'Nearly 10 million people will benefit from the increase in the rebate limit for those earning up to Rs 12 lakh.' 'We expect all that money will come back into the economy in either savings, consumption, or investments.'
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
An increase in the farmer income support scheme PM Kisan Nidhi, the introduction of a 'robot tax' to fund reskilling of people who lose their jobs to artificial intelligence (AI), and a reduced income-tax (I-T) to bring relief to the middle classes - these are some of the items in the Budget wish list submitted by Sangh Parivar affiliates to Finance Minister (FM) Nirmala Sitharaman. Representatives of the affiliates of the Rashtriya Swayamsevak Sangh (RSS), such as the farmer organisation Bharatiya Kisan Sangh (BKS); trade union Bharatiya Mazdoor Sangh (BMS); Laghu Udyog Bharati, which works for micro and small industries; and Swadeshi Jagran Manch (SJM), which works on economic and policy issues, met the FM and other officials over the last couple of weeks as part of the pre-Budget consultations.
Finance Minister Nirmala Sitharaman on Wednesday said the Union Budget strikes a fine balance between growth, employment, and fiscal consolidation, and promotes cooperative federalism. Replying to the discussion on the Union Budget 2024-25 and Union Territory of Jammu and Kashmir Budget in Rajya Sabha, the minister said the government is on track to achieve the pre-announced fiscal deficit target of 4.5 per cent by 2025-26. Sitharaman, also a former defence minister, said the Agniveer Scheme to recruit people in the age group of 17.5 to 21 years, is aimed at keeping the armed forces fit, young and battle-ready.
Chinese Foreign Minister Wang Yi has expressed readiness to join hands with India's National Security Advisor Ajit Doval to "properly handle" issues related to the situation on the ground in the border areas, amid the protracted border row in eastern Ladakh.
The Indian National Developmental Inclusive Alliance (INDIA) parties, led by the Congress, staged a walkout from both Houses of Parliament on Wednesday, in protest against all states except two being 'ignored' in the budget, an allegation termed 'outrageous' by Finance Minister Nirmala Sitharamanm, who said all the states never found a mention in any of the previous budgets, including those presented by the Congress.
Union Finance Minister Nirmala Sitharaman on Tuesday said the fiscal deficit for 2024-25 is estimated at 4.9 per cent of GDP.
She added that the government has extended the PM Garib Kalyan Anna Yojana for five years which is benefiting 80 crore people of the country.
Breaking was dropped from the Olympic programme for the 2028 Games in Los Angeles. Gunn said she would not consider coming out of retirement if the dance-sport returned to the Games.
Finance Minister Nirmala Sitharaman is likely to hold pre-budget consultations with industry chambers on June 20, sources said. The budget for 2024-25 fiscal is likely to be presented in Parliament in the second half of July. Industry sources said the pre-budget consultation with Sitharaman would be preceded by a meeting with Revenue Secretary Sanjay Malhotra on June 18.
The head of Syria's main opposition group abroad Hadi al-Bahra Syrian said that Damascus is now "without Bashar al-Assad" according to Reuters.
The government will conduct a spectrum auction this year, which will facilitate the roll-out of 5G services by private telecom operators during the financial year 2022-23, Finance Minister Nirmala Sitharaman said on Tuesday. "Spectrum auctions will be conducted in 2022 to facilitate the roll-out of 5G mobile services within 2022-23 by private telecom providers," Sitharaman said. She said the telecommunications sector in general and 5G, in particular, can enable growth and offer job opportunities.
The funding environment in India for startups is improving this year if one were to go by Bain & Company estimates. Five private equity (PE) investors that come on top on the criterion of deal size collectively put in $9 billion in the first half of 2024, surpassing their outlay for last calendar year, when it was $8 billion. At the top of the list is Swedish firm EQT, which acquired US-based and listed Perficient at an enterprise value of $3 billion, the deal being done by the Indian wing of the company. It has also added to its list by putting in $500 million in WSO2, a "software as a service" company, increasing its tally to $3.5 billion.
The expansion of existing airports and development of new airports will continue expeditiously, Finance Minister Nirmala Sitharaman said on Thursday and emphasised that the country's aviation sector has been galvanised in the past 10 years.
'The adjustments (of tax slabs and standard deduction) will reduce the tax burden for salaried individuals with an income of around Rs 20 lakh by approximately Rs 18,000.' 'For non-salaried individuals with the same income level, the savings will be around Rs 10,000.'
Finance Minister Nirmala Sitharaman on Tuesday said buyback of shares will be taxed in the hands of shareholders similar to dividend from October 1, a move that will increase the tax burden on investors. Further, the cost paid by the shareholder to acquire these shares will be considered for computation of capital gains or loss to them.
'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
Feature for feature, bank FDs are indeed better than debt funds today, mainly thanks to Ms Sitharaman, notes Debashis Basu.
Chinese Foreign Minister Qin Gang reiterated that the situation at the India-China border is generally stable and both sides should consolidate the present achievements and strictly abide by the relevant agreements while pushing for further cooling and easing of the conditions for sustainable peace and tranquillity at the frontier.
Iranian missiles and drones on Tuesday night targeted two bases of the Balochi militant group Jaish al Adl in Pakistan's border town of Panjgur in Balochistan province.
External Affairs Minister S Jaishankar on Wednesday held wide-ranging talks with his Russian counterpart Sergey Lavrov focusing on the Ukraine conflict, bilateral ties and issues relating to the G20 foreign ministers' meeting.
The generation of quality jobs and skill development should be the focal point, cutting across ministries and departments, asserts Nivedita Mookerji.
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.
Presenting the interim budget for 2024-25, she said the government is working with an approach to ensure development that is all-round, all-pervasive and all-inclusive.
Delivering a thinly veiled message to Pakistan from its soil, External Affairs Minister S Jaishankar on Wednesday said activities across borders characterised by the 'three evils' of terrorism, extremism and separatism are unlikely to encourage trade, energy flows and connectivity.
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.
Structural reforms, pro-people programmes and employment opportunities helped the economy get new vigour, the finance minister said. After contracting by 5.8 per cent in 2020-21, the economy recorded a growth of 9.1 per cent in 2021-22.
Kuwaiti authorities are conducting DNA tests on the bodies of those killed in the devastating fire incident in southern Kuwait's Mangaf area and an Indian Air Force aircraft is on standby to bring back the mortal remains of Indians killed in the incident, officials said on Thursday.
The Khelo India Youth Games 2023 scheduled between January 19-31 will have competitions held across four cities- Chennai, Trichy, Madurai and Coimbatore.
This deal will make Music Broadcast, which currently operates 39 channels, the largest private FM Channel operator.
Joly said that Ottawa stands by its decision to inform Canadians about the allegations surrounding the killing of Nijjar, but remains engaged with the Indian government on the issue.
The fear of news tailored by private players is a surprise in the internet age. If news websites, run by any entity, can reach out to everyone, why not radio, asks Nivedita Mookerji.
So tell us, does Sitharaman's budget deserve cheers or boos?
Jailed former Pakistan prime minister Imran Khan and ex-foreign minister Shah Mahmood Qureshi were on Tuesday sentenced to 10 years each in prison for leaking State secrets.
Finance Minister Nirmala Sitharaman's Budget proposals lay out a comprehensive road map for transforming India into a developed nation, focusing on key priorities that aim to generate ample opportunities for all citizens in "Viksit Bharat". It sets the stage for sustained economic growth, social development, and technological advancement.
The proposed exemption in customs duty on import of lithium, cobalt and other rare minerals in the Union Budget 2024-25 is likely to lower the battery production cost and help in making electric vehicles more affordable for the buyers, auto industry leaders said on Tuesday.
Delivering her sixth straight Budget, on Thursday, Finance Minister Nirmala Sitharaman left the taxpayers disappointed by not proposing any changes.
Celebs and commoners cast their votes in the second phase of the Lok Sabha election on Friday, April 26, 2024
After initial teething troubles, the FM channels -- Radio Mango of Malayala Manorama, Club FM of Mathrubhumi, Surya's SFM, Asianet's Best FM, Times of India's Radio Mirchi and Big FM of Reliance -- are picking up momentum, with old and new songs, humour and loads of entertainment. Listeners are even given tips about congested roads which have to be avoided and weather updates on a daily basis.
In a jolt to savers, the Finance Ministry on Wednesday had reduced interest rate by up to 1.1 per cent across various small savings schemes, including the National Savings Certificates (NSC) and Public Provident Fund (PPF).
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