Department Financial News

winter session of Parliament, the finance ministry has sought expenditure proposals for the first batch of supplementary demands for grants from various ministries and departments. The first batch of supplementary demands for grants for 2023-24 is proposed to be placed before Parliament in the ensuing session, the ministry said in an office memorandum. The month-long winter session of Parliament usually begins in the last week of November. The cases that would be eligible to be incorporated under such demands include those where advances from the contingency fund of India have been granted. Besides, payments against court decree would be included as well as cases where the finance ministry has specifically advised moving of the supplementary demand in the winter session, it said. «While processing proposals for supplementary grants, the grant controlling authority must invariably identify savings within the grant so that the infructuous or inflated supplementary demands are weeded out and the eventuality of surrender after obtaining supplementary grant is avoided,» it said. According to the memorandum, the ministries are required to submit their supplementary proposals within 7 days from date of completion of their pre-Budget meetings. The pre-Budget meetings to finalise the Revised Estimate (RE) 2023-24 and BE 2024-25 has been scheduled from October 10, 2023 till November 14, 2023. The interim Budget 2024-25 is likely to be presented on February 1. Previously, when the Budget was presented at the end of February, the three-stage Parliament approval process used to get completed sometime in mid-May, weeks ahead of the onset of monsoon rains.

FreedomWorks senior economist Steve Moore provides insight on the state of the economy on 'Making Money.'

InvestmentNews will be ranking the industry’s leading financial advisors with its inaugural Top Advisors.

WILMINGTON, Delaware(Reuters) — President Joe Biden's son Hunter Biden is expected to plead not guilty on Tuesday to lying about his drug use while buying a handgun, in the first-ever criminal prosecution of a sitting U.S. president's child.

India automobile major Maruti Suzuki on Tuesday received a draft assessment order from the Income Tax department for FY 2019-20 amounting to Rs 2,159 crore. In an exchange filing, the manufacturer said that «certain additions/disallowances amounting to Rs 21,597 million with respect to returned income (the income disclosed by the Company in its Income Tax return) have been proposed.» Maruti Suzuki said that it planned to challenge the October 3 order and that business would not be affected by it.

₹2,160 crore from the Income Tax department. The case pertains to the period of financial year 2019-20.

Biographer Michael Lewis has exposed management failures and the alarming disappearance of billions of dollars within the financial empire of crypto tycoon Sam Bankman-Fried. 

Krypton Solutions is likely to invest $100 million (Rs 832 crore) to set up a Printed Circuit Board (PCB) fabrication unit in Karnataka. Semiconductor manufacturing company Texas Instruments also affirmed its commitment to research and development (R&D) expansion in the state during a meeting with the state industries minister MB Patil in the US on Monday. Krypton Solutions, which plans to invest in Bommasandra for a new PCB facility in Karnataka, has already completed preliminary discussions with the government.

The surge in Americans quitting their jobs has fallen from record highs it hit during the pandemic. Why that is happening could say something about where the economy is headed. Quitting is a sign a worker is unhappy with their job, but also a sign they are confident they can find another.

army has set the ball rolling for an overhaul of the inventory management system of unit-run canteens (URCs) in keeping with the evolving technological landscape, sources said on Tuesday. A Request for Information (RFI) has been released to upgrade the existing system, they said.

The Victorian government spent nearly $1.3 million on lawyers to negotiate the fallout of its shock decision to axe the Commonwealth Games, documents have revealed.

electric detonator from April 2025 in view of security concerns and public safety. In a notification, the Department for Promotion of Industry and Internal Trade (DPIIT) has said that the central government is of the opinion that electric detonator is of a «dangerous» character.

₹21,000 crore to Play Games 24X7, reports said on October 3, citing persons who are privy to the development. The DGGI action, as claimed in the reports, comes in the backdrop of the 28 percent Goods and Services Tax (GST) rate coming into effect on the entire nominal value for real-money gaming transactions. The notice to Dream11 and Play Games 24X7 – two leading entities of the online gaming sector – was issued by the Mumbai wing of DGGI, CNBC TV-18 reported.

PTI reported. To provide relief to those affected by the flooding, the district administration established 17 relief camps, offering shelter to approximately 246 individuals. In Alappuzha, holiday was declared for educational institutions in Cherthala and Chengannur taluks which were running relief camps, the district administration said.

Notably, out of the 5,78,061 pending cases, a staggering 1,61,134 are related to the insurance sector, indicating a state of chaos within the industry. These numbers also signal a steep rise in the resoluteness of the consumers to seek redressal in case of claim rejection or discrepancy with the cover amount.

Also Read: Asian Games 2023 LIVE Updates: Indian cricket team advances to semifinals with 23-run victory over Nepal Avesh Khan and Ravi Bishnoi, took three wickets each, along with contributions from Arshdeep Singh (2 wickets) and Sai Kishore (1 wicket), collectively contributed to India's strong bowling performance. In their match against Nepal, India's young opening pair of Yashasvi Jaiswal and Ruturaj Gaikwad wasted no time in launching an early attack on the Nepali bowlers. They impressively reached the 50-run mark in just 4 overs.

₹25 lakh to nine ISRO scientists from Tamil Nadu, including K Sivan and Mylswamy Annadurai, in recognition of their services to the nation. Stalin lauded the scientists for bringing laurels to Tamil Nadu and presented them with shawls and mementos. Recalling the words of former Chief Minister C N Annadurai, he said the late leader had wondered aloud why Tamil Nadu had not been the home of icons in the league of physicist Albert Einstein and inventor Thomas Alva Edison.

China, which aims to become a major space power by 2030, has opened up a key lunar mission to international cooperation as mission deadlines loom for setting up a permanent habitat on the south pole of the moon. China welcomes countries and international organisations on its uncrewed Chang'e-8 mission and to jointly carry out «mission-level» projects, the China National Space Administration (CNSA) said at the 74th International Astronautical Congress in Baku, Azerbaijan, on Monday. Mission-level projects mean China and its international partners could launch and operate their spacecraft, conduct spacecraft-to-spacecraft «interactions», and jointly explore the surface of the moon, according to details announced on CNSA's website. International partners are also welcome to «piggyback» on the Chang'e-8 mission and independently deploy their own modules once the Chinese spacecraft lands, CNSA said. Interested parties must submit a letter of intent to CNSA by Dec. 31.

echo a similar case brought against Microsoft in the late 1990s. Nadella said Google's dominance was due to agreements that made it the default browser on smartphones and computers. He downplayed the idea that artificial intelligence or more niche search engines like Amazon or social media sites have meaningfully changed the market in which Microsoft competes with Google.

I-T department said extensive outreach programmes were carried out to facilitate the taxpayers. “Around 55.4 lakh outreaches were done through e-mails, SMSs, social media, along with information messages on Income Tax portal to create awareness among the taxpayers to file the Tax Audit Reports and other audit forms within the due date," it said.

Khalistani terrorist Hardeep Singh Nijjar, a US State Department official said on Monday. Secretary of State Tony Blinken raised the issue during his meeting with External Affairs Minister S Jaishankar here last week. Addressing a daily news conference, State Department spokesperson Mathew Miller said, “As he made clear then, I’ll reiterate now, we remain in close coordination with our Canadian colleagues on this question." “We have engaged with the Indian government on a number of occasions to urge them to cooperate with Canada’s investigation.