The new scheme may be announced before the Lok Sabha elections.
Patel emphasised that one of the most important features of the bill is the establishment of a dedicated tribunal for resolving disputes, reducing the burden on the judiciary and ensuring quicker justice.
The Indian government has introduced a bill in the Lok Sabha to ban online games played with money, aiming to curb addiction, money laundering, and financial fraud. The bill also targets advertisements and financial transactions related to such games.
During 2023, the Indian real estate sector - both housing and commercial - witnessed buoyancy fuelled by demand, supply, and absorption, and the sector is banking on the upcoming Budget to keep the momentum going. Mumbai-based Sattva Group wants the government to focus on the critical pillars for long-term growth. The company emphasised on the infrastructure boom with increased allocation, lower goods and services tax (GST) rates, incentives for affordable housing and single-window clearance to fast-track projects and support liquidity.
Finance Minister Nirmala Sitharaman on Friday participated in a traditional 'halwa' ceremony, marking the final stage for the preparation of Union Budget 2025-26 to be unveiled on February 1 in the Lok Sabha. The ceremony is a customary 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.
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.
MeitY is in discussions with global Fortune 500 and Fortune 1000 companies, mid-tier firms, and state government officials on a three-pronged approach to setting up new GCCs in India.
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.
Job creation, improving farm productivity, and mobilising public funds for infrastructure development were some of the issues that figured during the interaction between Prime Minister Narendra Modi and economists ahead of the 2025-26 Union Budget. The prime minister on Tuesday met eminent economists and sectoral experts at NITI Aayog to hear their views and suggestions for the upcoming Budget. Union Finance Minister Nirmala Sitharaman is scheduled to present the Budget for 2025-26 in the Lok Sabha on February 1, 2025.
'The new Bill introduces no policy or rate changes, leaving financial planning strategies largely unaffected.'
'The considerations for choosing between the old and new tax regimes remain essentially unchanged.'
The deportation of Indians from the United States, deaths in the Maha Kumbh stampede and the joint Parliamentary committee report on the Waqf bill were among the issues that led to heated exchanges and some disruptions in an otherwise smooth first part of the Budget session that ended on Thursday.
United States President Donald Trump on Tuesday said India has not been a good trading partner and announced that he will raise the tariffs on New Delhi 'very substantially' over the next 24 hours because it is buying Russian oil.
Master the online ITR filing process and then learn the differences between the old and new tax regimes to pick your best option.
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.
'Geopolitically and diplomatically it's a very difficult situation for India.'
The next Census' findings will help identify the extent of India's ageing population and vulnerability levels.
The government's move to tweak the long-term capital gains (LTCG) tax regime proposed in the Finance Bill 2024 and re-introduce the indexation benefit is likely to boost the investments and spur housing sales in the country, industry executives believe. "By enabling taxpayers to choose the lower tax burden between the new and old schemes, the amendment is poised to drive investment and enhance sales across housing segments," said Niranjan Hiranandani, chairman of the Hiranandani Group. In Budget 2024, Union Finance Minister Nirmala Sitharaman proposed an overhaul in the capital gains tax regime, including lowering the LTCG tax to 12.5 per cent from 20 per cent.
The government has also listed three new bills for the session -- 'The Protection of Interests in Aircraft Objects Bill, 'Tribhuvan Sahkari University Bill', and the 'Immigration and Foreigners Bill'.
'...how do they consume and contribute to the GDP?'
The incident took place around 4 am when hundreds of devotees gathered near the temple to witness Rath Yatra festivities, Puri district collector Siddharth S Swain said.
The Budget announcement of zero tax for earnings upto Rs 12 lakh per annum and the rejig of tax slabs across the board should prompt more than 90 per cent of individual taxpayers to embrace the new tax regime as compared to the about 75 per cent as of now, CBDT Chairman Ravi Agrawal said. Agrawal also highlighted the government's focus on "non-intrusive" tax administration through enhanced use of Artificial Intelligence (AI) and simplified tax processes for common taxpayers. He emphasized the benefits of the new tax regime (NTR), which offers simple calculations and allows taxpayers to file their ITR without professional help. The CBDT chief stated that the Budget provisions related to income tax payment benefit all income earners, not just those earning Rs 12 lakh per annum, creating a positive sentiment in the economy and propelling growth. The department is also harnessing technology, including AI and data analytics, to widen and deepen the tax base, resulting in increased compliance and tax revenue. Agrawal further highlighted the positive impact of data availability and simplified tax processes on compliance rates, citing examples of taxpayers filing revised returns and paying taxes after being prompted by the department's data analysis.
'... that it once again shies away from renewing its commitment to strategic divestment,' points out A K Bhattacharya.
The changes will take effect on March 28, with portfolio adjustments expected before the market closes on March 27.
The TMC-led West Bengal government has already started laying the groundwork for the election, setting the tone with the recent Bengal Global Business Summit and the state Budget.
India's decadal census is likely to be further delayed after the budget allocated only Rs 574.80 crore for the exercise, a significant reduction from previous years. The census, originally scheduled for 2021, has been postponed due to the COVID-19 pandemic, and the government has not yet announced a new schedule. The budget allocation suggests that the exercise may not be carried out even after the delay. The upcoming census will be the first digital census, allowing citizens to self-enumerate using a dedicated portal. The exercise will be made compulsory for citizens who wish to self-enumerate, and Aadhaar or mobile numbers will be required. The census will include questions on household demographics, amenities, and economic status.
'I believe that the overall demand for commercial vehicles will improve, even though there is a slowdown in the GDP.'
Seasoned bureaucrat and a stickler for rules Finance Secretary Tuhin Kanta Pandey will be at the helm of capital market regulator, Securities and Exchange Board of India (SEBI), for three years. The 1987-batch Odisha-cadre Indian Administrative Service (IAS) officer, Pandey, would replace Madhabi Puri Buch, whose three-year term ends on Friday.
Former Leader of Opposition (LoP) in the Delhi Assembly, Vijender Gupta, has been chosen as the new Speaker of the Vidhan Sabha. Gupta, a BJP MLA from Rohini, vowed to immediately table 14 CAG reports allegedly withheld by the previous Aam Aadmi Party (AAP) government upon taking charge. His election is a foregone conclusion due to the BJP's majority in the Assembly.
'It is not as if Hindus are not being touched at all, and only Muslims are.'
Finance Minister Nirmala Sitharaman on Saturday said she is likely to introduce the new income tax bill, which will replace the six-decade-old I-T Act, in the Lok Sabha in the coming week.
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.
The old tax regime remains unchanged. 'Taxpayers opting for it will continue to follow the existing slab rates and deductions.'
The government has facilitated setting up of Central Electronic Registry under the SARFAESI Act, 2002 to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property. This Registry will become operational by March 31, 2011.
Prime Minister Narendra Modi and US President Donald Trump have vowed to move forward with plans to work together to build US-designed nuclear reactors in India. The decision was made during their meeting at the White House, where they also agreed to significantly expand energy cooperation. The move comes after India announced plans to amend its nuclear liability law and the Atomic Energy Act, which had previously been obstacles to the implementation of the US-India civil nuclear deal.
India's Parliament is set to begin its Budget session on Friday, with opposition parties poised to demand a discussion on the alleged mismanagement of the Maha Kumbh festival in Prayagraj, where 30 pilgrims died in a stampede. The opposition also accused the government of politicising parliamentary committees and pushing its agenda through its majority. The session will start with President Droupadi Murmu addressing both houses of Parliament. Finance Minister Nirmala Sitharaman will present the Union Budget on Saturday for the eighth consecutive time.
Pranab Mukherjee, who has been selected as the UPA's Presidential nominee, will resign on Sunday as the Union finance minister.
Budget 2025-26 delivers a carefully calibrated strategy-stimulating demand and investment while keeping fiscal discipline intact. In an environment marked by global trade disruptions, and a softening in urban consumption, Finance Minister Nirmala Sitharaman has taken a measured approach.
Finance Minister Nirmala Sitharaman on Thursday presented her sixth Budget in a row, equalling the record of former Prime Minister Morarji Desai.
She also holds the distinction of delivering the longest budget speech at two hours and forty minutes in 2020.
Existing vacant government-funded housing complexes will be converted into Affordable Rental Housing Complexes through concession agreements for 25 years.
