As far as personal taxation goes, there were positive changes overall, even if the magnitude might not have been as high as expected. Here are 7 changes that you will be affected by:
As part of the ritual, ''halwa'' is prepared in a big ''kadhai'' (large frying pot) and served to the entire staff involved in the Budget making exercise of the ministry. Halwa was served while maintaining COVID protocol with all present in mask and those distributing sweets were wearing gloves.
There are two ways: Deliver a rapidly growing economic pie or reform GST and close corporate tax loopholes, suggests T N Ninan.
The finance minister's Budget Speech has come as a surprising blessing as he has maintained the rates as they were last year.
'The Budget numbers presented severely underestimate the magnitude of the unstated fiscal crisis that we went through in 2018-2019, which cannot be conceivably be fully reversed in 2019-2020,' points out Rathin Roy, director, National Institute of Public Finance and Policy.
'We used to discuss how image-conscious Nitish Kumar was and his sophisticated conduct in public life. All this has become a thing of the past.'
The decision in respect of allowing FDI in multi-brand retail trade up to 51 per cent subject to compliance with specified conditions. Also, The finance minister mentioned in budget speech that the efforts are on to arrive at broad based consensus in consultation with state Governments.
Finance Minister Arun Jaitley may not raise I-T exemption limit to Rs 500,000.
Finance Minister Pranab Mukherjee made a quantum leap.
Finance Minister Arun Jaitley may not raise I-T exemption limit to Rs 500,000.
The upcoming Budget will have a record of funds spent on welfare of the minorities.
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.
The main responsibility for producing the Budget rests with the Budget Division of the Department of Economic Affairs in the finance ministry
However, the finance minister did not oblige members in the Rajya Sabha with clarifications on his intervention in the debate on the issue of price rise, even when Communist Party of India-Marxist member Sitaram Yechury sought some more information.
The loss in Bihar has forced a change in NDA's market positioning, says Shekhar Gupta.
South Korean declared an 'emergency martial law' on Tuesday with President Yoon Suk Yeol, accusing the opposition of plotting an 'insurgency' and 'trying to overthrow the free democracy' in the country, as reported by the New York Times.
Finance Minister Nirmala Sitharaman on Tuesday said the country's economic growth is expected at 9.2 per cent in the current financial year, on the back of a sharp rebound in the economy. She also said virtuous cycle of investment is expected to revive on account of capex (capital expenditure) and crowd in private investment. "Government focus since 2014 is on poor and marginalised.
Prasad hit out at the Opposition, alleging that it starts getting upset the moment it hears "Kumbh" or "Sanatan".
The government is planning to introduce legislative changes to the Foreign Exchange Management Act (Fema) regulations, with a focus on easing the pathway for inflows from a foreign portfolio investor to transition seamlessly into foreign direct investments (FDI) once the FPI surpasses the 10 per cent ownership threshold in a company. This move stems from multiple requests by foreign investors seeking to streamline the reporting requirements that arise when their stakes in Indian firms cross the 10 per cent mark.
India is considering allowing new private sector banks, including by industrial houses, and a roadmap for the same could be announced in the annual Union Budget to be presented later this month.
The government will come out with a White Paper on the mismanagement of economy prior to 2014 with an aim to draw lessons.
Employment generation in the midst of a global meltdown will be the central idea of the Interim Budget that the United Progressive Alliance will present on February 16, just ahead of the general elections.
The FM also proposed that the maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account.
"The President was getting very tired by the end... she could hardly speak, poor thing," Sonia Gandhi, the former Congress chief, was heard saying in clips in what appeared to be a reference to how long the address was.
'Going forward, the encouragement would be to move to the new tax regime.'
As the row erupted in Parliament, the Congress said the Gandhi family's caste is martyrdom but the BJP-RSS will never understand that.
Nationalist Congress Party-Sharadchandra Pawar MLA Jitendra Awhad arrived in handcuffs at the Vidhan Bhavan complex in Mumbai on the first day of the Maharashtra legislature's budget session on Monday to highlight 'growing attack' on freedom of expression and protest the deportation of illegal immigrants from the United States.
The high deficit was bad enough, Parliament's standing committees won't be scrutinising budget proposals either.
Accusing the Centre of setting a new trend of playing "dirty politics" for votes through the budget, an editorial in Sena mouthpiece 'Saamana' said the allocation of more funds to poll-bound states is a kind of "bribery".
'There is a vision in the Budget, and the vision is to take India from a largely agrarian, rural economy into a fast-track digitalised economy.'
The Budget and related appropriation bills were passed by the Lok Sabha on Monday.
An analysis of the frequency of various watchwords in the finance minister's Budget speech shows that he was perhaps trying to hold on to his ideas without treading on anybody else's toes, says A K Bhattacharya.
Prime Minister Narendra Modi launched a scathing attack on Leader of Opposition Rahul Gandhi and the Aam Aadmi Party (AAP) in the Lok Sabha on Tuesday, accusing them of "speaking the language of urban naxals" and being "AAP-da" for the youth. He also took a swipe at former Congress chief Rahul Gandhi, saying those who entertain themselves by getting photo sessions done in huts of the poor will find the talk about the poor in Parliament boring. Modi also hailed his government's decisions in the Budget and said that the Ayushman Bharat scheme, which his government started for the poor, has been stalled by some states, leaving poor people in hardship.
Former Prime Minister Indira Gandhi was the first and only women till now to have presented the Union Budget.
The President's office has condemned comments made by Congress leaders regarding President Droupadi Murmu's address to Parliament, stating that they hurt the dignity of the high office. The statement clarified that the President was not tired during her speech and that the comments were in "poor taste" and "unacceptable." The Congress leaders had reportedly discussed the speech, with Sonia Gandhi commenting on the President's alleged tiredness. The statement suggested that the leaders may have misunderstood the President's speech due to their unfamiliarity with Indian languages.
The Union Budget on Wednesday outlined several initiatives to drive India's technology agenda and boost digital infrastructure, including new centres of excellence for artificial intelligence, National Data Governance Policy, and Entity DigiLocker.
The presentation of the Delhi government's Budget for 2023-24, which was scheduled for Tuesday, has been put on hold with the Kejriwal dispensation and the central government trading charges over allocations under various heads.
Some members held placards of news reports about unemployment figures.
The finance ministry has finalised the framework to issue sovereign green bonds in line with global standards, according to sources. The government intends to mobilise Rs 16,000 crore from the issuance of green bonds during the second half of the current financial year. It is a part of the borrowing programme for the second half of this fiscal. The framework is ready and it would be approved soon, the sources said.
Addressing the inaugural session of the joint conference of chief ministers and chief justices of high courts in Delhi last year, Prime Minister Narendra Modi had appealed to them to give priority to cases related to undertrial prisoners languishing in jails and release them, as per law, based on human sensitivities.
