Structural changes to government finances could be focus of the Union Budget, says Mihir S Sharma.
Prime Minister Manmohan Singh hailed the Union Budget 2009-10, which was presented by Finance Minister Pranab Mukherjee on the floor of the Parliament on Monday.
As citizens who voted the BJP to power, here's an opportunity to share your Budget wishlist.
The Democrats have elected a set of state representatives who will act as an electoral panel. These representatives will have to pick someone else. This could be Vice President Kamala Harris, who is widely seen as a top contender, but is not popular, points out Aakar Patel.
The Halwa ceremony, marking the final stage of the budget preparation process for Interim Union Budget 2024, was held in North Block on Wednesday in the presence of Union Finance Minister Nirmala Sitharaman. Union Minister of State for Finance Dr Bhagwat Kisanrao Karad was also present. A customary halwa ceremony is performed every year before the "lock-in" process of Budget preparation begins.
Finance Minister Arun Jaitley to discuss state-level issues before finalising GST.
In her Budget speech, Finance Minister Nirmala Sitharaman on Tuesday underlined the need for collaboration between the Centre and states to take up the next-generation reforms covering land, labour, capital and entrepreneurship. As far as revenue share goes, the government has projected to give about 32.5 per cent of central taxes to states during FY25, against the 15th Finance Commission's recommendation of 41 per cent, according to the Union Budget estimate.
Finance Minister Nirmala Sitharaman's Budget proposals lay out a comprehensive road map for transforming India into a developed nation, focusing on key priorities that aim to generate ample opportunities for all citizens in "Viksit Bharat". It sets the stage for sustained economic growth, social development, and technological advancement.
Recognising job creation for the youth as the foremost challenge for the economy, Finance Minister Nirmala Sitharaman on Tuesday announced a comprehensive Prime Minister's package to facilitate the employment and skilling of 41 million youth with a central outlay of Rs 2 trillion over the next five-year period. The package will consist of five schemes and initiatives - three focused on jobs and two on skilling.
My recommended recipe is for the next government to sell its entire stake in all the public sector banks immediately upon taking office
'The move to remove indexation benefits on LTCGs presently available for property, gold, and other unlisted assets may have a negative impact as it directly impacts real estate investors.'
Delivering her sixth straight Budget, on Thursday, Finance Minister Nirmala Sitharaman left the taxpayers disappointed by not proposing any changes.
Startup and venture funds on Tuesday cheered the Budget decision on the abolition of angel tax for all investor classes, terming it a "game-changer" that would remove significant barriers in growth and foster a vibrant and dynamic ecosystem. Angel tax refers to the tax that the government imposes on funding raised by unlisted companies, or startups if their valuation exceeds the company's fair market value.
The proposed exemption in customs duty on import of lithium, cobalt and other rare minerals in the Union Budget 2024-25 is likely to lower the battery production cost and help in making electric vehicles more affordable for the buyers, auto industry leaders said on Tuesday.
The conference by the think tank Open Europe and the Fresh Start group of MPs came in the wake of growing demand for the British Parliament to block EU laws.
Tata Electronics on Saturday began the construction of its Rs 27,000-crore chip assembly plant in Assam, which is expected to become operational next year and create 27,000 jobs initially. The plant will produce 4.83 crore chips per day using indigenously-developed technologies. The plant's Bhumi Pujan (foundation stone laying) ceremony was held at the project site at Jagiroad in Morigaon district in the presence of Assam Chief Minister Himanta Biswa Sarma and Tata Sons Chairman N Chandrasekaran.
'The private sector believes that some enablers in labour-intensive sectors like apparel, toys, tourism, and media retail, can unlock a lot of jobs.'
'India has a skill shortage of 56%.' 'This is a very interesting paradox -- the unemployment rate is 6% to 7%, and at the same time 20% of those qualified are unemployed.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Land, houses and other infrastructure facilities required for the rehabilitation procedure would be constructed at the earliest, the authorities said.
A new political party called the 'Jammu and Kashmir Apni (own) Party' (JKAP) will be launched on Sunday and will be led by former state finance minister Syed Altaf Bukhari, with the primary aim of proving "relief to people who have been facing uncertainty since August 5 last year". This will be the first political activity in Jammu and Kashmir after August 5 last year, when the Centre withdrew the special status of the erstwhile state and bifurcated it into Union territories of Jammu and Kashmir, and Ladakh.
Finance Minister Nirmala Sitharaman on Thursday said projects for port connectivity, tourism infrastructure and amenities will be taken up 'on our islands, including Lakshadweep' to address the 'emerging fervour' for domestic tourism in the country.
President Droupadi Murmu hosted a dinner for the outgoing Union council of ministers at Rashtrapati Bhavan.
She interacted with fellow commuters during the 30-km ride, the social media post said.
Nirmala Sitharaman on Wednesday assumed charge as the Finance and Corporate Affairs Minister for the second consecutive term and is slated to soon present the final Budget for FY '25 that is going to set the tone for the Modi 3.0 government's priorities and direction for Viksit Bharat. Upon her reaching the North Block office, Sitharaman was greeted by Finance Secretary T V Somanathan and other top officials. Minister of State for Finance Pankaj Chaudhary was also present. Chaudhary assumed charge on Tuesday evening.
Finance Minister expects rate cut by RBI.
If the Budget makes no big announcements on new schemes, projects, or tax giveaways, the government would face a major political dilemma as it may have to reluctantly consider shunning the practice of unveiling pre-election sops to woo voters, notes A K Bhattacharya.
State Bank of India chairman Dinesh Kumar Khara has pitched for tax relief on interest income, saying it would help banks to garner savings that could be used for funding long-term infra projects. Currently, banks are required to deduct tax when interest income from deposits held in all the bank branches put together is more than Rs 40,000 in a year. With regard to savings accounts, interest earned up to Rs 10,000 is exempt from tax.
The members of the cabinet committees included Union ministers from the Bharatiya Janata Party and its National Democratic Alliance partners like Janata Dal-United, Telugu Desam Party, Janata Dal-Secular, Shiv Sena and Lok Janshakti Party-Ram Vilas.
The target announced is 13.6 per cent higher than that set last year and 145.4 per cent higher than the revised target for 2013-14.
'With new projects and recently awarded projects kicking in, capital expenditure should only increase going forward.'
'If you invest in sovereign gold bond, you are going to get the price rise of gold over an eight year period.' 'You're also going to get that two-and-a-half percent which the Government of India is willing to give you, treating the money that you've invested in the sovereign gold bond as a kind of a FD or a deposit.' 'That kind of return you can never get anywhere else.'
Gold prices tumbled by Rs 3,350 to Rs 72,300 per 10 grams in the local market in New Delhi on Tuesday amid subdued demand by jewellers after the government announced the customs duty cut on the yellow metal and silver to 6 per cent.
Unlike the previous visit, where TDP MPs accompanied Naidu to meetings, sources termed the current visit as "low profile", with one-on-one meetings with key Union ministers.
'You are not taking any interest in organisational work and election campaigning ever since the party declared Manish Jaiswal as the candidate from the Hazaribagh Lok Sabha seat. You did not even feel the need to exercise your vote. The party's image has been maligned because of your conduct.'
She also holds the distinction of delivering the longest budget speech at two hours and forty minutes in 2020.
Optimistic of 7-7.5 per cent economic growth in 2005-06, Finance Minister P Chidambaram on Wednesday said the government will not hesitate to take fiscal measures to check inflation while keeping deficit on a leash.
'We are in a position to start due diligence and private data room access shortly.'
The avoidable stresses and strains in ties helped in one way. It showed for the entire region how a matured India handled diplomatic relations, especially with a smaller and suspicious neighbour, with practised dignity and patience, unruffled by provocations in word, deed and action, observes N Sathiya Moorthy.
The Ministry of Corporate Affairs has been engaging with officials from several audit firms over the past two months to streamline the process for the expansion of audit firms in the country, according to sources familiar with the matter. These discussions have involved representatives from notable firms who have independently submitted their recommendations to the ministry.
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