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RTI query: Are chief ministers drawing MP pension? Lok Sabha office says information is personal -Vishal Narayan

mer MPs who are chief ministers has resulted in a strange reply. The information, the Lok Sabha secretariat has informed, was "personal", so details would not be shared. According to the finance bill of 2018, former MPs are entitled to a pension of Rs 25,000 every month, if they complete their five-year term. The MPs are entitled to an additional Rs 2,000 for every year served as an MP over the five-year period. Under the Salary, Allo

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Budget riddle on cash withdrawals: 'Income' tax on 'non-income' -Sambit Saha

sn’t designated as “income”, how can you tax it under the “income” tax act? Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the finance bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1. When the Modi government decided to tax cash withdrawals from bank accounts, i

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Demands for Grants, finance bill may escape scrutiny of Parliamentary panels -Shishir Sinha

he Hindu Business Line Almost half of the budgetary exercise is over, but Parliament is yet to see formation of department-related standing committees (DRSC). This means Demands for Grants and the finance bill will not be vetted by DRSCs as of now. The Lok Sabha is scheduled to take up the finance bill for consideration and passage during the week starting July 15. There will also be discussions and v

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Government keeps options open for more fuel price hikes -TCA Sharad Raghavan

-The Hindu finance bill provides for rise of Rs.5/litre While the Budget has effected a hike in the duties and cess on petrol and diesel amounting to Rs.2 per litre, the government has given itself the leeway for a further increase of levies by Rs.5 per litre, Revenue Secretary Ajay Bhushan Pandey said. While Finance Minister Nirmala Sitharaman had announced a Rs.1/litre increase in the Special Additional Duty (SAD) on petrol and diesel and

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Bonds of secrecy -PDT Achary

acy — transparency Electoral bonds are attracting attention in the run-up to the general elections. These bonds were conceived in 2017 and the necessary legislative changes were made in the finance bill of 2017. For example, Section 31 of the Reserve Bank of India Act, 1924, was amended and a new Clause (3) was added to provide for electoral bonds. This amendment was pushed through as a money bill, whereas the Reserve Bank of India Act itsel

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Modi Launches a Startling Pre-Election Budget, Massaged by Creative Accounting -Jayati Ghosh

unt or interim Budget. For a government that officially has only a few months more to its tenure, this certainly crosses the borders of constitutional propriety. The Budget requires changes in the finance bill, which constitutionally should not be made by a departing government, and impose substantial commitments on spending (like cash transfers to small farmers) and taxes (like income tax relief) on a future government. Maybe we are now, unfort

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Full Budget against Constitution: Yashwant Sinha

full Budget instead of a vote-on-account, it will not only be improper but also unconstitutional, former Finance Minister Yashwant Sinha said on Monday. “No Finance Minister has presented a finance bill in a vote-on-account session. If this government does that, it will be the first time and it will be in direct contravention of the Constitution,” Mr. Sinha said. He was speaking at a freewheeling session with the Indian Women’

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Government makes NPS withdrawal 100% tax exempt

ey said the exact date from which these changes would come into effect would be notified soon, adding that normally such changes are made from the new financial year since they require changes in the finance bill. Sources told agencies the government can start enhanced contribution beginning January but tax benefit would be available from the next financial year. Please click here to read more.

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Guillotine clash brews as govt tries to pass budget in Parliament paralysed by protests -Sanjay K Jha

be done on Tuesday but the government is expected to try again on Wednesday. A three-day whip issued to BJP members on Monday indicates the ruling party's seriousness about the matter. Passing the finance bill (the budget) is a constitutional obligation. Although the session is to continue till April 6, the Opposition feels that the government is trying to wind it up early by forcing the finance bill thr

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Don't believe the BJP and Congress claims that they're cleaning up poll funding -Milan Vaishnav

of its most self-serving acts. This manoeuvre found no mention in the Union Finance Minister’s presentation itself, but was instead buried in innocuous-sounding legalese contained in the draft finance bill tabled by the government. It is a mere 34 words placed on page 52, Part XIX, Section 217. The offending section reads: In the Finance Act, 2016, in section 236, in the opening paragraph, for the words, figures and letters “the 26th S

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