The Income Tax Act might be amended to give effect to "jurisdiction-free assessment"
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
Giving relief to individual taxpayers, the government on Monday raised the income tax exemption limit.
Brokers believe that the higher charges may not completely deter investors from taking bets in F&O but could help cool down some activity, as the threshold to break even rises.
Using the Mahabharat reference as a leitmotif, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday claimed that an atmosphere of fear prevails all around with a group of six trapping the entire country in a 'chakravyuh' he promised would be broken by the INDIA bloc.
Here are handful of the number of amendments expected and predicted by analysts in the Union Budget for 2013-2014.
Govt may tighten presumptive taxation norms and also do away with some deductions.
The FMCG industry hopes for a revival in consumption growth in 2025 with some 'green shoots' already visible, after having a challenging year amid escalating input costs and a double-digit rise in food inflation, which ultimately slowed down the pace of the urban market growth in the second half of 2024. Soaring prices of commodities such as palm oil, coffee, cocoa and wheat forced FMCG players to go for a hike of 3 to 5 per cent or resort to shrinkflation by reducing pack sizes and grammage to retain attractive price points, fearing a volume loss.
The platform recorded a peak rate of 917 filings per second on July 17 and 9,367 filings per minute on July 31.
'You may see some movement indicating a simpler tax regime with less exemptions but with fewer tax rates making life simpler for taxpayers.'
Union Finance Minister Nirmala Sitharaman on Tuesday said the fiscal deficit for 2024-25 is estimated at 4.9 per cent of GDP.
A sharp rise can be attributed to the significant changes in India's share buyback tax regime, which will come into effect from October 1, 2024.
The Centre is unlikely to offer new direct tax incentives for units operating in special economic zones (SEZs) and may instead allow the grandfathering of previous exemptions that such units were entitled to, according to proposed amendments to the SEZ Act, 2005, people aware of the matter said. The amendments, proposed by the commerce department, will soon be considered by the Cabinet for approval. This represents a departure from the department's earlier plan to introduce these changes through the Development Enterprises and Services Hubs (DESH) Bill, 2023, which faced strong criticism from the ministry of finance.
Hindi film industry hopes to get some tax relief from the upcoming Budget 2015-16.
Seven of the meetings will be held in late November or early December at the finance ministry, as is the norm.
There are two ways: Deliver a rapidly growing economic pie or reform GST and close corporate tax loopholes, suggests T N Ninan.
'I believe the modified scheme is much more beneficial and simpler.'
Kerala Finance Minister KN Balagopal on Friday urged the Centre to provide more fiscal powers to the states as well as increase the shareable proportion of the GST collections. Besides, he asked the central government to expedite approval for the semi-high-speed railway line or the Silverline project from Thiruvananthapuram to Kasargod. The project is mired in controversies.
A checklist that will help you save taxes in financial year 2013-14 which begins April 1, 2013 and ends March 31, 2014.
'It would be reasonable to assume that Modi 3.0 would be more focused on projects and schemes which do not require any legislative change or which have the support of its coalition partners,' asserts A K Bhattacharya.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
'The BJP's real weapons are Hindutva, organisation and finance.'
The Bharatiya Janata Party on Saturday returned to power in Delhi after more than 26 years to sweep away the Arvind Kejriwal-led Aam Aadmi Party with a two-thirds majority on the back of a hyper localised campaign and Prime Minister Narendra Modi's 'AAP-da'(disaster) blitzkrieg.
The real requirement for the finance minister's explanatory speech is to explain the measures taken in the Budget to influence inflation and growth not just through the announcement of a deficit goal, but more broadly through the impact on money supply, consumer demand, foreign trade and investment, explains Nitin Desai.
If growth reverts to the pre-Covid level, a lot of people may have to temper their rosy optimism, points out Debashis Basu.
The new provision under the Income-Tax Act may enable the authorities to seize trustees' personal assets if there's a breach of objectives governing registered charitable trusts.
The finance minister clarified that indexation benefits offered until April 1, 2001 would be protected. This means older properties, including legacy assets, would benefit.
Whatever your queries, tax expert Mahesh Padmanabhan will answer them and give you tips on tax planning on Friday, February 2, between 4 pm and 5 pm IST. Join us then
Following the demonetisation move, the recast in direct tax moves is expected to give a boost the economy.
The Centre and states are likely to budget for higher market borrowings to the tune of Rs 2.3 lakh crore next fiscal even though the Union budget may peg a lower-than-expected fiscal deficit for the Centre at 5.8 per cent of GDP, says a report. Icra Ratings anticipates higher redemptions will lead to gross market borrowings of the Centre to rise to Rs 14.8 lakh crore and of the states to jump by Rs 1.6 lakh crore to Rs 9.6 lakh crore, taking the combined borrowings (of the Centre and the states) to Rs 24.4 lakh crore in FY2024, up by 2.3 lakh crore from FY23 combined. In FY23, the Centre's gross borrowings are budgeted at Rs 14.1 lakh crore and of the states at Rs 8 lakh crore, or a combined borrowing of Rs 22.1 lakh crore, according to the agency.
Barclays said Indian equities have had a strong first half.
Barclays said Indian equities have had a strong first half.
NPS is a cost-effective instrument with low fund management and other fees. Unlike in mutual funds, investors get the benefit of tax-free rebalancing here.
'Asset allocation should be driven much more by long-term factors rather than the market scenario at any particular point in time.'
The Centre may overshoot the Rs 56,260 crore target for dividend receipts from central public-sector enterprises (CPSEs) set for FY25 and is likely to end up getting around Rs 65,000 crore this financial year, according to a senior government official. This excludes dividend from nationalised banks and financial institutions. As on October 21, the Centre collected Rs 28,913 crore as dividend and other investment from CPSEs, accounting for over 50 per cent of the Budget Estimate for FY25.
FM is likely to raise tax slabs.
Portfolio investors based out of the US and other countries with which India does not have favourable tax treaties will have to pay a 15 per cent tax on their derivative transactions, after the Budget decided to classify income from all foreign portfolio investment as capital gains.
The government has been trying to make the tax laws simpler every year; however, there are numerous amendments required in the tax laws.
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