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Tag: Arun jaitely

Arun Jaitley to Contest from UP For 2nd Term In Rajya Sabha

[New Delhi]Jaitley to Contest from UP For Rajya Sabha
Union Finance Minister Arun Jaitley will contest the Rajya Sabha elections from Uttar Pradesh while Petroleum Minister Dharmendra Pradhan will do so from Madhya Pradesh
Jaitley is currently a Rajya Sabha member from Gujarat and Pradhan is a member from Bihar.
The party today announced the names of seven Union ministers and one general secretary for the upcoming Rajya Sabha polls in various states.
The others — apart from Jaitley and Pradhan — will contest from the same states they have been elected from.
Social Justice Minister Thawarchand Gehlot will contest from Madhya Pradesh,
Law Minister Ravi Shankar Prasad from Bihar and
J P Nadda from Himachal Pradesh
The other two Union ministers,
Parshottam Rupala and
Manusukh Mandaviya,
will contest from Gujarat.
Bhupender Yadav, the party’s general secretary, will again contest from Rajasthan.
The terms of all seven leaders ends on April 2 and all are set to be elected again.

Union Cabinet Nod To Hike Allowances Of 775 Parliamentarians

[New Delhi] Cabinet Nod To Hike Allowances Of 775 Parliamentarians
The Centre spends around Rs 2.7 lakh a month on an MP.
As of today, excluding the Speaker, the Lok Sabha has 536 MPs, including two nominated from the Anglo-Indian community. There are eight vacancies.The Upper House has 239 members.
These Parliamentarians are set to get increased allowances with the Union Cabinet today approving a proposal in this regard.
The constituency allowance,
furniture allowance and
communication expenses of the MPs would go up considerably
The parliamentary affairs ministry had proposed an increase in the constituency allowance from Rs 45,000 a month to Rs 60,000.
The ministry had also proposed that the one-time
furniture allowance be hiked to Rs one lakh from the present Rs 75,000.
Finance Minister Arun Jaitley had announced in his budget speech that a permanent mechanism would be set up to revise the salaries of MPs every five years, and it would be linked to inflation.
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Sidhu Shows Big Disappointment On His Guru’s Budget

[Chd,Pb] Sidhu Shows Big Disappointment On His Guru’s Budget
Interacting with the media-persons on the sidelines of the Law fest, Panipat University
NavJot Singh Sidhu termed the Union Budget presented today as a big disappointment for the common man and called it anti-people.
He said that the increase in the Minimum Support Price (MSP) for crops should be in proportion to the increase in oil prices.
He further said that during the past decades the prices of oil have increased four fold while the MSP has hardly increased two fold. On the issue of stubble burning the minister made a strong case for bringing the farmers not indulging in burning of paddy stubble under the MGNREGA scheme and thus incentivizing them. Sidhu also batted wholeheartedly for a separate budget for the youth as the country has 60 percent youth population which calls for giving prime importance to their needs and aspirations.
The Punjab Cabinet minister also reacted strongly to the statement made recently by the Prime Minister Narendra Modi that even those selling ‘Pakoras’ on the roadsides should be considered effectively employed and said that the pathetic economic condition of the people indulging in this vocation is known to all and their lot must be ameliorated through some sound financial planning giving them the pivotal attention.

Budget Consoles Salaried & Pensioner Tax Payers

[New Delhi]Budget Consoles Salaried & Pensioner Tax Payers
Small Relief is provided to salaried and senior citizen taxpayers
Salaried are allowed standard deduction of Rs 40,000 in lieu of present exemptions
Whereas Senior Citizens are allowed exemption of interest income on deposits with a increased from Rs. 10,000/- to Rs. 50,000/-
Differently-Abled will continue to get transport allowance at enhanced rate
In order to provide relief to salaried taxpayer, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley, proposed to allow a standard deduction of Rs. 40,000/- in lieu of the present exemption in respect of
transport allowance and
reimbursement of miscellaneous medical expenses. However, the transport allowance at enhanced rate shall continue to be available to differently-abled persons. Also, other medical reimbursement benefits in case of hospitalisation etc., for all employees shall continue.
Presenting the General Budget 2018-19 in the Parliament here today, the Finance Minister said, “Standard deduction shall significantly benefit the pensioners also, who normally do not enjoy any allowance on account of transport and medical expenses. The revenue cost of this decision is approximately Rs.8,000 crores. The total number of salaried employees and pensioners who will benefit from this decision is around 2.5 crores.”
Finance Minister said that the exemption of interest income on deposits with banks and post offices to be increased from Rs. 10,000/- to Rs. 50,000/- and TDS shall not be required to be deducted on such income, under section 194A.
This benefit shall be available also for interest from all fixed deposits schemes and recurring deposit schemes.
The Finance Minister also announced raising the limit of deduction for health insurance premium and/ or medical expenditure from Rs. 30,000/- to Rs. 50,000/-, under section 80D. All senior citizens will now be able to claim benefit of deduction up to Rs. 50,000/- per annum in respect of any health insurance premium and/or any general medical expenditure incurred.
Further, the Finance Minister proposed raising the limit of deduction for medical expenditure in respect of certain critical illness from Rs. 60,000/- in case of senior citizens and from Rs. 80,000/- in case of very senior citizens, to Rs. 1 lakh in respect of all senior citizens, under section 80DDB.
These concessions will give extra tax benefit of Rs. 4,000 crores to senior citizens.

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Jaitley Tables Eco Survey 17-18 Before Adjournment Of LS

[New Delhi] Jaitley Tables Economic Survey 17-18 Before Adjournment Of LS
Union Finance Minister Arun Jaitley today tabled the Economic Survey 2017-18 in the Lok Sabha soon after President Pram Nath Kovind’s address to the joint sitting of both Houses of Parliament.
As soon as the House met for the first day of the Budget session, Secretary General Snehlata Shrivastava laid a copy of the President’s address.
Speaker Sumitra Mahajan then directed the finance minister to table a copy of the Hindi and and English versions of the Economic Survey 2017-18.
Prime Minister Narendra Modi, Union Ministers, Deputy Speaker M Thambidurai, opposition leaders Mallikarjun Kharge, Mulayam Singh Yadav, Sudip Bandopadhyay and Farooq Abdullah were among others present in the House.
Thereafter, the Speaker adjourned the House for the day.
The House will meet on February 1 when the general budget for 2018-19 will be presented by the finance minister.
Before the House was assembled, the prime Minister, accompanied by Parliamentary Affairs Minister Ananth Kumar, went to the opposition benches and greeted the leaders, including Kharge, Yadav, Bandopadhyay and Abdullah.
Modi also greeted the members of the treasury benches before the House assembled as well as after it was adjourned for the day
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Direct Tax Collected with 18% Growth

[New Delhi] Direct Tax Collected with 18% Growth
Direct Tax collections up to December, 2017 show that net collections are at Rs. 6.56 lakh crore which is 18.2% higher than the net collections for the corresponding period of last year.
The net Direct Tax collections represent 67% of the total Budget Estimates of Direct Taxes for Financial Year (F.Y.) 2017-18 (Rs. 9.8 lakh crore). Gross collections (before adjusting for refunds) have increased by 12.6% to Rs. 7.68 lakh crore during April to December, 2017. Refunds amounting to Rs.1.12 lakh crorehave been issued during April to December, 2017.
An amount of Rs. 3.18 lakh crore has been received as Advance Tax up to December, 2017 reflecting a growth of 12.7% over the
Advance Tax payments of the corresponding period of last year.
As per Ministry Of Finance , The growth in Corporate Income Tax (CIT) Advance Tax is 10.9% and that in Personal Income Tax (PIT) Advance Tax is 21.6%.
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11 Lakh Unlisted Cos Are Active :Jaitely

[New Delhi]11 Lakh Unlisted Cos Are Active :Jaitely
There are around 10.68 lakh active unlisted private limited companies and 66,063 unlisted public limited companies operating in the country, the Lok Sabha was informed today.
Of the 10,68,829 active unlisted private limited companies,
2,10,367 are registered in Maharashtra,
1,97,333 in Delhi and
1,24,148 registered in West Bengal, Finance Minister Arun Jaitley said during Question Hour.
Among the 66,063 active unlisted public limited companies,
13,030 were registered in Maharashtra,
11,607 in Delhi and
9,311 in West Bengal.
Jaitley said the Companies Act, 2013 [Section 29] provides power to the government to mandate that, as in the case of listed public companies, other classes of public companies should also issue securities in dematerialised form.
Accordingly, the ministry carried out consultations with SEBI, depositories and other stakeholders to mandate, in a phased manner, for public unlisted companies to issue securities in dematerialised form with a view to bring in greater transparency in shareholding and share transactions, better acceptance of such shares as collateral and mitigation of disputes and risks associated with securities issued in paper form.
Jaitley said the SEBI had in their response stated that its depository regulatory framework enables such prescription.
No final decision on the prescription of classes of public companies has yet been taken,

BJP Retains Rupani and Adjust Nitin Patel as Dy CM

BJP Retains Rupani and Adjust Nitin Patel as Dy CM
Vijay Rupani is elected Chief Minister unanimously
As per Finance Minister Arun Jaitely ,This decision to elect @vijayrupanibjp as the Chief Minister and @Nitinbhai_Patel as the Deputy CM has been taken unanimously and in presence of BJP leaders:

e-Way Bill Made Compulsory from 1st of Feb 2018 :24 GST Council Meeting

[New Delhi]e-Way Bill Made Compulsory from 1st of Feb 2018
The 24th GST Council Meeting held today through video conferencing decides that Inter-State e-way Bill to be made compulsory from 1st of February, 2018;
The System to be ready by 16th of January, 2018; The Uniform System of e-way Bill for Inter-State as well as Intra-State movement will be implemented across the country by 1st June, 2018.
The 24th Meeting of the GST Council held today through video conference under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley. The GST Council today reviewed the progress of readiness of hardware and software required for the introduction of nationwide e-way Bill System and the following decisions were taken :-
i) The nationwide e-way Bill system will be ready to be rolled out on a trial basis latest by 16th January, 2018. Trade and transporters can start using this system on a voluntary basis from 16th January, 2018.
ii) The Rules for implementation of nationwide e-way Bill system for Inter-State movement of goods on a compulsory basis will be notified with effect from 1st February, 2018. This will bring uniformity across the States for seamless inter-State movement of goods.
iii) While the System for both inter-State and intra-State e-way Bill generation will be ready by 16th January, 2018, the States may choose their own timings for implementation of e-way Bill for intra-State movement of goods on any date before 1st June, 2018. There are certain States which are already having system of e-way Bill for intra-State as well as inter-State movement and some of those States can be early adopters of national e-way Bill system for intra-State movement also. But in any case, the Uniform System of e-way Bill for inter-State as well as intra-State movement will be implemented across the country by 1st June, 2018
Photo Arun Jaitely

NO Cash! Dealings Above Rs 3 Lakh from New Financial Year : Jaitley

[New Delhi]NO Cash! Dealings Above Rs 3 Lakh from Apr 1: Jaitley
Union Finance Minister Arun Jaitley today proposed to ban all cash transactions above Rs 3 lakh beginning April 1, 2017.
The decision to ban cash transactions beyond a threshold is based on the recommendation of the Special Investigation Team on black money that was set up by the Supreme Court, Jaitley said while presenting Union Budget 2017-18 in Parliament.
All cash transactions above Rs 3 lakh will be banned, he said.
The SIT, headed by Justice M B Shah (retired), in July had submitted its fifth report to the Supreme Court on steps needed to curb black money.
Noting that a large amount of unaccounted wealth is stored in cash, SIT had said: “Having considered the provisions which exist in this regard in various countries and also having considered various reports and observations of courts regarding cash transactions, the SIT felt that there is a need to put an upper limit to cash transactions.”
It recommended a total ban on cash transactions of Rs 3 lakh and above and that “an Act be framed to declare such transactions as illegal and punishable under law”
Photo Caption
The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley along with the Minister of State for Finance and Corporate Affairs, Shri Arjun Ram Meghwal arrives at Parliament House to present the General Budget 2017-18, in New Delhi on February 01, 2017.