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.
That's a big change that was made possible due to corporate tax cuts. Corporation tax collection in FY22 will be lower than even the FY18 levels, reports
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
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.
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.
Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17
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.
Let's wait for the monetary policy on February 8 -- to see how it complements the fiscal commitments, points out Tamal Bandyopadhyay.
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.
Tax payers can expect some relief from high inflation in Budget 2011-12 as the government may raise the income tax exemption limit for individuals.
While 83 per cent of respondents do not expect major changes in the corporate taxation rates, they expect increase on the limits of tax savings investments especially linked to housing loan and principal repayments, the survey says.
'The biggest impact will be on coal and hence on power cost. Then comes iron ore, coking coal, bauxite.'
Finance Minister Nirmala Sitharaman presents her fourth Budget in Lok Sabha on Tuesday.
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.
'Subject to any worldwide economic collapse.'
Tax-saving funds add value to your portfolio, but you must ensure that your ELSS investments are always in tune with your risk-appetite.
Finance Minister Nirmala Sitharaman on Saturday said the new tax regime will benefit the middle class as it will leave more money in their hands. Talking to reporters after the customary post-Budget address to the central board of the RBI, she said it is not necessary to induce individuals to invest through government schemes but give them an opportunity to make a personal decision regarding investments. "...the way we allowed for standard deduction and also the rates which have been fixed, tax rates which have been fixed for different slabs, it has actually left more money in the hands of the people, the taxpayer, the household," she said.
The Lower House of Parliament took up the Demands for Grants and Appropriation Bills after two adjournments as the ruling and Opposition MPs engaged in a matching duet over demands for an apology by Rahul Gandhi and the Adani issue.
While no specific state-oriented sops were rolled out, a strong thread of political wellness ran through the Budget.
As the FM said, this is a Budget that lays the foundation for the next 25 years, observes Kumar Mangalam Birla.
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'.
CBDT feels 30% growth in income-tax not feasible.
Follow these simple steps if you want to create a solid retirement corpus and retire young, says Anamika Pareek.
'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.'
Senior tax officials were told to focus on cash collection from the arrears so that the target for FY23 was achieved and the overall revenue position improved.
Finance Minister Arun Jaitley may not raise I-T exemption limit to Rs 500,000.
The Institute of Chartered Accountants of India has shortlisted the changes it hopes to see in Budget 2017.
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.
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.
Continuing on the fiscally prudent path, the Modi government in the interim Budget refrained from announcing populist measures, which will help it trim the fiscal deficit to 5.1 per cent of the GDP next fiscal and 4.5 per cent in FY26.
Decoding four important provisions in the Finance Bill 2018.
For every rupee in the government coffer, 58 paise will come from direct and indirect taxes, 35 paise from borrowings and other liabilities, 5 paise from non-tax revenue like disinvestment and 2 paise from non-debt capital receipts, according to the Budget documents for 2022-23. According to the Union Budget 2022-23 presented in Parliament by Finance Minister Nirmala Sitharaman on Tuesday, goods and services tax will contribute 16 paise in every rupee revenue, while corporation tax will contribute 15 paise to each rupee earned. The government is also looking to earn 7 paise for every rupee from Union excise duty and 5 paise from customs duty. Income tax will yield 15 paise to every rupee collection.
The finance ministry is looking at rationalising long-term capital gains tax structure by bringing parity between similar asset classes and revising the base year for computing indexation benefit to make it more relevant, an official said on Friday. Currently, shares held for more than one year attract a 10 per cent tax on long-term capital gains. Gains arising from sale of immovable property and unlisted shares held for more than 2 years and debt instruments and jewellery held for over 3 years attract 20 per cent long term capital gains tax.
Does this Budget deserve cheers or boos? You decide
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.
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.
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