« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  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.