The Finance Ministry has said over 8.75 lakh Hindu Undivided Families (HUFs) have filed Income Tax Returns (ITRs) and claimed deductions worth Rs 3,803 crore during 2022-23.
The Finance Ministry on Friday evening clarified that the securities transaction tax (STT) on options trading has been hiked by 25 per cent from 0.05 per cent to 0.0625 per cent, and not from 0.017 per cent to 0.021 per cent, saying that it was a typographical error and the rectification will be done in accordance with the extent procedure of the government.
'During the course of the survey, the (Income Tax) Department gathered several (pieces of) evidence indicating that tax has not been paid on certain remittances which have not been disclosed as income in India by the foreign entities of the group,'' the Finance Ministry said without directly naming the BBC.
Global spillovers may dampen India's export businesses outlook, however, resilient domestic demand and a rejuvenated investment cycle as well as a strong financial system will push economic growth, as per the monthly economic outlook review for October released by the Finance Ministry on Thursday.
The Centre has hiked interest rate for senior citizen savings scheme by 20 basis points from 7.4 per cent to 7.6 per cent, according to a Finance Ministry notification.
The government will borrow Rs 5.92 lakh crore, or 41.7 per cent of planned gross market borrowing of Rs 14.21 lakh crore for the current financial year, in the second half of the fiscal ending March 31, 2023, the Finance Ministry said in a statement on Thursday.
The monthly economic review released by the Finance Ministry noted that as external pressures will diminish, inflationary pressures are expected to wear down.
The central government on Tuesday released Rs 7,183.42 crore as a revenue deficit grant to 14 states including Andhra Pradesh, Kerala, Assam, Rajasthan and West Bengal.
The gross GST revenue collections in August witnessed a 28 per cent jump year-on-year, as they stood at Rs 1,43,612 crore during the month.