Taxability of LPG subsidy and other direct benefits paid directly into bank accounts of beneficiaries is unclear with tax experts divided on the issue and want an explicit clarification from the government.
Government will shortly take a call on the controversial tax proposal, General Anti-Avoidance Agreement, which was deferred till April 2015 by the UPA regime, Finance Ministry Arun Jaitley on Friday said.
In a small relief to the mutual fund industry, Finance Minister Arun Jaitley on Friday announced that the increased tax rate of 20 percent on debt MFs will not apply on units sold between April 1 and July 10.
The Lok Sabha Friday passed the Finance Bill, 2014 by a voice vote. The bill, which is primarily the legislative proposals of the national budget for this fiscal, notably on taxes, will now go to the Rajya Sabha for approval.
The Finance bill, whose passage signals the end of the budgetary exercise, is coming up for discussion in the Lok Sabha on July 24 and 25, Minister of State for Parliamentary Affairs Prakash Javadekar told reporters.