sec) yield heading north.

Updated : Feb 28, 2013

Chidambaram cuts duty on precious, semi-precious stones

Finance Minister P. Chidambaram while presenting the Union Budget for 2013-14 in the Lok Sabha proposed a drastic reduction of duty on export of pre-forms of precious and semi-precious stones.

Updated : Feb 28, 2013

Sensex falls 291 pts to 3-mth low as Budget disappoints

In the worst Budget day show since 2009, the Bombay Stock Exchange benchmark Sensex on Thursday tanked 291 points to end below 19,000-level, as the government slapped more taxes on companies as well as super-rich and offered little concessions for large investors.

Updated : Feb 28, 2013

Union Budget announces PPP mode for raising coal production

Finance Minister P. Chidambaram in his Budget speech said the public-private-partnership (PPP) model should be followed to raise coal production.

Updated : Feb 28, 2013

RGESS income limit hiked to Rs 12 lakh

To make the Rajiv Gandhi Equity Savings Scheme more attractive for investors, Finance Minister P. Chidambaram has proposed to increase the income limit to Rs 12 lakh from Rs 10 lakh in the Budget 2013-14.

Updated : Feb 27, 2013

What will Chidambaram bring to the table? All eyes on Budget 2013

Analysts say the minister will have to balance the goals of boosting growth and cutting spending on expensive social welfare programmes, with the political interest of his party, as it prepares for the electoral battles ahead.

Updated : Feb 22, 2013

Budget session: Bill to replace DGCA to be tabled in Parliament

A bill to replace the Director General of Civil Aviation (DGCA) by a new aviation regulatory body, with full operational and financial autonomy, is likely to be tabled in Parliament during the ongoing Budget Session.

Updated : Feb 21, 2013

FinMin plans to boost corporate bond market

Aiming to strengthen the corporate bond market in the country, Finance Minister P Chidambaram is likely to announce some incentives for these instruments in the upcoming budget.

Prime Minister Manmohan Singh has said the government was ready to discuss all issues. PHOTO: AP

Updated : Feb 20, 2013

Three-month long Budget session to be a stormy affair

The controversial VVIP chopper scam is set to turn the three-month-long Budget session of Parliament into a troubled affair for the government.

Updated : Feb 20, 2013

Insurance, pension bills on agenda for budget session

The 115th Constitutional Amendment Bill which will pave way for introduction of Goods and Services Tax (GST) has not been listed in the agenda for the Budget session.

Updated : Feb 18, 2013

Sharad Pawar favours raising sugar excise duty for decontrol

Agriculture Minister Sharad Pawar's ministry has favoured the food ministry's Cabinet proposal to increase excise duty on sugar, to offset the financial burden on the Centre if it decides to buy the sweetener from the open market for ration shops.

Updated : Feb 12, 2013

FinMin to decide on tax benefits on CSR after Budget: Pilot

The Finance Ministry is expected to take a view on providing tax benefits for expenditure on social welfare activities by companies after the Budget, Corporate Affairs Minister Sachin Pilot has said.

Updated : Feb 12, 2013

Govt sets aside Rs 25,000 cr subsidy for oil PSUs

The government will pay Rs 25,000 crore additional cash subsidy to state-owned fuel retailers to make up for part of the revenue they lost on selling auto and cooking fuel below cost this financial year.

Updated : Feb 11, 2013

Subbarao warns over current account deficit

The Reserve Bank Governor has cautioned that the country was headed for the highest ever current account deficit this fiscal, after it rose to 5.3 per cent of GDP in the second quarter.

Updated : Feb 9, 2013

Chidambaram promises to make equity scheme RGESS attractive

Finance Minister P Chidambaram says he would modify the Rajiv Gandhi Equity Savings Scheme (RGESS) in the forthcoming Budget to make it more attractive for first time investors.

Updated : Feb 9, 2013

USIBC for non-retrospective tax laws in Budget 2013

The US India Business Council has submitted to Union Finance Minister P Chidambaram a wish list of reforms in the taxation sector, which the industry body argues would create a fair and transparent tax environment.