UPA-II's plans to replace the existing fertiliser subsidy regime with direct cash transfers to farmers will be delayed as the fertiliser ministry is likely to scrap an intermediate phase where the subsidy was to be rerouted from companies to retailers this summer. This puts paid to the fertilizer industry's expectation that very soon it would be out of the subsidy mechanism which locks up precious working capital. "We are rethinking the original...

Places of worship outnumber educational institutions by two to one in Punjab and hospitals and dispensaries by more than four to one, census data released on Saturday has revealed. The data on houses, household amenities and assets released by Director, Census Operations, Seema Jain, on Saturday, shows the State's 2.77-crore population is served by 63,244 places of worship — but only 31,228 schools and colleges, both private and public.. Similarly, the...

Jammu and Kashmir is witnessing a boom in places of worship and prayer, although some academics say this does not necessarily mean the state’s population is turning more religious. Figures released yesterday by the directorate of census operations also suggest a rise in prosperity, with the state’s people living in better houses than before. The state has witnessed a 53 per cent increase in the number of religious places in a decade,...

Token relief to individual taxpayers will cost the exchequer Rs. 4,500 crore In a “pragmatic and domestic growth-oriented” budgetary exercise aimed at shoring up investor confidence and investment, Union Finance Minister Pranab Mukherjee on Friday sought to tap indirect taxes, especially service tax, to rake in an additional Rs. 45,940 crore into his kitty. Presenting the budget for 2012-13 in Parliament, Mr. Mukherjee provided a token relief to individual taxpayers that will cost...

The government introduced a retrospective clarification to the Income-Tax (I-T) Act, 1961, virtually amending the law to ensure that cross-border transactions such as the $11.08 billion (around Rs55,735 crore today) Vodafone-Hutchison deal are taxable. The Supreme Court had ruled this deal as not being taxable in India. The amendment becomes crucial because a review petition by the government on this case is pending before the Supreme Court, which might now have...