If you bought a watch worth more than Rs. 50,000, an expensive painting or inherited jewellery but didn't mention it in your I-T returns, think again. Finance minister Pranab Mukherjee is likely to announce a wealth tax on these items in Budget 2012. Gaurav Choudhury reports. Taxman's watching

The government is likely to announce measures in budget 2012-13 that will empower authorities to tax companies for acquiring assets in India even if the deal is concluded overseas, Gaurav Choudhury reports. Plugging the loophole

Worried over the impact of rising expenditure on the fiscal deficit, finance minister Pranab Mukherjee today said he is "losing sleep" over skyrocketing subsidy bill which could exceed budget estimates by over Rs. 1 lakh crore in 2011-12.

Achieving political consensus for impending policy reforms tops the agenda of R V Kanoria, the newly-elected president of the Federation of Indian Chambers of Commerce and Industry (FICCI).