Sources said much has been done to ease the tax burden of the middle classes in the last five years, and that such a measure affects only a limited segment of people when the focus should be to put money in rural areas. Archis Mohan reports.
If one compares returns, the two public-sector ETFs have done better over the past year, but the ELSS category has done better over the trailing three and five years.
The government wants new domestic companies to set up their manufacturing units fast and hence the concessional tax rate of 15 per cent has been extended by a year till March 2024, revenue secretary Tarun Bajaj said on Friday. Stating that direct and indirect tax collections are going up and have good buoyancy, Bajaj said it means that the corporate sector is also doing well, and India's tax to GDP ratio could be "highest ever" in the current year. The Budget 2022-23 presented on February 1 has proposed that the concessional 15 per cent corporate tax rate would be available for one more year till March 2024 for newly incorporated manufacturing units.
The ruling Bharatiya Janata Party on Wednesday hailed the Union Budget as an "all-inclusive" document while the Opposition dismissed it as "anti-people" and mere rhetoric lacking the vision for creating jobs and taming inflation.
Buyer to pay tax on gains made on undervalued property purchase.
Leaving direct taxes untouched, Finance Minister P Chidambaram today slashed excise duty on cars, SUVs and two-wheelers, and capital goods and consumer durables to boost manufacturing and growth.
'Subject to any worldwide economic collapse.'
Direct tax collection, including personal income tax, rose by 35.46 per cent to Rs 6.48 lakh crore in the current fiscal up to September 8, reflecting an uptick in the economy. The country recorded a GDP growth of 13.5 per cent during the first quarter ended on June 30, 2022. Direct tax collection, net of refunds, stands at Rs 5.29 lakh crore which is 30.17 per cent higher than the net collections for the corresponding period of last year, according to the data released by the Income Tax Department.
Follow these simple steps if you want to create a solid retirement corpus and retire young, says Anamika Pareek.
Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday. The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement. Direct tax collection came at Rs 8.98 lakh crore between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago.
The govt could allow start-ups and e-commerce cos to appropriate initial brand building expenses over several years for accounting benefits
Biggest beneficiaries would be people having income between 800,001 to 999,999 per annum.
Among the Sensex firms, Larsen & Toubro, UltraTech Cement, JSW Steel, Titan, Bajaj Finance, Wipro, Tech Mahindra and Nestle were the major laggards. Maruti, Power Grid, Axis Bank, State Bank of India, NTPC, HDFC Bank, ITC and IndusInd Bank were the gainers.
Coming Wednesday, Finance Minister (FM) Nirmala Sitharaman will present the 2023 Union Budget - the last full Budget ahead of the 2024 Lok Sabha elections. While India exited 2022 as a relatively bright spot in the global economy, the FM will endeavour to present a Budget that insulates India's economy against global headwinds and recession in advanced economies, while sticking to the path of fiscal consolidation. In this, she is being helped by her core team of trusted advisors.
Infosys chief Kris Gopalakrishnan on Wednesday expressed hope that DTC and GST will be pushed through in the forthcoming budget, while Genpact vice chairman Pramod Bhasin feared economic reforms will be tough going forward.
The Budget would have been the perfect vehicle to introduce some bold initiatives.
That opportunity has been lost through this Budget, observes Shreekant Sambrani.
'The private sector will look to the budget to check whether there are any headwinds or tailwinds.'
With the Budget barely a week away, the Prime Minister's Economic Advisory Council on Monday made a case for withdrawing some of the tax incentives to the industry to put the economy back on track for fiscal consolidation.
Higher levy on dividends earned by individuals also on radar.
Sectors throw up a wishlist for the Finance Minister.
Describing stimulus as a 'short-term life support' measure, global consultancy firm KPMG executive director Vikas Vasal said, "(They) cannot continue forever. This is one area where timing may never be considered right; however, somewhere down the line the government has to bite the bullet."
The various statements attributed to Chidambaram during his meetings with investors in Hong Kong and Singapore reveal a lot about the broad trend of ideas that would influence his next Budget.
PSU divestment, LIC IPO, fiscal deficit: Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation.
In an effort to attract investors to the Social Stock Exchange (SSE), the bourses have reached out to the Securities and Exchange Board of India (Sebi) and the government with the industry's demand for additional benefits on contributions made towards social enterprises through the platform. SSE is a regulated platform to facilitate organisations working towards social causes to raise funds and have access to higher capital through the bourses. The platform is aimed at becoming a meeting ground for donors and social enterprises.
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.
He argued that if inflation is low, stable and moving towards the 4 per cent target, why has the RBI not revised downward the bank rate fixed in June 2023?
With a focus on direct, indirect, and corporate tax structures, the Budget 2016-17 offers a balanced taxation structure
'We can go somewhere between 35 per cent and 40 per cent.'
In the following analysis, RelaxwithTax has tried to squeeze out the useful information -- from the Budget Speech delivered by Finance Minister Pranab Mukherjee -- that is relevant to you in terms of personal taxation and finance.
The threshold limit for deduction of tax at source has been raised for unusual income such as winnings from horse race, commission
India will probably unveil bold reforms in its budget on Thursday in a bid to turn around an economy growing at decade lows.
ICICI Bank share price hits record high, ICICI Bank m-cap tops $100 billion: Shares of ICICI Bank have been on a steady uptrend, rising 30 per cent over the past one year; not far behind Axis Bank stock that surged over 34 per cent during the period. The BSE Sensex, meanwhile, is up 25 per cent, and the BSE BANKEX 22 per cent in the last one year, ACE Equity data shows. On Wednesday, June 26, ICICI Bank shares hit a fresh record high for the third consecutive day, rising 2 per cent on the BSE in the intraday trade.
Finance Minister Arun Jaitley said Sebi would develop new products in the commodity derivatives space apart from taking steps to deepen the corporate bond market.
Automakers have asked the government to halve the excise duty on cars and utility vehicles to 16 per cent to spur demand.\n\n\n\n\n\n\n\n
Jaitley is expected to present a common man friendly Budget.
With the new pension system attracting lukewarm response from citizens, interim regulator PFRDA today expressed hope that the Budget would provide tax exemption to individuals at the time of entry to encourage them to opt for the scheme.
Gandhi said he was "waiting with open arms".
Rationalisation of income tax slabs, infrastructure status for digital services and incentives to hydrogen storage as well as fuel cell development were some of the suggestions made by various stakeholders at the pre-Budget consultation meeting convened by Finance Minister Nirmala Sitharaman. The customary pre-Budget consultation meetings were held with the finance minister virtually between December 15 and December 22, as per the finance ministry statement. More than 120 invitees representing seven stakeholder groups participated in eight meetings, scheduled during this period, it said.
'There are ominous portents of an isolationist administration not only building a physical wall to the south to prevent unwanted immigrants from entering the land of milk and honey, but also trade walls not just against China, but all nations,' foresees Sreekant Sambrani.
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