• search

Budget gets Parliamentary approval

Written by: Staff
|

New Delhi, Mar 21 (UNI) With the Rajya Sabha returning the Finance Bill 2006, Parliament today completed the entire procedure for passage of the Budget for 2006-07.

The Rajya Sabha, after debating the Finance Bill, returned it to the Lok Sabha which has already passed it.

The entire procedure for passage of the Budget has been cut short because of Assembly elections in five States. Normally, the Budget is passed in phases with the Finance Bill getting Parliamentary approval after the break of the Budget session in May.

Earlier, replying to the debate, Finance Minister P Chidambaram said the government would make the filing of income tax returns under SARAL form simpler. The government is also willing to widen the service tax net to bring lawyers and doctors within the ambit of this tax.

He made it clear that the profit-making cooperative banks would also have to file returns and pay income tax like any other bank. An amount of Rs 14,500 crore has been earmarked to restore the sick co-operative banks to life.

UNI PC SD BS1948

For Daily Alerts

For Breaking News from Oneindia
Get instant news updates throughout the day.

Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more