An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for "simplifying" the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
First Rajya Sabha approved the Rs 45 lakh-crore spending proposed in the Budget, followed by the nod to the Finance Bill that contains tax proposals.
Fitch Ratings has removed energy infrastructure company Adani Energy Solutions Ltd (AESL) from its 'Ratings Watch Negative' list, the first upgrade by an international ratings agency since the US indictment. Fitch affirmed AESL long-term foreign and local-currency issuer default ratings (IDRs) at 'BBB-'.
Finance Minister Nirmala Sitharaman on Tuesday participated in a traditional 'halwa' ceremony, marking the final stage for preparation of Union Budget 2024-25 to be unveiled on July 23 in Lok Sabha. The ceremony is a ritual in which traditional dessert 'halwa' is prepared and served to officials and staff members of the finance ministry who are involved in the preparation of the Budget.
Abuse of power, financial misconduct, and the never-ending turf wars are now coming to light as Boxing Federation of India's officials jostle to escape blame for the shocking turn of events.
'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.'
Anticipating US action on tariffs, India seems to have made the first move by revamping its tariff structure by reducing the slabs to eight rates, points out Mukesh Butani.
India's opposition parties have sharply criticized the Union Budget, calling it inadequate to address the country's economic woes and accusing the BJP-led government of using it to woo voters in Bihar and Delhi ahead of upcoming elections. Leaders from the Congress, TMC, DMK, SP, and CPI(M) voiced their disapproval, highlighting concerns over inflation, unemployment, and the lack of substantial measures to support the agricultural sector and the poor. They also criticized the tax cuts for the middle class as insufficient and coming too late after years of high taxes and rising prices.
While the capital spending is being maintained at 3.1 per cent of the GDP, a little more would have boosted economic growth even further, suggests Rajiv Memani.
These are the highlights of the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman in Parliament on Saturday.
Full exemption for all health insurance premiums and reinsurance or a reduction in the GST rate from 18% to 5% on health insurance services is likely.
Following is the chronology of events in the case related to validity of the electoral bonds scheme, a mode of funding to political parties, in which a five-judge Constitution bench of the Supreme Court on Thursday delivered a landmark verdict annulling it.
'Spend, but create assets, spend but make sure that people benefit from it.' 'This has been a beautiful guiding principle. And I think as a finance minister I owe so much to the prime minister for keeping this path clear before us.'
The development comes a day after a government resolution (GR) was issued, in which the state administration ordered disbursal of Rs 10 crore funds for strengthening the state Waqf Board.
Finance Minister Nirmala Sitharaman on Tuesday expressed anguish over not being allowed to learn Hindi in Tamil Nadu as a student and was even mocked on the streets for attempting to learn the language.
Here's what you must know about the new rule, its implications, and whether it affects taxpayers' rights and privacy.
'Our attempt to honour the taxpayer has been since 2014 and more actively since 2019-2020 onwards.'
Chidambaram's remarks come amid clear indications from the party that it was keen that the proposed laws on food security and land acquisition are passed in this session.
Stalin, moving the resolution, said without giving any reasons, Ravi had returned the Bills, mentioning "I withhold Assent" to them.
'Going forward, the encouragement would be to move to the new tax regime.'
The Halwa ceremony, marking the final stage of the budget preparation process for Interim Union Budget 2024, was held in North Block on Wednesday in the presence of Union Finance Minister Nirmala Sitharaman. Union Minister of State for Finance Dr Bhagwat Kisanrao Karad was also present. A customary halwa ceremony is performed every year before the "lock-in" process of Budget preparation begins.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
Aditya Mhatre shares some practical and actionable tips to save money and focus on what matters most when you are studying abroad
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Prime Minister Narendra Modi said on Friday that there have been no attempts from abroad to stoke trouble in India ahead of the Parliament's Budget session, which begins on Saturday. Modi's statement comes as his government prepares to present its first full-fledged budget in its third term. He expressed confidence that the Budget session will infuse new confidence and energy in attaining the goal of 'Viksit Bharat' by 2047, and said his government has been working in a mission mode for an all-round development.
Fintech firm BharatPe is targeting an initial public offering (IPO) in the next 18-24 months with the company expecting profitability at an earnings before interest, taxes, depreciation and ammotisation (Ebitda) level for FY25, chief executive officer (CEO) Nalin Negi said.
Once more women assume leadership roles and join the nation-building process, he said, adding they will become a guarantee of the country's bright future.
The number of cyberfraud cases has skyrocketed from 2,677 in 1999-2000 to 29,082 in FY24 -- more than a 10-fold increase. The RBI pegs digital payment frauds at Rs 1,457 crore in FY24, up more than five times in a year. It's not just the number of frauds. What's alarming is the growing sophistication of the fraudsters, exposing the vulnerabilities within the financial system, observes Tamal Bandyopadhyay.
The Ministry of Micro, Small and Medium Enterprises (MSME) has received "positive" feedback from industry regarding the 45-day payments cycle for MSMEs, according to a senior official familiar with the matter. The comment assumes significance amid concerns raised by some MSMEs that big companies may stop buying from small and medium suppliers and instead choose to make purchases from unregistered enterprises.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
Two years after his dismissive stance on India's AI potential raised eyebrows here, OpenAI CEO Sam Altman on Wednesday gave a ringing endorsement to Artificial Intelligence momentum in the country -- and billed India as an important market not just for the new-age technology itself but for the ChatGPT creator as well. In New Delhi on Wednesday, Altman -- while sharing dais with Union IT minister Ashwini Vaishnaw -- said India is the second biggest market for the company and that Open AI had tripled its users here in the last year.
The Lok Sabha on Wednesday passed three bills to replace the colonial-era criminal laws by voice vote.
The disqualified MLAs are Rajinder Rana, Sudhir Sharma, Inder Dutt Lakhanpal, Devinder Kumar Bhutoo, Ravi Thakur and Chetanya Sharma.
'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'
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.
In September, JSW MG Motor India, the newly minted joint venture between SAIC Motor, which is present in 100 countries, and Indian conglomerate JSW Group, launched the Windsor, an electric car that introduced battery as a service (BaaS).
President Droupadi Murmu, in her address to the nation on Republic Day, advocated for the "One Nation One Election" initiative, emphasizing its potential to enhance governance and reduce financial burdens. She highlighted the government's efforts to eliminate remnants of colonialism, citing the replacement of British-era criminal laws with modern alternatives. Murmu also lauded India's economic progress, stressing the importance of inclusive growth and social welfare. She urged citizens to remember the sacrifices of freedom fighters and reaffirmed the significance of the Constitution in guiding India's journey towards a prosperous and equitable future.
Rebel Himachal Pradesh Congress MLA Rajinder Rana on Saturday claimed that nine more party legislators 'feeling suffocated' due to Sukhvinder Singh Sukhu's style of functioning are in touch with him as he called the chief minister 'liar number one'.
'A government whose policies are focused around making the life of ordinary citizens, specially the most deprived sections, richer; a government that prioritises education, health and transport, that doesn't treat its citizens as subjects who must come to it for everything, is rare in our country.' 'When such a government is thrown out, one is left stunned,' notes Jyoti Punwani.
'Your relationship with your child is changing every single day, ditto your relationship with your parents.'
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