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English Release 28-February 2015
Date Month Year
  • Prime Minister's Office
  • Text of PM’s reaction on Union General Budget 2015 to DD News
  • PM accepts resignation of Dr. R.K. Pachauri from PM's Council on Climate Change
  • PM welcomes Union Budget; terms it positive and pragmatic
  • PM remembers the dedication, determination and untiring efforts of our scientists on National Science Day
  • Department of Atomic Energy
  • Physics Utsav-2015 at Bhabha Atomic Research Centre inaugurated by Dr. Sekhar Basu, Director, BARC
  • Min for Develop. of North-East Region
  • Union Budget fulfills aspirations of the North-Eastern Region and J&K, say Dr. Jitendra Singh
  • Min of Defence
  • Admiral RK Dhowan, Chief of the Naval Staff pays Homage to Valiant Armed Forces Personnel at Noida Shaheed Smarak
  • Ministry of Finance
  • Budget 2015-16 Marks the Beginning of Co-Operative Federalism and Empowerment of the States.
  • Self Employment and Talent Utilisation (SETU) to be Established
  • ATAL Innovation Mission (AIM) to be Set up
  • Corporate Tax to be Reduced and GST to be Implemented
  • National Investment and Infrastructure Fund to be Set up
  • Five New Ultra-Mega Power Projects to be Set Up

    Second Unit of Kudankulam Nuclear Power Station Will be Commissioned in 2015-16

  • Facilities at Cultural World Heritage Sites are to be Restored: Arun Jaitley
  • Arun Jaitley Says Development Should be as Green as Possible
  • Facilities at Cultural World Heritage Sites are to be Restored: Arun Jaitley
  • Education Sector Allocated Rs. 68968 Cr while Rural Development gets Rs 79526 Cr in the Year 2015-16
  • Task Force to Establish a Sector Neutral Financial Redressal Agency to be Set Up
  • Public Debt Management Agency (PDMA) to be Set Up
  • Government to Launch A National Skills Mission Soon Aiims to be Launched in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam in 2015-16
  • Forwards Markets Commission to be Merged with Sebi
  • 8 Centrally Sponsored Schemes Delinked from Support of the Centre
  • No Change in the Rate of Personal Income-Tax and The Rate of Tax for Companies on Income in Financial Year 2015-16
  • A Trade Receivables Discounting System (TReDS) an Electronic Plateform for Financing of Trade Receivables of MSMES
  • Monetising Gold
  • Postal Network Spread Across the Country to be Used for Increasing Access to Formal Financial System
  • Universal Social Security System for all Specially the Poor and the Under-Privileged:
  • Employees Under the Employees Provident Fund(EPF) to be Provided two Options
  • Shri Jaitley Announces Measures to Improve the Ease of Doing Business with
  • Focus to Improve Quality and Effectiveness of Activities Under MGNREGA
  • Benefits to Middle Class Tax Payers in the Budget 2015-16
  • ‘Act East’ Policy of the Government
  • Micro Units Development Refinance Agency (MUDRA) Bank Set up for Small Enterprises in Lending Priority was Given to SC/ST Enterprises
  • Distinction Between Different types of Foreign Investments Done Away to Simplify the Procedure for Indian Companies to Attract Foreign Investment
  • Jaitley’s Budget to Create Jobs through Revival of Growth and Investment with Promotion of Domestic Manufacturing and “Make In India”
  • Paramparagat Krishi Vikas Yojna to be Fully Supported
  • Tax Measures Announced to Promote Swachh Bharat Initiatives and Public Health.
  • Finance Minister Shri Arun Jaitley Outlines Measures to Curb Black Money in Budget 2015-16
  • Effective and Hassle-Free Agriculture Credit with a Special Focus on Small and Marginal Farmers
  • Job Creation Through Revival of Growth and Investment and Promotion of Domestic Manufacturing and ‘Make in India’.
  • Investment In Infrastructure To Go Up By Rs.70,000 Crore In Year 2015-16 Over Year 2014-15
  • Black Money Bill in the Current Session
  • Corporate Tax to be Reduced and GST to be Implemented;
  • Eligible Donations to Swachh Bharat Kosh and Clean Ganga Fund to be 100% Deductible
  • Effective and Optimal Allocation of Natural Resources and Financial Inclusion Among the Priorities of the Government Enunciated in Budget Speech
  • Indirect Tax Proposals to Maximize Benefits to the Economy
  • Min of Health and Family Welfare
  • Budget is Pro-People, Balanced, Growth-Oriented, Inclusive and Progressive: Shri J P Nadd
  • Min of Home Affairs
  • Rajnath Singh congratulates Arun Jaitley
  • Ministry of Tourism
  • Tourist Visa on Arrival Scheme to be Extended to 150 Countries Gradually, Finance Ministe
  • Min of Youth Affairs and Sports
  • Sports Minister Sarbanand Sonowal congratulates Indian cricket team

Previous Date

 
Ministry of Finance07-December, 2012 18:29 IST
Interest Rate on Crop Loan; Interest Subvention Scheme for the Year 2011-12 Continued in 2012-13 as Well

The Interest Subvention Scheme is being implemented by the Government of India since 2006-07 to make short-term crop loans up to Rs. 3 lakh for a period of one year available to farmers at the interest rate of 7 per cent per annum. The Government of India has since 2009-10 been providing additional interest subvention to prompt payees farmers, i.e. those who repay their loans in time. The additional subvention was 1% in 2009-10, 2% in 2010-11 and 3% in 2011-12. Further, order to discourage distress sales, the benefit of interest subvention was made available in the year 2011-12 to small and marginal farmers having Kisan Credit Card (KCC) for a further period of up to six months post harvest on the same rates as available to crop loans against negotiable warehouse receipts for keeping their produce in warehouses. The Interest Subvention Scheme for the year 2011-12 has been continued in 2012-13 as well.

There is no provision under the Income Tax Act 1961 specifically for accounting “Gold Holding” for assessment of income tax.

Through Finance Act, 2012, a provision has been made in section 139 of the Income Tax Act, which inter-alia, provides that a person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income Tax Act and who during the previous year has any asset (including any financial interest in any entity) located outside India or signing authority in any account located outside India, shall furnish, on or before the due date, a return in respect of his income or loss for the previous year in such form and verified in such manner and setting forth such other particulars as may be prescribed. Also a new Schedule FA has been inserted in Income Tax Return Forms ITR 2, ITR 3, ITR 4, ITR 5 ITR 6 and ITR 7 for assessment year 2012-13 wherein the assesee is required to give the details of the asset (including any financial interest in any entity) located outside India or signing authority in any account located outside India.

This was stated by the Minister of State for Finance, Shri Namo Narian Meena in a written reply to a question in the Lok Sabha today.

*****


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