While she primed up spending on infrastructure to create jobs and boost economic activity, Sitharaman did not tinker with income tax slabs or tax rates. Her Budget for the fiscal year beginning April 2022 proposed a massive 35 per cent jump in capital expenditure to Rs 7.5 lakh crore, coupled with rationalisation of customs duty, an extension of time for setting up new manufacturing companies and plans for starting a digital currency and tax crypto assets.
There are high hopes that the Budget for 2014-15 to be presented in Parliament may actually not tinker with the threshold limit or the other tax slabs but could provide reliefs by incentivising savings.
The government's step could push investors to choose riskier equity, or to fall back on bank deposits, thereby negatively impacting the debt market which actually needs to grow, points out T N Ninan.
After helping the government in policymaking since October 2014, Chief Economic Adviser Arvind Subramanian is returning to academics and will be teaching at Harvard Kennedy School on a visiting position. In an interview to Dilasha Seth and Somesh Jha, he says the ease of doing business agenda needs to move forward and India must try to integrate with the global value chains. Edited excerpts.
The people of the nation co-operated and patiently waited for the government's promised "ache din", and now they want their just rewards, says Adhil Shetty.
These plans aren't likely to put substantial cash in your hands.
With the total tax burden currently at 53 per cent, 19.5 per cent and 56 per cent, respectively for cigarettes, bidis and smokeless, tobacco taxation in India is much lower than the level recommended by the World Health Organisation.
Experts, however, said that it is a very nominal benefit to the salaried class.
TMFs invest in a public index, so investors know beforehand which instruments the fund will invest in.
Ernst & Young on how the Budget 2010 will affect individuals and businesses.
'For the first month, we have only had 5.5 million who have paid the tax.' '40 per cent have paid nil as tax; 95 per cent of the taxation for the first two months has come from only 400,000 assessees.' 'So even now, the tax-paying habit, of paying a marginal or negligible amount, or not paying anything at all, is quite prevalent,' reveals Finance Minister Arun Jaitley.
Because of the economic slowdown, the actual corporation tax collection in 2012-13 was at Rs 3,56,326 crore (Rs 3,563.26 billion), up 10.4 per cent year-on-year as against 15.6 per cent estimated in the Budget.
The GST Council, that includes representatives of all states, will meet again on November 3-4 to decide on the tax rates
Dear readers, we had asked you to send in your personal finance queries to be answered by Basis founder and CEO Hena Mehta. Here's the first batch of responses.
At a time when consumers increasingly embrace green mobility solutions, it is not electric cars but hybrids that are taking the lead, as automotive sales data indicate. Since January, 64,097 electric cars have been sold compared to 266,465 hybrids, according to data from the ministry of road transport and highways' Vahan dashboard. Hybrid car sales have surged from 4.42 per cent of the 4.1 million cars sold in calendar year 2022 to 7.2 per cent this year.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The government will lose over Rs 53,000 crore (Rs 530 billion) in tax revenue on account of the increase in exemption limits and tweaking of slabs in the Direct Taxes Code Bill, which will come into effect from April 1, 2012, a year behind the previous deadline.
Without periodic booster shots to display of strength, how is this government what it aims to be? There was also the landscape of prosperity pictured; the in-season affair with 'amrit' stretched to a longer residence in 'Amrit Kaal', notes Shyam G Menon.
At a time when consumers increasingly embrace green mobility solutions, it is not electric cars but hybrids that are taking the lead, as automotive sales data indicate. Since January, 64,097 electric cars have been sold compared to 266,465 hybrids, according to data from the Ministry of Road Transport and Highways' Vahan dashboard. Hybrid car sales have surged from 4.42 per cent of the 4.1 million cars sold in calendar year 2022 to 7.2 per cent this year.
High dividend yield stocks usually perform well in a rising interest rate environment when investors value cash flows more.
The GST Council, headed by Finance Minister Nirmala Sitharaman and comprising representatives of all states and Union territories, will have its 37th meeting in Goa against the backdrop of economic growth hitting a six-year low of 5 per cent in the first quarter of the current fiscal.
rediffGURU Hemant Bokil answers your personal finance queries
Proposals from the Centre's side include raising the 5 per cent slab to anywhere between 6 and 8 per cent, and doing away with the 12 per cent slab. A few states may oppose such a move because it involves hiking tax on items consumed by the poor. They have instead proposed raising the 18 per cent slab.
Remember, pension from EPS will be taxable at slab rate, reducing the post-tax income for people who remain in the higher tax brackets after retirement.
Increase in taxes on luxury cars will not have any effect on the demand
'It is requested that listed equity shares or units of equity-oriented fund schemes be exempted from capital gains tax (LTCG) if equity shares or mutual funds units are held for at least three years.'
Thomas Isaac has been in and out of the national news in his role as Kerala's finance minister since 2018 for various path-breaking tax initiatives. But it is 2020 that he has become more prominent, principally in the GST council.
In an online chat with readers a few hours after the Union Budget 2015-16 proposals were announced by Finance Minister Arun Jaitley, Sundeep Agarwal, Director, PwC India, answered related queries to help put the announcements into perspective.
The 41st meeting of the GST Council, to be held via video conferencing, has just one agenda for discussion -- making up for shortfall in states' revenues, sources said.
These schemes are a good choice for investors contemplating a large investment in equity funds. Instead of investing all the money in one go, they can do so in a staggered manner by parking it in these schemes and then transferring it to equity mutual funds through a systematic transfer plan.
Two equity funds at the opposite ends of the risk matrix - small-cap and arbitrage - bucked the 'low inflow' trend in May this calendar year 2023 (CY23) to receive the highest net inflows in recent years. The Rs 3,280-crore net inflows into small-cap schemes in May was the highest for the category since the mutual fund (MF) industry started releasing fund-wise inflow data in April 2019. Arbitrage schemes raked in a net Rs 6,640 crore - the highest since July 2021.
Talks with government officials on VAT waiver fails.
'If my understanding is correct, one has to file not less than 37 returns per year for every ordinary business, and that too per state.' 'If you are doing businesses in Chennai, Bangalore and Hyderabad, you have to file 37x3 returns every year!' 'The consequence of GST will be chaos, confusion and possibly economic crisis.'
Among other things, the agenda is likely to focus on increasing private investment, employment generation and giving relief to the farm sector
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
A future road map could be to work towards a single standard rate instead of two standard rates of 12 per cent and 18 per cent, he said.
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
Cooperative societies get more tax benefits as compared to individual house owners.
While Congress and the states ruled by non-NDA parties pushed for the Centre meeting its statutory obligation of covering the deficit, the Union government cited a legal opinion to say it had no such obligation if there was a shortfall in tax collections. The Centre as well as BJP-JD-U-ruled Bihar were of the opinion that the states should borrow to make up for the shortfall in the tax revenues that have been compounded by the COVID-19 crisis, sources said.
Beer to be allowed in certain offices in Haryana; other states allow its sale in stores and malls.
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