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.
Foreign investors continued their relentless selling in the Indian equity markets in August, offloading shares worth Rs 21,201 crore due to the unwinding of the yen carry trade, recession fears in the US and ongoing geopolitical conflicts. This came after an inflow of Rs 32,365 crore in July and Rs 26,565 crore in June, data with the depositories showed.
If the shares are purchased for investment, then it would be treated as a capital asset and taxed as capital gains.
But if the shares are bought and sold in a short duration repeatedly, then it would be taxed as business income, explains Amit Gupta.
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.
According to state officials, the project envisages lifting of 17.40 thousand million cubic feet of water from river Thunga to Bhadra reservoir and 29.90 TMC from Bhadra reservoir.
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.
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.
Sectors throw up a wishlist for the Finance Minister.
Higher levy on dividends earned by individuals also on radar.
Kailash Gahlot, a key minister in the Aam Aadmi Party (AAP) government in Delhi, has resigned, potentially impacting the party's ambitious plan to roll out a Rs 1000 monthly honorarium scheme for women ahead of the Assembly polls in February. Gahlot, who represented the Jat-dominated Najafgarh constituency in West Delhi, cited several issues, including the "Sheeshmahal" controversy over his former official residence, the Delhi government's tussle with the Centre, and the failure to clean the Yamuna River, in his resignation letter. Delhi BJP leaders welcomed Gahlot's resignation, fueling speculation that he could join the party before the assembly polls. However, AAP leaders claimed Gahlot resigned due to pressure from central agencies, including the Enforcement Directorate, and that joining the BJP was his last option. Gahlot's resignation has sparked speculation about his future and the impact it will have on the AAP's electoral prospects.
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.
The Budget would have been the perfect vehicle to introduce some bold initiatives.
That opportunity has been lost through this Budget, observes Shreekant Sambrani.
'...be it a comedy, thriller or a love story.' 'The bhindi costs Rs 30 per kilo, but the price of potato remains unchanged.'
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.
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.
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.
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.
With a focus on direct, indirect, and corporate tax structures, the Budget 2016-17 offers a balanced taxation structure
PSU divestment, LIC IPO, fiscal deficit: Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation.
India will probably unveil bold reforms in its budget on Thursday in a bid to turn around an economy growing at decade lows.
The threshold limit for deduction of tax at source has been raised for unusual income such as winnings from horse race, commission
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.
The party, rallying in his support, campaigned that national icons like Periyar EV Ramasamy, Dr BR Ambedkar and Naryana Guru had spoken against discrimination including those based on a person's birth. That the Sanatan Dharma controversy cut no electoral ice in Tamil Nadu was also seen as a success for Udhayanidhi.
Leading brokerages have revised their charges with the true-to-label norms by the Securities and Exchange Board of India (Sebi) kicking in from Tuesday.
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
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.
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.
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.
Jaitley is expected to present a common man friendly Budget.
Finance Minister Jaswant Singh will walk a fine line between economic and political priorities next week when he unveils a Budget that could begin urgently needed tax reforms in Asia's third-largest economy.
A soft, tax-free Budget for 2003-04 with a net deficit of Rs 13.74 crore (Rs 137 million) and a total outlay of Rs 43,480 crore (Rs 434.8 billion) was presented by Andhra Pradesh Finance Minister Y Ramakrishnudu in the state assembly on Saturday.\n\n\n\n
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.
'We can go somewhere between 35 per cent and 40 per cent.'
In addition to interest rates, review the fine print for penalties and repayment terms, and select a reputable lender to avoid harsh recovery practices.
No time to sort out the issue in Budget: Khursheed
The key numbers in Mr Jaitley's Budget will be looked at closely to assess the extent of revisions they represent over what Mr Chidambaram had presented in February.
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