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.
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
Ahead of the first due date of advance tax payment on June 15, the government is likely to release guidelines on what will be covered within the ambit of virtual digital assets (VDA). To remove any ambiguity in the recently established tax framework for asset holders, the Central Board of Direct Taxes (CBDT) is currently preparing guidelines, said government officials in the know. The apex direct tax body will define non-fungible tokens (NFTs) and whether or not they fall within the purview of VDA.
Have you wondered how many days of work -- depending on your net monthly income -- you would have to put in to buy the top-end iPhone 16 Pro?
A banker from Jaipur in Rajasthan tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
With days to go before the new tax regime around crypto assets kicks in, several investors are reportedly either booking profits, rejigging their portfolios or moving their crypto assets to their private wallets outside of India. Starting April, gains from trading in crypto and other virtual assets like non-fungible tokens (NFTs) will be taxed at a flat 30 per cent, as announced in the Union Budget. And, 1 per cent of tax will be deducted at source (TDS) on every transaction involving crypto and other virtual assets. The new tax regime also bars investors from offsetting losses from one crypto asset (such as Bitcoin) against gains from another (say, Ethereum).
Last year's Budget had created uncertainty about the quantum of tax to be withheld on dividends paid to non-residents, as the exact tax rate was not specified under section 195.
'In the audience's mind there is no urgency to go see a film in the theatre.' 'If you pay for social media buzz it does not convert into bums on seats.'
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Taxpayer will also have to forego deduction under 80CCC (contribution towards certain pension fund), Section 80D (health insurance), 80E (interest on loan for higher education), 80EE (interest on loan taken for residential property), 80EEB (purchase of electric vehicle), 80G (donation to charitable institutions), and 80G (rent paid).
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
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.
'There is a time for lowering one's expectations of the economy -- and therefore not trying to do too much in the Budget,' notes T N Ninan.
While super hits like Jawaan are missing this year, it has been filled with a range of medium-range hits such as Crew, Teri Baaton Ne Uljhaa Diya and Guntur Kaaram, observes Vanita Kohli-Khandekar.
No time to sort out the issue in Budget: Khursheed
The Delhi police has been allocated Rs 10,355.29 crore in the Union Budget for 2022-23, an increase of Rs 1,701.03 crore from the last fiscal, officials said on Tuesday.
In fact, no other recent Union Budget has held so much significance for the Indian economy as the one to be presented in about six weeks from now, notes A K Bhattacharya.
The focus of the Union Budget is on providing basic amenities to the poor, middle class and youth, Prime Minister Narendra Modi said on Wednesday, and asserted that it is imperative that India becomes self-reliant.
Finance Minister Nirmala Sitharaman on Monday presented the Budget for 2021-22 in the Lok Sabha that is expected to provide relief to the pandemic-hit common man as well as focus more on driving economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours, As India emerges from the COVID-19 crisis, the ninth Budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the income-tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, Central Board of Direct Taxes chairman J B Mohapatra said.
'We now look at divestment as an opportunity for maximising the value of public assets, not necessarily as a short-term resource-raising measure.'
Now that the economy is growing at a higher-than-expected rate, it is time to accelerate the pace of fiscal consolidation, and the Budget could be a good starting point, argues Rajesh Kumar.
Small and medium information technology companies operating out of the Software Technology Park of India (STPI) and who have not relocated their business operations to the special economic zones (SEZs) could stand to lose a substantial part of their tax holidays after the forthcoming Budget.
Union excise duty collection dropped 18 per cent in August year-on-year at a time when the overall central tax kitty rose about 94 per cent before devolution to the states. The mop-up from Union excise duty declined to Rs 23,576 crore in August this year compared to Rs 28,816 crore in the same month a year ago. On the other hand, total tax collection rose to Rs 2.9 trillion in the month as against Rs 1.5 trillion in August 2022-23, shows the data released by the Controller General of Accounts (CGA).
A combination of factors, including heavy investments in US Treasury bonds and dollar sales at a healthy profit, facilitated the Indian central bank in transferring a record surplus of Rs 2.11 trillion to the government for 2023-24 (FY24). The RBI's dollar purchases increased in FY24, supported by robust capital inflows endorsing the economy's health.
There hasn't been any dramatic moment in the first act (the Budget) but nobody would complain. It's par for the course as long as the figures don't change in the main Budget, which will be presented after general elections.
Clearing the way for oil refiners to pay Iran in Indian rupee, the Union Budget has exempted the payments made for crude oil purchased from the Persian Gulf nation, from any local tax.
The Congress on Monday strongly criticised the Union budget, saying Finance Minister Nirmala Sitharaman's speech was oblivious to the declining GDP and the budget was a case of "wrong diagnosis and prescription".
In an hour-long chat on Monday, Mahesh Padmanabhan from RelaxwithTax replied to many tax-related questions.
Prime Minister Narendra Modi led-NDA government in its third term must tackle the problem of unemployment in the country, especially in the unorganised sector and in small and medium enterprises, former NITI Aayog Vice Chairman Rajiv Kumar said on Monday. Kumar also emphasised that the government now must finalise the four labour codes as it has been delayed beyond expectations. "We must recognise that post-COVID economic recovery has been a K-shaped recovery.
10 per cent for those who earn up to Rs 30 lakh a year and 25 per cent for those who earn more, suggests T C A Srinivasa-Raghavan.
The Finance Ministry may introduce a proposal in Budget 2008-09 to allow urban cooperative banks to get tax deductions up to a specified limit for the amount they set aside as provisions for bad loans.
Maharashtra Deputy Chief Minister Ajit Pawar, who heads the Nationalist Congress Party, has said that helming the NCP away from the shadows of his uncle and founder Sharad Pawar after the split is a huge responsibility.
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
These could include strengthening the public-private partnership (PPP) dispute resolution mechanism, uniform PPP institutional framework, easier terms for infrastructure companies accessing bond markets, and tax sops, Business Standard has learnt. Investment in infrastructure projects with high multiplier effect has been the Centre's main plank to revive the economy, create employment and boost consumption.
Slapped a 10 per cent surcharge on 'super-rich' and corporates. Levied an inheritance tax and raised duties on mobile phones, cigarettes, and luxury vehicles.
'The markets seem apprehensive and that explains why the markets have been feeling slightly uncomfortable ahead of the Budget.' 'After the event, when all the concerns are resolved and clarity emerges, markets will decide what to do next.'
Claiming taxes collected from the south were being distributed to north India and that the former were not getting their due share, Congress MP D K Suresh on Thursday said the southern states will be forced to demand for a separate nation if the 'injustice' was not rectified.
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