Of the two rate structures on the table, one suggests tax slabs of 8 per cent, 16 per cent, and 24 per cent. The other proposes tax slabs at 9 per cent, 18 per cent, and 27 per cent.
Finance Minister Nirmala Sitharaman is likely to strike a fine balance between being fiscally prudent and growth supportive when she presents her fourth straight budget on Tuesday, which is expected to have plans to boost spending to revive investment and create jobs. The Budget for the fiscal year starting April 1, 2022 is likely to raise spending on infrastructure to set the economy on a firmer footing. The stage for the Budget presentation was set by the Economic Survey stating that the government has the fiscal space to do more to support the economy that is forecast to grow at a healthy 8-8.5 per cent growth in the 2022-23 fiscal.
Finance Minister Arun Jaitley may not raise I-T exemption limit to Rs 500,000.
The shipping industry unlike other industries attracts tonnage tax and the budget has proposed to increase the tonnage tax by more than 50% on various class of tonnage effective from April 1, 2013.
The share of life insurance policies sold by top private insurers in the rural areas declined in the financial year 2023-24 (FY24) compared to previous year. SBI Life, HDFC Life, ICICI Prudential Life Insurance -- the top three players from the private sector-- have seen the share of insurance policies sold in rural areas drop in FY24 as compared to the previous financial year. Max Life Insurance's share of rural policies recorded an increase in FY24.
Finance Minister Arun Jaitley may not raise I-T exemption limit to Rs 500,000.
Tata Steel was the top gainer in the Sensex pack, zooming 7.57 per cent, followed by Sun Pharma, IndusInd Bank, L&T, ITC and HCL Tech.
The Institute of Chartered Accountants of India has shortlisted the changes it hopes to see in Budget 2017.
Watch as Nirmala Sitharaman unveils India's economic roadmap for the next fiscal year and beyond.
This article examines certain other service tax related issues which need to be addressed as well as the possible extension of the service tax to certain new services.
By any economic theory or doctrine, this is no Budget that supports economic recovery, whether through supporting aggregate demand, or through expansionary stimulus, declares Rathin Roy.
CBDT feels 30% growth in income-tax not feasible.
Telephone use, eat-outs and other activities will cost more.
Decoding four important provisions in the Finance Bill 2018.
The suspected undisclosed income in these cases could reach as much as Rs 15,000 crore.
Kharge's remarks came after Modi on Friday said the Congress stands "badly exposed" in front of people for promising to them what the party knows it will never be able to deliver.
The forthcoming Budget is expected to bring about some of the changes for a smoother transition to the new tax code. Read on. . .
Finance Minister Nirmala Sitharaman presents her fourth Budget in Lok Sabha on Tuesday.
One of India Inc's top demands is the abolishing of the MAT.
Standard Chartered Bank is setting up an international banking unit primarily to look after Indian company requirements. The bank is looking for a $2-billion loan book in the first five years of business.
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.
'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.'
The government on Wednesday said there won't be any capital gain tax if physical gold is converted to an electronic gold receipt and vice versa.
'The nominal GDP growth assumption for FY25 may be revised upwards on higher growth expectations.'
Ahead of the Union Budget for 2023-24, Budget makers have welcomed the global consensus view that India will remain one of the bright spots in calendar year 2023. But there is some alarm over the grim global situation and how that might impact the Centre's projections and assessments for next financial year. The big global headwinds include a deep and sustained recession in the West, including India's biggest trading partners in North America and Europe, continuing volatility in commodity markets, and renewed Covid-19 fears, as lifting of strict curbs by China could potentially lead to a massive spread again.
While no specific state-oriented sops were rolled out, a strong thread of political wellness ran through the Budget.
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.
As the FM said, this is a Budget that lays the foundation for the next 25 years, observes Kumar Mangalam Birla.
In order to increase retail participation in the capital market, Finance Minister Pranab Mukherjee on proposed a tax exemption scheme for new investors.
Union Finance Minister Nirmala Sitharaman on Tuesday announced that income from digital asset transfers will be taxed at a rate of 30 per cent. This move is seen as 'crypto tax'.
Does this Budget deserve cheers or boos? You decide
Budget announcements will come right before five states, with population of around 250 million, go to polls.
Stresses on need to boost investor sentiment through stable regulation.
The Union government could target a fiscal deficit of 5.8-6 per cent of nominal GDP for 2023-24, and it should continue its capital expenditure push and look to simplify the personal income tax regime, economists recommended Finance Minister Nirmala Sitharaman and her team during their pre-Budget interaction on Monday. Starting last week, Sitharaman had eight pre-Budget consultations this time. More than 110 invitees representing seven stakeholder groups participated in these meetings, the finance ministry said in a statement. The stakeholder groups included representatives and experts from agriculture and agro-processing industry; industry, infrastructure & climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations; and economists.
'Increased allocations for MNREGA could have provided the much needed push to rural demand and consumption at a time when recovery continues to remain uneven.'
The Budget kept away from mood dampeners such as an increase in taxes (capital gain taxes) and even the much-feared introduction of Covid cess and wealth taxes, says Nimesh Kampani, chairman, JM Financial.
The United Progressive Alliance government had slashed excise duty by four percentage points across the board and service tax by two percentage points in stimulus packages of December and January to limit the impact of global downturn on the Indian economy. Excise duty in the 8-10 per cent slab is levied on most industrial goods. The corporate tax rate is 30 per cent.
Finance Minister Nirmala Sitharaman on Thursday said there are no changes in tax rates for direct and indirect taxes, including import duties. She also said the number of tax filers has swollen 2.4 times and the direct tax collection has trebled since 2014.
Budget for 2022-2023 has returned to its agenda for protectionism in the name of creating a self-reliant India, points out A K Bhattacharya.
Let's wait for the monetary policy on February 8 -- to see how it complements the fiscal commitments, points out Tamal Bandyopadhyay.
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