Here are handful of the number of amendments expected and predicted by analysts in the Union Budget for 2013-2014.
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.
Presently, customs duty on natural rubber, the principal raw-material for tyres is 20 per cent, whereas the customs duty on tyres (the finished product) is 10 per cent, or even lower depending upon preferential/concessional tariff under various regional/bi-laterial trade agreements.
'It is just an excuse to say that the Centre has run out of money.' 'Pruning these schemes would mean hard time for the people of India.'
Shivakumar has got the all-important Major and Medium Irrigation and Bengaluru City Development, including the Bruhat Bengaluru Mahanagara Palike (BBMP), Bangalore Development Authority, Bangalore Water Supply and Sewerage Board, Bangalore Metropolitan Region Development Authority and the Bangalore Metro Rail Corporation Limited.
The finance minister clarified that indexation benefits offered until April 1, 2001 would be protected. This means older properties, including legacy assets, would benefit.
The Direct Taxes Code 2009 is now on the back burner. The Union finance ministry has veered round to the view that its bold move to reform direct taxes should be subjected to further scrutiny. Contrary to earlier expectations, therefore, the Direct Taxes Code 2009 will not be presented to Parliament as a Bill along with the Union Budget for 20010-11on February 26.
The 'halwa ceremony' marks the beginning of the lockdown of several officials in the finance ministry, who remain cut off from their families until the presentation of the Budget by the finance minister in the Lok Sabha.
In the Rajya Sabha, Chairman M Venkaiah Naidu could not read out his customary closing remarks that sum up the business conducted in the House during the session, as Shiv Sena and other opposition MPs created a ruckus.
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 Budget session of the Parliament is likely to begin from February 25 with the Presidential Address to a joint sitting of Lok Sabha and Rajya Sabha followed by presentation of rail budget and general budget on February 26 and 28.
Budget proposal on CKD tax jolts Audi, Harley-Davidson plans.
This is a rather cavalier treatment of one of the most important items of the government's expenditure statement.
With 7 per cent economic growth, India is not creating enough jobs as reflected by the number of applicants for vacant posts in some states, Reserve Bank's former governor Raghuram Rajan said and suggested the government needs to focus on promoting labour-intensive industries to generate employment. Rajan further said some Indians, especially those at upper level, are comfortable and have high incomes, but consumption growth from the lower half of the country has still not recovered to pre-pandemic level.
The pre-Budget proposals sent to the finance ministry aim to bring uniformity in tax treatment for investments in different financial sectors, mitigate hardship to retail taxpayers, and encourage participation in mutual funds.
The income-tax (I-T) department has started scrutinising cases for the assessment year (AY) 2018-19 to determine which of them need to be reopened, a process that might result in a raft of tax notices. This follows this year's Union Budget move to reduce the time limit for tax reassessment from 10 years to five in cases of escaped income. The new provision becomes effective on September 1 and will make past assessments for AY 2018-19 time-barred.
'If the Union Budget can provide incentives for animal spirits to come as well as induce demand stimulus and consumption, the Budget would have done a wonderful job.'
The Union Budget on Wednesday outlined several initiatives to drive India's technology agenda and boost digital infrastructure, including new centres of excellence for artificial intelligence, National Data Governance Policy, and Entity DigiLocker.
A taxpayer whose deductions and exemption claims are less than Rs 3.75 lakh annually would be advised to opt for the new income tax regime and pay less tax than they gave in the old regime, a senior finance ministry officer said on Wednesday. The Income Tax Department has arrived at the figure after making due calculations for ensuring a "hassle-free and less tax rate" filing regime for the assessees, he said. Union Finance Minister Nirmala Sitharaman, while presenting the Budget for 2023-24, said the government has made the new income tax regime more attractive for taxpayers bringing "substantial changes" in its structure for the benefit of the middle class.
Per capita income has more than doubled to Rs 1.97 lakh in around nine years. Indian economy has increased in size from being 10th to 5th largest in the world in the past nine years. Seven priorities of the Budget, 'Saptarishi', are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
Sources in the Rural Development Ministry said the actual expenditure incurred in 2020-21 will be higher than the allocated funds and it will at least be at par with this year's total estimated expenditure of MGNREGS.
Union Finance Minister P Chidambaram will begin pre-Budget consultations with various groups, including industrialists and economists, on Friday, an exercise dispensed with by his predecessor Jaswant Singh.
Noting that elections will be held in four states, she urged party leaders to sustain the momentum and goodwill that had been generated for the party in the Lok Sabha elections.
Combating inflation, protecting the common man from the impact of rising food prices and sustaining the momentum of economic growth while ensuring the poor get a fair share of the "fruits of growth" are among the government's "foremost priorities" in 2011-12, President Pratibha Patil said in her address to Parliament this week.
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.
Industry lobbies have begun pre-budget consultations with the Union finance ministry for 2010-11.
The free food scheme is driven by electoral considerations, but its long-term fiscal risks outweigh the short-term gains, cautions A K Bhattacharya.
Finance Minister Nirmala Sitharaman on Thursday announced plans to increase milk and dairy production in the country. India is the largest milk producer in the world but there is low productivity, the finance minister said.
Perhaps because the Modi government had some differences of opinion with two of the economist governors (one of whom was appointed by the Manmohan Singh government), there is a view that its political leadership prefers a civil servant to head the RBI, notes A K Bhattacharya.
'There will be 200 ITIs developed as hubs, while 800 will be developed as spoke, connected with five National Skill Training Institutes.'
Finance Minister Nirmala Sitharaman on Monday said the government has come out with open and transparent Budget and has not made any attempt to hide anything under the carpet.
The government on Tuesday announced Rs 900-crore allocation in the Budget for the newly set up Ministry of Cooperation for the 2022-23 fiscal, besides slashing Alternate Minimum Tax (AMT) on cooperative societies to 15 per cent and surcharge to 7 per cent, which nodal minister Amit Shah hailed saying it will boost the sector. Of the total allocation for the next fiscal, a significant amount of Rs 350 crore has been provided for digitisation of Primary Agriculture Cooperative Societies (PACs), while Rs 274 crore for an umbrella scheme 'Prosperity through Cooperatives' which would have a number of sub-components with the aim of all-round development of cooperatives in the country. For the first time, a separate budget of Rs 11 crore has been provided to Vaikunth Mehta National Institute of Cooperative Management (VAMNICON).
Finance Minister Nirmala Sitharaman on Monday used her trademark 'bahi-khata', a ledger wrapped in a red-coloured cloth, to carry Budget documents as she arrived in Parliament House to present her third straight Budget. Sitharaman, India's first full-time woman finance minister, had in July 2019 ditched the colonial legacy of a Budget briefcase for the traditional 'bahi-khata' to carry Union Budget papers. She used the same last year and again on Monday.
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.
Better protection for depositors and investors was one of the chief considerations in Union Finance Minister Nirmala Sitharaman introducing, on Friday, the Banking Laws (Amendment) Bill, 2024, in the Lok Sabha to amend four pieces of legislation. This amendment is also to improve audit quality in public-sector banks (PSBs), offer consistency in reporting by banks to the Reserve Bank of India (RBI), and provide for an increase in the tenure of directors in cooperative banks.
A K Bhattacharya lists three reasons why Finance Minister Arun Jaitley will most likely present a full Budget on February 1, 2019.
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.
As the government is busy preparing Budget, the Army on Thursday sought more funds for the force, saying this would help in its modernisation process.
The stormy second part of Budget Session continues. Both houses of Parliament have been facing continuous protests by opposition parties over issues like fuel price hike.
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