Pankaj Chaudhary News

Section 80C Deduction Limit: There is no proposal under consideration to increase the exemption limit under Section 80C of the Income Tax Act 1961, according to the Finance Ministry.

₹32.78 lakh crore in fiscal 2014-15 to ₹54.35 lakh crore in fiscal 2022-23 (provisional estimates), according to a written response from Pankaj Chaudhary, the Union Minister of State for Finance, in the Lok Sabha. The ministry noted an upward trajectory of GFCF, starting from ₹32,78,096 crore in fiscal 2014-15 to ₹34,92,183 crore in 2015-16, rising to ₹37,87,568 crore in 2016-17 and ₹40,83,079 crore in 2017-18.

Mahila Samman Savings Certificate Scheme (MSSC) and mobilised Rs 8,630 crore, Parliament was informed on Monday. This is a newly launched small savings scheme of the government to commemorate the Azadi ka Amrit Mahotsav and is exclusively for women and girls in India, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Lok Sabha.

The Union Ministry for Finance told the Parliament... moreThe Union Ministry for Finance told the Parliament on Tuesday that 136.13 crore pieces of 2000 currency notes having a total value of 2.72 lakh crores were returned to banks from circulation between 19.05.2023 and 30.06.2023.

8th Pay Commission News: The Dearness Allowance (DA) rate for Central Government Employees is expected to cross 50% or even more by January 2024. The rate of DA is currently decided by the recommendation of the 7th Pay Commission. The previous pay commission had also recommended that future pay revision should be done when DA/DR reaches 50% or more than the basic pay to neutralize the impact of inflation. In view of this, is the Government planning to constitute the 8th Pay Commission?

While the Uniform Civil Code (UCC) is in the news these days, the Government has not done any assessment of how UCC is going to impact the tax benefits provided to Hindu Undivided Families (HUFs). More so, because there is no such Code at present.

₹2.72 trillion worth of ₹2,000 banknotes up to 30 June, after the Reserve Bank of India (RBI) announced their withdrawal on 19 May, said Union Minister of State for Finance Pankaj Chaudhary in a written reply to a question in Rajya Sabha. In a surprise move, RBI announced withdrawal of ₹2,000 notes from circulation but gave public time till 30 September to either deposit such notes in accounts or exchange them at banks.

GST Council concluded on Tuesday with the goods and services tax rate trimmed down to 5% in four items. Also, the council exempted GST on several imported pharma products. However, one of the biggest highlights was the 28% tax rate imposed on the full value of online gaming which is likely a setback for Indian players.

Nirmala Sitharaman on Monday said crypto assets and web3 sectors require significant international collaboration for effective implementation of domestic legislations. She said these are relatively new and still evolving sectors, with no specific regulations. «By definition, these sectors are borderless and require significant international collaboration for any specific legislation on these sectors to be fully effective,» Sitharaman said in a written reply in the Lok Sabha. The minister was replying to a question by DMK MP T Sumathy on whether the government has prepared any future roadmap to regulate virtual digital assets / cryptos/web3 sectors in the country. In reply to a separate question, Minister of State for Finance Pankaj Chaudhary said the government is engaging with G-20 countries to build international coordination on regulating crypto assets.

India is in dialogue with G20 members about the need for a crypto standard operating protocol (SoP), confirmed the Indian Finance Minister Nirmala Sitharaman when asked about broad crypto asset regulation.

The government on Tuesday said an amount of Rs 60.46 crore has been received in tax from entities for transactions in virtual digital assets (VDAs), including cryptocurrencies, since the introduction of TDS provisions in July.

11 crypto exchanges were probed under investigation in India for alleged evasion of goods and services tax (GST). The quantum of evasion is valued close to INR 81 crore (~$10.7 million) as per The Times of India.

The genesis and use of cryptocurrency has been a controversial topic for both Indian investors and the government. If initially the government’s stance towards virtual digital assets (VDAs) was ambiguous, later it became clear through its policies that the government was not in favour of these assets which have the potential to earn immense profits.

Mumbai: The Central Goods and Services Tax (CGST) authority recovered Rs 95.86 crore from 11 crypto exchanges that collectively evaded Rs 81.54 crore in GST, said Minister of State for Finance Pankaj Chaudhary, in a written response to a question in the Lok Sabha on March 28. Chaudhary said while the government does not collect any data on cryptocurrency exchanges, a few “cases of evasion of Goods and Services Tax (GST) by cryptocurrency exchanges have been detected by Central GST formations.” The CGST had detected GST evasion to the tune of Rs 81.54 crore. With penalties, these exchanges paid Rs 95.86 crore, Chaudhary said.

An amount of Rs 95.86 crore has been recovered as GST evasion from 11 cryptocurrency exchanges

The government on Monday said Rs 95.86 crore has been recovered from 11 cryptocurrency exchanges for evasion of Goods and Services Tax (GST). The total amount includes penalty and interest.

Lok Sabha on Monday, the government clarified that cryptocurrency investors will not be allowed to offset gains from one cryptocurrency against losses from another. In the recent budget, the government proposed to tax gains at the rate of 30 per cent but there was still some confusion on how gains and losses will be calculated. This reply clarifies one of those doubts. “As per the provisions of the proposed section 115BBH to the Income-tax Act 1961, loss from the transfer of VDA (Virtual Digital Assets) will not be allowed to be set off against the income arising from transfer of another VDA,” said Pankaj Chaudhary, Minister of State in the Ministry of Finance.

The 2022-23 Budget has brought in clarity concerning the levy of income tax on crypto assets.

In a setback for crypto investors and trading platforms, Minister of State for Finance Pankaj Chaudhary said in the Lok Sabha on March 21 that losses incurred from virtual digital assets (VDAs) cannot be set off against the gains from another VDA transaction while computing tax.

The Reserve Bank of India (RBI) has not proposed any mechanism for the trading of crypto assets, Minister of State for Finance Pankaj Chaudhary said in Parliament on March 21.

No plans of a cryptocurrency regulated by RBI, they are unregulated, says government