The government on Tuesday proposed to extend the period of incorporation of eligible startups by one more year till March 31, 2023 for providing tax incentives, a move aimed at encouraging budding entrepreneurs. Finance Minister Nirmala Sitharaman in her Budget speech said startups have emerged as drivers of growth for the economy and over the past few years, the country has seen a manifold increase in successful startups. Eligible startups established before March 31, 2022 had been provided a tax incentive for three consecutive years out of ten years from incorporation.
FM proposed rationalisation of various tax exemptions.
Budget has already bombed at the box office and passing it without a revisit will be a mockery of the exercise though any modification may be short lived and perfunctory, observes V Ranganathan.
Exporters on Thursday demanded fiscal incentives, tweaking in customs duties on certain products and credit at affordable rates in the forthcoming Budget to boost exports and create jobs. In a pre-budget virtual meeting with Finance Minister Nirmala Sitharaman, the Federation of Indian Export Organisations (FIEO) said the depreciation of the rupee against the US dollar is affecting exports' competitiveness and the sector requires more support. "Creation of employment is the biggest challenge faced by the country...We would urge the government to provide fiscal support to units which provide additional employment in the export sector," the exporter's body said.
P Chidambaram has unveiled a bigger-than-expected outlay for the coming fiscal year.
The challenges before the coming Budget are more daunting than those in 2021, reveals A K Bhattacharya.
Opposition leaders slammed the Centre on Wednesday for its 'limited' focus on important sectors like health and education in the Budget for 2023-24 fiscal.
Finance Minister P Chidambaram on Tuesday said the budget has attempted to clean up the tax regime and aims at spurring investment and implementing the goals outlined in government's National Common Minimum Programme.
The government expects indirect tax collection to be lower than the Budget Estimate (BE) of Rs 13.38 trillion this fiscal year, despite prospects of netting goods and services tax (GST) in large amounts, Revenue Secretary Tarun Bajaj has said. "Indirect tax collection may see lower realisation than budgeted on account of cuts in excise and customs duties. "We could see a shortfall of about Rs 1.5 trillion on account of those," he told Business Standard.
The government should take measures to promote innovation and R&D while simplifying regulations for the sector in the upcoming Union Budget, as per pharmaceutical industry bodies. Outlining the wish list for the sector in the upcoming Union Budget, Indian Pharmaceutical Alliance (IPA) secretary general Sudarshan Jain said the domestic pharma industry is currently around $50 billion in size and aspires to grow to around $130 billion by 2030 and $450 billion by 2047. "To achieve this vision, the Union Budget 2023-2024 should help fuel innovation and R&D, which will set the pace for propelling the pharmaceutical industry forward," he told PTI.
Two months ahead of the Budget for 2005-06, Finance Minister P Chidambaram on Monday promised to make tax structure simpler for petroleum, telecom, sugar and textiles sectors.
Congress leader and ex-finance minister P Chidambaram on Tuesday said the Union Budget was the "most capitalist" with nothing for the poor and farmers while sops were being provided to big industrialists turning India into a very "unequal country". At a press conference after Union Finance Minister Nirmala Sitharaman unveiled a Rs 39.45 lakh crore Budget, he said because of the ruling party's "brute majority" the Lok Sabha pass the Budget but people will reject it. He claimed the Bharatiya Janata Party was going to elections, scheduled in five states, not with their performance or with the promises and assurances to the people, but solely "with the agenda of dividing the country and bringing Hindutva back to power".
New government should consider reforming taxation rules.
Industry body CII has pitched for a reduction in personal income tax rates, decriminalisation of the goods and services tax and a relook at the capital gains tax rates as part of its agenda presented to the government for the forthcoming Budget. Arguing that the GST law already contains adequate penal provisions for deterrence against evasion of taxes, CII has suggested decriminalisation of GST law. Also, the applicability of prosecution provisions should not be based on the absolute amount of tax evasion but should be based on real intent to evade the taxes and a certain percentage of the tax payable, it stated.
Here are some of the things that we could expect form the Budget 2010 on personal income tax. . .
The introduction of tax deducted at source (TDS) on income from central government securities and state bonds may not lead to a significant effect on retail participation, according to market participants. The Union Budget proposed that starting October 1, 2024, investors may face a 10 per cent TDS on investments in central government securities and state development loans (SDLs). "Last Budget, TDS on interest on securities was reintroduced.
Here are some of the things that we could expect form the Budget 2010 on personal income tax. . .
'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.'
'We are confident that over the next few years the government will strike a fine balance between populist measures and growth, and manage coalition partners well.'
Using credit or debit cards abroad can prove costly.
'The nominal GDP growth assumption for FY25 may be revised upwards on higher growth expectations.'
Several BJP-backed state governments have unveiled schemes targeting the poor, women, farmers and students, following the party's setback in the Lok Sabha polls.
India's collection from tax on personal and corporate income jumped over 48 per cent in the current fiscal after a 41 per cent surge in advance tax payments, mirroring sustained economic recovery in a year that witnessed two waves of coronavirus infections. Net collections of direct taxes until March 16, 2022, in the fiscal year that started on April 1, 2021, stood at Rs 13.63 lakh crore compared to Rs 9.18 lakh crore in the same period a year back, an official statement said. The net collections in direct taxes, which is made up of income tax on individual income, corporation tax on profits of companies, property tax, inheritance tax and gift tax, in the current fiscal is 35 per cent higher than the collection of Rs 9.56 lakh crore in the pre-pandemic year of 2019-20 (April 2019 to March 2020).
The IT and ITeS sectors expect a reduction in minimum alternate tax (MAT) and dividend distribution tax in the next month's Union Budget, a senior economist said on Tuesday.
The idea is to introduce in the next Budget a number of safeguards for preventing disputes with taxpayers.
With the Budget just a little over a week away, the Indian realty sector has lined up its wish-list which include a tax holiday under Section 80-1B for affordable housing, promoting real estate mutual funds and clarity on introduction of a real estate regulator, among others.
Finance Minister Nirmala Sitharaman's Budget speech on Wednesday was marked by the usual thumping of benches by the ruling alliance members, but the loudest cheer was reserved for her announcement of income tax relief, which was welcomed by 'Modi, Modi' chants in Lok Sabha that also witnessed a few instances of protest by the Opposition.
'Investors should consider small and midcaps only if they can handle volatility and have a longer investment horizon.'
The party said it is "considering opposing" the proposal for taxing the PF corpus in Parliament.
For those looking for more affordable options, purchasing an under-construction property could be a smart move, as these generally cost less than ready-to-move-in properties.
So how do you rate the Modi government's 10th budget which comes ahead of the crucial five-state election?
While praising the internship scheme announced in the Budget, India Inc wants clarity on how it will be implemented. The scheme is expected to help companies address the skill gap in employment. Dheeraj Hinduja, chairman, auto major Ashok Leyland, said: "We had started an internship programme at our plant in Pantnagar, which we established in 2010 with colleges there.
Once we break free of the idea that land is scarce, real estate is just a pile of bricks, steel, and glass. Any price surge will kick off a supply response, which kills off the possibility of sustained price appreciation, points out Ajay Shah.
'Any finality in such matters requires political views. We will review it closer to the full Budget.'
Majority expect economy to slow down, but are satisfied with Modi govt's performance.
Exemption from minimum alternate tax for REITs & infrastructure investment trusts; Depository receipts on all securities eligible for tax benefit
Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17
This is not an election Budget in the sense that I might target the voter in the coming elections. But if you look beyond this round of state elections, and tilt the periscope to graze at the more distant horizon, see how the Narendra Modi government wishes things looking by the summer of 2024, observes Shekhar Gupta.
'A mid-year review makes the end-of-year financial review manageable and less stressful.'
They have been on an unbroken selling streak since the Union Budget, spooked by increase in income-tax surcharge, taxes on buybacks, and lack of stimulus to prop up the economy.
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