« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  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.