« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80 «  Direct tax collections continue to be buoyant... `Revenue loss from SEZs still valid`... » Finmin wants states to take bigger share of Central schemes September, 20th 2006 The finance ministry has favoured a 50:50 budgetary support-sharing formula between the Centre and the states, as against the present norm of 75:25, for centrally sponsored schemes. Pending a settlement of the outstanding issue of transfer of centrally sponsored schemes, it should be considered that all Central budgetary interventions require matching Budgetary intervention from the states on a uniform 50:50 norm for the next Plan, the finance ministry commented on the Planning Commissions approach paper for the 11th Plan. The suggestion is significant in the face of a demand by certain special-category states like Himachal Pradesh, Jammu & Kashmir and those in the north-east to reduce their contribution to 10 per cent. If the equal-sharing formula of the ministry is adopted, there is a possibility that the fiscal deficit of the states may go up and affect the state gross domestic product, a Planning Commission official said. Making a case for the transfer of all centrally sponsored schemes to states barring those in national priority areas, the finance ministry said there was a distinct possibility of the Centre over-extending itself by taking on responsibility for an increasingly larger set of objectives and goals, most of which lay squarely in the domain of local bodies and state governments. It said the approach paper should emphasise the primacy of the role of the state governments, instead of placing the burden on the Centre. This, it said, was necessary for balanced regional development and accelerating growth in backward states like Bihar, Madhya Pradesh, Orissa, and Uttar Pradesh. In this context, there was a need to review reform-linked incentive programmes since the experience with schemes like the Jawaharlal Nehru Urban Renewal Mission and the Accelerated Power Reforms Development Programme had not been satisfactory.