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BUDGET 2018-2019 Special

Latest Updates - -The latest income tax slabs for 2018-2019 can be found here - Income tax slabs 2018-19.
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Finance News

Analysis of latest finance news

Food inflation to be discussed with State Finance Ministers

Finance minister Pranabh Mukherjee has told reporters in New Delhi that he will be raising the issue of inflation with State finance ministers when he meets them on January 19. He will be meeting the state finance ministers to discuss about the forth coming union budget.

Mr Mukherjee indicated that the current level of food inflation is not acceptable and need to be tackled.

In the meantime, inflation has increased to 8.43 percent in December from a 7.48 in November.


Income tax department introduces DIN for tax payers

Document identification number or DIN is the new system of identification number that Income tax department has introduced for the tax payers.

The DIN will be generated by the income tax department and is made mandatory for any income tax related communication including filing of income tax returns. Any communication that does not include the Document identification number (DIN) will be considered invalid according to section 282b of the Income Tax Act.


Growth forecast - IMF forecasts 9.5%, Finance minister says 8.5

Finance Minister Mr. Pranabh Mukherjee says he will stick to the 8.5 percent growth for the current fiscal despite IMF forecasting a higher 9.5% growth for the countries economy.

Finance Minister was speaking at a conference hosted by industry body CII in New Delhi. Mr Mukherjee also said that the effect of Eurozone crisis will have very less impact on the country and he appreciated Indian banking sector for its descipline and maintaining a stable financial environment.


India preferrs more regulation instead of bank levy

India has made clear that it preferrs better regulatory mechanism instead of imposing levy on banks for future bail outs.

Finance Minister Pranabh Mukherjee conveyed India's stand to the chairman of the presidential committee for the G-20 meeting on Friday.

While US, Britain and many European countries are supporting a levy on banks and other financial institutions, countries like India, Canada and Australia are opposed to the idea.


Reserve bank hikes bank rates

Reserve bank of India (RBI) today hiked the short-term lending and borrowing rates and the portion of money banks deposit with it by 25 basis points each.

The repurchase rate (repo), reverse repurchase rate (reverse repo) to 5.25 per cent and 3.75 per cent, respectively. It also set the Cash Reserve Ratio (CRR) to 6 per cent.


Pre-budget talks - Finance Minister meets Industry leaders

In preparation of the Union budget 2010-2011, Minister of Finance Mr Pranabh Mukherjee will meet Industry leaders today. He will be meeting leading industrialists and also representatives of Ficci, CII and Assocham.

The Union budget for year 2010-2011 will be presented on February.


Finance Minister - Controlling inflation is highest priority for the Government

Finance Minister Pranabh Mukherjee has indicated that controlling inflation is the highest priority for the Government. While answering questions from MPs in the Parliament, Mr. Mukherjee said "Government is monitoring the price situation on regular basis"

Previously the government had indicated its willingness to import essential commodities in order to contain the price rise.

The Indian food prices have touched a ten-year high.


Dubai crisis to have very minor effect on the country - FM

Finance minister Mr. Pranabh Mukherjee on Saturday assured that the Dubai debt crisis will not have any major impact on Indian economy.

Finance minister said that the involvement of Indian banks in Dubai is very minimal to have a great impact. He also informed that the Government is closely watching the situation, specially the impact it will have on the expatriate population.

It is estimated that more than 40 per cent of Dubai population are Indians.


PM targets 10 percent growth and pushes forward with reforms

Talking to conference in New Delhi Prime minister Manmohan Singh has stressed the importance of economic reforms to his government. While targeting a 9-10 percent annual growth, he also stressed the need to increase investment in rural education, health and infrastructure.

Singh told the conference - "We need to push forward the reform process, and we will do so". He also said that the primary challenge for India in the next decade will be to sustain high growth that is equitable.


Budget to be presented on July 6

Finance Minister Pranab Mukherjee will be presenting the General Budget 2009-10 in the Lok Sabha on July 6.

The expectations on the current buget is to maintain the reform agenda and also to continue with spending in social sector.

It would be tough job for the finance minister considering the current world economic condition.


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