A small provision in the budget says people with unexplained incomes or credits will be taxed at the top rate, and not their bracket.
Yet again, Pranab Mukherjee's assumptions that underlie his projection of fiscal deficit targets for next year are being called into question.
Finance Minister Pranab Mukherjee announced on Friday that personal tax exemption will be raised to Rs 200,000 but he has raised indirect taxes too. How does this impact the common man? <br /><br />
Ooverall, high service charges, climbing inflation and lower chances of an interest rate cut is not such a great way to start the new financial year.<br /><br /> <br /><br />
Pranab Mukherjee's seventh budget has missed an opportunity to fix things. He is getting more revenue, but his expenditure side holes remain
Finance Minister Pranab Mukherjee proposed trimming the government's subsidy burden and called for speeding the pace of economic reforms, which have been stalled by political gridlock, in his budget speech on Friday.
The BSE Sensex opened 58 points higher at 17,734 while Nifty is up 20 points at 5,400.
Pranab Mukherjee, whatever the composition of the budget, will be the cynosure of all eyes - and all news TV cameras - from the moment he steps out of his house. And, he should refuse to appear on any of the channels.
This budget is being seen as a "test" of the government's political resolve to be less prodigal, spendthrift and implement reforms to rescue India's economy which slowed to 6.1 percent in the third quarter of the financial year 2011-12.
A curious alignment of planets that govern the course of politics and the economy could force Pranab Mukherjee to opt for a reformist budget - by compulsion, even if not by conviction.
Contrary to the stance being taken by everyone around, the Economic Survey paints a relatively more cheerful picture for the economy.
Union Budget 2012-13 may or may not herald the arrival of the Goods and Services Tax, but one can be sure services taxation will expand like crazy this time.
The Union budget has to do the same rescue act for the economy as Manmohan Singh's 1991 budget. So why not borrow words from the original?
The Economic Survey says diesel subsidies could be fixed at a specific level and the pricing freed. But car makers still fear a tax.
The Economic Survey sees growth reviving and inflation under control even before we know what kind of fiscal consolidation is going to happen next year.
The minister said that nobody has asked for his resignation, but if Mamata Banerjee or the Prime Minister does, he will quit.
Apart from other amenities, railways will now launch a book-a-meal scheme to provide multiple meal choices through text or email will also be launched.
The Railway Budget 2012-13 announced a slew of regulatory bodies to look after the various functions of Indian Railways.
As Trivedi gets ready to present his maiden budget, most of the measures announced by his party boss, Mamata Banerjee, in last year's budget remain unfulfilled and just on paper.
Cash-strapped Indian Railways has not raised passenger fares for the past eight years. Will it do so this year?
It is best not to expect a reformist budget from a party that believes in patronising the poor. However, the markets will get over their shock, thanks to liquidity.
Political compulsions are likely to rein in the government's appetite to push through any major sector-related Bills.
Issues grappling the power sector are many. So, what is the wishlist of the power sector for Budget 2012. More importantly, can they be fulfilled?
It is very unlikely that this demand will be met as oil companies will then be allowed to hike prices of fuel at their own will.
The coming budget is expected to extend services taxes to every service barring a small negative list. Your costs are sure to rise this year.
The ruling party, battered in recent state polls and hamstrung by slowing economic growth and high global oil prices, is in no position to advance bold economic reforms
Is a blanket amnesty scheme the fastest way to bring those billions of dollars stashed overseas back into the country and under the tax net? <br /><br />
In his last budget, the FM made provisions of Rs 300 crore for many schemes since three was his lucky number. But will his luck run out this year?
Taxation is important for the sector as higher taxes mean higher prices which always has a negative impact on the demand for a specific good.
Service tax on all services barring a negative list; changes in laws to bring Vodafone-like deals under net seen<br /><br /> <br /><br />